May 5, 2009 | CCAC, cents, CFA, coin design, US Mint
I learned that the 2010 Lincoln Cent reverse design chosen by the Commission of Fine Arts has been withdrawn from consideration. Apparently, the design closely resembles the one used on the Weimar Republic of Germany 50 pfennig coin. This coin features the motto of the Weimer Republic “Sich regen bringt Segen”, meaning “hard work brings it’s own reward.”
Similar designs were used throughout the Soviet bloc countries during the Cold War era.
Aside from being US Mint policy not to use desings that have appeared on foreign coins, the imagry of using socialist and communist symbols of the past makes the design a bad idea.
I have learned that the Citizens Coinage Advisory Committee selected the shield design LP-13 (see the image). The design entitled “Shield of Union” resembles the pattern cent designed by William Barber. However, the CCAC did express their concern that the designs submitted were not as good as they could be.
Next month, the CCAC will look at new designs for the obverse of the 2010 Lincoln Cent. While I am not in favor of changing the Victor David Brenner design, I learned that the CCAC will be looking at keeping the portrait but making it larger on the planchet. Hopefully that is the only design change they make.
Image courtesy of CoinNetwork.com.
Apr 26, 2009 | cents, coin design
I was catching up on the news and found an article about the U.S. Commission of Fine Arts choice for the reverse of the 2010 Lincoln Cent. In a word, “ugh!”
According to Public Law 109-145 (GPO: [Text] [PDF]) it reads:
The design on the reverse of the 1-cent coins issued after December 31, 2009, shall bear an image emblematic of President Lincoln&rdqo;s preservation of the United States of America as a single and united country.
There are many ways to depict the US as a single and united country. But wheat sheafs bound together is such an esoteric design decision that the majority of the country will not understand. To make matters worse, the CFA recommended that the US Mint removes the words “ONE COUNTRY” and the “1 ¢” designation for the words “ONE CENT” across the reverse.
Even though I have not seen the other designs the CFA had to choose from, I would not think about bound wheat as a symbolism of a united country. The United States is no longer an agrarian society. We are bound together as a people with diverse cultures tied together by communications and commerce. Lincoln’s preservation of the union was the ideal that the strength of the many outweighed the differences we had.
The Citizens Coinage Advisory Committee will meet on Tuesday, April 28, 2009,at United States Mint Headquarters, 801 9th St. NW, Washington, D.C. 20220. CCAC meetings are open to the public and begin at 9:30 AM. I wonder if they take comments from the public?
Image courtesy of Numismaster.com and the US Mint.
Apr 22, 2009 | cents, US Mint
The US Mint has announced that they will sell two-roll sets of the 2009 Lincoln Cent “Formative Years” design starting on May 14. These two-roll sets will sell for $8.95 with $4.95 shipping.
In the mean time, I have yet to find the “Birth and Early Childhood” cents in change. But I have been finding quite a few 2008-D cents in change.
Mar 14, 2009 | cents, coins, dollar, quarter
I went to my bank and branches of three other banks to look for rolls of Martin Van Buren dollars and Lincoln Birth and Early Childhood cents. I know that the William Henry Harrison dollars are the current issue, but I was not able to find Van Buren dollars when they were in active release.
One bank I went to had just emptied the cent bags from its coin counting machine. The teller showed me the three bags of cents that will be sent to their contractor to be counted and sent back to the Federal Reserve. They did have Harrison Dollars and some John Quincy Adams dollars, but no Van Burens. A teller in another bank showed me a box of cent rolls they just received from the Federal Reserve. All the rolls had mixed coins, no new cents.
I also asked for District of Columbia quarters. Only one bank had a roll.
I have heard that Lincoln cents have started to be found in pocket change west of the Rockies and DC Quarters in the northern midwest states. But friends living throughout the Northeast Corridor have not found any of these coins in change.
Last year, I found my first 2008 coin in mid-June. Other than the special distribution of dollars and quarters, I don’t expect to see 2009 coins until June or July.
Mar 3, 2009 | cents, coins, dollar, US Mint
I went to the US Mint’s online catalog to see when the Puerto Rico quarters and District of Columbia Quarter first day covers would be released. While scanning down the list of Scheduled Product releases I noticed that the Mint will be releasing a roll set for the Lincoln Cent Birthplace coins. These rolls are scheduled to be released on March 13.
Also in the list are roll sets for the Formative Years, Life in Illinois, and Presidency coins.
With the backlog of cents in the Federal Reserve System preventing these coins from circulating, this is a good idea. It will allow collectors easier access to the coins.
But what of the costs? Rolls of other coins wrapped in US Mint paper are sold with a premium. Rolls of dollar coins in the Mint wrapper with a $25 face value are sold for $35.95. Kennedy Half dollar and State Quarter rolls contain $20 worth of coins (2 rolls) sells for $32.95. How much of a premium will the Mint add to rolls worth 50-cents each?
Would it be possible that the Mint will also sell these coin as part of their Direct Ship program? Under the direct shipment program, the Mint sells 10 rolls of Presidential Dollar coins at face value ($250) in commercially wrapped paper with free shipping. It may not be cost effective for the Mint to do with with $5 worth of Lincoln Cents, but it is an option for them to think about even if they do charge for the shipping.
I may order these rolls, depending on the pricing. It may be easier than waiting for the banks to get these coins.
Feb 12, 2009 | cents, coin design, coins, Federal Reserve, US Mint
The US Mint will introduce the first in a series of redesigned Lincoln Cents honoring our 16th President’s 200th birthday at the Abraham Lincoln Brithplace in Hodgenville, Kentucky. Unveiling will occur at 10:00 AM during The Kentucky Abraham Lincoln Bicentennial Celebration to be held at LaRue County High School in Hodgenville, Kentucky.
Billed as the first redesign of the Lincoln Cent in over 50 years, the first coin issued will honor his birth and early childhood in what is now known as Hodgenville, Kentucky. Lincoln was born on February 12, 1809, in a log cabin to Thomas and Nancy Hank Lincoln. While the log cabin where Lincoln lived has been lost to history, a replica of common design for the era was used as a model for the coin. The reverse was design by Artistic Infusion Program (AIP) Master Designer Richard Masters and sculpted by Sculptor-Engraver Jim Licaretz
However, it may be a while before the new coin will be seen in change. Susan Headley points out that the way coins are distributed through the Federal Reserve system, there may be a backlog of coins in stock that will prevent the new cents from reaching the public. Susan explains that the bad economy has caused more coins being returned to the Fed than being distributed. Since the Fed buys only what it needs from the US Mint, it may be a while before the inventory is depleted enough for the Fed to order coins.
Susan reported that when she visited the Philadelphia Mint last week, she found that three of the lines striking cents were not running. When I visited the Philadelphia Mint in the summer of 2007, we were told that the machines that strike cents run 24 hours a day, seven days a week. To hear that the Mint has reduced production of cents is very worrisome for the economy and those who work at the Mint. I hope their superintendent has the chutzpa that Mae Biester showed in the 1950s.
Image courtesy of the US Mint.
Dec 20, 2008 | cents, coins, commemorative, dollar, Eagles, gold, quarter, state quarters, US Mint
As we end 2008 and look to 2009, numismatists are going to have a lot of options to add to their collections. There will be quite a number of coins that will excite many. But the shear numbers may be overwhelming to others. However you feel, the US Mint will have a very busy year. Let’s look at what is coming up in the new year.
First, three coins will not see any changes. The “Return to Monticello” Jefferson Nickel introduced in 2006 will not be changed. Neither will the Roosevelt Dime, in circulation since 1946, and the Kennedy Half Dollar, as it has been since 1964 except for the Bicentennial issues.
For 2009, we will celebrate the bicentennial birthday of Abraham Lincoln. In celebration, congress has authorized the 2009 Lincoln Bicentennial One Cent Program as part of Public Law 105-145. As part of this program, the Mint will issue four reverse design representing Lincoln’s birth and early childhood in Kentucky (1809-1816), his formative years in Indiana (1816-1830), his professional Life in Illinois (1830-1861), and an extraordinary presidency in Washington, DC (1861-1865).
As part of the Lincoln Cent program, the US Mint will issue a 2009-S VDB non-circulating coin that will be struck in the .950 copper alloy used when the 1909-S VDB was first struck. Also, Public Law 109-285 was passed earlier this year that created Abraham Lincoln Commemorative Silver Dollar to round out the celebration of our 16th president.
To round out the State Quarter program, 2009 will issue quarters to honor the District of Columbia and five US territories: Puerto Rico, Guam, American Samoa, the US Virgin Islands, and the Commonwealth of the Northern Mariana Islands. The DC and US Territories Quarter Program authorized by congress in an amendment as part of an omnibus budget bill at the end of 2007.
The same omnibus budget bill also removed the motto “IN G-D WE TRUST” from the edge of the dollar coins. The amendment was introduced by Rep. Virgil Goode (R-VA) who was defeated for re-election.
The Presidential $1 Coin Program continues in 2009 to honor presidents William Henry Harrison, John Tyler, James K. Polk, and Zachary Taylor. Harrison had the shortest term when he died one month into office after contracting the flu following his refusal to wear an overcoat during his two-hour inaugural address on a cold day in March, 1841. All of the packaging options with Presidential $1 Coins will not be offered in 2009 after not selling well the last two years.
Along with the presidents, the First Spouse Gold Coins will be issued for Anna Harrison, Letitia Tyler, Julia Tyler, Sarah Polk and Margaret Taylor. Letitia Tyler was the first President’s wife to die in the White House. Julia Tyler became First Lady after marrying John Tyler in 1844.
Native American $1 Coins program will begin in 2009 with a design honoring the “Three Sisters’ agriculture, in which corn, beans and squash growing in the same mound enhanced the productivity of each plant. It was a unique program that lead to the concept of crop rotation we know today. This change was authorized by Public Law 110-82 and add edge lettering to these coins.
That brings the total number of circulating coins to 18! Proof sets will have 18 coins and the uncirculated Mint Sets will have 36 coins. Although the Mint has not announced pricing, it would be fair to guess that the prices will raise with more coins in the set. Clad and Mint sets should see a modest price increase. Silver proof sets will add an additional silver quarter and is likely to see a $10-15 rise in price.
Beyond circulating coinage, the Mint will produce the 2009 Louis Braille Bicentennial Silver Dollar to honor the 200th anniversary of Braille’s birth. It is being touted by the Mint as being the first coin with readable Braille.
Precious metals programs will change in 2009. First, only the bullion issues of the American Eagle coins will be strucl. The Mint has discontinued the collector’s uncirculated coin program, eliminating the W mintmark from their portfolio. American Eagles will be available in proof and bullion coins in one-ounce, half-ounce, quarter-ounce, and tenth-ounce denominations.
American Buffalo 24-Karat Gold Coins will also continue in 2009 but without fractional issues. The Mint will offer only one-ounce proof and investor bullion coins.
Last, but certainly not least, is probably the most intriguing coin that will be issued in 2009: the 2009 Ultra High Relief Double Eagle Gold Coin. The coin’s design will be a high-relief $20 gold piece on a double-thick, 24-karat gold planchet (sometimes called a piefort) 27 millimeters in diameter. The design will feature Augustus Saint-Gaudens’ original 1907 design where the date will be in roman numerals (MMIX). The inspiration for this coin came from 1907 when the Mint tried to strike an experimental double eagle coins using two stacked $10 eagle planchets. When the Mint’s management realized that congress would have to approve the striking of the coin for circulation, the project was abandoned and the test pieces were melted. Aside from the date, the only difference between the 1907 test pieces and the 2009 bullion issue is that the the motto “In G-D We Trust” will be added over the rising sun as it appeared in 1908. It is expected that these coins will be struck in proof-only varieties.
It will be quite a year!
Oct 29, 2008 | cents, charity
Common Cents, the creators of the Penny Harvest, has announced the 18th Annual Penny Harvest kick-off. Over 1,000 schools and 500,000 students nationwide will go on a massive penny hunt to put those pennies to use.
I have written about the Penny Harvest Field and marveled at the large box of pennies on display at Rockefeller Center in New York City. It is an awesome site on television, but I hope to visit in person.
Last year, the Penny Harvest raised $677,955.99, including $20,000 from passers-by in Rockefeller Plaza. When I make my visit, I will bring my bottle of pennies to add to this year’s Penny Field. Besides, it gives me an excuse to visit my home town!
If you want to support Common Cents and the Penny Harvest, please consider a tax deductible contribution to help them with their work.
Oct 27, 2008 | cents, coin design, gold, history
Few noticed and seemed to care, but as numismatists, we should have been in celebration for the 150th anniversary of the birth of Theodore Roosevelt. Roosevelt was known as a reformer with a real vision as to how to modernize a nation still recovering from a bloody Civil War and draconian laws from the Victorian Age. Roosevelt was a man of strength and a man of peace. Roosevelt was the first US citizen to win Alfred Nobel’s prize, the first sitting president to be so awarded (the only other sitting president to win the Nobel Peace Prize was Woodrow Wilson for his founding of the League of Nations, the forerunner to the United Nations). He earned this honor for negotiating the 1905 peace treaty ending the Russo-Japanese War.
For us numismatists, Roosevelt initiated the “Golden Age of American Coin Design.” Using his bully pulpit, he held the designs of the US Mint’s Chief Engraver Charles E. Barber in contempt and ordered coinage whose designs were more than 25 years old to be redesigned. Roosevelt was a fan of sculptor Augustus Saint-Gaudens and asked Saint-Gaudens to redesign the small cent. Rather than use the Liberty design in an Indian Headdress for the small cent, it was used on the 1907 $10 gold coin. Roosevelt also asked Saint-Gaudens to design the $20 gold double eagle coin to rival the beauty of all classic coins.
Unfortunately, Saint-Gaudens died of cancer before he could redesign the small cent. Roosevelt continued to look to revitalize US coinage and seized on Abraham Lincoln’s 100th birthday to redesign the small cent. He was steered to Victor David Brenner, whose bust of Lincoln was used as the model for the new Lincoln Cent first issued in 1909. Not only was Lincoln the first president to appear on a circulating coin, but Brenner’s obverse is still in use today.
Roosevelt called his coinage redesign his “pet crime.”
The impact of Roosevelt’s redesign continues to be felt today. Saint-Gaudens’ image of Liberty from the $20 coin is being used today on the American Eagle Gold Bullion Coins. And don’t forget the 2009 Ultra High Relief Double Eagle Gold Coin, which is based on a reported pattern of the original Saint-Gaudens design.
It is difficult to understand why the youngest inaugurated president and the first to win the Nobel Peace Prize while in office has not had a commemorative coin made for him.
Happy Birthday, President Roosevelt. We numismatists thank you for your “pet crime!”
Oct 12, 2008 | cents, RCM
Apparently, the United States is not the only country with a cost problem of its lowest denomination coin. In Canada, the press obtained notes from meetings with the Bank of Canada under the Access to Information Act (a similar law to the US Freedom of Information Act) that shows the Canadian cent costs more than one-cent to produce.
The Canadian cent weighs 2.35 grams and is made from .940 steel, .045 copper, and .015 nickel whose costs are subject to market conditions as any other item made from metals. As the economy changes, not only do the costs of materials change, but the costs of doing business changes. While the Royal Canadian Mint has said that the cent costs .008 to produce, reports based on the newly released documents show that the claim is based on the cost of metals and not production costs.
Accounting for labor and transportation costs from December, 2007, when the report was written, it is estimated that the Canadian cent costs an estimated 1.5-cents to produce. Some Canadian politicians are up in arms over the costs and want to “do something” about this without considering that seignorage from other coins more than covers the cost.
It is interesting to hear that other countries are having the same problems as we are here in the United States.
I learned that the 2010 Lincoln Cent reverse design chosen by the Commission of Fine Arts has been withdrawn from consideration. Apparently, the design closely resembles the one used on the Weimar Republic of Germany 50 pfennig coin. This coin features the motto of the Weimer Republic “Sich regen bringt Segen”, meaning “hard work brings it’s own reward.”
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