Oct 9, 2006 | coins, US Mint
Since the release of the new Twentieth Anniversary American Eagle coins, a lot of collectors are expressing disappointment with the US Mint for the pricing of the Gold and Silver Set. The Mint’s online catalog lists the set that contains one ounce each of the uncirculated American Eagle gold and silver coins with the “W” mint mark in a specially made box and certificate of authenticity for $850. This would not be bad a bad price except that the one ounce uncirculated gold American Eagle is selling for $720 and the uncirculated silver American Eagle for $19.95. These individual coins will be delivered in their own commemorative case with certificates of authenticity.
For $739.95, or $110.05 under the price for a set, collectors can purchase the individual coins in their own display cases rather than the two coin set. The numismatic media is reporting that collectors are canceling orders for the set and placing orders for the individual coins. However, there are reports that the Mint is near a sell-out for this set!
Interestingly, the three coin gold set sold out within the first few hours after it went on sale for $2,610. The gold and silver set has not sold out. Can the slow sales be a result of the over $100 “premium?” Some that I have spoken with said that a $10-$20 premium would have been fair.
While considering the prices, one can only wonder if the price is not a typing error that has not been corrected? Maybe the set should be priced $750 but wrongly entered by someone who thought “this cannot be right!” What do you think?
Sep 28, 2006 | coins
As of noon today, the US Mint started selling the uncirculated American Eagle coins with the W mint mark. According to the Mint’s online catalog site, the coins will be shipped on November 13, 2006.
I ordered five silver coins online just after noon with no problems. You can also place your order by telephone at 800-USA-MINT (800-872-6468).
Sep 28, 2006 | coins, legislative
The White House announced that on September 27, President George W. Bush signed two numismaic-related bills into law: H.R.2808, the “Abraham Lincoln Commemorative Coin Act” and S.2784, the “Fourteenth Dalai Lama Congressional Gold Medal Act,” which provides for the presentation of a Congressional Gold Medal to the Dalai Lama.
H.R.2808 authorizes the minting of 50,000 90-percent silver coins with a nominal value of $1 to commemorate the 200th anniversary of Abraham Lincoln’s bithday. The coins will be minted and issued in 2009 and “be emblematic of the life and legacy of President Abraham Lincoln.” Sale of these coins will include a $10 surchage that will be paid to “the Abraham Lincoln Bicentennial Commission to further the work of the Commission.”
S.2784 is an act “[t]o award a congressional gold medal to Tenzin Gyatso, the Fourteenth Dalai Lama, in recognition of his many enduring and outstanding contributions to peace, non-violence, human rights, and religious understanding.” The act calls for the creation of the gold medal and allows the US Mint to sell duplicate bronze medals as collectibles. The proceeds of the sale will be paid to the United States Mint Public Enterprise Fund.
Sep 27, 2006 | coins
In my entry entitled “CCAC to Meet 9/28,” I wrote about the pending meeting of the Citizens Coinage Advisory Committee on September 28. In trying to find more information, I noted that “the CCAC website is seriously out of date!”
After I wrote that entry, I sent an email message to the listed email address. When my message was returned as undeliverable, I called the US Mint’s Office of Public Affairs. I did not speak with anyone but left a message. Although I have not been contacted by anyone from the US Mint, I noticed that the CCAC website is now up to date and has a new look. Even the information telephone line (202-354-7502) is up to date.
In the spirit of federal eGov requirements, this is a step in the right direction. But the site is does not have the images of the designs that are under consideration. The minutes and letters on the site reference design codes that are meaningless unless you have copies of the designs. Since these proposed designs have appeared in publications like Numismatic News, they have to be available in digital format.
The CCAC should be fully compliant with eGov and post the proposed designs on their website for all citizens to see. If you agree with me, you can try to email them at info@ccac.gov or call the US Mint Office of Public Affairs at 202-354-7222.
Sep 26, 2006 | coins
Not long ago, a few readers asked if I knew the prices of currency items. Since I am not a currency collector, I am unfamiliar with the resources in that market. I was able to use a recent copy of Coins Magazine that added a currency pricing supplement to one of their issues.
I thought it would be nice to have an online currency price guide that is generally accessible in a manner similar to the price guide for coins that PCGS publishes. While surfing for other information I found one that seems very complete associated with CoinWorld’s PaperMoney Values.
PaperMoney Values provides an information site that allows users to search their database for paper notes. It has listing for large, small, and fractional currencies as well as being able to search by series and signature pairs. For those who collect paper money, you should check out this site. You can post a comment with your impressions.
Administrative Note: If you have a comment on anything I write, please feel free to write. I know that the system asks you to enter a code that you see in funny-shapped letters. That code helps prevent comment spamming which posts advertisements rather than comments on the blog. Recommendations are always welcome (not blatant advertisements) as well as comments on what I write. I promise to post all comments, even those that do not agree with me, as long as it is not comment spam!
Sep 25, 2006 | coins
I was thinking about the debate whether to keep the cent or to elimnate it because of the cost of production. Rather than talk about the emotional or economic arguments of the debate, what about reality of the U.S. Mint’s production? The Mint says that &ldquo[t]he primary mission of the United States Mint is to produce an adequate volume of circulating coinage for the nation to conduct its trade and commerce.” To carry out this mission, the Mint distributes coins to the Federal Reserve System banks and branches as necessary. Regardless of the cost of production, is it really necessary for the Mint to produce so many cents for circulation?
Unlike commemorative or other collectible items, the number of business strike coins distributed are determined by the individual Federal Reserve banks. As the need arises, the Federal Reserve banks place orders with the Mint for coins to distribute to the nations banks. From those banks, coins are circulated to the public through business or teller operations. Although there are some stockpiles of under used coinage (mostly halves and dollars), the Mint uses “just-in-time” inventory management and distribution like many other manufacuturing facilities. Thus, production of busines strikes are based on the demand created by the ordering practice of the various Federal Reserve banks.
If the cent is obsolete and economically infeasable with little buying power, then why is the Federal Reserve ordering so many for circulation?
Sep 23, 2006 | coins
While reading the chat boards at the Collectors Society, Michael Parrish (user name pendragon1998) posted an article “What You Need To Know: Inherited Coin Collections” in response to someone whose relative passed away leaving a collection to heirs. It is a well written article and covers a lot of the basics in a straight forward manner. The article covers storage, handling, determining value, appraisals, resources, and a small section on becoming a numismatist.
Most of the readers of this blog are a numismatist in some form. Whether you are a collector of rare coins or picking 50 State Quarters from change, anyone who collects participates in numismatics. The beauty of this hobby is that there is no wrong way to collect. Although I am trying to assemble a set of 20th Century business strikes, I am still picking Lincoln Cent from change and placing them in Whitman Folders. I even have the Lincoln cent folders that I started with over 30 years ago!
I would recommend the article for anyone who has questions about any of these what some consider are beginning topics.
Sep 22, 2006 | coins, US Mint
After hearing a lot about the new commercial from the US Mint, I finally saw one last night. When the commercial began, I thought that it was going to try to sell new drug. Although some may consider numismatics better than an anti-depressant, the advertisement is clever and nicely done.
An interesting aspect of the commercial is the emphasis on “genuine.” With the recent statement about the Liberty Dollars medal, the commercial touts the sale of “genuine United States Mint coins” and later says that they are “genuinely worthwhile.” That reminds me, I need to order my annual sets!
If you have not seen the commercial, someone posted it to YouTube for everyone to enjoy.
UPDATE: While sitting in Beltway traffic today, I heard the old Huey Lewis and the News song I Want a New Drug on a local classic rock station. As I listened to this song, I remembered the Mint commercial and found it more humorous. For those who do not know or remember this song, the the beginning lyrics are:
I want a new drug
One that won’t make me sick
One that won’t make me crash my car
Or make me feel three feet thick
I want a new drug
One that won’t hurt my head
One that won’t make my mouth too dry
Or make my eyes too red…
May be the Mint found our new drug!
Sep 21, 2006 | coins
The US Mint announced that the Citizens Coinage Advisory Committee (CCAC) will hold a public meeting on Thursday, September 28, 2006. The meeting will originate from the Mint’s Headquarters at 801 9th St. NW in Washington, DC. This meeting will be held via teleconference. The meeting is open to the public but the conference call number has not been published. When calling the CCAC meeting information line (202-954-7502), the recording mentions the August 18 meeting that was held in Denver.
In fact, the CCAC website is seriously out of date!
Agenda items for this meeting are reported to be to disucss the designs for the Congressional Gold Medal to honor the Tuskegee Airmen and the Fiscal Year 2006 CCAC Annual Report. The Commission of Fine Arts (CFA) will discuss the Congressional Gold Medal at their September 21 meeting.
Sep 20, 2006 | coins
The Commission of Fine Arts (CFA) will meet starting at 10:00 AM on September 21 at the National Building Museum in Washington, DC. For numismatiscs, the CFA has two items on the agenda that may be of interest. First, the commission will review the final design for the Congressional Gold Medal to the Tuskegee Airmen. The other is to review the design of the medal for Secretary of the United States Treasury, John W. Snow.
As part of Public Law 109-213 [text or pdf], congress will award the Congressional Gold Medal to the Tuskegee Airman “in recognition of their unique military record, which inspired revolutionary reform in the Armed Forces.” The law requires one gold medal to be minted and provided to the Smithsonian Institute to be “displayed as appropriate.” Bronze duplicates will be made for collectors to purchase.
Since 1881, the Mint has produced a medal for each Secretary of the Treasury including prior Secretaries. The obverse uses a portrait of the Secretary and the reverse featues the Treasury seal and other emblems or words that represent the Secretary’s term. The approval of the design for former Secretary Snow will formally complete his term.
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