Jun 6, 2006 | coins, legislative
Few programs from the US Mint have driven the interests of numismatics that the 50 State Quarters program. Reports from the Mint and industry resources have shown that the interest in new issues is more popular than ever. With the end nearing, will the interest continue after Hawaii’s quarter is issued? One solution is to extend the program one more year to honor the District of Columbia and the territories: the Commonwealth of Puerto Rico, Guam, American Samoa, the United States Virgin Islands, and the Commonwealth of the Northern Mariana Islands.
H.R.3885, District of Columbia and United States Territories Circulating Quarter Dollar Program Act, was introduced on September 9, 2005 proposes to extend the program one year to issue six quarters for DC and the territories. The bill was introduced by DC Representative Eleanor Holmes Norton and co-sponsored by Rep. Madeleine Z. Bordallo (Guam), Rep. Donna M. Christensen (Virgin Islands), Rep. Eni F. H. Faleomavaega (American Samoa), and Rep. Luis G. Fortuno (Puerto Rico). None of these representatives are allowed to cast a vote on the floor of the House of Representatives—but they do have voting privledges in committees.
As a resident of the metropolitan District of Columbia area, I know there are many who feel that DC’s status as a non-state but the home of the federal government hurts the District in many ways. Pro-statehood groups readily show how badly the District is treated by the carpet baggers called Congress, who oversees its affairs. DC even provides three electors to the Electoral College. So why not have a quarter honoring the home of the federal government and the 450,000 residents who are taxed without real representation in congress?
But why stop with DC? Each of the territories are very distinct in their culture and background that could lead to some very interesting designs for the quarters. Since the residents of these territories are Americans (the carry US passports) and each add their own part to the American culture, they should have a quarter to commemorate for when they became a territory. It could make the 2009 set one of the most beautiful one-year series of the entire program!
If H.R.3885 was to pass, 2009 will be a fantastic year for numismatics. Aside from the DC and territory quarters, the Presidential $1 Coin Act that commemorates the presidents begins along with the new Lincoln Head Anniversary Cents issues. The thought makes the collector in me excited. I think I will write to my representative and ask him to support of H.R.3885 and make 2009 an exciting numismatic year.
Jun 1, 2006 | coins, legislative
Part of my day job is to analyze the impact of laws and policies on the security of computing systems. Although I enjoy the research, there are times it gets tedious and I need a diversion. Today’s diversion was to log into THOMAS, the website of the Library of Congress where citizens can look up bills and resolutions from congress, where I entered “coin act” as a search string.
The search turned up 55 bills—many of which are different versions of the same bill. Many of the bills are for commemorative coins along with the Presidential $1 Coin Act (codified in Public Law 109-145). But what caught my eye is the Theodore Roosevelt Commemorative Coin Act (S.863) to honor the centennial of his winning the Nobel Peace Prize. 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).
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. He won the Nobel Peace Prize for negotiating the 1905 peace treaty ending the Russo-Japanese War. A truly remarkable American.
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.
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. With his impact on American coinage, it is astounding that Roosevelt was not honored with a commemorative coin of his own.
The Theodore Roosevelt Commemorative Coin Act is the perfect way to honor this great American. The Act calls for three commemorative coins: one to represent his presidency using designs from James Earl Fraser and Augusts Saint-Gaudens; one with the obverse commemorating Roosevelt as a Rough Rider with a reverse from the Saint-Gaudens $20 coin; and an “Adventurer” coin with an image of Roosevelt on horseback that is based on the Fraser statue that stands at the American Museum of Natural History in New York City. Although I am not a collector of commemoratives, I would purchase these coins.
S.863 was passed by the Senate on December 16, 2005 and sent to the House of Representatives the next day. The next day, the bill was “Held at the Desk” since the calendar makes aspects of the bill impractical to enact. It was too late to complete the bill in order to honor Roosevelt in 2006. This bill was discharged from the Senate a few weeks later, which formally lays it to rest.
Although it is too late to honor Roosevelt for the 100th Anniversary for winning the Nobel Prize, it is never too late to bestow this honor to a reformer, veteran, peace maker, and great President. Hopefully, congress will give us numismatists and fans of Teddy Roosevelt a present and revive this act for the future.
Dec 25, 2005 | coins, legislative
Happy Holidays!
Whatever holiday you celebrate, I wish you good cheer, good health, peace, and hope you find a key coin in your pocket change!
Over my last few entries, I have been covering the various components of the Presidential $1 Coin Act of 2005 that President George W. Bush signed last Thursday. Title I creates the Presidential $1 circulating commemorative coin that will honor each past, deceased president, four per year, until all have been honored. As part of Title I, there will be a corresponding First Spouse gold bullion coin and a bronze counterpart. Title II creates a $50 gold bullion coin using the original (Type 1) design of the Buffalo Nickel created by James Earle Fraser. Today’s entry will discuss Title III, Abraham Lincoln Bicentennial 1-Cent Coin Redesign.
In commemoration of the 200th Anniversary of the birth of Abraham Lincoln, the United State’s 16th President, congress authorizes the minting of 1-cent coins during the year 2009, where the obverse uses the likeness of Lincoln as designed by Victor David Brenner in 1909 and the reverse to have four different designs to represent different aspects of Lincoln’s life. With 2008 being the end of the 50-State Quarter Program (unless extended for the District of Columbia and territories), the 2009 Lincoln Cent can help perpetuate the interest in collecting creating a new, one-year collectibles.
During the last 20 years, the Mint has lowered the relief of the coins in an attempt to make the dies last longer and save money. As a result, there have been design decisions that many feel has detracted from the beauty of the coins. For example, the likeness of George Washington on our current quarters seems to have “spaghetti hair” in an attempt to make up for the lower relief. To answer the critics, this law requires “that the original Victor David Brenner design for the 1-cent coin was a dramatic departure from previous American coinage that should be reproduced, using the original form and relief of the likeness of Abraham Lincoln, on the 1-cent coins issued in 2009.” (emphasis added) A much needed change to preserve the beauty of Brenner’s original design.
An interesting provision of the law requires the Mint to issue the coins using the same metallic content as when the first Lincoln Cent was issued in 1909. The 1909 Lincoln Cents weighed 3.11 grams and was 95-percent copper and 5-percent zinc and tin. Since 1982, the coins were changed to a copper-plated zinc coin of 99.2-percent zinc and 0.8-percent copper plating. These coins weigh 2.5 grams. Using more copper and the higher relief may make the coins more expensive to manufacture than the 1-cent face value. The Mint will probably make up the loss in seigniorage with the collectibles it will generate during the year.
I am looking forward to the new collectibles and hope that they are as beautiful as the Westward Journey Nickels were in 2005!
Dec 23, 2005 | coins, legislative
The White House issued a press release announcing that President George W. Bush signed the Presidential $1 Coin Act of 2005. This act will create a new series of numismatic collectibles and hopefully revive the circulating dollar coin. In my previous entry, I wrote about the Presidential $1 circulating commemorative coin and the corresponding First Spouse gold bullion coin. Today, I will write about Title II that authorizes the minting of a $50 bullion coin of 99.99 percent pure gold bought from at fair market value from US sources using the original design of the Buffalo Nickel by James Earle Fraser.
Fraser’s design has been a favorite of many. It is the only design that represents unique aspects of American history or culture. Unlike other circulating coins where the image was of Liberty wearing a headdress, Fraser created his design using real Native Americans as models. The reverse image is that of “Black Diamond” who was a popular resident of the Bronx Zoo. Fraser’s original design, known to collectors at the 1913 Type 1 variety, has the buffalo standing on a grassy mound. The Type 2 variety changed the design to a straight line because of wearing problems.
This law mandates the use of the Type 1 design. The law requires that the nominal value and the weight of the coin incused on the reverse. By making this area incused, the Mint will avoid any wearing issues that caused the original changes to Fraser’s design. While that may not be a problem with a bullion issue, is may allow the coin to better fit a proof set capsule.
But temper your excitement. The law allows the Commission of Fine Arts and the Citizens Coinage Advisory Committee to change the design after the first year. Considering the popularity of the 2001 Buffalo Coin Commemorative, this design has the potential to make this a popular coin for those in the gold bullion market making it unlikely that the design will change. Unfortunately, given the rising price of gold and that the current $20 one-ounce bullion proof coin sells for over $700, a speculative price of this coin may make it too expensive for most collectors.
Dec 22, 2005 | coins, legislative
On December 13, 2005, the Senate passed S.1047, the Presidential $1 Coin Act of 2005, and on December 15th, sent it to the White House for President George W. Bush‘s signature. The main component of the bill is to create a $1 coin to commemorate the Nation’s past Presidents and an accompanying $10 gold coin to commemorate the President’s spouse (First Lady). Title II creates the minting of a $50 gold bullion coin using the original design of the Buffalo Nickel by James Earle Fraser. Finally, Title III is the Abraham Lincoln Bicentennial 1-Cent Coin Redesign that calls for four different design representing different aspects of Lincoln’s life honoring Lincoln’s 200th birthday. President Bush has not signed the bill as I write this entry.
Since each section is interesting in its own right, I will cover one at a time.
Starting in January 2007, the Mint will issue circulating $1 coins commemorating each past President. The obverse must include the President’s name and likeness, dates or years of the term, and the number order which the president served. The reverse will have “a likeness of the Statue of Liberty extending to the rim of the coin and large enough to provide a dramatic representation of Liberty while not being large enough to create the impression of a ‘2-headed’ coin” and include the denomination and “United States of America.”
Interestingly, the bill says that the word Liberty does not have to appear on the coin since the appearance of the Statue of Liberty satisfies established law. Also, to provide more room for artistic impression, the mottos “E Pluribus Unum” and “In God We Trust” will be incuse on the edge of the coin. The edge lettering requirements is an interesting twist on US coinage and should make for an interesting coin.
There will be only one coin design per president and one coin for all terms and one coin issued for each non-consecutive terms. So Franklin D. Roosevelt will have only one coin in the program and Grover Cleveland will have two coins, each with different inscriptions of his terms (1885-1889 and 1893-1987). No living current and former president can appear in this program and two years have to pass after a president dies to be eligible. Currently, all presidents since Gerald Ford are ineligible, although President Ronald Reagan will be eligible by the time it is his turn. And as we have seen with recent circulating commemoratives, only four coins will be issued each year until all presidents have been honored.
Along with the presidential coin, a First Spouse $10 Bullion Coin will be issued on the same schedule as the Presidential coin. The First Spouse coin will be the same diameter of the $1 coin and contain one-half ounce of 99.99 percent pure gold purchased at fair market value from US sources. The obverse will have the name and likeness of the President’s spouse and with the year and order of term, just like the President’s coin. On the reverse will be “images emblematic of the life and work of the first spouse” and the inscription United States of America.
In the case of no first spouse, the image will be emblematic of the concept of Liberty. The reverse will represent themes of the corresponding president. The exception will be for President Chester A. Arthur, the 21st President who was widowed when he took office in 1881. The first spouse coin will honor Alice Paul, suffragist, who was born during Arthur’s term. The reverse will represent the suffrage movement.
As someone who believes that a $1 coin should replace paper currency, having a circulating commemorative is wonderful. The only downside to this bill is that the Sacagawea Dollar will continue to be minted and must make up one-third of the circulating issues. This will dilute the population and impact of the circulating commemoratives and probably lessen its impact.
My next entry will look at the $50 Buffalo gold bullion coin.
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