Oct 13, 2006 | coins, US Mint
With the exception of the South Dakota State Quarter, the US Mint will not be introducing any more new coins this year. The Mint still has yet to deliver the uncirculated American Eagle coins with the “W” mint mark, the Greetings from America partnership products with the US Postal Service, and the San Francisco Old Mint Commemorative coins. All this from a mint that produces more coins and medals than any other production facility in the world!
While we wait for the release of these product, this gives us time to look to next year. With the Westward Journey Nickel Series ending this year, the design that appears in your change today will continue into the future. The five states honored in the 50 State Quarters® program are Montana, Washington, Idaho, Wyoming, and Utah. There will be one more year of State Quarters in 2008.
Coming in 2007 will be the start of the Presidential $1 Coin Act. Beginning in 2007, the Mint will issue one dollar coins commemorating the past Presidents of the United States, four presidents per year (for more information see my article The Presidential $1 Circulating Commemorative). The presidents featured in 2007 will be George Washington, John Adams, Thomas Jefferson, and James Madison. Also being featured on their own ten dollar gold commemorative are the First Ladies Martha Washington, Abigail Adams, Martha Jefferson, and Dolley Madison.
For the fans of commemorative coins, 2007 will bring the Jamestown 400th Anniversary Commemorative Coin Program honoring the 400th anniversary of the Jamestown Settlement. For more on this program, see my article Commemorating 400 Years of Living in America.
It will be interesting to see how the Mint presents these programs. One prediction will be the continuation of the First Day Coin Covers as part of the Presidential $1 Coin series. Stay tuned!
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 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 18, 2006 | coins, US Mint
Something that I missed last Friday was the announcement by the US Mint of their pending sale of uncirculated American Eagles as part of the Mint’2006 Holiday Catalog. These special uncirculated Eagles will be struck at the Mint facility in West Point and carry the “W” mint mark. The mint says that these coins will be struck on specially burnished planchets. Coins will be encapsulated and will include a Certificate of Authenticity.
The design of the gold and silver coins in this program will be the same as their proof and uncirculated counterparts. Platinum coins will use the same obverse as the proof and uncirculated coins with the reverse featuring the design honoring the Legislative Branch of the federal government that is used on the platinum proof coin.
The Mint is pricing their coins “at the relative mid-point between the American Eagle Proof Coins and the American Eagle Bullion Coins.” Prices will be as follows:
Platinum American Eagles
- 1 ounce $1,390
- ½ ounce $720
- ¼ ounce $390
- 1/10 ounce $180
- four coin set $2,585
Gold American Eagles
- 1 ounce $720
- ½ ounce $375
- ¼ ounce $190
- 1/10 ounce $85
- four coin set $1,350
Silver American Eagles
These coins will be on sale beginning September 28, 2006 from the Mint’s website and via their phone ordering service 1-800-USA-MINT (872-6468). As with other collectibles, the Mint will probably place order limits during the initial offering phase. The Mint has not disclosed what these limits will be.
Sep 15, 2006 | coins, legal, US Mint
The US Mint issued a press release warning consumers that the Liberty Dollar medallions, marketed by the National Organization for the Repeal of the Federal Reserve Act and the Internal Revenue Code (NORFED) “are not genuine United States Mint bullion coins, and not legal tender.” Consumers are warned that the Justice Department has determined that the use of these “medallions as circulating money is a Federal crime.”
NORFED is marketing these medallions as “Real Money” and that the associated notes are “America’s Inflation Proof Currency™.” Their web site even has links to reproduced articles that says the government claims that it is legal. Aside from not being able to verify the source of the articles from on-line resources, both articles say that these items are NOT legal tender and are legal.
As the Mint points out, these are medallions that are made to look like genuine US coins and currency. Devices like “USA” instead of spelling out “United States of America” and “Trust In God” rather than the legally required “In God We Trust” can make this confusing to an ordinary citizen.
NORFED is yet another scheme to capitalize on the “our money is not real money” because it lacks precious metals and that the US Constitution defines money in those terms. The fallacy of the arguement is that when the constitution was written, the price of precious metals were fixed by governments and varied based on a number of other economic factors. Today, the prices fluctuate based on market conditions. Therefore, when silver jumped to $15 per ounce, the $10 silver medallion would have 33-percent less buying power than $15 United States dollars. This is the consequence of a market-based economy.
A point made on the site is that private transaction can be bartered using anything of value to both parties. While this is true, if a business wants to do any business within the United States, the Uniform Commercial Code requires all negotiable instruments (represtatives of money) to be backed by legal tender. In other words, it is not legal to write a check or other promisory note using Liberty Dollars as its backing.
NORFED is a commercial (for-profit) venture started by Bernard von NotHaus who was the superintendent of the Royal Hawaiian Mint, a private mint located in Honolulu (the mint has no connection with the Hawaiian government). NORFED makes no guarantee that their Liberty Dollars would be widely accepted or be converted into United States currency. To further the illusion of hypocracy, it is reported that von NotHaus submited the design of the Liberty Dollar to the US Mint as a design for the Golden Dollar coin. This reminds me of the Flat Earth Society an organization formed in the sixtheenth century that continues to try to convince us that the world is flat.
Aug 16, 2006 | coins, US Mint
Today I received a notice from the US Mint announcing that the they are taking orders for the San Francisco Old Mint Commemorative Coins. According to the email, “The San Francisco Old Mint Commemorative Coin Program features a silver dollar, with a limited mintage of 500,000 coins, and a $5 gold coin, limited to 100,000 coins. Each coin is available with a proof or an uncirculated finish.” The Granite Lady is noted for surviving the Great Earthquake of 1906.
The gold commemorative will be made from 90-percent gold and will be 21.6 mm in diameter and has a nominal value of $5. Its obverse design is based on the 1869 construction drawing by Alfred B. Mullett and the reverse design uses the reverse of the 1906 Liberty Half-Eagle eagle reverse, designed by Christian Gobrecht. The pre-issue price is set at $230 for the proof coin and $220 for the uncirculated version. Both prices will be increased by $25 October 17. Public Law 109-230 (GPO: text or pdf) requires that $35 per coin is donated to the San Francisco Museum and Historical Society to rehabilitate “the Historic Old Mint in San Francisco as a city museum and an American Coin and Gold Rush Museum.”
The silver commemorative will be minted in a 90-percent silver and 10-percent copper alloy and will be 1.5 inches (38mm) in diameter. The obverse design is based on the San Francisco Mint Medal by Sherl J. Winter. The reverse will use the reverse design of the 1904 Morgan Dollar design by George T. Morgan (remember, the Morgan Dollar was not minted during the period 1905-1920). The pre-issue price is set at $35 for the proof coin and $33 for the uncirculated. After October 17, the proof coin will cost $39 and the uncirculated will cost $35. By law, $10 from the sale of each coin will be donated to the San Francisco Museum and Historical Society.
When visiting the Mint’s online catalog, there is an entry for the 2006 United States Mint American Legacy Collection. The set will contain proof version of the 2006 circulating coins and proof version of both the Benjamin Franklin Founding Father Silver Dollar and the San Francisco Old Mint Silver Dollar. This set will be presented in “unique prestigious packaging.” Price is advertised at $135 and will be available for shipping in December.
According to the Mint’s Product Schedule page, the next special set will be the American Eagle 20th Anniversary Coin Set. There is no further description as to what will be in that set. Maybe, there will be an announcement this week at the American Numismatic Association’s World’s Fair of Money® in Denver. Stay tuned!
Coin line art images from the US Mint Image Library
Jul 26, 2006 | coins, US Mint
I found something interesting… burried at the end of San Francisco Old Mint Commemorative Coin Act (Public Law No 109-230 [GPO: Text, PDF]) in Section 8 that reads “the Secretary of the Treasury may continue to issue, after December 31, 2005, numismatic items that contain 5-cent coins minted in the years 2004 and 2005.” This is a technical correction to the Lewis and Clark Expedition Bicentennial Commemorative Coin Act (Public Law No. 106-126, Sections 301-309 [GPO: Text, PDF]) that said the Mint had to stop selling the Lewis and Clark nickels as of December 31, 2005.
On July 21, the US Mint announced that the “remaining bags and rolls of nickels, first day coin covers and silver proof sets containing the nickels will go on sale at noon (ET) on July 25, 2006.” These items are now listed in the Mint’s online catalog for ordering. The entry for the 2005 Silver Proof set says that it will be available for shipping on August 8. With the time limits removed from the law, the Mint can sell these items until they are sold out.
While this may be good for the Mint, the additional inventory being added to the market will reduce the future value of Westward Journey Series collectibles. While these coins do not have more than collectors value at this time, I was hoping that their value would increase for my heirs so that those who do not take up the hobby could get something for the collection.
Jul 19, 2006 | coins, US Mint
I received a note from the US Mint this morning announcing that the 2006 Uncirculated Set was available to purchase. The 20-coin set includes uncirculated coins from both the Philadelphia and Denver branch mints. The set includes the Return to Monticello nickel and the 2006 50 State Quarters for Nebraska, Nevada, Colorado, North Dakota, and South Dakota. All 20 coins will have the satin finish that the Mint introduced last year. The set costs $16.95 and can be purchased from the Mint’s online store or by phone at 800-USA-MINT (800-872-6468).
Jun 16, 2006 | coins, US Mint
On June 14, the US Mint issued a press release inviting the media “to get a rare glimpse inside the United States Mint at West Point, New York, on Tuesday, June 20, 2006, to see the Nation’s first 24-karat, pure gold (.9999% fineness) one-ounce coin, the American Buffalo, being minted in both investor bullion and collectible proof versions at an official strike ceremony. A tour of the United States Mint, which will include its store of gold bars, will follow the ceremony.”
The American Buffalo 24-Karat Gold Coin program was authorized under Public Law 109-145 [GPO: text/pdf] that required the Mint to use the James Earle Fraser Type 1 Buffalo Nickel design to produce a coin containing one ounce of .9999 fine gold purchased from US sources. The law requires the Mint to strike and issue the coins within six months of enacting the law. The press release says that the sale of these coins will being at noon on June 22, 2006.
As with the American Eagle Bullion program, the Mint will sell uncirculated coins through pre-approved Authorized Purchasers. Uncirculated coins will be priced according to the current spot price of gold plus a small premium. Collectors will be able to purchase proof coins directly from the Mint and will be priced at $875.
This is one time I wish I was a member of the media since they will be allowed into the West Point branch mint that is usually closed to the public. Nicknamed “The Fort Knox of Silver,&rdquo it should make for a very interesting tour. I hope the numismatic media takes and publishes many pictures of their tour so they can share the experience!
May 18, 2006 | coins, US Mint
Last week, I was as intrigued with the political stories as many of you have been. Since I had purchased a copy of USA Today to read these revelations, I decided to read the rest of the paper. In the business section was the article “Coins cost more to make than face value” explaining that the US Mint estimates that it will cost 1.23 cents to strike the Lincoln Cent and 5.73 cents to strike the Return to Monticello nickel.
This article and a similar article from Numismatic News explains that along with the rising metal prices, fuel and processing costs will has caused the price of production to rise. The composition of the cent is 97.5% zinc plated with copper (2.5 grams) and the nickel is made with 75% copper and 25% zinc (5 grams). As I write this, the closing price per pound of zinc is $1.4952, nickel is $9.4092, and copper closed at $3.6266. Prior to the change in 1982, the composition of the Lincoln cent was 95% copper and the rest tin and zinc with a weight of 3.11 grams.
Before anyone starts to hoard these coins, the Mint told USA Today that the actual metal content of the cent is less than face value and the nickel is only fractionally more. Even if one was to hoard Lincoln cents from before 1982, the cost to process those coins to remove other metals and impurities would cost more than the net refined copper. With the rising cost of base metals, the future hoarding of US coinage could present an interesting problem.
The Mint is one of the few profit-making agencies of the federal government. They reported a profit of $730 million last fiscal year. Mint officials estimate that profits will be down by approximately $45 million.
I wonder how that would change if the Bureau of Engraving and Printing stopped making $1 Federal Reserve Notes and the demand for $1 coins increased? But that is a discussion for another entry.
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