Silver Is Still Beautiful—Britannia Edition

Silver can bring out the best in nearly every design. Another silver coin worth collecting is the Britannia. After joining the United States and other countries to offer gold bullion coins in 1987, the Royal Mint celebrated the tenth anniversary of their program by introducing a £2 silver coin. Silver Britannias are struck in what is called Britannia silver, an alloy consisting of 958 parts per thousand silver. As a comparison, sterling silver consists of 925 parts per thousand silver. Comparatively, the American Silver Eagle contains 999 parts per thousand silver and the Canadian Maple Leaf consists of 999.9 parts per thousand silver. The balance of the alloy is usually copper.

Britannia was originally the Latin name that the Roman Empire gave to the island of Great Britain and its possessions. After the fall of the Roman Empire it had lost most symbolic meaning until the rise of British influence and being renewed during the time of Queen Victoria. Still depicted as a young woman with brown or golden hair, she kept her Corinthian helmet and her white robes, but now she held Poseidon’s three-pronged trident and often stood in the ocean, representing British naval power. She also usually held or stood beside a Greek hoplon shield which sports the British Union Jack. At her feet was often the British Lion, the national animal of England. Britannia first appeared on the farthing in 1672, followed by the halfpenny later the same year under Charles II.

When introduced in 1997, the Silver Britannia was minted with the official “hid Portrait” of HM Queen Elizabeth II on the obverse. This portrait was designed by Raphael Maklouf FRSA and shows the Queen with the Royal Diadem which she wears on her way to and from the State Opening of Parliament. The fourth official portrait of Her Majesty the Queen was introduced for all Commonwealth coinage in 1998. It is the work of sculptor Ian Rank-Broadley FRBS, FSNAD. Her Majesty is wearing the tiara which was used in an earlier coinage portrait by Arnold Machin. The Queen is shown facing right, in accordance with a tradition dating back to the seventeenth century, where successive monarchs face in alternative directions on the coinage.

From their introduction in 1987, the gold Britannia coins used the standing Britannia design on the reverse. On the tenth anniversary of the program and the introduction of the silver Britannia, a new deisign was created. The design was a figure of Britannia driving a chariot in the manner of Boudica was designed by Philip Nathan. Boudica, also know as Boadicea, was ruler of the Iceni tribe in eastern England and Queen of the Britons. She led her forces in revolt against the Romans and sacked Colchester, St. Albans, and London before being defeated by the Roman governor, Suetonius Paulinus. She died in the year 62 CE. This design was used in 1997, 1999, and 2006.

Following the successful launch of the silver Britannia coins, the Royal Mint returned to the standing Britannia design. Created by Philip Nathan, Britannia is depicted adorned in flowing robes standing proud in defense of Britain’s shores. The design recalls the design used on florins of Edward VII. this design also appeared in 2000, 2002, 2004, and 2006.

With a few other designs mixed in, the 2010 is also a single year design designed by Suzie Amit who said that she wanted to portray Britannia as a strong and courageous looking but not overly warlike woman—more peaceful and protective. The coin is struck with shiny surfaces without contrast from frosted designs. Unfortunately, it made it difficult to image. Although this image does not capture its beauty, it is a very nice design and worthy of completing my one ounce Silver Britannia collection.

American Silver Eagles, Chinese Pandas, and Great Britain Britannias are not only beautiful silver coins, but make a nice set to collect. Even with silver prices on the rise, they do make nice sets.

Silver Is Beautiful

Some have called silver the investment vehicle for the masses. Even with the price rises, silver remains more affordable than gold and is more accessible than gold. Looking at the U.S. Mint product line, the consumer has more silver options than gold. At some point, the U.S. Mint will actually sell the American the Beautiful silver bullion coins that seems to have garnered a lot of attention.

Silver has a long history as being the most popular metals for coins. From Ancient Rome to the Spanish Pillar Dollars that became the basis of United States currency, silver has been the plentiful and desirable metal used for coinage. Once silver became the base metal of choice, the United States spent over 100 years manipulating the composition of coins and silver prices in an effort to support silver mining concerns of favored members of congress.

I like silver coins. Silver has a silky color that allows for striking designs to be very visible. Because silver is less dense than gold, a one ounce coin made from silver are larger than gold. For example, most gold bullion coins are around 28 mm while silver coins average 38-40 mm (the Canadian Maple Leaf is 38 mm). It translates to more surface area for beautiful designs.

I collect a few silver bullion coins. Aside from the American Silver Eagle in proof and bullion versions, I also collect Canadian Maple Leafs, British Britannias, and China Silver Pandas. Silver Pandas are very interesting. China has been minting the Panda Bullion coin since 1983. The obverse features a panda in various images in its environment. Every year (except 2002) features a different panda image depicted in its natural environment. The reverse is The Hall of Prayer for Abundant Harvests in the Temple of Heaven. There have been four versions of this design (1983-1991, 1992-1999, 2000, 2001-present).

There have been three generations of Pandas and a single “different” issue. Generations are based on content and changes in design. The claim is that 2010 is the last year of the current generation since there may be a slight change in the works along with a significant increase in production. The People’s Bank, which governs the creation of coins in China, is planning for a 10-fold increase in production. It is conjectured that since the price of silver is so high that the premium they charge because of the popular designs can bring in more revenue. It is uncertain whether this will be a successful strategy because those who studied microeconomics will tell you that an increased supply without an increased demand will push the prices downward. The U.S. Mint discovered this a few years ago and reduced the number of products offered.

With the new information, one source, the generations have been described as:

Generation	Weight	Content	Size
First Silver Panda Coins (1983-1985)	27g	.900 fine	38.6 mm
Sterling Silver Panda (1987) one year issue	1 troy oz	.925 fine	40 mm
Second Generation (1988-1999)	1 troy oz	.999 fine	40 mm
Third Generation (2000-2010) Change in artists	1 troy oz	.999 fine	40 mm
Fourth Generation	Projected for 2011: 10x increased production

Recently, I picked up the 2010 Panda to keep my Third Generation collection complete. The Third Generation Panda designs are distinctive in being more realistic than previous designs with fine details as part of the design. Gone are the cartoon-like panda figures allowing this generation of panda designs to appeal to a wider audience. These are wonderful designs and something that shows off very well on the 40 mm silver planchet.

Happy Shopping Days

Now that the holidays are over, the U.S. Mint is adding to the post-holiday shopping rush by sending a note to their subscribers announcing that the 2010 Abraham Lincoln $1 Coin Cover will be available and the remaining 2009 products will go off sale on December 30. A quick check of the U.S. Mint’s catalog shows only three products left:

• United States Mint 2009 District of Columbia & U.S. Territories Quarters Proof Set™ (Q09)
• 2009 United States Mint Presidential $1 Coin & First Spouse Medal Set™ – James K. Polk (XP3)
• 2009 United States Mint Presidential $1 Coin & First Spouse Medal Set™ – Zachary Taylor (XQ3)

Buy now while supplies lasts.

Also announced is the launch of the Native American $1 Coin in Plymouth, Massachusetts. The public ceremony will be held at 10:30 a.m. Eastern Time (ET) on January 12, 2011, at the Plimoth Plantation Henry Hornblower II Visitor Center.

Finally, in keeping with their new policy of making annual products available earlier in the year, the U.S. Mint announced the release data of the 2011 annual sets:

• January 11: 2011 United States Mint Proof Set
• January 25: 2011 United States Mint Silver Proof Set
• February 8: 2011 United States Mint Uncirculated Coin Set

The U.S. Mint said that if you sign up for an online subscription for these products by January 4, 2011 you will receive these 2011 issues as your first sets.

Happy Shopping!

A Tragic Loss: Cameron Kiefer Dies

It is with great sadness to report that Cameron Kiefer, 28, died on Tuesday, December 21, 2010 from an apparent suicide. Cameron was an accomplished numismatist who had won the 2001 CSNA Literary Award and the ANA Outstanding Young Numismatist of the Year in 2002. Subsequently he became a grader at the Independent Coin Grading Company when it was located in Colorado Springs. Cameron resigned from ICG in March 2008 to become a full-time coin dealer.

I briefly became acquainted with Cameron after I posted the story about his departure from ICG. After a few email exchanges where he seemed excitedly nervous, I wished him luck and said that I hope we can do business in the future. Running a business did not come easy for Cameron which may have lead to his unfortunate decision.

Cameron Kiefer was married and left behind two children, reported to be three and one years old. My sincere condolences go out to his family and wish for better times ahead.

UPDATE: Obituary and funeral information may be found at the Horan & McConaty Funeral Home.

Ed Moy Resigns As Director of the U.S. Mint

Yesterday, the U.S. Mint issued a press release announcing that Director Edmund C. Moy submitted his resignation effective on January 9, 2011. Moy was appointed as the 38th Director of the U.S. Mint in September 2006 after being appointed by President George W. Bush and being confirmed by the Senate. His five year term was to expire on September 5, 2011.

Moy will join L&L Energy, Inc., a Seattle-based company with coal mining and distribution businesses in China. In a press release issued today, Moy will join the company on January 10, 2011 as Vice President of Corporate Infrastructure. L&L Energy said that Moy’s responsibility will “include corporate development, global logistics, and general administration.”

In his remarks, Moy said, “I'm proud of the progress we’ve made over four and a half years. The Mint is a better place and delivering more value to the American taxpayers.” However, the failures of the public face of the U.S. Mint was very evident during Moy’s tenure. From problems with the U.S. Mint’s website to the debacle over not having enough bullion planchets to meet demands of investor and collectors, there is enough to question how successful Moy’s tenure was at the U.S. Mint.

The U.S. Mint has had missteps in customer server that anecdotal evidence of the comments that appear in my Inbox suggests has not been resolved. In fact, a search of any of the online collector’s forums will show that customer service has not improved in the last two years.

Finally, I have questioned Moy’s leadership ability to manage the U.S. Mint when the Fiscal Year 2009 Annual Report showed that U.S. Mint’s operating costs rose significantly in FY09 even though the demand for its products were reduced. In my analysis I noted that in FY09 it cost the U.S. Mint 1.1-percent more to produce 40-percent fewer coins than in FY08. CEOs have been fired for this type of negative turn around!

It has been recent history that appointed members of an administration resign their posts at the end of the president’s term. Moy did not resign opting to try to fulfill his term. Over time, I have accused Moy of being more of a bureaucrat than a leader. This was a change from his predecessor, Henrietta Holsman Fore, a Bush appointee who had experience with manufacturing in the private sector and a history of successful government service.

With Moy’s resignation, President Barack Obama has the opportunity to appoint a new director with the skills to manage the world’s largest coin manufacturer. In an open letter I wrote when he was President-Elect I suggested that the next Director of the U.S. Mint be a leader whose experience includes manufacturing, supply chain management, and customer service.

I realize that this may not be a top priority for the president. In the current political climate, it is possible that the appointment will not be made until after the holidays. Even if the president was to announce the appointment tomorrow, the lame duck session is about to end meaning that the confirmation will be taken up by the Senate of the 112th Congress. In the mean time, Deputy Director Andrew D. Brunhart will become acting U.S. Mint Director. Brunhart, the former General Manager of the community-owned water and sewer company in the Maryland suburbs, may not be up to the job based on his performance at the water and sewer company. The business infrastructure at the water and sewer company has continued to under perform based on the policies and structure he left leaving questions as to whether Brunhart could manage the U.S. Mint for an extended period of time.

I wish Ed Moy success in his new endeavor and enjoy the coffee out in Seattle. Even though it is more of a tourist destination, the Pike Place Market is still one of my favorite destinations and hope you enjoy it as much as I do. Just watch for the flying fish!

Portrait of Ed Moy courtesy of the U.S. Mint.

Soda, Chips, Candy Bar, Gold?

Town Center Mall in Boca Raton, Florida is not a run-of-the-mill shopping plaza. With upscale stores like Neiman Marcus, Bloomindale’s, Nordstrom, and Tiffany and Company, there are plenty of opportunities to overspend this holiday season. Now, you can diversify your portfolio by buying gold... from a vending machine!

PMX Gold LLC, the wholly-owned subsidiary of the mining company PMX Communities Inc. worked with Ex Oriente Lux AG to bring the Gold to go® vending machine to the United States. Installed at the Town Center Mall, the machine will dispense 1 gram, 5 gram, 10 gram, 1 ounce, and 250 gram gold bars from Credit Suisse; 1/10 ounce, 1/4 ounce, and 1 ounce Krugerrands; and 1/10 ounce and 1 ounce American Eagle Gold bullion coins.

Gold is dispensed in a black gift box whose price is based on the current spot price that updates wirelessly every 10 minutes. Customers are guided through their purchases using a touch screen that allows them to select the amount of gold they want to purchase. PMX Gold LLC and Simon Properties, owner of the Town Center Mall, will make money of a commission that ranges between 4 and 15 percent depending on the item’s weight. Currently, the machine only accepts cash, but that may change in the future.

The machine will be guarded by am armed security person and monitored by cameras.

This report was broadcast on WPTV, News Channel 5 in Orlando:

Another video from the Orlando Sentinel:

Gold to Go made news when it installed its first Gold ATM at the Emirates Palace in Abu Dhabi. Currently, there are 11 machines in Germany, one in Spain, Italy, United Arab Emirates, and now the United States. Ex Oriente Lux reports that their machines in Europe take in 250,000 to 300,000 Euros per month.

Thomas Geisslei, CEO of Gold to Go, say that the company wants to install more than 30 machines within the United States in the next year. This way, you can decide whether you want that latte or a gold bar.

U.S. Mint Redesigns Their Websites

In the quite of the night, the U.S. Mint flipped their virtual switch to unveil a website for both their main site and their online catalog and e-commerce site. The new design used the new logo and branding features the branding consulting firm Siegel+Gale and the U.S. Mint unveiled in August.

When visiting the redesigned site, the front page is simply laid out and more striking. The black background and updated design is more inviting. Half of the opening screen is dominated by a rotation slide show with images that general visitors and other collectors would find inviting. In fact, the image used to guide the user to view their coin and medals programs features classics such as a Morgan and Peace Dollars. Under the slideshow is a sliding visual menu with the current coins that are links to their information page. It is is a nice element.

The new design appears to be with the theme only and not the underlying organization of their site. Text and other visual features of each page are the same as they were yesterday except surrounded by the new theme. Even though they were designed using the old theme, they visually fit with on the new site.

Everything that was said about the main U.S. Mint website also goes to their online catalog and e-commerce site. The new darker theme works with the current catalog information and seems to work as it did prior to the change. Hopefully, the U.S. Mint changed the backend of the site in order to make their customer service better.

No change was made to the America the Beautiful® Quarters Program microsite. It was well designed from the beginning and used the same basic theme as introduced today.

One nit on the catalog site is that the Product and Services lists on the left side has no order to them. Reordering those menu lists to be alphabetized would be beneficial to the site. If they want to put the “Last Opportunity” menu item at the top of the list and highlight it in some way, that would work. Otherwise, an alphabetized list would work better.

Overall, the U.S. Mint’s redesigned site gets a grade of MS 66 for its freshness, luster, and striking visual balance. They earn points for keeping the underlying structure while there are some little things to work on, including adding additional historic information. Kudos to the U.S. Mint for a job well done!

Logo image courtesy of the U.S. Mint.

It's The Law!

The White House announced that on December 14, President Barack Obama singed the American Eagle Palladium Bullion Coin Act of 2010 (H.R.6166) and the Coin Modernization, Oversight, and Continuity Act of 2010 (H.R.6162).

Read this article for more information about both laws.

U.S. Treasurer Public Note Signing Event

If you are going to be in Washington, DC and can get to the Bureau of Engraving and Printing, Treasurer of the United States Rosie Rios will autograph currency between 10:00 AM and 11:45 AM on Thursday, December 16, 2010. There is a limit of two signed notes per person and older currency can be exchanged for new notes.

The BEP is located at 14th and C Streets, SW, just north of the 14th Street Bridge and next to the United States Holocaust Memorial Museum. Detailed directions can be found at www.moneyfactory.gov/wdcdirections.html.

Looking Forward at the 2011 Coins

It is difficult to determine if 2010 was a good year for those collecting coins from the U.S. Mint. Unlike 2009, the U.S. Mint was able to strike both bullion and proof American Silver Eagle and American Gold Eagle coins. After the outrage of 2009, collectors appear to be happy that the proof Eagles have made a return.

Also new in 2010 were the American the Beautiful Quarters program with designs representing the first five national parks created by an act of congress. As part of each park’s introduction, either Director Edmund Moy or Associate Director Andy Brunhart has visited each of the 2010 celebrated sites for the introduction of the new quarters. Although it has been difficult finding these quarters in pocket change, these new coins had nice designs and was a chance for people to learn about the United State’s wonderful national parks.

Bullion
Bullion programs have caused angst amongst collectors and the U.S. Mint. Collectors found their collections with holes for the 2009 American Eagle Proof coins while waiting close to the end of 2010 to find out that proof Eagles will be produced.

Sales of bullion American Eagles have had mixed results. While the U.S. Mint has not produced bullion Platinum Eagles since 2008, sale of gold bullion has dropped from 2009. With the price of gold climbing from $1,100 at the beginning of the year to over $1,300 since September, investors may be looking for more cost effective investment option.

One investment option has been silver. With over 33 million silver Eagles produced through the first week of December, the U.S. Mint has produced more silver Eagles this year than in any years since the program started in 1986. Silver started the year around $17 per ounce, staggered into March, and then the prices began a slow rise. After breaking the $20 mark in September, the price has been hovering close to $30 the last few weeks. Silver closed at $30.50 on December 7 before dropping below $29 since.

From a collector’s perspective, this has made collecting American Eagles more expensive. Thankfully, the U.S. Mint has resolved its production issues and produced proof Eagles this year. We will see proof Eagles in 2011 with the passage of the Coin Modernization, Oversight, and Continuity Act of 2010 that changes the American Eagle Bullion law to allow the U.S. Mint to divert some metals for collectors coins.

Missing from the 2010 line up was the American Buffalo 24-karat Gold Coin. While still an authorized issued, the coin has not roamed the United States since 2008 in both bullion and proof issues. There has been no comment from the U.S. Mint as to whether the coins will make an appearance in 2011.

Circulating Coins
For 2011, the U.S. Mint will produce the Lincoln Cent as redesigned in 2010, the Jefferson Nickel that was redesigned in 2006, the Roosevelt Dime as it was designed in 1946, and the Kennedy Half Dollar as it was released in 1964. No changes are planned for these circulating issues.

In the second year of the American the Beautiful Quarters Program. If the second year designs are as well executed as the first year, the program will continue to be a success from a collector perspective. The second group of quarters will honor Gettysburg National Military Park in Pennsylvania, Glacier National Park in Montana, Olympic National Park in Washington, Vicksburg National Military Park in Mississippi, and Chickasaw National Recreation Area in Oklahoma. The U.S. Mint’s line art shows promise for a very nice looking series.

One part of the American the Beautiful Quarters Program has been the issue of three-inch five-ounce .999 silver bullion coins. Production problems have delayed the release of these coins. According to the U.S. Mint’s press release, there may be collector versions of the coin with limited production runs. Considering the high costs set by the U.S. Mint, it may be difficult for some collectors to justify. But with the production issues worked out, maybe the 2011 versions may sell better.

Dollars
For the third year of the Native American $1 Coin program, the theme for 2011 is “Supreme Sachem Ousamequin, Massasoit of the Great Wampanoag Nation Creates Alliance with Settlers at Plymouth Bay (1621)” celebrating one of the first peace treaties between the Native Americans and the Puritans who settled at Plymouth Bay. The reverse of the coin depicts the hands of the Supreme Sachem Ousamequin Massasoit and Governor John Carver symbolically offering the ceremonial peace pipe after the initiation of the first formal written peace treaty. The designs of the Native American coins have been so well thought out and executed that this one will be a wonderful addition to your collection.

Continuing the Presidential $1 Coin program, the 2011 coins will honor Presidents Andrew Johnson, Ulysses S. Grant, Rutherford B. Hayes, and James A. Garfield. History buffs will begin with President Johnson who was the first president that was impeached but not convicted, followed by three bearded Republicans who started and perpetuated reconstruction through the 19th century. The 2011 series ends with President Garfield whose 200 day term ended with his death on September 18, 1881.

Those collecting the First Spouse Gold Coins will have a year where all four issues will depict the First Lady’s of the era. Standing behind or along side the Presidents where Eliza Johnson, Julia Grant, Lucy Hayes, and Lucretia Garfield. Remember, if you cannot afford the gold coins, the U.S. Mint sells bronze medals using the same design but without the denomination.

Commemoratives
Collectors of commemorative coins will have two multi-coin commemorative issues in 2011, both with a military theme. The first commemorative will be the United States Army Commemorative to honor the history of the U.S. Army from the Revolutionary War through today. The U.S. Army Commemorative will be a three-coin set consisting of a gold $5 proof, silver $1 proof, and cupronickel clad half-dollar proof. The obverse of the gold coin represents the U.S. Army’s war service from the Revolutionary War through today. It features a representation of Continental, Civil War, modern, World War II and World War I soldiers. The reverse is based on the official U.S. Army emblem and represents the unbroken history of loyalty and commitment to defend the Nation.

The obverse of the silver proof depicts the busts of a male and female soldier, symbolizing worldwide deployment of the 21st century U.S. Army. On the reverse, the design symbolizes the seven core values of the U.S. Army featuring an image of the Great Seal of the United States that has been worn on U.S. Army dress and service uniforms since the early 19th Century.

The obverse of the clad half-dollar proof represents the significant contributions of the U.S. Army during peacetime and features a U.S. Army soldier surveying, two servicemen building a flood wall and a Redstone Army rocket used during early space exploration. The reverse design symbolizes the U.S. Army as the first military service to defend the country and its key role in the Nation’s internal development. It features an enlisted Continental soldier armed with a musket and 13 stars representing the original Colonies.

Mintage is limited to 100,000 gold, 500,000 silver, and 750,000 clad coins. The sales price will include a $35 surcharge for each gold coin, a $10 surcharge for each silver coin, and $5 for each clad coin sold. Proceeds from the sales of this commemorative ($12.25 million if all coins are sold) will go to the construction of the National Museum of the United States Army.

The other commemorative will be the 2011 Medal of Honor Commemorative Coin program. This two-coin set features a $5 gold proof and $1 silver proof coin. The obverse of the gold coin depicts the original Medal of Honor designed in 1861 by the U.S. Mint. The reverse design of the gold coin features Minerva, the Roman goddess wisdom and war, who is featured on the medals. Minerva is standing with a shield representing the Army and Navy in her right hand and the Union flag in her left hand. She is flanked by a field artillery cannon and wheel of the Civil War era.

The obverse of the silver commemorative coin will feature the three current Army, Navy, and Air Force medals with their ribbon and the connecting pad featuring 13 stars. Since the Medal of Honor is the only medal not pinned to the uniform, it was important to depict the ribbon that is used to wear the medal around the recipient’s neck. The reverse design depicts an Army infantry soldier carrying a wounded soldier to safety under enemy fire. This image conveys the courage, selfless sacrifice and patriotism of Medal of Honor recipients.

Mintage is limited to 100,000 gold and 500,000 silver coins. The sales price will include a $35 surcharge for each gold coin and a $10 surcharge for each silver coin sold. Proceeds for the sale ($8.5 million if sold out) will be distributed to the Congressional Medal of Honor Foundation to support their educational, scholarship and outreach programs.

It appears that 2010 was better than 2009 as the economy improved. Maybe there will be more of a recovery to help make 2011 even better.

Click on any image to see the larger version.
Coin images courtesy of the U.S. Mint.

Production Problems at BEP Hits Mainstream Media

Following up on something reported here in October, mainstream media has caught up with the news that the Bureau of Engraving and Printing and the Federal Reserve will delay the release of the redesigned $100 Federal Reserve Note because of production issues. The announcement said that the BEP has identified a problem with sporadic creasing of the paper during printing of the new $100 note that did not appear during pre-production testing.

What added to the urgency was the report that the BEP said that about one-third of the 1.1 billion notes produced for the formal release may be creased and otherwise not usable. BEP is attempting to salvage what it can from the previous production run.

Sources confirm that these new notes are the most expensive to produce at 12-cents per note. Production costs using the older paper was 7-cents per note.

The BEP is working with Crane & Co., the exclusive currency paper supplier since 1879, to resolve the issue.

Congressional Watch: Two Coin-Related Bills Passed

In a rare move of bipartisanship, the Senate passed two bills coin-related bills by Unanimous Consent on Tuesday that were previously passed by the House of Representatives. Bills passed by Unanimous Consent are agree upon by both party’s leaders and a voice vote is taken on the floor as a formality. No record of the vote is taken.

The first bill that passed is the Coin Modernization, Oversight, and Continuity Act of 2010 (H.R.6166). Introduced by Melvin Watt (D-NC), Chairman of the Subcommittee on Domestic Monetary Policy and Technology following the hearing of “The State of U.S. Coins and Currency” held on July 20, 2010. As passed, the law requires the U.S. Mint to research minting metals used for coining money and to report to congress what changes should be made to prevent coin production from costing more than its face value. One forward thinking aspect of the law is that it requires to U.S. Mint to tie the research to actual production numbers, as opposed to hypothetical figures. The U.S. Mint has two years to complete the research and report back to the subcommittee.

H.R.6166 also includes two technical changes to the law that will affect collectors. One change allows the U.S. Mint to change size of the planchet used for the National Park Bullion Program from 3-inches to a size between 2.5 and 3-inches. This will help the U.S. Mint deal with technical issues that has delayed the issue of the five ounce bullion coins.

For fans of the American Eagle proof programs, a wording change in the law allows the U.S. Mint to divert gold and silver to meet the demand for numismatic collectible coins. The change does not set minimum or maximum limits of coins struck but it will prevent future gaps in our collections.

Speaking of the American Eagle program, the Senate also passed the American Eagle Palladium Bullion Coin Act of 2010 (H.R.6166). The bill was introduced by Rep. Dennis Rehberg (R-MT) in support of the primary support of palladium mining in Montana where 95-percent of all United States palladium deposits are. The new law will add a one-ounce .9995 fine palladium bullion coin to the American Eagle Bullion Program. The coin will have a $25 face value and require that “the obverse shall bear a high-relief likeness of the ‘Winged Liberty’ design used on the obverse of the so-called ‘Mercury dime’” making it yet another bullion coin that will feature a design from the early 20th century. For the reverse, the law says that the coin “shall bear a high-relief version of the reverse design of the 1907 American Institute of Architects medal.” Both the Mercury Dime and 1907 AIA medal were design by Adolph A. Weinman, whose Walking Liberty design is used on the American Silver Eagle coins.

When the same bill passes both houses of congress, the bill is formally enrolled by being printed in the Congressional Record and printed on archival paper before being sent to the White House for the president’s signature. President Obama is expected to sign both bills when the paperwork makes it way down Pennsylvania Avenue.

1938 Mercury Dime image is owned by the author.
Image of the 1907 AIA Medal copied from Architecture: celebrating the past, designing the future by Nancy B. Solomon.

US Mint and BEP Capital Hill Holiday Sale

If you happen to be in the area of Capital Hill in Washington, D.C., the U.S. Mint and Bureau of Engraving and Printing are holding a sale at the Rayburn House Office Building today (December 1) in Room 2200 from 10:00 AM until 4:00 PM. The building is open to the public (your representative to congress may have an office in the building) and requires airport-style screening, sans the pat down!

Both agencies will have their 2010 offerings for purchase at regular prices. The difference between purchasing it from a clerk instead of mail order is you do not have to pay postage or worry about your order being cancelled. Besides, you never know who you will meet in the hallway, especially since congress is in session.

Also, Treasurer of the United States Rosie Rios will be there to autograph products from Noon until 2:00 PM.

The Rayburn Building is located at 45 Independence Ave SW, Washington, D.C. between First Street, SW, and South Capital Street, SW. The closest Metro stop is the Federal Center SW or Capital South stations. Both are on the Orange and Blue lines.

Click image to enlarge.