The U.S. Mint is currently in a period of experimentation and
creativity. The year 2013 will see the release of the first Reverse
Proof American Buffalo gold $50 coin and a three-finish Enhanced
Uncirculated American Eagle silver dollar. These novel issues are, in
part, enabled by new tools — such as laser frosting — that aid die
preparation and allow previously unseen variations and combinations.
In addition to technological advances, two other factors also make
these issues possible.
First, right now, bullion programs are very popular. The Mint
knows it will sell enough coins to justify the production of these issues.
Second, the Mint (technically the secretary of the Treasury) has
the authority to produce versions of U.S. bullion coins for collectors
at its discretion, provided the composition of those coins, i.e. their
weight, fineness, dimensions, conform to the congressionally
For better or worse, the Mint can’t produce whatever coins it
wants. It operates at the behest of Congress, which mandates which
coins to strike, what their composition will be, and, in the case of
commemorative coins, how many. But when the Mint is given a little
latitude by Congress, it can and does break new ground.
The best example of this is a commemorative coin from 2000, the
Library of Congress ringed bimetallic $10 coin. To honor the 200th
anniversary of the library, Congress authorized the production of a
commemorative silver dollar and a gold $5 coin.
The legislation, however, gave the secretary of the Treasury a
compelling option: instead of producing the gold $5 coin, the
secretary could produce a gold and platinum ringed-bimetallic $10 coin
at specifications of his choosing.
The opportunity was seized.
The ringed-bimetallic $10 coin consists of a pure platinum core
surrounded by a .9167 fine gold ring.
The two separate pieces were fused together during striking, when
pressure from the dies expanded both parts, locking them together.
The Mint’s marketing hailed this coin as a “spectacular first for
the new century and the millennium.”
Unfortunately, this experiment didn’t end well for the Mint. Had
the program done better, likely more ringed-bimetallic issues would
have followed, but only 7,261 Uncirculated and 27,445 Proof examples
At the time, many blamed poor sales on an excessive focus on new
State quarter dollars and the high issue price of a gold and platinum
coin, then about $400.
As a low mintage commemorative and the only ringed-bimetallic U.S.
coin, it’s worth substantially more today and one of the most coveted
modern commemorative issues.
Scott schechter is a grader at NGC and co-author of 100
Greatest U.S. Modern Coins. He can be reached by email directed
to him at firstname.lastname@example.org.