Law sweeps away silver set: Monday Morning Brief, December 21, 2015
The Dec. 3 signing of a transportation bill has the unintended
consequences of canceling the 2015 Limited Edition Silver Proof set
from the U.S. Mint. The law calling for special 2016 American Eagle
silver dollar forced the Mint to end plans for the set, because the
2015 coins would not comply with the new mandates.
Full video transcript:
Good morning, welcome to the Monday Morning Brief. I’m Jeff Starck of Coin World.
Today we report some unwelcome news to collectors of the United States Mint 2015 Limited Edition silver Proof set. President Obama’s Dec. 3 signing of a five-year, $305 billion transportation bill has forced the Mint to cancel the set, which had not yet gone on sale.
Packaging issues had already delayed the set, but Mint officials planned to offer the set for sale in 2016. Selling the set in a year dated after the coins was not the issue, and would not have been unheard of—since the 2014 set didn’t go on sale until early this year.
The issue is wording in the legislation requiring that Proof and Uncirculated silver American Eagle coins issued next year feature a smooth edge with lettering honoring the 30th anniversary of the American Eagle program.
Since the limited edition 2015 set was to include a Proof American Eagle silver dollar, the Mint announced, the coin would have to comply with the law. And of course it did not, since it was struck to the normal standard, with a reeded edge.
The solution for the U.S. Mint was to cancel sales of the set. As Coin World Managing Editor William T. Gibbs wrote in the January monthly issue, “Call it bad timing, bad planning, or the law of unintended consequences, or a combination of all three factors.”
A product that was becoming an annual issue is now no more. But at least the 2014 set remains available, through noon Eastern Time on Dec. 30, if interest in the now interrupted program remains.
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For Coin World, I’m Jeff Starck. Happy collecting!