Louis Golino has been a collector of American and world coins since childhood and has written about coins since 2009. In addition to writing about modern coins and other numismatic issues for Coin World, he also has written a regular column for CoinWeek.com since 2011, writes a monthy column for The Numismatist magazine and has written for other coin publications. In 2015, for his CoinWeek column “The Coin Analyst,” he was presented with the Numismatic Literary Guild's award for best online column. He is also a founding member of the Modern Coin Forum.Visit one of our other blogs:
U.S. Mint: American Liberty Medals Are Not High Relief
2016 American Liberty silver medals will apparently not be high relief as expected.
When it comes to setting mintages and household and product limits, there is simply no way the U.S. Mint can make everyone happy. No matter what they do, there will always be people who are not happy. And there is also no way to predict in advance how particular limits will impact sales, accessibility for the average buyer, and secondary market values.
It is significant that the Mint is factoring into its latest decisions the concerns of many buyers who felt the limits for the Gold Centennial Mercury Dime were too high at ten, which many of them feel enabled dealers to procure a large portion of the mintage of 125,000 coins.
The Gold Centennial Standing Liberty Quarter, which will be released in September 8, will have a household limit of just 1 coin and a mintage of 100,000 pieces. Some buyers feel one per household is too low, and that the mintage limit is too high, making a sell-out less likely.
But demand may be higher than those individuals think it is, and a one per household limit could produce an even bigger frenzy, as happened when the limit for the Presidential Coin and Chronicles set was lowered to one. The difference, though, is that the quarters will cost about $500 each based on current gold prices, while the chronicle sets were about $60 each.
As I have suggested before, something in between one and ten would probably work best, and two is what the limit will be for the American Liberty silver medals coming on August 23, which also have a product limit of 12,500 but no mintage limit. It is possible that some type of set will also be offered that includes the medals, hopefully one paired with a special American Silver Eagle proof coin only available in the set, as suggested by the CCAC, or in some other set perhaps for the 30th anniversary of these coins.
Those sets would also help the Mint to sell more proof American Silver Eagles, whose release has been delayed due to the requirement to add incuse edge lettering marking the 30th anniversary of the program. Those coins will begin selling on Sept. 16.
The Mint confirmed to me that the 2016 proof coins can be sold next year and beyond unlike the 2015 coins, which could only be sold until the end of last year, but no information has been released about any sets with the medals, which may not be issued.
The medals, which will use the same size of planchets as those used for American Silver Eagles (40.60 millimeters), were originally planned to be struck in high relief like the 2015 American Liberty gold coins of the same design, which they are intended to complement.
However, the product description the Mint posted this week does not specifically state that the medals will be in high relief, though it mentions the 2009 Ultra High relief gold double eagles. So I contacted the Mint, and Michael White in the Office of Public Affairs who confirmed that the medals will definitely not be in high relief and will feature a proof finish. They will also be issued with two different mintmarks, “W” for West Point and “S” for San Francisco.
That will be disappointing to many collectors, who were eager to see the modern liberty and flying eagle design (respective obverse and reverse) in high relief, which would have been the first silver high relief product from the Mint.
Mr. White also said that the Mint’s Principal Deputy Director, Rhett Jeppson, will be attending this week’s ANA World Fair of Money in Anaheim, CA but will not be doing a forum with collectors and the media as has been the case at some past shows. That would have been a great chance for the Mint’s customers to discuss these issues with him.