U.S. Mint seeks palladium vendors for American Eagle
- Published: May 4, 2016, 1 PM
The U.S. Mint is in the initial planning stages for developing a palladium bullion coin, including securing vendors for the precious metal and fabricating necessary planchets for production.
Mint officials have not disclosed when they plan to offer the bullion coin, which will be sold through the established network of authorized purchasers already approved to buy American Eagle and American Buffalo bullion coins.
The palladium bullion coin initiative, authorized under the American Eagle Palladium Bullion Coin Act of 2010, Public Law 111-303, requires an obverse that reflects sculptor Adolph A. Weinman’s obverse design from the Winged Liberty Head dime — the same obverse just used for the 2016-W Winged Liberty Head gold dime — and a reverse employing Weinman's eagle design from the reverse of the American Institute of Architects award medal introduced in 1907. Weinman designed the medal in 1906.
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Legislation introduced by Rep. Bill Huizenga, R-Mich., was passed in December and signed into law by President Obama, clearing the hurdle for a palladium bullion coin by negating a 2013 feasibility study that suggested that a palladium bullion coin program could not be sustained after first-year projected sales of 100,000 coins. The study forecast viability for Proof and Uncirculated numismatic versions.
As a result of the law passed in December, the Mint is moving forward with plans for issuing a 1-troy-ounce .9995 fine palladium bullion coin with a legislated face value of $25.
Huizenga’s legislation also includes the mandate that all numismatic versions of the American Eagle silver coins dated 2016, other than the bullion release, bear a smooth instead of reeded edge, on which an incuse inscription denoting the 30th anniversary of the American Eagle silver dollar series will appear.
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