William T. Gibbs

Bill’s Corner

William T. Gibbs

William was appointed the managing editor effective May 1, 2015. He joined the Coin World editorial staff in 1976 as an assistant editor for "Collectors' Clearinghouse" and later became a senior staff writer before being appointed news editor. As managing editor, he manages the day-to-day editorial operations for Coin World, both print and online, and leads the editorial staff. He also serves as chief copy editor for all Coin World publications, including for all books published by Coin World since 1985. He has been project editor of mulitple editions of the Coin World Almanac. Bill began collecting coins at the age of 10 and soon discovered Coin World. As a teen interested in numismatics and journalism, he identified a writing position on the staff of Coin World as a dream job, which was realized shortly after he graduated from Bowling Green State University with a major in journalism. He collects store cards and medals depicting Adm. George Dewey of Spanish-American War fame.

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Legislation has unexpected consequences

Call it bad timing, bad planning or the law  of unintended consequences, or maybe a combination of all three factors. The Mint has announced that it will not offer the previously announced 2015 Limited Edition Silver Proof set — not because the coins aren’t available, and not because the packaging issues that led the Mint to postpone its intended Nov. 23 release can’t be resolved, and not because the Mint has reservations about issuing a 2015 set in 2016 (the 2014 set wasn’t released until 2015).

Mint officials instead made the decision to not issue the 2015 Limited Edition Silver Proof set because of the five-year $305 billion highway bill that President Obama signed into law on Dec. 3.

Why would a transportation bill lead the Mint to cancel what was becoming an annual set?

The 2015 Limited Edition Silver Proof set was to have contained a Proof 2015-W American Eagle silver dollar and 2015-S examples of the Roosevelt dime, all five America the Beautiful quarter dollars, and the Kennedy half dollar. All of the coins were available and the Mint was attempting to solve “packaging issues” for the set. The Mint could have resolved those “issues” and then released the 2015 set sometime in 2016.

However, the transportation act that was signed into law included several provisions related to the nation’s coinage. Among them is a requirement that all Proof and Uncirculated American Eagle silver dollars issued in 2016 must have a special edge inscription recognizing the 30th anniversary of the coin. The key word in the provision is “issued.” Mint officials have interpreted this as meaning that even the existing 2015-W American Eagle silver dollars cannot be released in 2016 because they already are struck and have a reeded edge. It doesn’t matter that the coins would be dated 2015 — they can’t be issued in 2016 because they don’t meet the edge lettering requirements outlined in the legislation.

Had the Mint not experienced “packaging issues” that delayed the release of the set, it could have gone on sale Nov. 23 and then been taken off sale on Dec. 30, possibly creating a modern rarity for those fortunate to have purchased one or more. However, with the passage of the transportation bill, this set will apparently never be released.

Unintended consequences, indeed. 
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