Paul Gilkes

Mint State

Paul Gilkes

Paul is a senior editor and has been a member of the Coin World staff since 1988. Paul covers the U.S. Mint beat and has memorably reported for more than two decades on many of the hobby's most important stories including the record sale of the Farouk/Fenton 1933 double eagle and the ongoing legal proceedings of the Langbord 1933 double eagles. He received a bachelor of arts degree from Grove City College in Pennsylvania and collects autographs and memorabilia from The Andy Griffith Show.

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    Collectors will decide most popular World War I American Veterans Proof silver medal

    January 16, 2018 10:45 AM by Paul Gilkes

    It will be interesting to see whether collectors embrace or reject the World War I American Veterans Coin and Medal sets which the U.S. Mint puts on sale Jan. 17.

    Those interested in acquiring all five medals are forced to shell out just under $500 to buy all five sets, since the medals are not being offered separately as individual medals nor as a five-medal set.

    The maximum combined mintage is set at 100,000, with the breakdown determined by the orders placed for each set. Sales of the set will end once the maximum authorized mintage is reached. The sets are being offered at $99.95 each.

    If would have made more sense to offer the medals individually honoring the U.S. Army, Air Service, Navy Coast Guard and Marine Corps as well as in a five-medal set.

    Mint officials are often faced with the dilemma of scrapping costly packaging, affecting a program’s bottom line. To avoid that with this program, the medals are being struck to order and shipment is scheduled for May instead of instantly as Mint customers have become accustomed for numismatic products. This allows the Mint to order only the packaging that they need without having to stockpile any. The Mint often strikes, packages and has on hand for immediate delivery inventory for a program before it is offered to the public, a waste if the program doesn't sell well.

    The lowest sales for any one medal will determine how many complete five medal sets can ultimately exist, a major factor in how any such complete assemblages may perform, valuewise, in the future.

    Which medal will be the most popular? Collectors will decide.

    Sleeping bear needs to come out of hibernation

    November 2, 2017 12:13 PM by Paul Gilkes

    Counterfeit United States coins, including bullion issues, have been infiltrating the American market on an ever-increasing basis for nearly a decade with little or no intervention from the federal government.

    That is, until now.

    Two congressmen, Reps. Alex Mooney from West Virginia and Frank Lucas, an avid coin collector from Oklahoma, are seeking answers from the U.S. Mint and Secret Service as to what measures are being taken to stem the tide of the fake coins entering the American economy from China and elsewhere.

    The congressmen are also seeking answers as to what the Mint is doing with technology to ensure the integrity of coinage products produced by the U.S. Mint.

    Lucas and Mooney were prompted to action based on the tireless efforts of the Industry Council for Tangible Assets’ Anti-Counterfeiting Task Force, and its director of anti-counterfeiting, former Coin World editor Beth Deisher.

    David J. Ryder, the 34th director of the U.S. Mint and President Trump’s pick to become the 39th, said during his nomination hearing that anti-counterfeit initiatives would be among his top priorities if confirmed.

    And Ryder has the credentials to back it up, with 25 years since his first tenure as Mint director spent working in coin and paper money security.

    illustrated above, a plated base metal counterfeit of a 2009-dated American Eagle gold bullion, is just one example of the type of fakes that have entered the marketplace.

    Tackling the proliferation of United States counterfeit coins has been largely ignored for way too long. It’s time the sleeping bear wakes up and takes action before the problem gets any worse.

    Lost opportunities with platinum, palladium

    October 13, 2017 2:01 PM by Paul Gilkes

    The U.S. Mint needs to reexamine how it produces its bullion coins.

    While the 1-ounce gold and silver American Eagle bullion coins, 1-ounce gold American Buffalo and 5-ounce silver bullion America the Beautiful quarter dollars are being struck to order, the 1-ounce bullion versions of the platinum American Eagle and inaugural palladium American Eagle are being treated more like numismatic issues, with limited mintages.

    None of the Mint’s bullion products are sold directly to the general public.

    The Mint sells the bullion releases through its network of authorized purchasers at a set premium above the closing spot price of the specific metal per troy ounce on the London market.

    The authorized purchasers, who offer a two-way market buying and selling the coins, then sell the bullion issues into the secondary market at a markup.

    For 2017, the U.S. Mint struck and issued for sale to its authorized purchasers 20,000 platinum American Eagles. They were all sold on Jan. 29, the first day they were offered. Authorized purchasers wanted more, but the U.S. Mint has not had any more platinum Eagles struck and offered since.

    And for the first year of the palladium American Eagle, only 15,000 were made available on Sept. 25, the one and only day the coins were offered to authorized purchasers.

    These approved buyers wanted more platinum and palladium American Eagle bullion coins based on customers wants. I know, because I asked the authorized buyers. They needed more coins to meet the public demand. The U.S. Mint didn’t meet that demand.

    You would think that the Mint, which is in the business of making money in more ways than one, would accommodate the demand and strike the palladium and platinum bullion issues to order.

    It means more revenue for the Mint, since the bullion issues can’t be sold back to the bureau. And it provides the authorized purchasers with the coins their customers demand.

    If the Mint is going to continue to strike the platinum and palladium Eagles in limited quantities, it should announce the specific numbers.

    I believe the bureau is making a big mistake by not increasing its production of these two bullion issues. It’s a lost opportunity.

    It's nice to be appreciated

    September 12, 2017 11:44 AM by Paul Gilkes

    My late father always found the time to express words of encouragement to me and my siblings in the form of an “Atta, boy!” or “Atta, girl!” It was nice to be recognized for our accomplishments and that somebody was taking notice even though we weren’t expecting any accolades. It still felt good, though.

    And those words still ring true, today.

    I’d like to shout out an “Atta, boy!” to Don Kagin from Kagin’s Auctions in Tiburon, California, and an “Atta, girl!” to 7-year-old Lillian Napier for her “Honorable Mention” design sketch submitted for Kagin’s auction catalog design contest for its Sept. 15 Santa Clara sale.

    Lillian contributed a colored pencil sketch on manila paper of a rendition of Lot 2014, which features the Louis E. Eliasberg Sr. example of a circa 1849 Moffat & Co. $16 gold ingot, one of just 20 examples traced. The ingot is graded About Uncirculated 50 by Professional Coin Grading Service.

    Don was thoughtful enough and compelled to reward Lillian’s creative work with items that hopefully will keep her numismatic spark alive for many years to come.

    Lillian was recognized with a full membership in the American Numismatic Association, a mega, deluxe edition of A Guide Book of United States Coins, commonly known as the “Mega Red,” and a PCGS certified Mint State 60 1881-S Morgan dollar.

    I’m sure Lillian appreciates Don’s gesture, and the numismatic community does, too.

    Lillian’s design contribution is illustrated on the inside back cover of the Sept. 15 Kagin’s auction catalog.

    Show us the assets!

    August 14, 2017 3:45 PM by Paul Gilkes

    Collectors and others who attended the American Numismatic Association’s World’s Fair of Money August 1 to 5 in Denver had the opportunity to see a 1933 Saint-Gaudens $20 gold double eagle exhibited by the U.S. Mint. In fact two of them.

    The venue also served as the stage to display of the lone known example of an aluminum 1974-D Lincoln cent that Mint officials claim was never officially authorized to have been struck.

    The numismatic items are among tens of thousands of items that constitute what the Mint calls its “heritage assets.”

    The two 1933 double eagles are among 10 secured at the Fort Knox Gold Bullion Depository in Kentucky that the Mint “recovered” in 2005 after those in possession sent them to the Mint for authentication.

    After years of litigation leading all the way up to the U.S. Supreme Court, the government was awarded ownership of the 10 double eagles, all of which were put on display in 2006 by the U.S. Mint at the ANA convention in Denver.

    Only three other examples are publicly known – two in the National Numismatic Collection at the Smithsonian Institution, and the purported King Farouk I coin, sold for $7,590,020 in 2002 and the only example deemed legal to own.

    The examples at the Smithsonian have been on public display off and on. The purported Farouk coin is on display at the Federal Reserve Bank of New York.

    The 1974-D aluminum cent was returned to the Mint in March 2016 after originally being given to a former Denver Mint deputy superintendent upon his retirement in 1980, a transfer U.S. Mint officials dispute.

    The U.S. Mint holds thousands of examples of “heritage assets” across the country. Some are on public display on the self-guided public tour at the Philadelphia Mint and guided tour at the Denver Mint.

    The San Francisco and West Point Mints as well as Fort Knox are off-limits to public access, but boast exhibits in their offices, hallways and common areas. Most items are hidden and haven’t seen the light of day since being placed into storage.

    These "heritage assets” include experimental, test and trial strikes of U.S. and foreign coins, U.S. medals, plaster models, galvanoes, production tooling, design sketches, and other materials associated with coin and medal production.

    The U.S. Mint sparingly has brought select materials out of the dark for display at ANA conventions, but those times have been few and far between.

    Since 2008, U.S. Mint Curator Robert Goler has spearheaded the documenting of 50,000 to 70,000 items that constitute the heritage assets that are added to on an almost daily basis.

    The goal, according to U.S. Mint officials, is to one day display some of the assets on a rotating basis to showcase the Mint's rich history.

    Let’s hope that the Mint follows through — and soon.

    The long and winding road ...

    July 17, 2017 9:15 AM by Paul Gilkes

    After six years of research and development into composition alternatives for circulating U.S. coinage, the U.S. Mint has not adopted any of the possible options studied thus far.

    In the 2016 Biennial Report to Congress, the third submitted under provisions of The Coin Modernization, Oversight and Continuity Act of 2010, Mint officials indicate additional study and test strikes need to be pursued before any options can be approved.

    The 2016 report was released July 12, seven months after its required submission to Congress in mid-December. The report didn’t make it to the Hill until early in 2017.

    The research and development was triggered by the costs to produce and distribute the cent and 5-cent coin more than doubling their face value. While still over face value, overall costs have significantly dropped, primarily from lower metal costs.

    Since submission of the 2014 report, the U.S. Mint has been evaluating five alloy options for the 5-cent denomination, with one of the options also tested for the dime and quarter dollar denominations.

    The Mint ceased study of alternatives for the copper-plated zinc cent after submission of the 2014 report in which although a compositional alternative was available, would not reduce overall costs below face value.

    Three of the five options offer possibilities for the 5-cent denomination, but additional testing is required to solidify their use in all phases of commerce. One of those options is copper, nickel and manganese; one copper, nickel and zinc; and one copper, nickel, zinc, and manganese.

    The 5-cent denomination is currently a homogenous mix of 75 percent copper and 25 percent nickel, the same alloy that comprise the current outer layers for the dime, quarter and half dollar that are bonded to pure copper.

    The Mint is also studying two alternatives that could co-circulate with existing coinage instead of replacing what’s already in circulation.

    We’ll just have to wait and see what develops.

    What's the story?

    June 14, 2017 3:57 PM by Paul Gilkes
    We’re still waiting.

    It’s been 16 months since the U.S. Mint released details for a public design competition soliciting designs for the obverse and reverse of the 2018 World War I American Veterans Centennial silver dollar and still no announcement of the winning designer or their winning designs.

    What’s the holdup?

    The design competition, launched Feb. 29, 2016, includes that the lone artist who will receive $10,000 in compensation and have their initials sculpted into the design, would be announced in January 2017. January has come and gone as have February, March, April and May, and June is halfway there.

    And June is supposed to be the month the Mint announced they would disclose the winning designs and designers for the 2018 Breast Cancer Awareness three-coin program that includes a pink gold $5 coin.

    Will that announcement be held up, too?

    Collectors of U.S. commemorative coins, as well as those with a vested interest in the themes being depicted, want to know what the designs look like to determine whether they are worthy of adding to their collections.

    And the Mint is looking to hold more open design competitions for future commemorative coins.

    The designs for the 2018 World War I American Veterans Centennial silver dollar are to appear on up to a maximum of 350,000 coins in Proof and Uncirculated condition. And augmenting those coins will be five separate silver medals honoring the five military branches – Army, Navy, Air Force, Marines and Coast Guard – bearing designs executed by members of the U.S. Mint’s engraving staff and/or the Mint’s Artistic Infusion Program artists.

    Hasn’t the collecting public waited long enough?


    Get to know your currency!

    May 15, 2017 2:27 PM by
    It never ceases to amaze me that those individuals whose job it is to handle cash on a daily basis – bank tellers, cashiers in retail and grocery stores, restaurant servers, and gas station attendants, among others – don’t know much about the U.S. currency that passes through their hands, neither the paper nor the coins.

    Many that I’ve encountered focus, in the case of coins, on the diameter and color of the coin without giving much consideration to the design. Every coin within a denomination might as well look the same. If they see a dollar coin, they consider it an anomaly, or worse yet, a foreign coin or counterfeit.

    I had two instances in recent weeks where the currency in question was a $50 Federal Reserve note.

    While attending the Central States Numismatic Society Convention April 26 to 29 in Illinois, I talked with a dealer friend who had an unpleasant encounter with a supermarket check-out cashier who intimated he was trying to pass a counterfeit bill. She had looked at the placement of the security thread in the note as she held the note up to the light. The dealer retrieved the note and paid for his groceries with two $20 notes and a single $10 note, which the cashier accepted without even batting an eye.

    On May 6, while attending a Todd Rundgren concert in Columbus, Ohio, with a friend, my friend paid for his pizza with a new $50 note. The guy behind the bar counter held the note up to the light, again looking for the security thread. I provided him a short history lesson on the production of the note and explained that the mere existence of a security thread was not necessarily an indication of the note’s authenticity. He actually surprised me by having knowledge of some of the other security features of the current series.

    I “noted” (no pun intended) that the security thread on the current series of notes, although supposed to appear vertically to the right of the presidential portrait, could appear to the left if the security paper in which the thread is embedded before printing was improperly placed into the printing press at the Bureau of Engraving and Printing. Paper positioning will also affect the positioning of water marks. While such notes with the security strip appearing in the wrong position might bring into question their authenticity, they are not only genuine legal tender, they are also highly collectible error notes that command a premium above face value.

    If your knowledge of the security features on the current series of Federal Reserve notes denominated $5 through $100 is a little rusty, take the time to visit for an illustrated refresher. The U.S. Currency Education Program posted there is managed by the Federal Reserve Board.

    Gone in 120 seconds

    April 5, 2017 8:52 AM by

    The apparent two-minute sellout April 4 of the 2017 Congratulations set left the U.S. Mint in the position, once again, of not being able to please everyone.

    And it’s not likely that position will change with any future limited-edition offerings.

    Sufficient orders were placed within the first two minutes of the noon Eastern Time offering of the 75,000 sets containing a San Francisco Mint-struck Proof 2017-S silver American Eagle to fulfill the maximum number of sets available.

    Unlike the 2017 set, Congratulation sets from 2012 through 2016 contain West Point Mint Proof strikes of the silver American Eagle.

    The 2017 Congratulations set was offered by the U.S. Mint for $54.95, just $1 more than is being charged for the single 2017-W Proof silver American Eagle that went on sale March 23 without production limits or ordering restrictions.

    The Congratulations set is a numismatic product the U.S. Mint offers as a gift-giving option.

    One would have to live under a rock not to know that silver American Eagles, especially the Proofs, are likely the most popularly collected numismatic product the U.S. Mint offers.

    Demand was anticipated to be strong for the 2017 Congratulations set, and more so because the set was a limited edition.

    Add to that the fact the U.S. Mint did not impose any household order limits, the issue was bound to sell out quickly.

    But in two minutes? Unbelievable.

    The secondary market price for the 2017 set has doubled at minimum. Those able to capitalize are those who were successful in getting their orders accepted and confirmed during the miniscule window of opportunity and immediately shipped.

    Collectors of Proof silver American Eagles, and speculators, will have a second opportunity later in 2017 to obtain a Proof 2017-S silver American Eagle that will be included in the 2017-S Limited-Edition Silver Proof set.

    The release date, product limit, and pricing for that set has not yet been announced, but demand is also expected to be high for that option as well.

    The U.S. Mint is in the business of making money, no pun intended.

    This may sound like a broken record, but the U.S. Mint should consider a household ordering limit of two sets, at least for the first two weeks, then lift the restrictions.

    This will open availability to more customers, and lower the number of potential disgruntled hobbyists should they get shut out of ordering a set.

    No matter what the Mint chooses to do, somebody’s going to be unhappy.

    Spreading numismatic knowledge brings lesson in return

    March 8, 2017 3:20 PM by

    When I first reported early in January that the U.S.Mint was striking 2017-P Lincoln cents bearing the Philadelphia Mint’s P Mint mark for the first time in the bureau’s 225-year history, I wondered how long it would take me to find examples here in Coin World’s home city of Sidney, Ohio.

    Two months to be exact. I came across my first one March 7 at the local Tim Horton’s fast-food restaurant. I checked with the cashier to see if they had any more in their cash register, but no luck. 

    I did happen to find five more 2017-P Lincoln cents in a change jar sitting on the counter next to the register. I politely asked if I could swap out to the one-year type cents with older ones. I think the cashier thought I was nuts, but she agreed after talking to the manager.

    Who should protect the coin hobby from predatory sellers?: Inside Coin World: “Should the numismatic community ‘police’ the sellers of coins, medals, and related objects, even those dealers who fall outside of the mainstream dealer network?”

    The P Mint mark was added to the Lincoln cent for circulation strikes and the cents to be included in the 2017 Uncirculated Mint set, as part of the Mint’s year-long celebration of its 225th anniversary.

    The circulation strikes are coins collectors can add to their collections at face value. They’re likely not going to appreciate in value, since it’s anticipated the Philadelphia Mint will be striking billions of them.

    Since my reporting of the Mint’s unannounced decision to add the P Mint mark, I’ve checked with the staff working the registers at many of the places which I frequent or do business in searching for the cents — McDonald’s, Wal Mart, Walgreen’s, Kroger supermarket, and any restaurant.

    I also regularly checked a half dozen or so bank outlets.

    I tried to educate those I encountered about what I was looking for and why, in hopes that I may make a collector or two in the process.

    While trying to spread a little knowledge and being mostly greeted with blank stares, I learned a little lesson of my own. All of the coin handlers I dealt with, including the bank tellers, had no clue about the coins they received or dispensed. They paid no attention to the coin designs, date, Mint mark, or lack thereof. They just looked at the color and diameter and took it from there.

    I wonder why the Mint didn’t disclose they were adding the Mint mark and just spend a few dollars educating the public on the nation’s smallest denomination and most encountered coin. Maybe such a small gesture would be enough to spark an interest for a whole new generation of collectors. The hobby needs the boost.

    Kennedy half dollar product somewhat of a fluke

    February 15, 2017 9:21 AM by
    Have you ever wondered the genesis for some numismatic products offered by the U.S. Mint? Here’s one for the record books.

    The United States Mint has not struck Kennedy half dollars for general circulation since 2001, but that still hasn’t stopped hobbyists from adding such coins from the series to their collections. These are in addition to any Kennedy half dollar strikes produced for inclusion in annual Proof, Silver Proof and Uncirculated Mint sets.

    The Philadelphia and Denver Mints are still striking circulation-quality copper-nickel clad Kennedy half dollars in 2017, but the coins are being offered by the U.S. Mint to collectors at a numismatic premium above face value in 20-coin rolls and 200-coin mixed bags.

    How those numismatic products came about is somewhat of a fluke.

    In 2001, the Philadelphia Mint produced 21.2 million Kennedy half dollars for circulation, with the Denver Mint contributing another 19.504 million coins. Much of that production was executed during the waning months of the 2001 calendar year. Philadelphia didn’t start production until September, with 20 million coins struck that month toward the eventual 21.2 million total.

    While some of the 2001-D Kennedy half dollar production was pushed out into general circulation through the Federal Reserve, the Philadelphia Mint output was withheld from circulation release.

    It wasn’t until an enterprising dealer from Tennessee arranged to secure 100,000 of the Kennedy half dollars from the Philadelphia Mint production was there any chance of the issue in circulation-quality seeing the light of day.

    Arrangements were made by the dealer to have the coins shipped to the Nashville Branch of the Federal Reserve Bank of Atlanta for pickup. Once U.S. Mint officials learned of the transaction, Treasury moved quickly and had the coins returned to Mint vaults from Nashville.

    At the close of the 2002 fiscal year Sept. 30, the Mint had in its vaults 15.1 million out of the 19.504 million Kennedy half dollars dated 2001-D and all 21.2 million 2001-P half dollars.

    With millions of Kennedy half dollars from 2001 and earlier sitting in Mint vaults, in November 2002, U .S. Mint officials announced the bureau would offer numismatic sales of circulation-quality 2002-dated Kennedy half dollars, and has done so annually since. The U.S. Mint never offered the 2001-dated half dollars as a numismatic product.

    The 2001 Kennedy half dollars that languished in Mint vaults for more than two years slowly began entering circulation from Mint vaults through the Federal Reserve beginning in October 2003, closing that chapter in U.S. Mint history.

    What other issues is the U.S. Mint keeping under wraps?

    January 16, 2017 12:04 PM by
    The numismatic community and public at large were totally caught off guard with the appearance in circulation of 2017 Lincoln cents bearing a P Mint mark. Many believed the 2017-P cents were counterfeit, since cents struck at the Philadelphia Mint beginning in 1793 do not bear a Mint mark.

    That is, until now.

    It wasn’t until Coin World was able to confirm with U.S. Mint officials Jan. 13 that the Lincoln cents struck for general circulation and those for 2017 Uncirculated Mint sets will bear a Mint mark for the first time in the U.S. Mint’s history that counterfeit concerns were debunked.

    U.S. Mint officials report the adding of the Mint mark was not formally disclosed so that the coin bureau could see how long it would take before the public would notice. North Carolina collector Terry Granstaff noticed on Jan. 13 when he received a 2017-P cent in change from a Black Mountain, N.C., gas station.

    Adding the Mint mark is part of the U.S. Mint’s year-long celebration of its 225-year history and recognition of the contributions from the Philadelphia Mint employees.

    Beginning in 2018, the cents struck at the Philadelphia Mint will return to being struck without releases the U.S. Mint might have that will go unannounced.

    One of the benefits to collectors, however, for the circulation-quality 2017-P Lincoln cents is that collectors will be able to obtain examples of the strikes at face value. The 2017-P cents in the 2017 Uncirculated Mint sets will carry a premium, since the coins will be included in a numismatic product with other coin denominations and offered at a premium above face value.

    Hopefully, the U.S. Mint will be offering in 2017 a number of celebratory 225th anniversary products that are not only appealing to current collectors, but may spark an interest to entice new collectors.

    It’s a win-win for the Mint and the hobby.

    When can United States coins officially be released?

    December 13, 2016 9:54 AM by
    While some government mints around the world strike and issue coins for other than the year struck on the coin, sometimes with a date before or after the current calendar year, such is not the case with modern coin production in the United States.

    The United States Mint is already in production at the San Francisco Mint striking Proof coins dated 2017, but the coins will not officially be released until after Jan. 1. Circulating coin production can also begin in the calendar year preceding the date of issue struck on the coin, but can’t be released until the designated year.

    Production of precious metals bullion coins like the American Eagle and American Buffalo coins are often struck in the last month of the calendar year before the year of issue so coins are on hand for shipment once orders are placed in January.

    However, orders placed in January 2017 for such bullion coins will be filled first with 2016-dated still remaining in inventory before 2017 will be released.

    A question was raised about the 19 ceremonial strikes in November at the Philadelphia Mint of Proof 2017-P Lions Clubs International Century of Service silver dollars and when the dignitaries who struck them would be able to buy the example they struck.

    The answer: January 2017 at the earliest, since that is when the program is congressionally legislated to begin.

    In the fall of 2014, Proof 2015 U.S. Marshals Service $5 gold half eagles, silver dollars and copper nickel clad half dollars were sold to employees during a special ceremony after which they received examples of the coins before their scheduled release. In this case, the enabling legislation permitted the sale and early release.

    If one should come across a coin released in a calendar year other than that designated on the coin, in this case, a 2017 coin in 2016, it’s an anomaly, not the norm.

    After the election: Expect the Trump campaign to issue official inaugural medals

    November 15, 2016 9:55 AM by

    With less than three months remaining in his second term as the nation’s chief executive, President Obama’s selection of designs for his two presidential medals to be struck by the U.S. Mint have yet to be announced.

    And now with Donald Trump elected Nov. 8 as the 45th president of the United States, the U.S. Mint’s engraving staff can look ahead to executing designs for Trump’s bronze presidential medal.

    What the election of President-elect Trump means for collectors: Donald Trump’s election as the 45th president of the United States opens the door to a number of numismatic collectibles for hobbyists to pursue.

    Collectors will not only have the opportunity to look ahead to the Obama and Trump presidential medals to be struck by the U.S. Mint, but also the official presidential inaugural medal for Trump to be produced by a private mint.

    It is believed the selections for the Obama presidential medals have been made, but just not announced. The hold-up, apparently, is at the White House.

    There were few designs received from the U.S. Mint’s engraving staff from which the Citizens Coinage Advisory Committee and Commission of Fine Arts could make recommendations — two proposed obverse designs and one reverse for the first term; and one obverse and two reverse designs proposed for the second-term medal.

    The two coin and medal advisory panels reviewed the designs and made their recommendations in June. Both panels recommended the same designs.

    Designs for two Obama Presidential medals receive CCAC nod: Proposed designs for the two Presidential medals to mark President Obama's two terms were recommended June 27 by the Citizens Coinage Advisory Committee.

    Private mints have already likely readied proposed designs or prototype medals for submission to the Trump presidential inaugural committee’s team charged with overseeing the medal design selections and execution. The medals are often among the most sought after presidential memorabilia from an incoming president’s inauguration.

    The inaugural medal committee has not likely been established yet, though.

    It will be interesting to see what kind of designs are proposed for the official Trump inaugural medal.

    Will the 2016 Ronald Reagan Coin & Chronicles set be a bust?

    October 18, 2016 11:14 AM by

    Has the ship sailed on limited-edition U.S. Mint products, or is there still unlimited collector interest?

    The Oct. 11 release of the Ronald Reagan Coin & Chronicles set would suggest interest is somewhat waning.

    Just over 21,000 sets were sold on the opening day of sales for a product with a maximum release of 150,000.

    Collectors and speculators seem to be content with ordering the sets at their leisure based on the maximum population available. You would think that hobbyists interested in obtaining the set because of the Reverse Proof 2016-S Ronald Reagan Presidential dollar exclusive to the set would do so sooner than later.

    It’s possible that sales are slow because collectors who actually want one of the sets with the exclusive Reverse Proof dollar and not looking to flip the set for a quick profit have already placed their orders.

    The set will close out the 10-year run of the Presidential $1 Coin Series.

    Earlier Coin & Chronicles sets exclusive with Reverse Proof dollars like those in 2015 for Harry S. Truman and Dwight D. Eisenhower sold out in minutes based on product limits of 17,000 sets each. The John F. Kennedy and Lyndon B. Johnson sets in 2015 took longer, with limits of 50,000 and 25,000 sets respectively.

    The Mint didn’t even bother with issuing 2016 Coin and Chronicles set for Presidents Richard M. Nixon or Gerald R. Ford. Did the Mint not deem the pair worthy of consideration, or was it because they ran out of different Mint production facilities from which to strike the Reverse Proof dollars?

    The Mint increased the maximum mintage on the JFK and LBJ sets based on the sales performance of the Truman and Eisenhower sets. Beloved as he was, JFK still did not have the numismatic draw the Mint expected.

    And the high regard in which President Reagan was held prompted officials to triple the Reagan Coin & Chronicles set availability from that of JFK. By Oct. 16, sales had only reached 24,983 sets.

    It’s likely the sales of the Reagan Coin & Chronicles are not going to increase in leaps and bounds anytime soon. The only likelihood of a surge is as the calendar year winds down and collectors and speculators decide to make last-minute purchases.

    Although the Mint can still sell the sets into 2017, production of the Reverse Proof 2016-S Reagan dollar and the Proof 2016-W American Eagle 30th Anniversary silver dollar can only go through Dec. 31, 2016.

    The Mint won’t be stockpiling large quantities of fully packaged sets in hopes of possible sales. Whatever doesn’t sell has the packaging scrapped, the coins melted, and the metal reclaimed.

    So, if you’re planning on buying one of the sets, sooner is better. There might not be a later.

    How many customers were successful in placing orders for AmericanLiberty silver medals?

    September 13, 2016 2:42 PM by
    It took just six minutes Aug. 23 for the U.S.Mint to receive sufficient orders to consume the maximum product limit of 12,500 each of the Proof 2016-S and 2016-W American Liberty silver medals.

    And it only took another half hour before Coin World began receiving phone calls from unhappy collectors who were shut out from successfully placing an order.

    The medals, struck at the San Francisco and West Point Mints, were offered at $34.95 per medal, with a maximum household ordering limit of two of each medal,for a total of four medals.

    U.S. Mint officials indicate the medals will remain in unavailable status until all orders placed before the mintage limit was reached are reconciled. That leaves open the possibility medals could become available should orders not be filled because of expired credit cards, or product is shipped and subsequently returned from canceled orders

    Secondary market prices for the medals have already begun to climb. Some dealer trading networks are offering the medals for $100 in original Mint packaging.

    The eBay auction site has multiple listings offering the medals, from $450 to $1,000 or more for two of each medal. Individual medals on eBay are being offered at $200 to $300 each.

    A handful of dealers were offering premiums to collectors willing to place orders for the maximum number of medals permitted per household, with a windfall of $25 to $100 per medal available.

    The medals bear the same obverse and reverse designs that appear on the business strike finish 2015-W American Liberty, High Relief $100 gold coins, but the silver medals bear a lower relief.

    The 1-ounce, 40.6 millimeter silver American Liberty medals are struck on the same blanks as the American Eagle silver dollar.

    The American Liberty High Relief gold coins were struck on blanks with the same 30.61-millimeter diameter of the gold 1964-2014-W Kennedy half dollar, but a thickness of 3.128 millimeters. The extra thickness boosted the coin’s weight to 1 ounce.

    Collectors trying to place orders for the medals had to access each medal option separately, meaning once they got into the portal for one medal option, they had to click into another web page for the second option.

    It will be interesting to know how many collectors were successful in placing orders for both medal options.

    If only those numismatic playbook pages could talk

    August 16, 2016 11:37 AM by

    More often than not, inquiries I receive from collectors – since my primary coverage area in U.S. numismatics is the United States Mint – are about what special products the bureau will offer, when they will go on sale and at what price.

    The Mint posts a running schedule on its website at that is updated as specific release dates for products whose issue is “TBD” (To Be Determined) are finally "determined."

    Collectors don’t want to be left out of the hunt and want to prepare as well as possible in advance. Posting that a product will eventually be available by adding the TBD designation whets a collector’s appetite for hopefully being one of the lucky ones to have their order successfully processed.

    I know, as a collector myself, what it’s like to know when a product in which I am interested will become available, and share that information with fellow hobbyists.

    Here’s a comparative twist.

    Professional football coaches are always looking for ways to get an edge on their competition. The practice of using binoculars from a team’s skybox to read the lips of anopponent’s coaching staff, in hopes of discovering the play about to be called has resulted in coaching staffs often covering their lips with their clipboards so the next play won’t be disclosed.

    For a number of years, while covering the summer American Numismatic Association World’s Fair of Money, I often had the opportunity to meet with Dick Peterson, the Mint’s current deputy director of manufacturing, to discuss upcoming Mint programs. He usually carried what I refer to as the “numismatic playbook” – a ring binder holding details of the Mint’s approved and contemplated products for the next few years.

    If the pages of that playbook could talk, I’m sure there would be many interesting stories to tell.

    In my role as a Senior Editor, I do my best to get as much information and details as possible on numismatic products and share them with Coin World readers and potential subscribers.

    When I know details on an upcoming numismatic product, you’ll know. Stay tuned for the next “play” to be called.

    Mountain of silver continues to grow at U.S. Mint

    July 13, 2016 8:29 AM by

    Is there a way for the U.S. Mint, its authorized purchasers and the subsequent secondary market for silver American Eagle bullion coins to confidently forecast the public’s demand for the 1-ounce .999 fine silver dollars?

    In a nutshell, probably not.

    Less than a year ago, the Mint, like many other government mints around the world, were in the unenviable position of being unable to immediate provide buyers with all of the bullion coins they wanted because of competition for planchets on which to strike the coins.

    The U.S. Mint put its authorized purchasers on a strict weekly allocation until it could rectify the planchet supplier shortfall. That problem has apparently been rectified, as Mint officials announce they no longer have planchet supply obstacles.

    Now, the Mint is faced with the reverse scenario. The Mint is sitting on a stockpile of millions of unsold coins that are being carried over each week and added to the scheduled weekly allocation of 1 million coins, a weekly allocation that has been in effect for most of 2016. The Mint has no plans to adjust that allocation to allow for the growing unsold inventory to be absorbed instead of continuing to grow.

    One big question is: Has the silver bubble burst, or are there antsy investors sitting on the sidelines waiting for some unknown market development to trigger them jumping back into the game?” The current situation could be temporary, a simple market correction.

    Some of the authorized buyers – those major dealers approved to buy the bullion coins from the Mint and offer a two-way market – have been building emergency inventories of their own so they are not caught without inventory for immediate delivery should demand surge again.

    Right now, the spot price of silver is at its highest level in two years, climbing over the $20 an ounce mark.

    Despite some investors waiting for a sign that its okay to get back into the silver market to buy and not dump holdings for quick profit, the U.S. Mint’s overall 2016 cumulative sales still remain at a record pace and poised to eclipse the record sales set for the series in 2015.

    Let’s see if the market will surge once again enough for the Mint to reduce its silver American Eagle bullion coin inventory.

    Curtain coming down on First Spouse coin program

    June 14, 2016 1:40 PM by
    On an as-yet-undisclosed date in July, the U.S. Mint will offer Proof and Uncirculated versions of the 2016-W Nancy Reagan, First Spouse $10 gold coin, the final release in the 10-year series.

    How popular the issues will be depicting Mrs. Reagan, who died March 6 at the age 94 before the coins were put into production at the West Point Mint, remains to be seen.

    Her husband, Ronald Reagan, was one of the most popular American presidents.

    Production of the Nancy Reagan First Spouse gold coins will be executed to order, according to West Point Mint officials. There has been no set authorized maximum mintage announced.

    When the series was launched in 2007 with the Martha Washington and Abigail Adams coins, the maximum mintage across all products was 40,000 for each First Spouse.

    The distribution between Proof and Uncirculated coins was to be determined by the orders received. That did not happen.

    After sufficient orders were received to fill the maximum authorizations for the Washington and Adams coins, U.S. Mint Sales and Marketing officials decided to limit the distribution to 20,000 coins per version per First Spouse.

    Since then, annual maximum mintages have been steadily reduced. Some recent issues have recorded sales below 2,000.

    How many First Spouse coins since their release have been melted on the secondary market is unknown. One may only speculate.

    As the series comes to a close, it will be interesting to see how the values of previous issues performed, especially if new collectors decide to take up pursuing a complete collection of Proof and/or Uncirculated versions.

    Nobody has a crystal ball

    May 17, 2016 8:35 AM by

    While the U.S. Mint reconciles how it will dispose of more than 6,200 2016-W Winged Liberty Head Centennial gold dimes in its inventory from canceled orders and returns, some collectors, dealers and speculators are already looking ahead to the looming sale of the 2016-W Standing Liberty Centennial gold quarter dollar.

    And then the 2016-W Walking Liberty Centennial gold half dollar soon after.

    I believe U.S. Mint officials learned soon after the 125,000 maximum mintage of the gold dimes was gobbled up in less than an hour after its April 21 noon launch that the household ordering limit of 10 coins was much too high.

    Many disgruntled collectors were shut out.

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    If they want one of the coins now, they’ll either have to pay a premium on the secondary market, or hope they can acquire one when the Mint restarts sales for the coins still in inventory.

    Some collectors have suggested limiting the resale to one or two sets per household and eliminating those who have already ordered and received coins from getting any more. Not necessarily a popular solution.

    Inquiring minds want to know if the Mint will make the same mistake with the gold quarter dollars and half dollars that they made with the dimes.

    Nobody has a magic wand or crystal ball to determine what the maximum mintage should be nor household ordering restrictions.

    There has been some discussion in collector circles that the ceiling for the gold quarter dollars will be half that of the dimes, and that the household ordering limits be restricted to one or two sets.

    Doing so might provide a better gauge as to actual demand for those wanting to add the gold coins to their collection and not seeking to immediately flip any excess coins for a profit.

    Some are buying just the dime, because at $205, it was the least expensive of the three and affordable for many collectors.

    If the spot price of gold remains in the $1,250 to $1,299.99 range, the opening price for the quarter-ounce, 24-karat gold quarter dollar and the half-ounce gold half dollar, respectively, will be, according to the U.S. Mint pricing grid, $472.50 and $890.

    Those price points become tougher for some collectors who want the coins but can’t afford them.

    Having the ability to buy a maximum of two coins or sets for a limited edition product allows a collector who truly wants one for their collection to sell the extra coin or set to diminish the cost for the product they retain.

    The secondary market price for the issue could conceivably be driven higher with those household ordering restrictions, as dealers and speculators have to reach out to more people to obtain excess sets for their clients who have never heard of the U.S. Mint and think coins just grow on trees.

    Let’s see what the future holds. 

    What will demand be for gold Winged Liberty Head dime?

    April 7, 2016 2:03 PM by

    It will be interesting, to say the least, how long it will take the U.S. Mint to sell out of its maximum mintage of 125,000 Uncirculated 2016-W Winged Liberty Head Centennial dimes from the time they go on sale at noon Eastern Time April 21.

    Orders are being restricted to an initial limit of 10 coins per household, which may be changed or lifted depending on how heavy early demand is.

    The 24-karat gold dime is the first of three Centennial gold coins to be struck and issued in 2016. The coins mark the 100th anniversary of the 1916 introduction into circulation of the .900 fine silver Winged Liberty Head dime, Standing Liberty quarter dollar and Walking Liberty half dollar.

    It’s safe to bet that collectors seeking to add to their collections will also be joined by a cadre of speculators banking on cashing in on the projected popularity of the anniversary coins in gold.

    With the spot price of gold in the $1,230 to $1,240 range per troy ounce currently, pricing for the tenth-ounce gold dime is likely to be in the neighborhood of $200, according to U.S. Mint officials, an affordable price for many collectors. The exact price won’t be established until near the end of the week of April 11.

    How many collectors will place initial orders for the maximum 10 coins remains to be seen. While the gold dime may be affordable, the quarter-ounce gold quarter-dollar and half-ounce gold half dollar to be issued later this year may be a tougher buy. Collectors strive for completeness. Wanting one of each is often the norm. Don’t be surprised if a number of collectors seek to buy additional examples of the gold dimes for resale, to bankroll future purchases of the gold Centennial quarter dollar and half dollar.

    And if those extra dimes can’t be flipped immediately, the Mint should brace itself for returns of coins from the original buyers who couldn’t find secondary market interest.

    How the sales of the dimes go and how well the Mint’s state-of-the-art website performs will be strong indicators for how sales of the other two Centennial gold issues will fare.

    And although such details have not yet been disclosed, it would make sense that the mintages for the Standing Liberty gold quarter dollar and Walking Liberty gold half dollar match those of the gold dime.

    Time will tell.

    Will counterfeits ever be vanquished from numismatics?

    March 7, 2016 11:55 AM by

    Counterfeits. They just keep a-coming. 

    While counterfeiting is as old as the advent of coinage itself, it is a plague, nonetheless, for the success of the genuine issues and those who manufacture the real deal.
    The latest scourge to test the numismatic marketplace is the counterfeiting of popular bullion collectible and investment products in gold, silver and possibly other precious metals.

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    For more than a year, I’ve been writing articles dealing with fake gold and silver American Eagles, products of the Royal Canadian Mint, the Perth Mint, and other government mints.
    The two most recent articles have dealt with the counterfeiting of 1-ounce silver and gold bars produced by private mints.
    Among those targeted have been, in the case of the silver products, SilverTowne, Northwest Territorial Mint, Sunshine Mint, Scottsdale Silver and Highland Mint, and for gold, PAMP.
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    The silver bars are manufactured by plating .999 fine silver over brass or a zinc alloy. Place one of these counterfeits next to a genuine article and most people would be hard-pressed to tell the difference since the designs, surface fineness, weight and other specifications of the fakes duplicate those of the genuine bars.
    The primary diagnostic, short of drilling into a bar to see the interior composition, is that the fake bars are thicker than the genuine bars.
    In the case of the PAMP bars, not only are the bars plated fakes, the packaging in which they are being peddled i also a counterfeit of the genuine.
    It’s obvious that the intent with the PAMP bars is to deceive and defraud.
    Not so obvious with the silver bars. The silver-plated base metal bars are being marketed in many instances as “novelties,” with the piece described as being plated, even though the pieces bear the hallmarks and designs from private mints who likely have their material copyrighted or trademarked.
    Where the problem lies is when such a “novelty” is passed on or sold to someone as genuine silver.
    The buyer will not know that they’ve just been fleeced.
    The counterfeiting only benefits only the counterfeiters. It threatens and diminishes the branding of the private mints, who must, if they want to protect the integrity of their products, seek civil remedies against those ripping them off.
    It becomes not only a public relations nightmare, but a financial strain, as consumers may steer clear for fear of a product not being genuine.
    There is no large-scale investigation or prosecution of the persons responsible for the counterfeits. Occasionally, local law enforcement may get involved, depending on the dollar amount of an alleged fraud.
    There is no coordinated effort to stifle the criminal activity.
    Government mints like the Royal Canadian Mint have introduced anti-counterfeiting devices in their precious metals products whose authenticity can be immediately verified.
    The U.S. Secret Service, I assume, has larger fish to fry than going after an operation possibly making fake silver or gold American Eagles.
    Counterfeits have been around for thousands of years, and some have morphed into separate collectible fields. 
    I guess counterfeits will be around for thousands of years more. They won’t be fading away anytime soon.

    To digitize or not to digitize, that is the question

    February 1, 2016 11:56 AM by
    To digitize or not digitize, that is the question.
    At the forefront of efforts to digitize printed numismatic works to subsequently make available free for numismatic research,  are the American Numismatic Society and the Newman Numismatic Portal.
    The Newman Numismatic Portal is an educational outreach initiative of the Eric P. Newman Numismatic Educational Society.
    The ANS has been focused on digitizing references and other numismatic literature on ancient and world numismatic subjects along with auction catalogs to which researchers, collectors and others with interest would otherwise not have access.
    The Newman Numismatic Portal is also digitizing major numismatic references that have been out-of-print for decades, auction catalogs, as well as periodicals of specialty collector clubs who have granted permission for digitization.
    The subject of whether to digitize the printed word was broached during a January meeting of a specialty collector club. The question was raised about whether permission should be granted for carte-blanche digitization of all club publications, or if there should be any restrictions.
    Opinions were also raised as to whether allowing digitization would affect club membership. Also posed was the effects digitization of original vintage numismatic references would have on the value of printed copies held by collectors. And some authors of numismatic works published in recent years wondered the effect digitization would have on their efforts to profit from their works or at the least, recoup their costs.
    I reached out to two numismatic bibliophiles, Wayne Homren, and Len Augsburger, to weigh in with their opinions on the subject. Both work closely with the Newman Numismatic Portal. Wayne is also editor of The E-Sylum, the weekly electronic newsletter of the Numismatic Bibliomania Society.
    Augsburger is an NBS governor.
    “I view digitization as a tool which enhances print,” says Augsburger. “Being able to search a large group of documents brings additional value to a physical library. It’s fine to have a complete run of The Numismatist, but unless you can search it some of the value is lost. In many cases you might search on something and then go retrieve the physical copy for easier access. For research purposes, physical copies are often easier to work with.  One can flip through an auction catalog much faster than viewing individual lots online.”
    Augsburger said he doesn’t view digitization as detrimental to printed copies.
    “The American Journal of Numismatics (first series, 1866-1924) has been online for years, and printed copies still trade actively. To use a more extreme example, a physical copy of the Gutenberg bible, or a Dunlap printing of the Declaration of Independence, remain extraordinarily valued documents, even though digital copies are available.”
    Augsburger explains the  Newman Numismatic Portal is working on a solution for text search of in-copyright documents.
    “This is the same thing that Google Books does with snippet-view — the copyright law is settled enough that we can now scan in-copyright material, search it, and provide limited view to users,” Augsburger said. “ We’ve already done a certain amount of in-copyright scanning (about 5 percent of our total operation) but can’t yet provide this to our users — this requires additional software capability on NNP that we don’t yet have implemented. I expect we’ll be able to provide this during 2016. This is middle ground that protects copyright holders and at the same time provides useful information to NNP users.
    “We have talked to commercial publishers about providing us their new content directly, with the understanding that we will provide snippet views and also provide links for users to purchase from the publisher if they so desire.”
    NNP has also digitized back issues of collector club journals, including those of the Liberty Seated Collectors Club and NBS.
    “Keeping current subscribers engaged is an understandable concern, so most organizations with hold back the last two to three years of issues from digitization,” Augsburger said. “Organizations need to have subscribers to produce content in the first place, so protecting the subscriber base is a completely reasonable concern.”
    Homren said numismatic book dealer David Fanning related in a recent interview that references in top physical condition with author signatures or collector annotations will retain or increase their value despite digitization. 
    “Contemporary broadsides, pamphlets, catalogs and periodicals are a tangible link to numismatic history, and are often far more rare than the coins they describe. As more and more people recognize these as collectibles in themselves, demand and prices will increase.
    “I think that in numismatic literature we will see a continuation of the general trend in used and rare books that started with the introduction of the Internet. Common stuff will stagnate or go down in price, but rare items will continue to rise. With greater availability of the information to researchers, there will be more references and more publicity for the rare and interesting items, boosting interest and demand.”
    Digitization of numismatic literature has assisted me tremendously in my research.
    To digitize or not to digitize – What do YOU think?

    Dan Holmes was the consummate collector of U.S. copper coins

    January 12, 2016 11:46 AM by

    It was with great sadness that, not long after I arrived Jan. 6 at the Florida United Numismatists Convention (FUN) after visiting relatives for a few days,  I was informed that the light of another numismatist luminary had been extinguished.

    Large cent collector Dan Holmes passed away at age 77 the day before, following a valiant multi-year battle with the progressive ravages of amyotrophic lateral sclerosis (ALS), also referred to as Lou Gehrig’s disease.

    I became acquainted with Dan through my attendance, on behalf of Coin World, at Early American Copper meetings held at the major shows. Dan served EAC in a number of capacities, including as its president. He was always cordial, affable, joking, and loved talking about those circular chunks of copper we all call U.S. large cents.

    Dan had three families – his wife, Joan, and their children; his numismatic family; and his coins, each of which were like children to him. He had no specific favorites among the coins in his collection. He loved them all equally, although he might confide there were a few that might have a slight edge.

    I recall seeing Dan at one of the EAC meetings a few years ago at a FUN convention and he was already beginning to feel the physical effects of ALS. It was only a few months after receiving the medical diagnosis that would chart his next years.

    While Dan had already reached the milestone of assembling one of the greatest collections of large cent collections ever amassed and planned to auction the coins and send them to new homes, his auction plans had to be accelerated.

    By all accounts, the insidious, debilitating nature of ALS should have claimed Dan much sooner, but he had an unmatched internal drive to continue to enjoy what life still had to offer him.

    Not to let the disease be an obstacle, Dan managed to attend the first of the sales, set for Sept. 6, 2009. The night before, Dan was feted at a reception at the Southern California home of Larry Goldberg. Tooling around on his electric scooter, Dan was in the company of fellow collectors and dealers who, like him, cherished early U.S. copper coins.

    I had the honor and privilege of attending the reception, as well as covering the auction the following evening. While the star coin at the auction was the finest of seven known 1795 Liberty Cap, Reeded Edge cents at PCGS Very Good 10, which realized $1,265,000, the real star of the auction was Dan.

    Dan took the time to autograph copies of the catalog Ira & Larry Goldberg Auctioneers published for the Sept. 6 sale of early date large cents. I, like the numerous other collectors in attendance, took our turns in line to accept our signed copies.

    To me it is a constant reminder of what one determined collector could achieve.

    R.I.P. Dan.

    Design competition ahead for 2018 World War I silver dollar

    December 15, 2015 10:32 AM by

    Sometime early in calendar year 2016, the U.S. Mint will begin soliciting proposed obverse and reverse designs in a juried competition for the 2018 World War I American Veterans Centennial commemorative silver dollar.

    It will be interesting to see the strength of designs that are submitted under the strict guidelines set forth in the enabling legislation, Public Law 113-212, signed into law by President Obama on Dec. 16, 2014.

    The designs for the maximum combined authorized mintage of 350,000 Proof and Uncirculated silver dollars are to be emblematic of the centennial honoring U.S. participation in The Great War, the war to end all wars.

    While the start of World War I was triggered by the June 28, 1914, assassination of Archduke Ferdinand and his wife, Sophie, duchess of Hohenberg, U.S. military involvement did not begin until 1917 when President Woodrow Wilson went before a joint session of Congress on April 2, 1917, seeking a declaration of war against Germany. The Senate approved the declaration on April 4, with the House concurring two days later.

    Armistice ending the war was reached on Nov. 11, 1918.

    The coin design competition calls for a seven-person jury chaired by the Treasury secretary, and three members each chosen from and by the respective memberships of the Citizens Coinage Advisory Committee and Commission of Fine Arts.

    The final design selections are to be made by the Treasury secretary, who will set the rate of compensation to be not less than $5,000, according to the authorizing act.

    The act further mandates that each design submitted must be accompanied by a plaster model otherwise the designer risks having their submission rejected. That limitation for talented professional and amateur artists not schooled in or otherwise proficient in sculpting or modeling might preclude their participation.

    It will be several weeks before the Mint outlines the complete rules for the design competition. Among the issues to be considered are whether the current outside artists comprising the Artistic Infusion Program will be eligible to participate. Same for the members of the U.S. Mint’s engraving staff, who are tasked with sculpturing the approved designs, regardless of the winning designer(s).

    The engraving staff members receive no additional compensation beyond their government salaries for approved designs that they submitted or for sculpturing the own approved designs or the approved work of another artist. That likely won’t change with the 2016 design competition.

    Each 2018 World War I Centennial silver dollar sold will carry a $10 surcharge in its purchase price. Net surcharges after the U.S. Mint has recouped its production and related costs will be distributed to the United States Foundation for the Commemoration of the World Wars to assist the World War I Centennial Commission in celebrating the centenary of World War I.

    Let’s hope the winning designs strongly reflect the sacrifices made by the 4 million men from the United States who served during World War I. They deserve nothing less.

    Should there be two coin advisory panels?

    October 21, 2015 11:05 AM by

    Is there still room for two congressionally authorized panels to both provide advice to the Treasury secretary on what designs should appear on United States coins and medals?

    For the Commission of Fine Arts, the review of coin and medal designs is one of its many authorized responsibilities. For the Citizens Coinage Advisory Committee (CCAC), it is the group’s sole responsibility.

    Withdrawing the design review responsibility from the CFA would still leave the panel with an extensive slate of projects to oversee. Doing so for the CCAC would, in effect, all but abolish the panel.

    The CFA was established by Congress on May 17, 1910, under Public Law 61-181, to advise the government on matters pertaining to the arts, but more specifically, to guide the architectural development of the nation’s capital.

    Subsequent legislation and presidential executive orders expanded the scope of the CFA’s mission. Executive Order 3524 ( issued July 18, 1921, by President Warren G. Harding), specifically defines the CFA’s responsibility over “essential matters relating to the design of medals, insignia and coins, produced by the executive departments. …”

    During its early decades, the Commission of Fine Arts played a leading role in the Renaissance of American coinage that featured designs by sculptors Augustus-Saint-Gaudens, Adolph A. Weinman, Hermon A. MacNeil and many others. Sculptor Daniel Chester French, who sculpted the statue of Abraham Lincoln in the Lincoln Memorial, was a founding member of the commission, serving from 1910 to 1915, including as chairman from 1912 to 1915.

    All but one of the CFA’s current seven members are specially qualified in architectural matters or landscape design, with only the chairman, Earl A. Powell III, having an extensive background in 19th- and 20th-century European and American Art and serving as director of the National Gallery of Art since 1992.

    The CCAC was created in 2003 as a successor advisory panel to the more than decade-old Citizens Commemorative Coin Advisory Committee (CCCAC) which was abolished under provisions of Public Law 108-15, approved April 23, 2003.

    Some members of the CCCAC were held over for service on the fledgling 11-member CCAC, which was given extended advisory powers beyond those of the CCCAC.

    While the original committee only addressed matters pertaining to U.S. commemorative coins, the CCAC’s members consider designs and themes for all U.S. coins and medals, but not insignia.

    The 11-member CCAC is appointed by the Treasury secretary, with four members recommended by congressional leadership from both houses. The remaining seven members are selected from the general public and those with special qualifications in American history, museum curatorship or numismatics.

    For each new U.S. coin or medal approved for issue, both the CFA and CCAC are provided by the U.S. Mint with proposed designs executed by the Mint’s engraving staff and outside artists in the Artistic Infusion Program.

    The design process can be dragged out longer if one or both advisory panels reject the designs provided for consideration, choosing not to recommend any to the Treasury secretary or his designate for final approval.

    During its two-day meeting Oct. 7 and 8, for example, the CCAC rejected all of the designs proposed for the 2017 Effigy Mounds National Monument quarter dollar for Iowa as being unsuitable. The CFA followed suit with its rejection of the same designs Oct. 15, one of the few times both panels agreed.

    Out of those same sessions came two different design recommendations for the reverse of the 2017 Frederick Douglass National Historic Site in Washington, D.C. The CFA, arguing the design was about the site, opted for a design depicting Douglass, but with special focus on his historic home.

    The CCAC’s recommendation was for a design featuring Douglas, alone, orating in front of a lectern.

    Removing the CFA’s responsibility of coin and medal design review would still leave that more than century-old panel with its primary mission of architectural oversight in the nation’s capital.

    Is it really necessary to have two separate panels rendering opinions, from 18 combined panel members, or can reasonable review be accomplished with just one panel?

    What do you think?

    U.S. Mint should consider fractional platinum Eagles

    October 14, 2015 11:32 AM by

    Collectors and investors in anything labeled American Eagle from the U.S. Mint are patiently waiting for officials to launch sales for the Proof and bullion versions of the 1-ounce .9995 fine platinum coins.

    The Mint’s principal deputy director and President Obama’s nominee for Mint director, Rhett Jeppson, told Coin World in August that both versions are likely to be released during the first quarter of Fiscal Year 2016 — Oct. 1 to Dec. 31. As of Oct. 14, there is nothing new to report from the Mint on the American Eagle platinum coins.

    Collectors and investors welcomed the return in 2014 of the 1-ounce platinum bullion coins, the first since American Eagle platinum bullion coin production stopped in November 2008.

    2014 sales totaled 16,900 of the 1-ounce platinum coins, compared with 20,800 sold in 2008. And the second half 2008 sales were with the spot price of platinum more than double the current London PM closing price, at $983 per troy ounce on Oct. 13.

    And in 2008, the Mint was offering fractional versions of the platinum coin — the half-ounce $50 face-value coin, $25 quarter-ounce coin and $10 tenth-ounce coin — to go along with the 1-ounce $100 coin.

    The fractional versions were popular with collectors. Dealers and collectors alike have periodically expressed to Coin World an interest in the fractional alternatives.

    With platinum trading several hundred dollars per ounce below gold, maybe it’s time Mint officials take a second look at offering the fractional American Eagle platinum bullion coins again. 

    Collector ire raised over Ike set sales

    August 17, 2015 11:32 AM by

    Coin World received multiple complaints from collectors peeved they were unable to order the 2015 Dwight D. Eisenhower Coin & Chronicles set Aug. 11, which sold out of its 17,000-edition limit in 15 minutes. The primary problem was a computer software misfire blocking access to the U.S. Mint’s website.

    Not until I interviewed Rhett Jeppson, the Mint’s principal deputy director and President Obama’s nominee for Mint director, two hours after the Ike set went on sale, did I learn that the Mint has two portal components on its website (See the story I wrote, in this week’s Aug. 31 print issue and online at

    Seems that has the news link to the catalog options. The site is operated by the Mint. The glitch was a software problem at the site, totally unrelated to the Ike set sales launch., however, did function without problems and is where most of the orders were successfully placed. is maintained by PSFWeb, under a multimillion-dollar contract. PFSWeb is a Mint contractor located in Texas. PSFWeb also operates the toll-free 800 ordering and customer service telephone line, and the order fulfillment center in Memphis, Tenn., from where the Mint’s packaged numismatic products are shipped.

    Orders taken via the 800 line are input online by PSFWeb to maintain inventory control. Order processors at PSFWeb may or may not have accurate answers for the questions customers ask who use the ordering-by-telephone option or simply customers calling to ask a general Mint-related question. However, answers to many of the general questions posed to the Mint can be found under FAQs on the site.

    Another beef we heard a lot of from collectors was a belief, based on misinterpreting advertising claims, that dealers or others with deep pockets had been able to order thousands of sets despite the two-set-per-household ordering limit imposed by the Mint. Not so.

    Nothing prevents orders being placed through multiple accounts as long as each account has a different delivery/mailing address and credit card for payment. Multiple orders for a single address or credit card will be flagged.

    A number of high profile dealers did send requests to their customers to order the two-set limit. When those customers passed the sets on to the dealer, they would receive a premium several times the $57.95 purchase price from the Mint.

    Those dealers did end up with large numbers of the sets that they re-marketed themselves, some after having the Reverse Proof 2015-P Eisenhower Presidential dollar and the silver presidential medal certified by a third-party grading service, or they peddled the sets directly to shopping channels like Home Shopping Network. The sets are now generating secondary market retail prices in the hundreds of dollars per set.

    The sets are in demand for the Reverse Proof Presidential dollar and silver medal which are available only in each featured president’s respective set.

    Mint officials have not announced whether they will further limit household orders, to one per household, to spread out the set distribution, when the John F. Kennedy Coin and Chronicles set goes on sale Sept. 16 or for the Lyndon B. Johnson set release sometime in October.

    Decreasing the household ordering limit to one might make customers who obtain a lone set less inclined to sell it to a dealer, even for a premium. Secondary market prices may rise further, though, as dealers work harder and offer more incentives to pry sets loose for resale to collectors still seeking the relatively low mintage items.

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    Eager anticipation: Breaking down the gold 1916 centennial coins

    June 17, 2015 3:10 PM by

    The United States Mint released mock-up designs June 17 that tentatively depict what the 2016-dated Winged Liberty Head dime, Standing Liberty quarter dollar and Walking Liberty half dollar 100th Anniversary gold coins will look like.

    Members of the Citizens Coinage Advisory Committee previewed the designs during two days of coin and medal design review June 16 and 17.

    The most prominent of factors in the centennial coin’s production is the Mint’s decision to employ sculptor Hermon A. MacNeil’s original Bared Breast obverse introduced in 1916, and not the modified 1917 Mailed Breast version that masks Liberty’s previously exposed right bosom

    The three 2016 coins’ mock-up designs appear to replicate the original .900 fine silver versions that MacNeil designed for the Standing Liberty quarter dollar and sculptor Adolph A. Weinman did for the dime and half dollar.

    As illustrated in the mock-up designs, the precious metal composition would be given as AU, its elemental symbol on the periodic table, instead of GOLD. The weight would be given as 1/10 OZ. for the dime, 1/4 OZ. for the quarter dollar and 1/2 OZ. for the half dollar. The fineness inscription would be 24K (for 24 karat), and not .9999 FINE as it appears on American Buffalo gold coins.

    The fineness, weight and metallic content are tentatively slated to appear on the obverse of the Standing Liberty quarter dollar, but are set for the reverse side of the other two denominations. Each coin will retain its respective face value — dime, quarter dollar and half dollar.

    All three coins are expected to be eagerly awaited by collectors.

    Here’s what some Facebook fans are already saying, specifically on the gold dime, from our initial June 17 posting at announcing all three denominations:

    Christopher Brant: I think they should mint this in gold and platinum.

    Noah T. Wright: I’ll take one.

    Vernon Peterson: I think the 2016 date is to large & doesn't look right. Since it shows 1/10oz of gold + "ONE DIME", why not place the date in Roman Numerals - MMXVI instead of 2016...

    Steve Elam: Waste of Time! Not A Dime!

    As Coin World learns additional details of any design modifications, surface finishes, release dates, mintages and product options, we will report them to you.

    Kennedy half dollar in circulation

    June 2, 2015 4:02 PM by

    How often do you come across a Kennedy half dollar in circulation? I’ll bet not very often.

    In fact, despite being Coin World 's senior editor for U.S. coins, I haven’t seen a Kennedy half dollar in circulation or received one in change for years.

    That is, until May 30, in, of all places, Ohio Stadium, home to the national champion Ohio State Buckeyes football team.

    I was attending with my girlfriend the Rolling Stones Zip Code tour, among the tens of thousands other rock and roll fans at the Columbus concert venue, when the need to take advantage of the overpriced concessions took hold.

    All of the food and drink items were priced in even dollar amounts or in 50-cent increments.

    I was actually slightly dumbfounded when the concession worker handed me a well-circulated 1972 Kennedy half dollar in change.

    I asked her how often Kennedy half dollars are dispensed in change there, versus quarter dollars or any combination of minor coinage.

    She replied that all transactions requiring 50 cents in change are presented in the form of a Kennedy half dollar. The cash register was full of them.

    Federal Reserve Banks and contracted armored carrier coin terminals are likely still stockpiled with the bags of Kennedy half dollars that were struck and released into general circulation before 2001, when the Fed stopped ordering them and the Mint stopped producing them for circulation.

    The next time you attend a stadium rock concert or sporting event and you’re due change of less than an even dollar amount, you might be surprised what you’ll receive.

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    Doolittle Raiders congressional medal set for B-25 delivery on raid anniversary, April 18

    March 20, 2015 2:53 PM by

    I’m looking forward to visiting the National Museum of the U.S. Air Force in Dayton, Ohio, on April 18. On that day, the 73rd anniversary of the Doolittle Raiders bombing of Tokyo and other strategic Japanese cities during World War II, the museum will see the delivery, via B-25 bomber, of the congressional gold medal recognizing the heroism of 80 United States airmen. The museum is the medal’s final resting place.

    Congressional leaders will have formally presented the medal to the Doolittle Raiders on April 15, at Emancipation Hall of the Capitol Visitor Center in Washington, D.C.

    Just three of the 80 airmen, who took off in 16 five-man crews in B-25 bombers from the flight deck of the USS Hornet, on what was billed as a suicide mission, are still alive today

    One of the three is expected to attend both the Washington, D.C., and Dayton, Ohio events, and a second survivor is anticipated to join him at the Dayton event.

    Of the 80 Doolittle Raiders, several died from injuries sustained when their aircraft was downed by enemy fire. Some died in captivity under enemy control. By the end of World War II, 17 of the original 80 who participated in the mission were gone.

    Among those who made it back, three survive today – Lt. Col. Robert Hite, 95; Staff Sgt. David J. Thatcher, 93; and Lt. Col. Richard Cole, 99.

    Commissioned as a second lieutenant and rated as a pilot on May 29, 1941, Hite, the co-pilot of one of the 16 B-25 bombers, was captured after the Tokyo raid and imprisoned by the Japanese for 40 months. Hite was liberated by American troops on Aug. 20, 1945, and remained on active duty until Sept. 30, 1947. Hite returned to active duty during the Korean War.

    Thatcher was an engineer-gunner. After the Tokyo Raid, Thatcher served in England and Africa until discharged from active duty in July 1945.

    As a second lieutenant, Cole was the co-pilot in the lead plane piloted by Lt. Col. James H. “Jimmy” Doolittle. Following the raid, Cole remained in the China-Burma-India theatre of operations until June 1943, and served there again from October 1943 to June 1944 before being relieved from active duty in 1947.

    The heroic efforts of these three brave airmen and their comrades on a mission targeted to end the war in the Pacific as soon as possible is now being recognized with the awarding of the congressional gold medal.

    Collectors and the general public have the opportunity to support that recognition when the U.S. Mint offers for sale 1.5-inch and 3-inch bronze duplicates of the gold medal.

    FUN's over: Closing the book on 60th convention

    January 13, 2015 1:57 PM by

    The 60th Florida United Numismatists convention, staged Jan. 8 to 11 in Orlando, is now one for the history books.

    I and the other 10,000+ visitors privileged to have attended the numismatic extravaganza were treated to a wealth of collectibles and numismatic education.

    Numismatic rarities offered by Heritage Auctions generated tens of millions of dollars in prices realized, with several issues, including the finest known 1792 Birch cent pattern, garnering more than $2 million each.

    The numismatic collectibles found among the 630 dealer tables offered collectors with every size budget the opportunity to add to their collections. If action on the bourse wasn’t of interest, meetings of specialty collector clubs and numismatic education programs on topics of interest were open to the public.

    The combined booths of the Bureau of Engraving and Printing and U.S. Mint were popular visiting stations on the bourse. Treasurer of the United States Rosie Rios put her signature on more than 300 Federal Reserve notes and other collectibles during her show visit Jan. 8. During the convention, the U.S. Mint sold 12,500 of the Proof 2015-W American Eagle 1-ounce silver dollars, the only 2015-dated numismatic product the Mint had available for sale at the FUN show.

    U.S. Mint Sculptor-Engraver Donald Everhart II was also on hand to demonstrate traditional sculpturing methods for coins and medals.

    The large exhibit area mounted by the 1715 Plate Fleet Society for the 300th anniversary year of the fleet’s demise shared with the public artifacts retrieved from the shipwreck and now part of the state of Florida’s extensive collection of treasure salvage.

    The competitive exhibit area provided show attendees a glimpse at what other areas of collecting interest one may pursue. Pennsylvania collector Tom Uram took home the Best in Show award for his display on “The Kings and Queens of England Through Maundy Money.”

    If there was one experience that generated a considerable buzz on the bourse, it was the daily appearance of Rick Harrison, one of the anchors of the popular History Channel television series, Pawn Stars. Hosted by Numismatic Guaranty Corp., Harrison was on hand to assist in the casting of collectors with items of numismatic and historical interest to appear on a future segment of the television show.

    Each time Harrison appeared on the bourse, the public followed his every footstep as if he was the Pied Piper. Harrison’s scheduled appearance the afternoon of Jan. 9 at NGC’s booth on the bourse brought the public out in force, requiring bourse security to keep the aisles clear. The line of people wanting to try out for the show or simply meet Harrison stretched across the NGC booth area and past Coin World’s booth, providing us a captive audience with which to talk hobby interests.

    Now that the 60th installment of the FUN show is complete, what will the 61st edition have to offer? You’ll have to find out for yourself when the show travels Jan. 7 to 10, 2016, to the Tampa Convention Center. Hopefully, I’ll see you there.

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    Give the Doolittle Tokyo Raiders the medal they are asking for

    October 24, 2014 12:34 PM by

    This is an open letter to Treasury Secretary Jacob “Jack” Lew:

    Dear Treasury Secretary Lew,

    By statute, you have the final say for what designs will appear on the nation’s coins and medals, regardless of what the two congressionally authorized review panels — the Commission of Fine Arts and Citizens Coinage Advisory Committee — and even the U.S. Mint recommend.

    Public Law 113-106, signed into law May 23, 2014, by President Obama, authorizes the issuance of a congressional gold medal recognizing “the World War II members of the ‘Doolittle Tokyo Raiders’, for outstanding heroism, valor, skill, and service to the United States in conducting the bombings of Tokyo.”

    Of the 80 Doolittle Tokyo Raiders who launched on the April 18, 1942, raid, eight were captured, two died in crashes, and 70 returned home.

    Of the eight captured Doolittle Tokyo Raiders, three were executed and one died of disease.

    As of February 2013, according to the text of the enabling legislation, there were only five surviving members of the Doolittle Tokyo Raiders.

    Today, only four survive, all in their 90s — Lt. Col. Robert Hite, Staff Sgt. Robert Thatcher, Lt. Col. Edward Saylor, and the senior member, Lt. Col. Richard Cole.

    As a lieutenant, Cole was Lt. Col. James H. “Jimmy” Doolittle’s co-pilot in the lead plane. The crew had to bail out as the aircraft ran out of fuel and eventually crashed. Doolittle, Cole and the remaining three men in the crew were rescued by the Chinese.

    On Oct. 14, the CCAC made their recommendations after design review, and two days later, the CFA made their picks. The Doolittle Tokyo Raiders made it known to both panels the proposed designs the association wants to see on the final medal.

    The CFA backed the Doolittle Tokyo Raiders' preferences. The CCAC recommended different obverse and reverse designs.

    Simply put, give the Doolittle Tokyo Raiders what they are asking for.

    They earned it.


    Paul Gilkes

    Coin World

    Senior Editor, U.S. Coins


    Denver Mint 'stampede' atypical for gold half dollar purchasers

    August 13, 2014 1:42 PM by
    ​It was a shame that United States Mint officials announced the need Aug. 7 to suspend sales early for the gold Proof 1964–2014-W Kennedy 50th Anniversary half dollars at the American Numismatic Association World’s Fair of Money in Rosemont, Ill., and sales centers at Mint headquarters in Washington, D.C., and the Philadelphia and Denver Mints.

    But you can’t blame them, as the safety of the general public and Mint employees was of major concern. While it appears the literal stampede of potential coin buyers waiting in line at the Denver Mint for Aug. 7 sales was the likely culprit for sales suspensions at all outlets, the incident was an isolated one.

    Aug. 7 was the last day of sales at the three Mint facility locations, leaving 100 unsold coins at each location to be returned to the Mint’s order fulfillment center. And the 500 coins each day for both Aug. 8 and 9 at the ANA venue were also returned.

    At $1,240 per coin, the U.S. Mint gave up $1,612,000 in retail sales at the four venues combined in the name of public safety.

    No one could have anticipated the size of the crowds at each site. I was present at the ANA venue, and checked the line activity throughout each day, beginning with the line assembling the evening of Aug. 4 waiting for inaugurals.

    From what I witnessed, except for some line jumpers, the crowd was orderly and policed themselves. It was repeated each day a new line assembled.

    I also monitored activity at the other three venues through my sources on-site, who experienced similar orderly behavior,

    The sales of the gold Proof Kennedy 50th Anniversary half dollars was THE story of the show, making national headlines.

    There was more positive publicity and feedback generated for the hobby from the coin launch that no amount of money could buy.

    The U.S. Mint is planning to sit down for internal discussions to determine what officials felt was done right, what glitches there might have been and what things can be improved upon.

    The Mint is already looking at the release of an undisclosed numismatic product at the 2015 ANA convention, to be held at the same venue in Rosemont, Ill.

    It will be interesting to see what the product will be, and how the launch will be handled. I know I’m looking forward to it.

    By the way, as of Aug. 10, the U.S. Mint recorded sales of 112,134 of the gold Proof Kennedy 50th Anniversary half dollars.

    Gone are the days of U.S. Mint's 'salmon sheets'

    August 1, 2014 12:23 PM by
    If you haven't yet, read my first post about mintage numbers.​

    When I started covering the U.S. Mint beat for  Coin World  some 25 years ago, the Mint’s public affairs personnel periodically released what were referred to as “salmon sheets.”

    Containing the latest production figures for circulating coins and sales for precious metal coins and numismatic products, the “salmon sheets” derived their moniker from the color of the paper on which the figures were printed. Some of the figures reported were neither sales nor production, but what was shipped.

    Today, much of the same data for current programs is disseminated weekly online at , or more frequently if we specifically ask the Office for Corporate Communications.

    The Mint reports the number of each denomination of U.S. coin struck for circulation and shipped to the Federal Reserve.

    Collectors often follow the sales numbers for numismatic products to determine whether to place an order with the Mint for a current numismatic product or to pursue a product on the secondary market for a program that has closed.

    The U.S. Mint reports final “sales,” not mintages, within six months after a numismatic program has officially closed and all sales reconciled and audited.

    In some instances, the wait to learn the final sales, mintage, or whatever the end number is to be called, can take longer, especially for programs for which sales are extended into the next calendar year.

    Commemorative coin sales are mandated to end on the specific date provided for in the enabling legislation.
    Sales of Proof or Uncirculated versions of American Eagle and American Buffalo coins carried over from the previous continue as long as inventory remains, but usually end once the new issue is released.

    First Spouse coins dated 2013 are still being sold, in 2014. There are several other 2013 products still being sold in 2014 even though their 2014 counterpart has been issued. Learning the final mintage for those 2013 products will be delayed until sales are cut-off, the program ends and the auditing subsequently completed.

    For American Eagle and American Buffalo bullion coins, as long as product remains in inventory for acquisition by authorized purchasers, the final “mintage” will not be disclosed, even though the number of coins actually struck is known.

    And because of the plethora of annual numismatic products containing some of the same coins in multiple packaging options, the final sales or mintage of a particular coin will be delayed even further until all those products have been pulled from sale and audited. 

    Numbers are critical in numismatics, but are not always easily determined

    July 21, 2014 2:21 PM by

    Numismatics is a numbers game.

    Collectors are obsessed with numbers.

    To answer the primary question, “What’s it worth?” collectors often rely on mintages in making that assessment.

    But what are mintages and what do they mean? Things have changed quite a bit since the U.S. Mint’s founding in 1792.

    Production at the fledgling United States Mint during the waning years of the 18th century, and well into the first half of the 19th, was derived from a combination of official Mint records and speculation.

    Official records might indicate a specific number of coins were struck during a specific calendar year or with a specific date; however, the Mint in its early years was prone to have dies from previous production years reused. So, in some instances, production figures from the 18th and 19th century coinage from the U.S. Mint may reflect output over more than one calendar year regardless of the date on the coin.

    A coin may have a reported mintage or production of 1 million coins, but circumstances resulted in half the output being melted.

    Should the mintage be reported as 1 million or 500,000?

    Today, while production can begin in 2014 for a coin to be issued in 2015, the coin can’t be officially released until the year whose date appears on the coin.

    Production may eventually span more than one calendar year, but must end no later than December 31 of the year of issue.

    The topic can be debated as to what a coin’s mintage actually is. Is it the number of actual coins struck? The number struck and issued? The net number after production and a quantity of that output subsequently melted?

    Many of the classic early commemorative coins dated and issued from 1892 through 1954 have had the production recorded as number struck, number sold, and number melted, from which the end result is the net mintage.

    Some of the early commemoratives had all the coins authorized struck on speculation they would eventually be sold.

    Today, the U.S. Mint strikes commemorative coins to order, up to the maximum authorized mintage for each issue according to the enabling legislation. While a program may be called a sellout, the combined Proof and Uncirculated sales reported might fall short of the maximum authorized mintage because some coins are returned for damage or other reasons, and eventually melted. The figures reported by the Mint that serve as the mintages are actually sales.

    Legislative language sometimes  specifies no more than a certain number can be struck or issued, while on occasion, the language specifies the maximum that can be issued. In those latter instances, more coins may be struck to compensate for rejected or damaged coins, but not more than the number authorized can be issued.

    Again, what is often publicly reported are the sales, not the number actually struck, which includes rejected coins, although those figures are likely available somewhere. Should the damaged, rejected or returned coins be reported as part of the mintage, even though those coins would not be available to the collector marketplace?

    Golden opportunity: Will U.S. Mint debut gold Kennedy half at ANA?

    May 9, 2014 8:47 PM by

    2014 is the year of the Kennedy – half dollar that is.

    The year marks the golden anniversary of the inaugural release of the Kennedy half dollar into circulation.

    By the time the year ends, collectors will have had the opportunity to acquire directly from the U.S. Mint at least nine different Kennedy half dollar composition, Mint mark, finish and design/relief combinations.

    Premier among the highly anticipated options is the dual-dated 1964-2014 Proof version containing approximately 0.75 ounces of .9999 fine gold.

    Collectors are speculating when it and two other versions – one in .900 fine silver and one in copper-nickel clad -- bearing U.S. Mint Chief Engraver Gilroy Roberts original 1963 sculpt of the slain president will be released.

    The popular bet is that the three special Kennedy commemoratives could be released during the American Numismatic Association’s World’s Fair of Money the first week of August in Rosemont, Ill.

    The U.S. Mint has previously released special numismatic commemoratives during the ANA’s conventions – the 2012 American Buffalo, Reverse Proof $50 coin and 2013 American Eagle West Point Two-Coin Silver Set among them.

    While it is known the gold version of the Kennedy half dollar will be struck with the W Mint at the West Point Mint, many questions remain unanswered.

    What finish will the high relief silver and copper-nickel clad versions bear? Which facility or facilities will strike these issues? Will mintages reflect striking to order during a set or open-ended ordering period, or will they be limited editions?

    Except for the gold version, the obverse of all Kennedy half dollar versions in 2014 will bear the single date 2014. The reverse design on all options, including the gold, will bear the lower relief Heraldic Eagle reverse last used on 2013-dated Kennedy half dollars.

    Collectors seeking to assemble a complete collection of Kennedy half dollars dated 2014 will need the following, with price from U.S. Mint:

    The three high relief commemoratives (prices unknown)

    Circulation quality copper-nickel clad Denver Mint (D) and Philadelphia Mint (P) strikes (two-roll set, $32.95)

    Copper-nickel clad Denver and Philadelphia strikes in the 2014 Uncirculated Mint set ($27.95)

    Copper-nickel clad San Francisco Mint (S) strike in 2014-S Proof set ($31.95)

    .900 fine silver San Francisco Mint strike in 2014-S Silver Proof set ($53.95)

    Collectors may lower their cash output by trying to acquire single examples of the coins, where available, on the secondary market.

    Visit the U.S. Mint’s website at