Posts Tagged united states mint
The United States Mint will offer a greater number of products containing Presidential $1 Coins this year, and some previously available products will see their prices decreased. These changes follow recent news of a suspension in production of Presidential Dollars for circulation. the announcement was made by Vice President Biden and Treasury Secretary Geithner and touted as a cost savings initiative.
From 2007 to 2011, the Presidential Dollars were distributed through the channels of circulation by the Federal Reserve Banks. each of the four different designs released per year was made available to depository institutions in unmixed quantities during an introductory period. As a result, many collectors were able to obtain the newly released Presidential Dollars from banks at face value. during this period, the US Mint offered a limited number of numismatic offerings containing the coins, at somewhat high premiums to face value.
From 2012 onwards, newly released Presidential Dollars will not be distributed through Federal Reserve Banks, but will only be available from the United States Mint. Any demand for the $1 coins in circulation would be fulfilled with the Reserve Banks existing inventory of 1.4 billion $1 coins held in inventory. These $1 coins represent previously issued designs that remained unordered by depository institutions or were ultimately redeposited.
The United States Mint plans to offer the following products for the 2012 Presidential Dollars at the indicated retail prices:
2012 Presidential $1 Coin ProductsPresidential $1 Coin 25-coin Rolls32.95Presidential $1 Coin 100-Coin Bag111.95Presidential $1 Coin 250-Coin Box275.95Presidential $1 Coin 500-Coin Box550.95$1 Coin Five-Coin Set12.95Presidential $1 Coin & first Spouse Medal Set9.95Presidential $1 Coin Cover19.95Presidential $1 Coin Proof Set18.95Presidential $1 Coin Uncirculated Set16.95
During 2011, the only option for ordering newly released Presidential Dollars in quantity from the US Mint had been the 25-coin rolls, which were priced at $39.95 each. for 2012 releases, the price for the rolls will drop to $32.95.
Larger quantity offerings will also be available for 2012, with 100-coin bags, 250-coin boxes, and 500-coin boxes priced at $111.95, $275.95, and $550.95, respectively.
The US Mint will introduce the $1 Coin Five Coin Set for 2012, which will contain the four different 2012 Presidential Dollars and the 2012 Native American Dollar. this set will be priced at $12.95.
Four other numismatic offerings available in previous years will be available once again in 2012. three of them will see price declines. the Presidential $1 Coin & first Spouse Medal Set will be priced at $9.95 compared to $14.95 in 2011. the Presidential $1 Coin Covers will be available at the same price of $19.95. the Presidential $1 Coin Proof Set will be available at $18.95 compared to $19.95 in the previous year. the Presidential $1 Coin Uncirculated Set will see its price decline to $16.95 compared to $19.95 in the previous year.
Release dates for all of the products are not yet known. the 2012 Presidential $1 Coin Proof Set has a tentative release date of February 23, 2012. Release dates for the 25-coin rolls, 100-coin bags, 250-coin boxes, and 500-coin boxes for each design may follow the previously indicated circulation release dates, with the Chester Arthur rolls, bags, and boxes available on February 16.
- 2012 Presidential Dollar Designs Announced
- Production of Presidential $1 Coins Suspended
- US Mint Offers 2011 Presidential Dollars Uncirculated Coin Set
- Andrew Johnson Presidential $1 Coin Rolls available from US Mint
- US Mint Offers 2011 Presidential $1 Coin Proof Set
Coming Tuesday, January 10, 2012, at 12:00 PM (noon) ET, the United States Mint will debut its first product of the year, the 2012 America the beautiful Quarters Silver Proof Set for $41.95. (The set contains 0.904 ounces of silver with a silver value of $26.37 at the current spot price of $29.16 an ounce.)
What makes this launch special is that it gives the fans of the quarter series a chance to see all five new reverse designs together in one set before any of the quarters are released individually.
This year’s quarters feature images emblematic of El Yunque National Forest in Puerto Rico, Chaco Culture National Historical Park in new Mexico, Acadia National Park in Maine, Hawai’i Volcanoes National Park in Hawaii and Denali National Park and Preserve in Alaska.
Each coin in the set is composed of 90% silver and struck to proof quality, so the high relief designs will stand out against the smooth mirror-like background surfaces. they are neatly packaged in the U.S. Mint’s protective coin presentation case with a Certificate of Authenticity.
The United States Mint press announcement about the 2012 America the beautiful Quarters Silver Proof Set follows.
Set contains all five 2012 coins in the America the beautiful Quarters® Program struck in 90 percent silver
The United States Mint’s first numismatic offering of the new year will be the 2012 United States Mint America the beautiful Quarters Silver Proof Set. The set – available for purchase starting at noon Eastern Time (ET) on January 10 – contains proof versions of the third set of five coins in the America the beautiful Quarters Program struck in 90 percent silver.
The coins bear reverse (tails side) designs honoring El Yunque National Forest (Puerto Rico), Chaco Culture National Historical Park (New Mexico), Acadia National Park (Maine), Hawai’i Volcanoes National Park (Hawaii) and Denali National Park and Preserve (Alaska). The obverse of the coins (heads side) features a restored version of the 1932 John Flanagan portrait of George Washington.
The silver proof coins in the set are produced at the United States Mint at San Francisco using specially prepared, highly polished dies and feature a frosted foreground image on a mirror-like background, giving them a cameo effect. The coins — each bearing the “S” mint mark for San Francisco – are sealed in a protective lens and accompanied by a Certificate of Authenticity.
The 2012 United States Mint America the beautiful Quarters Silver Proof Set is priced at $41.95. Orders will be accepted at http://www.usmint.gov/catalog and at 1-800-USA-MINT (872-6468). Hearing- and speech-impaired customers with TTY equipment may order at 1-888-321-MINT (6468). Please add $4.95 to all domestic orders to cover shipping and handling costs.
Collectors may also purchase the United States Mint America the beautiful Quarters Silver Proof Set through the Online Subscription Program. To learn more about this convenient shopping method, please visit http://www.usmint.gov/catalog.
Note: To ensure that all members of the public have fair and equal access to United States Mint products, orders placed prior to the official on-sale date and time of January 10, 2012, noon ET shall not be deemed accepted by the United States Mint and will not be honored. For more information, please review the United States Mint’s Frequently Asked Questions, answer ID #175.
About U.S. Mint
The United States Mint, created by Congress in 1792, is the Nation’s sole manufacturer of legal tender coinage and is responsible for producing circulating coinage for the Nation to conduct its trade and commerce. The United States Mint also produces proof, uncirculated and commemorative coins; Congressional Gold Medals; and silver, gold and platinum bullion coins.
- 2011 America the beautiful Quarters Silver Proof Set Availability
- US Mint 2011 America the beautiful Quarters Proof Set Availability
ORLANDO — a one-cent copper coin from the earliest days of the U.S. Mint in 1793 has sold for a record $1.38 million at a Florida auction.
James Halperin of Texas-based Heritage Auctions told the Associated Press on Saturday that the sale was “the most a United States copper coin has ever sold for at auction.” the coin was made at the Mint in Philadelphia in 1793, the first year that the U.S. made its own coins.
Heritage officials said in a news release that the name of the buyer was not revealed but that he was “a major collector.” One of the coin’s earliest owners was a well-known Baltimore banker, Louis E. Eliasberg, Sr.
“Mr. Eliasberg was nicknamed, ‘the king of coins’ because before his death in 1976 he assembled a collection that consisted of at least one example of every coin ever made at the United States Mint, a feat never duplicated,” Halperin said in the news release.
The final bid for the coin last week was one of the largest sales at the Florida United Numismatists coin show and annual convention, which runs through Sunday. Halperin said a five-dollar gold piece from 1829 also was sold.
Halperin said there remain a few hundred 1793 coins in different condition, but that the one auctioned off Wednesday night is rare because it wasn’t in circulation.
Officials say it shows no wear on its lettering, its Lady Liberty face or the chain of 13 linking rings on its back.
“This coin is known as a ‘Chain Cent’ because the central design on the back is a chain of 13 linking rings. it represented the solidarity of the 13 original colonies, but some critics claimed the chain was symbolic of slavery, and the design was quickly changed from rings to a wreath,” Halperin said in the news release.
Halperin said the auction had $60 million in transactions. the show runs through Sunday
The United States Mint has provided the final production figures for circulation strike 2011 Presidential Dollars. four different designs were released during the year, honoring the 17th to 20th Presidents, Andrew Johnson, Ulysses S. Grant, Rutherford B. Hayes, and James Garfield.
The Presidential $1 Coin Program has been the focus of some mainstream media attention this year, following reports of a hoard of more than $1 billion worth of the coins in Federal Reserve vaults. Six different bills were subsequently introduced in Congress which sought to abolish, limit, or suspend the production of additional $1 coins. A single bill was introduced which sought to phase out the $1 bill in favor of $1 coins. So far, none of the bills has been voted on or passed in the House of Representatives or Senate.
Under the existing legislation, the US Mint is required to produce four different Presidential Dollars per year, honoring the former Presidents in the order served. Federal Reserve Banks are required to make each new design available to depository institutions in unmixed quantities during a special ordering period. this particular requirement has been cited as one of the primary causes of the build up of surplus $1 coins, since the Reserve Banks are compelled to continue ordering quantities of each new design despite stockpiles of existing coins.
Across the four different 2011 Presidential Dollar designs, the US Mint produced a total of 297.36 million coins for circulation at the Philadelphia and Denver Mints. the production level for each design ranged from a low of 72.66 million for the Andrew Johnson coins to a high of 76.02 million for the Ulysses S. Grant design.
2011 Presidential Dollar Mintages
PhiladelphiaDenverTotal2011 Andrew Johnson35,560,00037,100,00072,660,0002011 Ulysses S. Grant38,080,00037,940,00076,020,0002011 Rutherford B. Hayes37,660,00036,820,00074,480,0002011 James Garfield37,100,00037,100,00074,200,000Total297,360,000
Since the start of the program in 2007, the United States Mint has now struck more than 2.3 billion Presidential Dollars. the table below shows the annual circulating coin production totals including coins struck at the Philadelphia and Denver Mint facilities.
Presidential Dollar Mintages By Year
2007940,870,0002008464,480,0002009352,100,0002010321,440,0002011297,360,000Total2,376,250,000 Related posts:
- Ulysses S. Grant Featured on Presidential $1 Coin
- US Mint Offers 2011 Presidential Dollars Uncirculated Coin Set
- Andrew Johnson Presidential Dollar Coin Covers Available
- US Mint Offers 2011 Presidential $1 Coin Proof Set
As someone who handles a decent amount of rare and interesting Proof gold coinage, I’ve been thinking about survival rates. I’d like to share some thoughts about typical survival rates and why certain issues don’t comply with the “basic laws.”
First, a little background. The United States mint struck proof gold coins as far back as the 1820′s, but production became more established by the 1858-1860 era; which neatly coincides with the beginning of coin collecting as a hobby in this country. Production of most proofs remained small until the early to mid-1880′s, when collectors and dealers became more interested and a decent-sized mania for Proofs began to take hold.
For most United States Proof gold coins, I believe that the following survival rates are pretty consistent:
*Pre-1870 gold issues, with exceptions, appear to have a survival rate of around one-third of the original mintage.
*Issues from around 1870 to around 1890, with exceptions, appear to have survival rates of around half of the original mintage.
*Issues from 1890 until the end of the Liberty Head design (1907) typically have survival rates that range from one half to two-thirds of the original mintage.
Let’s now take a look at some of the factors that influence survival rates of Proof gold coins. please note that these are not listed in order of importance.
1. Original Mintage Figures. this seems pretty obvious but it is an important factor that needs to be discussed. A gold issue with a low mintage (say 25-50 coins) tends to be rarer than an issues with a relatively high mintage (100 or more).
However, there are some notable exceptions to this rule.
There are some years that mintage figures are incorrect. an example of this is the 1861 gold dollar with a reported mintage of 349. this figure has never made sense to me and given the small number of survivors (two to three dozen) and the unlikely scenario that nearly all of the supposed “349″ struck were melted.
The opposite situation exists with Proof Three Dollar gold pieces dated 1875 and 1876. These are Proof-only issues; i.e, they were made only in a Proof format with none made for business strike purposes. The reported mintage figures for these two dates are 20 and 45, respectively.
But there are probably more than 20 and 45 known of these dates. As an example, looking at the PCGS and NGC population data for the 1876 three dollar, we see that eighty examples have been graded. Even if we discount, say, 30 of these as resubmissions, this still means that 50 examples may have been graded.
It is my belief that both the 1875 and 1876 three dollar gold pieces were restruck, in order to fill a demand among collectors, either later in the year(s) or, perhaps, a year or two later.
2. The Size of the Coin. Small sized Proof gold (i.e., gold dollars and quarter eagles) tends to have a higher survival rare than larger sized coins.
The reasons for this are fairly obvious. The face value of a small gold coin means that it was more likely to survive the Depression era where a number of larger Proofs were spent or melted by collectors because of their high face value and low numismatic value.
3. The Era in which it was Struck. I mentioned above that proof gold from the 1890′s was saved with greater regularity than those issues from the 1860′s.
In the 1890′s, coin collecting was a well-developed hobby. But in the 1860′s, there were far fewer collectors. It is a known fact that many Proofs struck in the 1860′s and 1870′s went unsold to collectors and were later melted by the mint. Even if the number melted was not great (say five or ten coins) with issues that mintages of just 25-50 coins, this small number becomes significant.
As far as we know, proofs were still melted up to the early 1900′s but not as often as with earlier issues.
4. Economic Issues I mentioned meltings during the Depression in the second bullet point above. this is an important factor, worth repeating.
As remarkable as it seems today, a Proof double eagle in the early 1930′s had very little numismatic premium. for some collectors, it made more sense to spend a Proof double eagle from the 1880′s then it did to try and sell them to a coin dealer or place them in an auction. many higher denomination proofs (specifically eagles and double eagles) were lost in this fashion. Some were melted while others circulated so much that they are barely recognizable as Proofs today.
There are other issues that were produced during years in which the economy suffered. The Panic of 1893, while not as well known as the Depression, was a short-lived but highly significant downturn in the economy. It is likely that proof gold coins from 1892-1894 were unsold and melted due to collectors suddenly not being able to afford luxuries such as coins.
5. Contemporary Hoarding Not unlike with today’s modern coins, dealers and collectors speculated with smaller denomination proof gold in the 1880′s and early 1890′s. if you look at mintages for gold dollars, they increased dramatically in the 1880′s: from a low of 36 in 1880 to a high of 1,779 in 1889. this was due to significant demand from hoarders and speculators; a situation not all that much different than what we see in 2011 with the hoarding of the 25th anniversary ASE sets!
These issues that were hoarded tend to have higher survival rates than earlier issues, due to the fact that they went into numismatic channels.
How exactly does a collector determine the survival rate of a proof gold issue he is contemplating buying? I think the best way is to study auction appearances over the years. A close study will often reveal interesting anomalies. an example: I recently bought an 1870 gold dollar in PR65. I did a little research and realized that I had only handled one example in twenty+ years and not an especially nice one at that. A study of auction records showed that only a few Gems have ever been sold and nothing better than PR65. my sort-of-cool coin suddenly seemed very cool, not to mention exceedingly rare.