J&T Coins LLC Blog » eagles http://blog.jtcoins.com Providing information on precious metals and coins from the USA and the rest of the world. Fri, 03 Sep 2010 15:28:40 +0000 en hourly 1 http://wordpress.org/?v=3.0.1 American Palladium Eagle Bullion Coins Sought http://blog.jtcoins.com/american-palladium-eagle-bullion-coins-sought.html http://blog.jtcoins.com/american-palladium-eagle-bullion-coins-sought.html#comments Thu, 22 Jul 2010 22:37:17 +0000 Jim http://blog.jtcoins.com/?p=1786

Thursday, July 22, 2010

American Palladium Eagle Bullion Coins Sought

Posted by: Michael | Posted in:


At the July 20 House of Representatives subcommittee meeting on “The State of U.S. Coins and Currency,” Michael Clark, President of Diamond State Depository, expressed his industry’s belief that the American Eagle Bullion Coin Program should be broadened with the addition of palladium bullion coins.

The US Mint’s bullion coin program originally included only gold and silver coins, but was broadened in 1997 with the introduction of the American Platinum Eagle. This might set the precedent for another broadening of the program with the American Palladium Eagle.

Statements provided at the hearing cited potential demand for Palladium Eagle bullion coins from both collectors and investors. The coins were presented as an interesting pricing point for precious metals investors at $450 per ounce, compared to higher priced gold and platinum. The possibility that the new coins would absorb some of the demand for Silver Eagles was also mentioned.

During the question and answer session of the hearing, Rep. Ron Paul observed, “If we get the palladium coin… where are we going to get the planchets?”

The question referred to earlier discussions about the US Mint’s current reliance on just three suppliers for precious metals blanks, the apparent bottleneck in the production of bullion gold and silver bullion coins. Platinum bullion coins have not been produced since late 2008, presumably due to the same planchet procurement problem.

Past efforts for U.S. coins struck in palladium have included bills introduced by Rep. Dennis Rehberg and Sen. Max Baccus, both from Montana. These bills have sought the production of Saint Gaudens Ultra High Relief Double Eagle Palladium Coins in numismatic and bullion versions. The bills S. 758 and H.R. 3405 were introduced on April 1, 2009 and July 30, 2009, but have not made any progress.

The United States was the world’s fifth largest producer of palladium. The metal is mined in Montana and refined in New Jersey, California, and South Carolina.

The Royal Canadian Mint is the only major world mint to currently produce palladium bullion coins. They initially produced the Palladium Maple Leaf coins from 2005 to 2007, but the program was ended due to low sales. The RCM revived the program in 2009 when they identified greater market demand for a palladium bullion.

]]> http://blog.jtcoins.com/american-palladium-eagle-bullion-coins-sought.html/feed 0 2010 Proof Silver Eagles at Risk of Cancellation http://blog.jtcoins.com/2010-proof-silver-eagles-at-risk-of-cancellation.html http://blog.jtcoins.com/2010-proof-silver-eagles-at-risk-of-cancellation.html#comments Mon, 19 Jul 2010 18:55:16 +0000 Jim http://blog.jtcoins.com/?p=1747

2010 Proof Silver Eagles at Risk of Cancellation

July 16, 2010 | Filed Under Silver, US Mint

One of the consequences of the record pace of United States Mint silver bullion coins might be the cancellation of the popular Proof American Silver Eagle for the second year running.

The Proof Silver Eagle had been issued each year from 1986 to 2008. During this period, it has sold between 372,168 and 1,092,477 coins per year and had firmly established itself as one of the United States Mint’s most popular products.

2009 Proof Silver Eagle (not issued) 

 

The offering was abruptly canceled for 2009 to the dismay of many collectors. The US Mint explained that it was legally required to produce the bullion version of the American Silver Eagle in quantities sufficient to meet public demand. They were not under any legal requirement to produce the collectible proof or uncirculated versions of the coins. Because demand for silver bullion coins apparently outweighed production, the US Mint sourced all incoming blank supplies towards the production of bullion coins.

The announcement of last year’s cancellation came by way of a press release issued October 6, 2009, which highlighted the two collectible precious metals offerings that would be available in 2009, before enumerating the long list of products which were canceled. As if in validation of the high demand for US Mint bullion Silver Eagles, in late November the US Mint was forced to temporarily suspended sales of bullion coins after inventories were depleted.

During 2010 to date, Silver Eagle bullion coin sales are running at a higher pace than the prior year. An average of 3,028,083 ounces have been sold per month this year, compared to an average of 2,397,208 ounces per month last year. Demand shows no signs of abating, as investors continue to buy every silver bullion coin the US Mint can produce.

The US Mint recently unveiled a numismatic product release schedule for the remainder of 2010. The 2010 Proof Silver Eagle and most other precious metal products were conspicuously listed as “TBD.” The Mint is still preserving some hope that these coins may be issued, but the situation looks rather bleak.

Why can’t the United States Mint produce bullion coins in sufficient numbers along with the traditionally issued collectible precious metals products? Is it the result of the onerous requirement that precious metals must be sourced from newly mined domestic sources? Is there a lack of manufacturing capacity? Or is it a case of managerial incompetence?

The same excuse of blaming “unprecedented demand from investors” is getting a bit old after two years

]]> http://blog.jtcoins.com/2010-proof-silver-eagles-at-risk-of-cancellation.html/feed 0 Still No 2010 Proof Gold and Silver Eagles http://blog.jtcoins.com/still-no-2010-proof-gold-and-silver-eagles.html http://blog.jtcoins.com/still-no-2010-proof-gold-and-silver-eagles.html#comments Fri, 09 Jul 2010 18:57:05 +0000 Jim http://blog.jtcoins.com/?p=1701 Tuesday, June 29, 2010

Still No 2010 Proof Gold and Silver Eagles

Posted by: Michael | Posted in:

The US Mint has announced the release dates for their “remaining” 2010 products. The collectible Proof and Uncirculated 2010 Gold Eagles and 2010 Silver Eagles are still missing from the schedule, although the US Mint still preserves a glimmer of hope that these popular products might be produced.

The updated schedule includes exact on-sale dates for all previously listed products (although the dates are still stated as tentative). No new products have been added to the schedule, although I would have thought that the US Mint would release the “new” America the Beautiful Quarter Products this year. It’s possible that they will be added to the scheduled later.

The 2010 Proof and Uncirculated Gold and Silver Eagles are listed on the schedule as “TBD.” The US Mint has provided the now familiar explanation about the status of the products:
 

*Public Laws 99-61 and 99-185 mandate that the United States Mint mint and issue its American Eagle Silver and Gold Bullion Coins “in quantities sufficient to meet public demand…” There is no corresponding legal requirement to mint and issue the proof and uncirculated coins in quantities sufficient to meet public demand. The bureau, however, is continuing to work with current and potential blank suppliers to increase the supply of silver and gold blanks in amounts that may make it possible to offer the proof and uncirculated versions of American Eagle Silver and Gold Coins in 2010.

I suppose its somewhat favorable that the US Mint has not yet ruled out the offerings completely. At the ANA National Money Show in Fort Worth Texas held March 25-27, 2010, US Mint Director Edmund Moy raised the possibility that the 2010 Proof Silver Eagle would be canceled, citing demand for bullion coins. After that announcement, many collectors already began assuming that the cancellation was a foregone conclusion.

The 2009 Proof and Uncirculated Gold and Silver Eagles were finally announced as canceled in October.

The updated release schedule for 2010 US Mint Products is shown below:

Presidential $1 Coin & First Spouse Medal Set – Pierce 6/24/2010
Franklin Pierce $1 Coin Cover 07/01/10
2010 United States Mint Uncirculated Coin Set 07/15/10
2010 United States Mint Proof Set 07/22/10
Yosemite Quarter Bags and Two-Roll Sets 07/26/10
2010 American Eagle One Ounce Platinum Proof Coin 08/12/10
James Buchanan Presidential $1 Coin Rolls 08/19/10
2010 United States Mint Silver Proof Set 08/26/10
Buchanan’s Liberty First Spouse Gold Coins 09/02/10
Buchanan’s Liberty Bronze Medal 09/02/10
Grand Canyon Quarter Bags and Two-Roll Sets 09/20/10
Presidential $1 Coin & First Spouse Medal Set – Buchanan 09/23/10
James Buchanan Presidential $1 Coin Cover 09/30/10
Mount Hood Quarter Bags and Two-Roll Sets 11/15/10
Abraham Lincoln Presidential $1 Coin Rolls 11/18/10
Mary Todd Lincoln First Spouse Gold Coins 12/02/10
Mary Todd Lincoln Bronze Medal 12/02/10
First Spouse Bronze Four-Medal Set 12/02/10
Presidential $1 Coin & First Spouse Medal Set – Lincoln 12/23/10
Abraham Lincoln $1 Coin Cover 12/30/10
2010 American Eagle Silver Proof Coin TBD
2010 American Eagle Silver Uncirculated Coin TBD
2010 American Eagle Gold Proof Coin TBD
2010 American Eagle Gold Uncirculated Coin
]]> http://blog.jtcoins.com/still-no-2010-proof-gold-and-silver-eagles.html/feed 0 Proof Gold, Silver Eagles Still Selling http://blog.jtcoins.com/proof-gold-silver-eagles-still-selling.html http://blog.jtcoins.com/proof-gold-silver-eagles-still-selling.html#comments Wed, 16 Jun 2010 21:07:45 +0000 Jim http://blog.jtcoins.com/?p=1594 Proof Gold, Silver Eagles Still Selling

american eagle gold coin By Harry Miller, Numismatic News
June 14, 2010

american eagle gold coin

This article was originally printed in Numismatic News.
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The Long Beach Expo ended last Saturday and was not only well attended but business was brisk despite falling precious metals prices, usually a harbinger of fear in the market. Friday afternoon a major market maker in common date U.S. gold type coins lowered its bids by nearly 10 percent on many issues, which upset several gold dealers but many just continued doing business and were rewarded Monday morning when bullion shot up toward new highs carrying along the type coins with it.

Proof gold and silver Eagles are remaining constant, while the high flying 2008 proof Buffalo set is lacking strong buyers at current levels. Insiders say it has just gotten too high, but I wonder if the U.S. Mint announcement of the 2010 proof 1 ounce coin is having a psychological impact as it could be a lead into another set?

The type coin market is stable, but a few key date issues have had some activity. The 1909-S VDB is under minor pressure in low grade while increasing in EF-40 and AU-50. The 1955 DDO is up again in all grades through MS-63, even in G-4 and VG-8 which virtually do not exist. This issue has been bought up by an astute New England investor who realized it was dramatically underpriced.

In the Mercury series G-4 and VG-8 are a little softer and in Barber quarters the 1896-S in F-12 and the 1913-S in VG-8 are down slightly. The latter two seem unlikely to this writer and probably represent an isolated instance.

E-mail harrymkrause@optonline.net to share your views or ask questions.

]]> http://blog.jtcoins.com/proof-gold-silver-eagles-still-selling.html/feed 0 Composition of U.S. Gold Coins http://blog.jtcoins.com/composition-of-u-s-gold-coins.html http://blog.jtcoins.com/composition-of-u-s-gold-coins.html#comments Mon, 11 Jan 2010 16:06:05 +0000 Jim http://blog.jtcoins.com/?p=1077 Wednesday, December 30, 2009   What is in that Gold On the NGC Forums, there was a discussion about collecting gold dollars where someone asked about their composition. Being curious, I looked up the composition information. What I found was that there were different compositions that was tied to the evolution of US coinage.

After posting the basic information, I thought it would be interesting to look up which series of gold coins were made from each of the different compositions. The rest of this posting is what I found after consulting a few references.

The Coinage Act of 1792, the First Coinage Act, set the standard for gold coinage to be .9167 fine with the balance of silver and copper. Gold coins struck 1792-1834 were made of this composition. These coins include:

  • Turban Head $2½ Quarter Eagles (1796-1807)
  • Capped Bust $2½ Quarter Eagles (1808-1834)
  • Capped Bust to the Right $5 Half Eagles (1795-1807)
  • Capped Bust to the Left $5 Half Eagles (1807-1812)
  • Capped Head to the Left $5 Half Eagles (1813-1834)
  • Capped Head to the Right $10 Eagles (1795-1804)

The Coinage Act of 1834, the Second Coinage Act, set the price of gold at $20.67 and changed the composition to .8992 fine with the balance of silver and copper. Gold coins struck from 1834-1839 were made of this composition. These coins include:

  • Classic Head $2½ Quarter Eagles (1834-1939)
  • Classic Head $5 Half Eagles (1834-1838)

The Coinage Act of 1837, also called the Bland-Allison Act, put the US on a bimetal monetary standard mostly to help the silver industry following the Panic of 1873. Originally, President Rutherford B. Hayes vetoed the bill only to have congress override the veto. Gold coins struck from 1839-1933 were made of .9000 gold and the balance was silver and copper. These coins include:

  • Liberty Head One Dollar (1859-1854)
  • Indian Princess Dollar (1854-1889)
  • Liberty Head $2½ Quarter Eagles (1840-1907)
  • Indian Head $2½ Quarter Eagles (1908-1929)
  • Indian Princess 3 Dollars (1854-1899)
  • Liberty Head $5 Half Eagles (1839-1908)
  • Indian Head $5 Half Eagles (1908-1929)
  • Liberty Head, No Motto Above Eagle $10 Eagles (1838-1866)
  • Liberty Head, Motto Above Eagle $10 Eagles (1866-1907)
  • Indian Head $10 Eagles (1907-1933)
  • Liberty Head $20 Double Eagles (1849-1907)
  • Saint-Gaudens $20 Double Eagles (1907-1933)

All gold commemoratives, both prior to 1933 and since 1982, are struck using .9000 gold. Commemorative struck before 1933 was filled with 1-part silver and 2-parts copper. Commemorative coins struck since 1982 use a 2-part copper to 1-part nickel filler.

The $4 Stella patterns were an attempt to create a standard coinage composition for international trade. The composition called goloid was made of 6 grams of gold, 0.3 grams of silver, 0.7 grams of copper. A Flowing Hair and Coiled Hair Liberty Head patterns were struck in 1879 and 1880.

American Gold Eagle bullion and proof coins are .9167 gold (22 carat). The one ounce gold Eagle contains one troy ounce of gold plus .0909 troy ounces of filler consisting of 2-parts nickel to 1-part copper.

The American Buffalo gold coin contains one troy ounce of .9999 fine gold (24 carat) with copper as the filler.

I hope someone finds this useful. Labels: , ,

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