Coin Blog

I've just received by 2011 Silver Proof Set from the US Mint. The annual set was released much earlier than normal, as the US Mint pushed up the release dates for all three of their core annual sets. I'm overall pleased with the purchase, even though it was a bit pricey.

As you will see from the picture, they changed the color scheme for the lenses containing silver coins to black. The silver coins look much more stunning against this background. Since 1999, the background had been red. Before that, from 1992 to 1998, black backing and boxes were used.

Besides the five America the Beautiful Quarters pictured, the sets also include the cent, nickel, dime (silver), half dollar (silver), Native American Dollar, and the four Presidential Dollars for this year.

Following silver's 80%+ rise last year, a price increase for the 2011 Silver Proof Set was pretty much a given. The set was $67.95 compared to last year's price of $56.95. The interesting thing is that the 2010-dated sets still remain available for sale at the original price.

If the price of silver experiences another strong year, at some point the silver value of last year's set will exceed the US Mint price. What happens then?

The US Mint began selling the 2011 Proof Set on January 11, 2011 (that's 1-11-11). This popular annual offering comes earlier than usual in the US Mint's effort to make the most popular products available for collecting and gift giving purposes throughout the year.

Each set includes a total of 14 proof coins struck at the San Francisco Mint and containing the "S" mint mark. The coins "are extraordinarily brilliant, with sharp relief and a mirror-like background." The raised features a frosted to create a cameo effect.

The coins include:

• 2011 Presidential Dollars (Andrew Johnson, Ulysses S. Grant, Rutherford B. Hayes, James Garfield)
• 2011 Native American Dollar
• 2011 Kennedy Half Dollar
• 2011 America the Beautiful Quarters (Gettysburg, Glacier National park, Olympic National Park, Vicksburg, Chickasaw National Recreation Area)
• 2011 Roosevelt Dime
• 2011 Jefferson Nickel
• 2011 Lincoln Cent

The 2011 Proof Set is priced at $31.95. I placed an order for my sets on the start of sales. I am hoping the proof sets are waiting for me in my PO Box now!

With the month about two-thirds gone, the US Mint has already sold 4,588,000 ounces worth of silver bullion through the American Eagle Bullion Program. The total sales for ounces of gold has reached 75,500.

The amount for silver is significant since it already marks a monthly record for American Silver Eagles. The previous record occurred when the US Mint sold 4,260,000 coins in November 2010.

The US Mint has been selling 2011 Silver Eagles since January 3, 2011. Added to this amount are some remaining 2010 Silver Eagles that remained within inventory at the start of the year. Sales have been subject to "standard allocation," which is the US Mint's fancy way of saying "rationing."

The price of silver has recently pulled back from over $30 per ounce to $27.50. Are investors using this as an opportunity to increase their positions?

The new series of quarters featuring National Parks and National Sites will continue in 2011 with five more releases. These 2011 America the Beautiful Quarters will feature sites in the states of Pennsylvania, Montana, Washington, Mississippi, and Oklahoma.

I think the designs for the coming year are particularly well done. Each has a very unique and distinctive image that can serve as an iconic statement about the area portrayed. Two of the coins feature National Military Parks, two feature National Parks, and one features a National Recreation Area.

Designs were picked by the United States Treasury of the Secretary, but he was required to consider the input of various committees and other interested parties. The final design selections for the reverse of each quarter are shown below.

First up for release will be the Gettysburg National Park Quarter, which includes a depiction of the 72nd Pennsylvania Infantry Monument. The design is by Joel Iskowitz.

Next is the Glacier National Park Quarter, which includes an image of a mountain goat on a rocky ledge. The northeast slope of Mount Reynolds appears in the background. The design is by Barbara Fox.

The Olympic National Park Quarter will be released in the middle of the year. A Roosevelt Elk is shown stepping into a river. Mount Olympus appears in the distance. This design is by Susan Gamble.

A stunning scene of the U.S. Cairo appears on the Vicksburg National Park Quarter. The Union ironclad gunboat appears as it served during the American Civil War. This design was by Thomas Cleveland.

The final coin to be released for the year is the Chickasaw National Recreation Area Quarter. The series can feature both National Parks and other federally designated areas, like the site chosen for Oklahoma. The design is by Donna Weaver.

The United States Mint has indicated that the "satin finish" will no longer be used for the annual Uncirculated Mint Set. This finish had been used for the sets since 2005. From 2011, a brilliant finish will be used.

The satin finish has a frosted look that is created by sandblasting the coin dies and burnishing the coin blanks. This created coins that were potentially in higher grades, provided they were not covered by contact or handling marks.

For some years such as 2005, higher grades are abundant. However, in the past two years, more often than not coins could not achieve the highest grades due to the aforementioned contact marks.

With the change, registry set collections will have less coins to worry about finding each year. Some interesting subsets are also created, consisting of satin finish coins issued from 2005 to 2010. Personally, I had been working on a satin finish Presidential Dollars Set. Now, I will try to complete this collection in earnest.

The scheduled release date for the 2011 Mint Set is February 8, 2011. This will be many months earlier than the release date set for the 2010 Mint Set.