Coin Blog

As readers of this blog will know, there is an ongoing shortage of 2008 Silver Eagle bullion coins.  Early in the year the US Mint actually temporarily suspended sales of the coins to authorized Purchasers.  Following the suspension, the Mint started a policy of rationing the 2008 Silver Eagles to dealers at quantities below market demand.

This caused a bit of outcry, including a widely discussed Wall Street Journal article on the topic.  Also open letters to the US Mint Director and US Secretary of the Treasury from concerned organizations and individuals.

Last week, more problems came to light which will cause the current rationing of Silver Eagles to get even tighter.

The US Mint sent a memorandum to authorized purchasers informing them that the Mint’s supplier of silver blanks used in producing Silver Eagles would be reducing their shipments by more than half.  The Mint further indicated that they would stop using silver blanks for other purposes such as collectible coins.  This is clearly becoming a very serious issue impacting precious metals investors and coin collectors.

Next year the Lincoln Cent will be celebrating its 100th Anniversary.  The celebration will include four new reverse designs representing aspects of Lincoln’s life, as well as special collector’s versions of the coins.

The Lincoln Cent was first minted in 1909 to celebrate Abraham Lincoln’s 100th birthday.  At the time the coin was minted in 95% copper with the balance of the composition in tin and zinc.  The obverse design featured a bust of Lincoln by Vincent D. Brenner, and the reverse featured a pair of “Wheat Ears.”  Because of the reverse design, these coins are sometimes referred to as “wheaties.”

The reverse design was changed in 1959 to celebrate the 150th anniversary of Lincoln’s birth and the 50th anniversary of the Lincoln Cent.  The new design featured a rendition of the Lincoln Memorial. Close inspection will also reveal a likeness of the Lincoln Monument within the Memorial.

The festivities prepared for the 2009 Lincoln Cent are numerous.  Primarily the event will be celebrated with four new reverse designs.  These designs are intended to represent major stages of Lincoln’s life: his birth in Kentucky, his formative years in Indiana, his professional life in Iillinios, and his presidency in Washington, D.C.

The reverse design will be changed approximately every three months during 2009.  Starting in 2010, the reverse design will be changed once again to one which is emblematc of Lincoln’s preservation of the United States of America as a unified country.

Collector’s versions of the 2009 Lincoln Cent are also expected to be available.  These will included cents struck in the original composition of 95% copper and 5% tin and zinc.  Proof versions of the coins are also expected to be available in government issued proof sets.

Keep an eye out for additional news, 2009 is fast approaching!

The Platinum Eagle is one of the American Eagle bullion coins of the United States.  Each coin contains 99.95% fine platinum and is guaranteed by the United States for weight, content, and purity.

The coin series was first offered by the US Mint starting with the 1997 Platinum Eagle.  It was offered in the common one ounce size with a $100 legal tender value.  Alternate denominations were offered with different platinum content amounts and face values.  The $50 coin contains one-half ounce of platinum.  The $25 coin contains one-quarter ounce of platinum.  The $10 coin contains one-tenth ounce of platinum.

Platinum Eagles have been offered in either uncirculated or proof versions.  The proof version has a special cameo finish which includes mirrored background and frosted raised elements.  In 2006, the Mint started offering burnished finish coins.  In 2007, the Mint issued a special reverse proof finish coin.

The obverse design of the coin features the Statue of Liberty as designed by John Mercanti.  The reverse design features a soaring eagle as designed by Thomas D. Rogers.  Since 1998, the proof version of the coin has featured an annually rotating reverse design.

Today the US Mint will release the next coin in the First Spouse Gold Coin Series, honoring Louisa Adams. This will mark the second release of 2008 for the series and the sixth coin release overall.

The coin will contain one-half ounce of 24 karat gold and is limited to 40,000 units.  The maximum units will be divided between proof and uncirculated versions of the coin based on demand.

The front of the coin features a portrait of the First Lady designed by Susan Gamble and sculpted by Phebe Hemphill.  The back of the coin, designed and sculpted by Joseph Menna,  features Louisa Adams with her son Charles on a journey across Europe to join her husband.

The Mint has priced the coins at $619.95 for the proof version and $599.95 for the uncirculated version.  Ordering is initially limited to one per household per option.

In 2007, The US Mint announced that it would be issuing a special 10th Anniversary Platinum Eagle Set.  This set followed the hugely popular 20th Anniversary Sets issued for the Gold Eagle and Silver Eagle.

The set contains two coins:

• 2007 One-Half Ounce Proof Platinum Eagle
• 2007 One-Half Ounce Reverse Proof Platinum Eagle 

The proof coin features the modern cameo proof finish with frosted raised elements and a mirrored background.  The reverse proof coin features the opposite, mirrored raised elements and a frosted background.

The set has a maximum production of 30,000 sets and initially had an ordering limit of one per household.

To date, there have been 17,895 sets sold.  The initial price of the set was recently adjusted upwards due to the rising market price of platinum.  The set remains available directly from the US Mint.