Coin News for Collectors

Buried deep in the proposed Fiscal Year 2011 Budget released by President Barack Obama is one page that could have far reaching consequences into American circulating coinage, and reads as if it came straight from US Mint Director Ed Moy’s Congressional testimony nearly two years ago.

Titled "Other Savings: Coinage Material – Department of the Treasury," the proposed section seeks to grant the Department of the Treasury authority to change the composition and weights of the most common circulating coins: the penny (cent), the nickel, the dime, the quarter and the half dollar.

Stating that the primary cost driver for the United States Mint is something that it has no control over, namely the price of metal, the Budget goes on to cite the fluctuating prices of the two main metals used in circulating coin composition, copper and zinc. Both have seen 100% plus increases over the last several months, which is tame compared to the swings nickel has experienced in the last few years of over 500%.

According to the 2009 Annual Report recently released by the United States Mint, the total cost of producing a cent was actually 1.62 cents, for a net loss of .62 cents on each one. The nickel, only worth five cents, actually took 6.03 cents to strike during the last fiscal year, losing the Mint 1.03 cents a piece. With these figures firmly in mind, it is easy to understand why some parties are concerned with the costs associated in making the coins.

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The United States Mint will send the Millard Fillmore Presidential $1 Coin into circulation on Feb. 18, 2010. On the same day the US Mint will ceremoniously unveil the new dollar at the Moravia Central School in Moravia, N.Y. at 10 AM ET.

Fillmore was born only five miles east of Moravia. He served as the 13th President of the United States from 1850-1853 after assuming the office when President Zachary Taylor passed away. These were tremulous times for the country which was already on the verge of a civil war, postponed by the Compromise of 1850. Fillmore is credited with the 1854 Treaty of Kanagawa effectively ending the isolationism of Japan.

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Coin production at the United States Mint limped into January with only 218,410,000 coins struck. The pace was quicker than in December, but that is a non comparison since no coins were minted during the final month of last year.

Measuring apples to apples to a better degree, production in January 2010 was less than half that of January 2009. And the first month of last year was a snail’s pace from prior months, registering a production total of 513,420,000 that was predictive of even slower months ahead. The new figures appear to be waving a red flag, signaling that the tepid economy is likely to seriously impact coinage mintages for a second straight year.

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The United States Mint has closed out the month of January, publishing strong sales figures for its precious metals bullion coins.

American Eagle Silver Bullion Coin demand hit a record pace. Interest in American Eagle Gold Bullion Coins was elevated, reaching the top ten in all-time January sales. The numbers are more than interesting considering several factors, including New York gold prices falling 1.1 percent in January and silver prices plunging 3.9 percent.

Silver Eagle sales tallied up to an amazing 3,592,500, making it the best January ever for the one ounce silver coins. In comparison, only two months in the history of the program have ever seen numbers topping the 3 million mark. The most recent was March of last year with 3,132,000. The all-time leading month is December 1986 at 3,696,000 — the first full month in which the coins were available under the new American Eagle Bullion program.

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