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Coin Composition Changes Proposed Yet Again, but Now in Obama’s Budget

Pennies and Copper 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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2010 Millard Fillmore Presidential Dollar Launches Feb. 18

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.

Millard Fillmore Presidential Dollar Image
Millard Fillmore Presidential $1 Dollar Image – Click to Enlarge

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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US Mint 2010 Coin Production Crawls in January

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.

Denver Philadelphia Total
2010 Lincoln Cents 50,000,000 65,230,000 115,230,000
2010 Jefferson Nickels 0 0 0
2010 Roosevelt Dimes 0 0 0
2010 Quarters 0 0 0
2010 Kennedy Half Dollars 1,700,000 1,800,000 3,500,000
2010 Native American $1 14,000,000 11,200,000 25,200,000
2010 Presidential $1s 36,960,000 37,520,000 74,480,000
Total 102,660,000 115,750,000 218,410,000

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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US Mint Gold and Silver Eagle Bullion Demand Hits January Highs

American Eagle Gold Bullion CoinThe 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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Non cryptic numismatic news and articles can be hard to come by for collectors. The CoinNews site is mostly focused on delivering its own brand of news, information and collector services. It contains content brought to you through CoinNews.net staff or its approved authors.

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Coins Calculators and Tools for Collectors


CoinNews provides some simple, yet powerful guides, graphs and calculators that can help in making collecting decisions, monitor bullion - silver, gold and platinum - spot prices, find the Rate of Return for coins and check their value in silver. You can even check inflation rates and its affects on money over time. You'll find the major collecting tools:

Also, two tools you can use thanks to PCGS and Kitco.com:

 

US Mint Coin Release Dates


The following provides a list of recent or upcoming US Mint coin product launch dates, and when available, links to more information on the specific coin or set:

June 1, 2009
2009 Proof Sets
August 13, 2009
Lincoln Professional Life Cents
October 8, 2009
Braille Education Set
July 2, 2009
Letitia Tyler Gold Coins
August 26, 2009
2009 Lincoln Cent Proof Set
October 15, 2009
Lincoln Coin and Chronicles Set
July 17, 2009
2009 Silver Proof Set
September 3, 2009
Sarah Polk Gold Coins
October 19, 2009
2009 Gold Buffalo Proof Coins
July 27, 2009
American Samoa Quarter Bags
September 28, 2009
US Virgin Islands Quarters
November 12, 2009
Lincoln Presidency Cents
August 6, 2009
Julia Tyler Gold Coins
October 1, 2009
US Mint Uncirculated Set
Jan, 2010
America the Beautiful Quarters

 

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