OMRA

Edmund Moy was nothing if not ambitious. It was his endeavor as the Director the United States Mint to recreate the masterpiece of Augustus Saint Gaudens as originally intended by the artist, but never realized within his lifetime. Collectors have this director to thank for making this ambition a reality.

This intention was first announced at a CCAC meeting held on March 13, 2008. It would become a defining moment in American coinage. Authorization was received from the Secretary of the Treasury to strike coins with the original ultra high relief design of the double eagle in one troy ounce of 24 karat gold. The coins would be issued for only one year and sold directly by the United States Mint to collectors.

The Ultra High Relief Double Eagle featured the image of Liberty on the obverse with a lit torch and olive branch. The rising sun was behind with the Capitol building in view to symbolize the dawn and bright future of the nation. On the reverse was a bald eagle in flight, looking youthful and confident. The rising sun appears below. There were modifications made to the date and the inclusion of In God We Trust.

The coins were released to collectors on January 22, 2009. Despite a limit of just one per household, orders quickly reached more than 40,000. The cost of the coins was originally $1,189 based on the prevailing price of gold. At later points in the year, the price would be increased. The first coins arrived in early February to the delight of collectors.

Later, some realized the certain examples of the coin displayed proof like surfaces. These were identified as such by third party grading companies and commanded a premium on the secondary market. Eventually, the final mintage of the coin reached 115,178. In comparison to the worldwide market for these coins, the total proved low and prices began to escalate.

The last 90% silver coinage produced for circulation by the United States Mint was dated 1965. After this date, the silver was removed completely from the dime and quarter, while it was reduced for the half dollar. There had been no silver dollars minted for circulation since 1935. Although production started for a batch dated 1964, these were never released and destroyed. Also a five year ban on the dollar coin was implemented.

From 1965 until 1967, it was not legal to melt the existing 90% silver coinage. This was to prevent the public from taking the coins out of circulation and melting them down for the precious metals. No doubt some of it was surreptitiously melted during this time or melted overseas. Many people hoarded the coins without melting it.

As the decades passed, the laws changed and the market price of silver rose. The silver coinage that was not prized for its numismatic value became a type of commodity. It was readily traded or exchanged based on the market value of the included precious metals content. So called 90% junk silver was traded within bags based on the face value of the content, most generally $1,000 bags for dealer transactions.

This offered some advantages over other methods of precious metal investing. While the market price of silver was generally low, the face value of the coins provided a floor value for any investment. Even if silver theoretically fell to zero, the coins would always be worth their legal tender face value.

A secondary benefit is the lower premium available. As opposed to newly minted bullion coins, this junk silver trades for a much more modest premium. At times, it can even be purchased for less than the silver value.

All in all, the silver coinage of the past will remain alive and well within the dynamic precious metals investment market.

James B. Lonacre was the fourth Chief Engraver of the United States Mint. He was given the task of designing the new double eagle, which was authorized as largest circulating denomination following the the vast discoveries of gold in California. Previously, the eagle with a value of ten dollars was the highest denomination. With a value of twenty dollars, the new coins were naturally called double eagles.

The first coins were struck on December 22, 1849. There were originally two examples of the 1849 Double Eagle produced, one of which went to the Mint Cabinet and eventually the Smithsonian Institution’s collection. The other was sent to Treasury Secretary William M. Meredith, but was eventually lost to time. This represents one of the great rarities in American numismatics, although it almost certainly will never be available for a private collection. The coin remains one of the key attractions of the Smithsonian’s National Numismatic Collection.

The first coins were struck for circulation around January 26, 1850. The large sized gold coins were struck at the Philadelphia Mint in relatively high numbers. By the end of  the year, the total mintage had reached 1,170,261 pieces. As the first regular year of production for the Liberty Double Eagle, this is a popular issue. It remains relatively affordable in circulated grades, but becomes expensive in higher states of preservation.

Longacre’s design would remain in use from 1849 until 1907. Of all the series, he designed, this would be the one with the longest duration. He is also remembered for the Flying Eagle Cent, Indian Head Cent, and $1 Gold Coins. His design for the double eagle would experience a few minor modifications during the course of use, such as the change of the denomination from “Twenty D.” to “Twenty Dollars” and the addition of the motto “In God We Trust”.

Today, Liberty Double Eagles are highly collectible. The series has its share of rarities including proof only issues and some coins with exceedingly low mintages. Completion of an entire set is something very few collectors have the budget or patience to attempt.

The Sacagawea “Golden Dollar” was introduced with a great amount of fanfare in the year 2000. The United States Mint unleashed a number of television commercials and print advertisements promoting the new coin as a replacement for the dollar bill. Numerous special events were held to mark the coins initial production and release into circulation. For the first year of issue, more than 1.2 billion coins were produced for expected use within circulation.

Despite, a relatively high level of awareness for the new dollar coin created by the advertising campaigns, widespread use within circulation never took place. By the second year of issue, overall mintage for Sacagawea Dollars had dropped to 130 million coins, many of which remained in vaults and never reached circulation. By the third year, production for circulation ceased. For the next five years, the coins would only be struck in limited numbers to fulfill the demand from collectors.

In 2009, Sacagawea got a second chance. A new series was authorized known as the Native American Dollars. This series would use the obverse design of the original series, paired with an annually rotating reverse design to highlight the accomplishments or contributions of Native American people. The obverse would see a slight change with the movement of the date and mint mark to the edge of the coin, where it would be inscribed along with the motto “E Pluribus Unum.”

By law mintages for the new Native American Dollar coins are required to be at least 20% of the overall production of dollar coins. This results an ensured heavy mintage for circulation. In 2009, there were more than 70 million coins produced. The question remains as to whether these are really finding their way into circulation.

The US Mint has been distributing the coins primarily through their Direct Ship Program. Individuals or business can purchase $250 quantities of the coins for face value with no charges for shipping. Early in the program many people took advantage to earn credit card rewards points, and simply dumped the coins off at their local bank.

Time will tell how this second chance works out. The series is authorized to run concurrently with the Presidential Dollar program, which will last until at least 2016.

James Earle Fraser created a new design for the circulating five cent nickel featuring a Native American chief on the obverse and an American Bison or Buffalo on the reverse. His design would be used from 1913 to 1938 for the Buffalo Nickel. The enduring popularity of the uniquely American design would cause it to be revived for use on a silver dollar and 24 karat gold coins in modern times.

The image of the Native American is actually based on a composite of three real life subjects. Iron Tail of the Sioux, Two Moons of the Cheyenne, and John Big Tree of the Seneca Nation had each posed for him years earlier. The image of the Buffalo is believed to be modeled from Black Diamond of the New York Central Park Zoo, although positive identification has never been established.

After its appearance on the circulating nickel, Fraser’s design made its first reappearance in 2001 when a commemorative silver dollar was issued for the National Museum of the American Indian of the Smithsonian Institution. The design was made to reuse the classic design for this purpose and the 2001 Buffalo Silver Dollar was born. These coins were struck in 90% silver with a diameter of 38.1 mm. The maximum authorized mintage of 500,000 completely sold out at the United States Mint.

A few years later when a 24 karat gold bullion coin was conceived, Fraser’s design was tapped again. The American Gold Buffalo was authorized under Public Law 109-145, which also brought us the Presidential Dollar coin series. The new Gold Buffalo coins would be minted in one ounce of 24 karat gold and available in bullion and collectible proof versions. The law does provided that unique obverse or reverse designs could be used after the first year of release, but so far the US Mint has chosen to use the original design in full for all coins issued 2006 to present.

The continued re-use of the original design for the Buffalo Nickel and strong collector interest in these offerings is a testament to the uniquely American imagery created by James Earle Fraser.