Congressman Asks for 2009 Proof Gold and Silver Eagles
On October 6, 2009, the United States Mint made the announcement that collectible 2009 Proof Gold and Silver Eagles would not be offered. Collectors expressed an outpouring of disappointment which has not gone unnoticed.
Note on the image above: This was posted on the US Mint's website prior to announcement of the cancellation of the 2009 Proof Silver Eagles.On November 18, Michigan Congressman Gary Peters sent a "Dear Colleague" letter to all 434 other congressmen and congresswomen asking for their support in requesting that the US Mint reverse their decision to cancel the coins. He also sent a letter to US Mint Director Edmund Moy urging that dies and packaging already prepared for the coins is not destroyed.
Rep. Gary Peters stated that his letters were prompted by a local resident who brought the US Mint's actions to his attention. He noted the program's considerable and loyal following and the fact that the program makes money for the Treasury. He specifically addressed the US Mint's legal requirement to produce bullion coins "in quantities sufficient to meet public demand" by stating that he did not believe this must preclude coining proof silver and gold American Eagles.
Since the number of 2009 Proof Gold and Silver Eagles might be limited, he suggested that the US Mint produce as many as possible before year end and then create a lottery system limiting coins to one per individual.
The US Mint had actually expressed their distaste for such an idea. In an article published by Coin World, a Mint representative had stated "even if the United States Mint had produced a small quantity of American Eagle silver proof coins, that quantity would be far from sufficient to meet the demand of all collectors who desire continuity and, accordingly, would be a detriment to many of them." On the other hand, the US Mint did not view the gap in production years as a detriment.
Rep. Peters has encouraged collectors to contact their member of Congress in an article which appeared as a Guest Commentary in Coin World and a Viewpoint article in Numismatic News. You can read the full article here.
I am not sure what the chances of success are for this request. Nearly two months have passed since the initial announcement and less than one month remains before the end of the year. The status of the dies previously created to mint the 2009 Proof Gold and Silver Eagles is also in question. Following the announcement of the cancellation, the US Mint released statements indicating that the dies would be destroyed. Has this already taken place?
Even if the attempt to produce 2009 Proof Gold and Silver Eagles is not successful, at least the letters sent by Rep. Gary Peters will bring broader attention to the actions of the United States Mint and this year's failure to produce these coins for collectors.
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Labels: US Mint
posted by Mint News Blog @ 7:56 AM
48 Comments:
I have never seen so many collectors being such cry babies before and it sickens me. GET OVER IT already!! I'm reading the same crap letters to the editor on Coin Word Magazine. Its not the end of the world people!!
If the US Mint isn't willing and/or able to produce the Gold and Silver Eagles, maybe we could prevail upon the Chinese counterfeiters to produce them. They seem to do a pretty good job of minting coins that are hard to tell from the legitimate ones. The Chinese produce almost everything else for us so why not some coins. The counterfeits would probably be indistinguishable (or nearly so) from legitimate coins from earlier years. After all, the counterfeits already in existence are hard to tell from the legitimate ones.
I have contacted my Rep. to sign the letter and I don't really care if I sicken the first poster. Yes...it's not the end of the world, but our government is already placating other cry babies ('free healthcare', free handouts for losers that don't want to work, etc.); why not produce a few coins while they are at it.
I'd agree this was a poor decision on the part of the Mint. They could easily have scheduled a few runs since the Proof quantities are not significant with the possible exception of the ASE. But I do support the Mint broadly, and I see no need or cause for grievance.
I don't see any need for a lottery. They are coining coins in the hundreds of millions. What's a few hundred thousand more? No sweat.
Never gonna happen. The speed at which our government does things would mean production to start in 2011. lol If they say 2009, they have to be minted in 2009.
"I have contacted my Rep. to sign the letter and I don't really care if I sicken the first poster. Yes...it's not the end of the world, but our government is already placating other cry babies ('free healthcare', free handouts for losers that don't want to work, etc.); why not produce a few coins while they are at it."
Cry babies? Free handouts to losers? I own a two small businesses and I can't afford health care. I work more hours a week then most people do in two weeks. If that warrants me a loser then whats that make you other than an self centered scum bag? Based on your comments... seems to me you are the one crying. Don't get me started on taxes. I pay mine... Lots of them.
However, I do hope they manage to pull off minting some 2009 coins. I just need one. Maybe I'll get lucky and be considered a loser and get a free one. Better yet maybe they will mint some for other countries since it seems a lot of people don't mind spending money on everyone else but us loser Americans.
This is just picking the scab on an old wound. The mint has turned to producing mainly crap and political coins. I sympathize with the first commenter but the gov't can turn on a dime if need be. The scamulus bill was passed in two days. I am not optimistic about this and as the first commenter implied have moved on to other interests. Do comments from the mint mean they are producing a 2010 ASE?
Does anyone know about the $38 dollar cost of the "Wondrous Diversity" bronze coin featured on the front of the mint webpage?
How much bronze is in it?
It's not so much whether a "gap" in the Eagle series would kill anyone, in my more than 53 years of collecting coins, and buying sometimes overpriced items from the Mint voluntarilly, I have silently endured what ever happened, good or bad.
The issue is that this time, the Mint (under misdirection of E. Moy) has finally added the straw that broke suuporting collectors back. The wishy washy, vacilating decisions, lead-you-by-the-nose baloney, and outright blatent obvious mishandling and lies in the past 18 months or so, has reached breaking point.
I have personally written letters to my State representatives, Secretary of the Treasury, the White House, local newspaper, and a few other mediums to express abject disappointment with the actions of governmental failures.
The ground swell of public opinion to the crumbling infrastructure of governmental leadership has just started. It's not the lousey couple of coins, it's the meltdown of truth by authority. We have become infiltrated by individuals seemingly intent on crumbling the last vestiges of American pride. ~Grandpa
To Anonymous at 11:13 AM on December 2, 2009
I don't know about how much bronze is in it, but you can get the 1 and 1/2 inch size for just $3.75. That's quite a bargain compared to $38 for the 3" size. For the same $38, you can get 10 of the smaller ones. What a bargain!! LOL
"Cry babies? Free handouts to losers? I own a two small businesses and I can't afford health care. I work more hours a week then most people do in two weeks. If that warrants me a loser then whats that make you other than an self centered scum bag?"
You can own two businesses, work lots of long hours, and still be a loser. In your case I might not call you a loser (I don't know you well enough), but you are certainly a poor businessman (case in point...spending the middle of your day blogging on a coin website instead of working). A friendly suggestion would be for you to go get a real education and then get a job that provides you with affordable healthcare instead of praying to the 'gods' in Washington. Play the game of 'Life' sometime. Even in that game the winners were typically those that got the best education.
I love living in a country that provides the freedom to go as far as you can take yourself. If you chose not to apply yourself (e.g., sacrificing time to get an education), then don't expect others to pick up your slack (unless they chose to). It's called personal responsibility.
By the way, scum bags are the bottom-dwellers that expect free hand outs and whine when they don't get them.
Amen Grandpa.
WAAAAAAAAAAAAAAAAAAAHHHHH!
Whine all you want. It ain't gonna change nothing. SO get over the fact that there won't be no more 2009 silver eagles. Move forward to 2010. Period.
Grandpa -
America. Love it or leave it.
Grandma
I feel that the collector version of these coins are "public demand" and should be fulfilled as the law requires. If the Mint needs a distinction between "public demand" and just one of general interest, require that these collector versions be sold through the "subscription" program only. At a minimum, I think the Mint should go back and mint enough coins to satisfy every subscription for these coins they had for the year 2009. In my mind those subscription orders are public demand. It is sad that I will have a gap in my collection as well as the gap in the collections of those that I give these coins as gifts to.
Deltabob
There is no "gap" in your collection if the mint did not issue a coin in said year. Yes, there is a "missing year" but this is not the same as a "gap" - which implies failure to collect an available coin. This is probably what was implied in the Mint's response - a lottery would create intense scarcity and therefore a great many collections would be adversely impacted.
Only 4 week until it's 2010. It takes congress longer than that just to order lunch. Plus, don't they all go on something like a 1 month Christmas, oops pardon me I mean Winter, break next week or the week after? 2009 simply isn't happening.
Although I do find it odd they were able to go thur a redesign of the platinum diversity coin and gear up to produce that one but can't seem to produce another coin that has been produced for more than 2 decades and isn't being redesigned.
Just wait until these guys run your Dr. visits.
There's a gap in the Morgan Dollar from 1905 - 1920 and the Peace Dollar from 1929 - 1933.
So why is it a problem with the eagles. I view it more as a big nothing.
TO December 2, 2009 1:52 PM
The US Mint produces millions of bullion Silver Eagles each month-you can verify this by looking at the statistics.They have the ability to produce 500,000-1,000,000 of W Silver Proof Eagles in a matter of 2 weeks.What lottery are you talking about?
I suggest you visit some websites of different World Mints and see what they are offering(Ex.Perth Mint).They have plenty of products and the majority of them are very interesting.The most important aspect is that they do not produce them using BRONZE.
Gap? Just put yout 09 "wondrous diversity"
medal in an eagle case and use your imagination!
Now being splashed all over Yahoo!
"Don't call the U.S. Mint for American Eagles -- they have none
Posted Dec 1st 2009 4:00PM by Connie Madon
Filed under: International markets, Press releases, Market matters, Commodities
"The U.S. Mint has depleted its current inventory of 2009 American Eagle one ounce bullion coins due to the continued strong demand," the mint said in a statement issued on Wednesday. It added that selling will resume "once sufficient inventories ... can be acquired to meet market demand."
The stoppage helped push gold prices to an all time high of $1,194.90 a troy ounce. Philip Newman of GFMS said that physical gold demand in North America has picked up in the last two months.
The U.S. Mint said that 1.19 million ounces of American Eagles were sold this year to date, up 75% from the same period last year. Sales of American Eagle silver coins reached 26 million ounces, the highest level in 23 years.
The scarcity of American Eagles has raised their premium to $60.00 dollars above spot gold, much higher than other coins.
Traditionally, the American Eagle and the American Buffalo are among the world's best selling coins. Turkey sells more gold coins that the U.S. but they are limited to within the country.
Just a note for traders. Often we see the price of a commodity rising and don't always know why. Now we know that India's purchase of 200 metric tons from the International Monetary Fund coupled with the U.S. Mint running out of coins was the trigger for the gold rally."
The MINT is going to get more "press" than they can deal with. Failure has it's price.
Are we the tail trying to wag the dog...If I could influence the mint about what to coin next I would like to buy some half ounce Buffalo 24 K coin.
Seems to me that they could re-alot some of their gold from one ounce gold coins to make more affordable coins especially now that gold is soaring in value.
Goldilocks
Is it just me or is gold rising at a ridiculously fast rate? I would rather it go up some, down less than it went up, and then go up some more. Either the dollar is in much worse shape than I originally thought (and I thought it was in bad shape), or we are experiencing 'irrational exoneration' as Alan Greenspan used to say.
I would expect a moderate correction once the Mint starts selling AGEs again. Maybe...
Spot gold now at $1222 (and going up!)1/2 oz melt at $611
Ebay still has some gold 1st spouses in the upper 600s!
Some "buy it now" coins sitting for days as gold skyrockets.
By the end of the week nothing will be available in this range.
Anonymous at December 2, 2009 2:05 PM.
Get over your anal retentive negativity about diversity. As a white male over 40, grow up.
Anonymous at December 2, 2009 5:02 PM...
We're seeing the gold bubble grow larger and larger. The new year brings changes. When 2010 arrives, it will be a new year, new decade, and new era for gold....
POP! POP! POP!
goes the gold BUBBLE! All the speculative money being put into gold will disappear. And speculators will wonder why, like with stocks, bonds, real estate, and other precious metals, they put their money into such get-rich quick commodities......
Tick, tick, tick....
KABOOOOOOOOOOM!!!!
How hard is it for the mint to produce a couple 100,000 coins?
They even said they had enough blanks a few months ago to make the proof silver eagles, and now pretend like it is not enough.
To form a more perfect union was not about diversity, it was about the union of the states.
How PC do we have to be?
Comments continue to be posted about "bubbles." Most of the financial wizards like on CNS or CNBC have been been screaming GOLD BUBBLE. Are these the same wizards of finance that didn't have friggin' idea a housing bubble was upon us but are now certain of a gold bubble. Using those idiots as a reverse barometer I would say gold bubble not. You decide for yourself.
I would get over the $38 price tag for the bronze medal. This is the going rate for the 3" medals. Check the Mint's web site, even W is listed for $38.
As for diversity, I don't have a problem with the theme on a medal, since this is what they are for. I wish that the Mint still offered the diverse selection they had a couple of years ago. You used to be able to pick up all of the Presidents, Charles Shultz and a wide range of great Americans. Now there seems to be a only few Pres's, and a couple of sold out first ladies.
This may be a post too late, but are they going to make a book for the First Spouse small medals? I started using a presidential one when the series started, without realizing that there were going to be individual medals for the double wife pres's.
As for the silver proof Eagles, I like the idea of sending in a '09 bullion and having it restamped if they don't have the blanks. Or maybe I will wait until next year, and if they have them, just get a punch for a 09 and stamp over the 10 (I have a nickel from the '70s where someone made it an "S" this way. Kinda cool, they centered the "mint mark" right over the dome on the reverse).
These 'diversity' coins are just a sign of the times. It's all about political correctness. One hundred years from now, these 'diversity' coins will be collectibles in the sense that they show how ridiculous our country was at the turn of the 21st century. Kind of like al gore getting the nobel prize for flying around the world in his personal jet trying to stop fictional global warming.
By the way, I hear there are record snows in canada and europe today. Go figure.
I was wondering if I should default on my property tax and buy 5 platinum coins. Bubbles? I don't see it yet. As long as they keep talking about it, it's not here yet.
When they start talking about "investing in gold" then you better bail out. Pop...Pop...Pop.....
Ok lets look at the positive side of things. The reason all the buffalos and eagles have increased 40% - 90% is b/c of the lack of coins that are being minted. So I am assuming that all you collectors that have these coins are very mad that your coins have gone up this high. Please people, accept the facts and enjoy the appreciation in your coins.
It is what it is. I am buying any 2008 coins because the mint will produce crap next year and these coins will go up even more in value. Bubble or no bubble these coins will appreciate due the last year of the fractionals and the low mintages. I look at the glass half full!
...it's not the end of the world, but our government is already placating other cry babies ('free healthcare', free handouts for losers that don't want to work, etc.)...
I guess you were lucky you were born healthy and continue to enjoy good health.
If you had a grain of sense, you would know that tens of thousands of Americans who through no fault of their own, can't get health insurance at any cost.
You complain about losers, but end up looking like one yourself.
Regarding the silver eagles, I fail to see how expressing an opinion to a lawmaker warrants a whiner or crybaby label by some.
I'm curious why everyone here is so excited about 2009 bullion and proof gold/silver coins.
Their mintages are very high. In the future, after the precious metal bubble pops, these coins are going to be so common, they will be worth their bullion value only.
So pay a lot now. After the bubbles pop/explode, watch the value of your coins drop.
If you're a true collector, think long term. If you're a flipper or in for buying precious metals as a get-rich-quick way of making $$, think short term.
"I guess you were lucky you were born healthy and continue to enjoy good health. If you had a grain of sense, you would know that tens of thousands of Americans who through no fault of their own, can't get health insurance at any cost. You complain about losers, but end up looking like one yourself.
Regarding the silver eagles, I fail to see how expressing an opinion to a lawmaker warrants a whiner or crybaby label by some."
Who's the cry baby? You don't see me crying my eyes out because I can't have someone else pay for my healthcare and my existence. No...I change my mind...you ARE a loser and a leach.
You have no idea what my state of health is, but you make judgements about my health. Typical liberal. You poor baby...maybe daddy obama will give you a big hug (while he's stealing out of your back pocket).
In your case, let's just look at it from the "survival of the fittest" point of view. Maybe it's darwin's way of saying you don't belong. Please go back to moveon.org with your liberal dribble so you and all your other socialist buddies can all cry to each other while other of us stay on this blog and "cry" about not having eagles this year.
It would be so nice to be able to read an article and then the posts without any SmartASS comments. Coin talk not politics !!!!!!!!!!!!!!
And if it sickens any of you to read collector displeasure, you don't have to read it or be a part of the discussion.
THE ONLY DIFFERENCE BETWEEN THIS GOLD 'BUBBLE' AND THE PREVIOUS ONES IS THAT THERE ARE NOW ETF'S THAT PHYSICALLY HOLD GOLD BULLION THAT HAVE NEVER EXISTED BEFORE, INVESTORS HAD TO BUY MINERS STOCKS OR COINS TO OWN A PIECE OF THE ACTION. NOW THEY OWN ETF'S THAT HAVE PHYSICAL CONTROL OF BULLION. I BELIEVE THAT GLD-AN ETF- HAS THIRTY SOMETHING TONS OF GOLD IN A LONDON VAULT. AND WHEN INVESTORS COME OUT AND BUT MORE OF THE ETF, THEY HAVE TO GO ON THE MARKET AND BUY IT. THIS IS MORE GOLD THAN MOST SMALL COUNTIRES HAVE IN THEIR VAULTS. SO I AM NOT SURE HOW MUCH THIS RUN ON GOLD WILL FOLLOW THE HISTORICAL RULES OF THE PAST AS THERE IS REAL 'HOARDING' GOING ON, NOT JUST FUTURE SPECULATION AS IN THE PAST.
JUST A THOUGHT AS I WATCH THE PRICE OF COINS CONTIUE TO GO UP AND I AM COMING TO BELIEVE THAT THERE IS NO NEAR TERM BUBBLE SO WAITING TO BUT THESE COINS IS PROBABLY NOT GOING TO BE A FINANCIALLY GOOD ONE. BUT WE WILL WAIT AND SEE HOW THIS WORKS OUT.
RE: "To form a more perfect union was not about diversity, it was about the union of the states.
How PC do we have to be?
December 2, 2009 6:24 PM"
I would like to elaborate and clarify a little bit more on what Anonymous posted at 6:24.
The problem with the "diversity" design on the platinum coin is that it has nothing to do with the meaning of the wording in the Constitution that it is supposed to depict. Most Constitutional scholars agree that the phrase, "in Order to form a more perfect Union," refers to the shift from the Articles of Confederation to the Constitution. This is clearly shown in the Preamble when you read the words directly without some of the intervening phrases. Here is a direct quote from the Preamble to the Constitution itself, "We the People of the United States, in Order to form a more perfect Union, ... do ordain and establish this Constitution for the United States of America." Thus, you can clearly see that it is the establishment of the Constitution itself that was bringing about "a more perfect Union."
This was not about diversity of people or any other PC considerations that people may want to attribute to it today. It was simply the establishing of the Constitution rather than the older Articles of Confederation which had more numerous flaws. The establishing of the Constitution had as an objective the bringing about of a more perfect Union.
It's that simple, folks. Therefore, a more appropriate design would have been a representation of the Constitution on a parchment scroll or something like that. In my opinion, that would have made for a more representative and less controversial design.
ROFLMAO... What kind of complete moron thinks you can't make a load of money investing in gold?!?!?!
"Investing in gold" isn't a 1 way street anymore, this ain't 1980. I can invest in gold ETF/ETN's and make lots of money (especially if they are leveraged) on the way up, and then if/when the price falls I can short gold ETF/ETN's and make a ton of money on the way down. It's that easy.
I am heavily invested in gold right now and I will continue to be. The pinhead who said to invest heavily in gold and see if it works out is completely ignorant of reality...
I will make lots of money investing in gold, doesn't matter if it goes up or down. I profit both ways.
I'll be glad to take your challenge of telling you how gold investing works out for me, on 1 condition: You tell me how well investing in bonds, cd's, stocks, real estate, and such works out for you in the same time frame. You're on.
I think it may be time to look outside the country for silver instead of domestic silver mines used for the proof silver coinage.
It`s good to see a congressman tackle an issue that affects us all. Forget the flood of illegal aliens, the mounting debt, jobs going overseas, or the war in Afganistan. We need to fix this terrible plight of no proof gold and silver coins. BRAVO !!! Give me a break.
Congressman Gary Peters for president! 2012!
Quote from 7:53 a.m.: THE ONLY DIFFERENCE BETWEEN THIS GOLD 'BUBBLE' AND THE PREVIOUS ONES . . .
Blah, blah, freaking blah. Funny how all of the "bubble-caller-outers" fail to recognize what could be the biggest "bubble" ever:
(see e.g.,)
http://www.youtube.com/watch?v=eZA0qNsf4m0
http://www.charliehiphop.com/dollar_bubble
Lets just see how much life the "dollar" has left as "World's Reserve Currency . . . Seems to me we will be catching up (down?) to rest of the planet's collective standard of living in relatively short order. A paradigm shift is upon us, deny it at your own risk.
As far as GLD and other similar "investment" vehicles are concerned, are you sure they have what they claim to have? These days, its hard to argue ownership of anything absent actual physical possession of same. Best of luck.
Gary Peters for President.
Grandma,
Obviously you are one of those blind flag waving "Love It or Leave It" Americans who does not question authority. You probably would have been better off under an authoritarian system, like the Nazis or Soviets, where you love the system or be worked as a slave &/or executed.
Let me tell you something. Here in America, we have a tradition of questioning, and standing up to authority. Tomas Jefferson said that "(t)he greatest form of patriotism is dissent". He also said:
"Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn that mankind are more disposed to suffer, while evils are sufferable than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security."
-Declaration of Independence, 1776
This country is about Liberty; not freedom, and definitely not about falling in line with governmental or political party agendas.
It is about Life, Liberty, and the Pursuit of Happiness. The system we have is not design to be a Democrarcy otherwise known as "Mob Rule", nor is it supposed to be an Oligarchy of the rich. When we have a despotic government that has stepped beyond it's Constitutional Republican authority, it must be overthrown.
We must overthrow it; not for ourselves but for our children, and for the future generations of Americans who may one day wake up under a socialist one-world government; because they failed to ask questions and take a stand. If not violently, then from within. We use the tactics of Gahndi and Dr. King first; our arms must be our last line of defense. If not, woe to use indeed...
Political Science Masters Student
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