American Palladium Eagle Bullion Coins Sought
At the July 20 House of Representatives subcommittee meeting on "The State of U.S. Coins and Currency," Michael Clark, President of Diamond State Depository, expressed his industry's belief that the American Eagle Bullion Coin Program should be broadened with the addition of palladium bullion coins.
The US Mint's bullion coin program originally included only gold and silver coins, but was broadened in 1997 with the introduction of the American Platinum Eagle. This might set the precedent for another broadening of the program with the American Palladium Eagle.
Statements provided at the hearing cited potential demand for Palladium Eagle bullion coins from both collectors and investors. The coins were presented as an interesting pricing point for precious metals investors at $450 per ounce, compared to higher priced gold and platinum. The possibility that the new coins would absorb some of the demand for Silver Eagles was also mentioned.
During the question and answer session of the hearing, Rep. Ron Paul observed, "If we get the palladium coin... where are we going to get the planchets?"
The question referred to earlier discussions about the US Mint's current reliance on just three suppliers for precious metals blanks, the apparent bottleneck in the production of bullion gold and silver bullion coins. Platinum bullion coins have not been produced since late 2008, presumably due to the same planchet procurement problem.
Past efforts for U.S. coins struck in palladium have included bills introduced by Rep. Dennis Rehberg and Sen. Max Baccus, both from Montana. These bills have sought the production of Saint Gaudens Ultra High Relief Double Eagle Palladium Coins in numismatic and bullion versions. The bills S. 758 and H.R. 3405 were introduced on April 1, 2009 and July 30, 2009, but have not made any progress.
The United States was the world's fifth largest producer of palladium. The metal is mined in Montana and refined in New Jersey, California, and South Carolina.
The Royal Canadian Mint is the only major world mint to currently produce palladium bullion coins. They initially produced the Palladium Maple Leaf coins from 2005 to 2007, but the program was ended due to low sales. The RCM revived the program in 2009 when they identified greater market demand for a palladium bullion.
Labels: US Mint
posted by Mint News Blog @ 12:30 PM
15 Comments:
The U.S. mint hasn't sold a Platinum Bullion coin (except for proofs) in almost two years. Would it be prudent to add another bullion coin that might not be produced a year or two from now?
Hard as they try.They won't be able to do squat if they don't recognize what the people are shouting for. What more could they need besides a quick swift kick in the butt to realize that without collectors their business will fail. If they piss off most of the collectors the way they did in 09. They will only go about trying to rebuild what they already had but lost due to poor decisions.
The business aspect of the US Mint is ignorant at best and any other normal business would have never shut out a series that was clearly successful. They can't even run a basic series on silver eagles. Why in the world would anyone expect or even believe they would attempt this nonsense.
I think it is clear that the two politicians trying to pass this palladium bill have special interests involved just judging by where they are from. Makes you realize that a lot of political pockets probably get very fat with a bill like that.
I think the American people are fed up with political pocket filling and would just like to see a good deal for a change with no big issues like successful series cancellations and quality problems.
I'll still stick to my guns and say that Moy needs to resign and make way for someone that can show the American people and the world what they deserve for their hard earned money.
Moy is typical of politicians and their "ethics." They will just replace Moy with another politician and it will be business as usual. I am proud to say that I've never held a government job as I don't want to ever be associated with their ilk.
"Moy needs to resign" ?
Moy needs to be FIRED. Only in America can an ineffective person receive a salary at taxpayers expense. This guy should be receiving unemployment benefits, soon.
I think people here ought to at least wait and see what proposed designs look like. A lot of commenters here have complained in previous threads that the US Mint doesn't offer anything unusual or interesting - well, I certainly think a Palladium coin would be something different. I agree the Mint has stumbled badly a lot recently, but before tearing down the idea I think we should at least see what the coin will look like if it does come to fruition.
The problem is that the US Mint does not know what the word fruition is. They are mere puppets of politics. Our nation has been stricken with greed and sacrificial quality standards. These are all signs of a steady decline in proper proficiency. Politicians have always looked further past their nose to avoid current issues. The time is now to make the difference. Future expectation for a time that would not facilitate costs for a change like this is a huge mistake. Palladium is not and has always proven to be a dead numismatic item when compared to silver or gold or even platinum. Perhaps the US Mint should take a lesson from the Canadians on that move and do something like waste their over paid time on making a 25th anniversary 4 coin high relief Silver eagle set with a 5oz, 2oz, 1oz, and 1/2 oz. Then the US Mint would know what a real home run looks like. If they really want to smack it out of the park.They could do it in silver and gold. Set very low mintage on a full set and do alternating mintage for the 2oz 1oz and 1/2oz. That way everyone could afford what they wanted. The whole palladium thing to me just looks much to risky in a already fragile economy. JMHO
Can we please have silver and gold ASE's before we discuss anything else?
The coin business needs a Limbaugh to channel all the gripes. Any takers?
I actually think a palladium coin would be a good option for the mint as the design is a high relief Saint Gaudens. If that is produced it will sell well and the naysayers will be wrong again.
As much as I want a palladium coin... You all just know it's going to be some terrible design.
As much as I'd love to see this (especially w/ the St. Guadens design), I'd be shocked if it happened anytime soon.
Here's to hoping, though!
All of the posts on this page basically make an argument for collecting medals versus US Mint output. There are many beautifully designed medals in precious metals being produced here in the US designed by top notch US artisans for the domestic and foreign markets. Check out the Paul Revere medals for instance being sold by the ANA for their World of Money Boston show. Do not expect that things will change at the US Mint. If Obama hasn't replaced a Bush appointee you can expect that the Mint's coin design and execution probs are a low priority. Check out Daniel Carr's website or others and you will be dazzled by the beautiful and low mintage choices you will enjoy having for years.
Jim L.
I agree Jim L. There are many great medals that are very affordable and with wonderful designs. I just picked up a O Roty design french medal that is absolutely beautiful. The Russians and many other countries produce some extremely stunning designs on both coins and medals. Pob joy mint is also a very notable place to look. I think anyone is a fool to not look past the US Mint for great looking coins and medals. Just key word in " world coins" and you'll see what I mean. So many people waste so much money on all this PCGS and NGC over priced hype that they miss out on some really nice stuff out there. But that's ok, it just leaves more for me to choose from.
A palladium coin would be great,but
the mint would ruin it with their design. A bullion bar would probably be more attactive.
"Only in America can an ineffective person receive a salary at taxpayers expense."
Oh please. That is such an ignorant and stupid thing to say. Are you even aware of what the rest of the world is like? No wait, don't answer, because nothing you say has any value.
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