Changes Ahead for Presidential and Native American Dollars?

A report recently issued by the Board of Governors of the Federal Reserve System suggests that changes might be ahead for Presidential Dollars and Native American Dollars. If suggested legislative actions are taken, the production levels for each of the series would likely be drastically reduced.

The report (summarized on Coin Update or available here in pdf) describes the growing stockpile of $1 coins held by Federal Reserve Banks, which has now reached more than 1.25 billion and will require the construction of a new storage facility.

The coin hoard continues to grow due to specific requirements of the authorizing legislation for each series.

Federal Reserve Banks are required to make each design of the Presidential Dollar series available to financial institutions in unmixed quantities during an introductory period. At the end of each ordering period, a residual amount of coins remains, adding to the hoard. Financial institutions who actually ordered the coins end up redepositing roughly 40% of them, again adding to the hoard.

The separate Native American Dollar series carries a legislative requirement that the coins represent at least 20% of dollar coin production for each year. Since Federal Reserve Banks are not required to order this series, the coins have been primarily distributed through the US Mint's Direct Ship Program. Unfortunately, an estimated 60% of these coins are eventually redeposited at Reserve Banks, once again adding to the hoard.

According to the report, the United States Mint has suggested legislative action to remove the 20% requirement from the Native American Dollars series. In the recent past, we have seen that when the US Mint suggests legislative action related to coins, it has taken place. Last year, the Mint requested a change to the law related to Silver Eagle production to allow collector versions to be struck even if full demand for bullion coins was not being met. They also requested changes to the specifications for the America the Beautiful Silver Bullion Coins. Both of these changes were provided under the Coin Modernization, Oversight, and Continuity Act of 2010.

The US Mint has not struck any 2011 Native American Dollars in several months, perhaps in anticipation of legislative action to remove the 20% requirement. According to the most recent production figures, for the year to date Native American Dollars account for about 12% of total dollar coin production.

With regards to Presidential Dollars, the Board of Governors of the Federal Reserve System has suggested removal of the requirement for a mandatory introductory period for each design. Rather than being forced to order each new design, the Reserve Banks could instead use existing inventories of dollar coins to fulfill demand from financial institutions.

If both of these legislative changes are made, it would likely have a dramatic impact on the number of Presidential and Native American Dollars produced each year. With so many coins already stockpiled, production might fall to the minimal levels needed to fulfill demand from coin collectors. This may become similar to the 2002-2008 Sacagawea Dollars, which had mintages of just a few million per year. The coins were not issued to the channels of circulation at all, but rather sold at a premium in US Mint numismatic bags and rolls.

The line up of circulating coinage denominations in the United States would grow even stranger. Of the six denominations, two would cost more than their face value to produce (cent and nickel) and two would only be produced in minimal quantities for collectors (half dollars and dollars).

Update: According to NPR, a California Congresswoman is planning to introduce a bill to immediately halt production of dollar coins. I have not seen the exact language of the bill, but this would seem to immediately end the Presidential and Native American Dollars series, and by extension the First Spouse Gold Coin series.

I am not sure how much support the bill would get. The complete elimination of the programs seems to go too far, especially when only small adjustments would solve the main issue of the growing $1 coin hoard.

Ulysses S. Grant Presidential $1 Coin Cover

The United States Mint will begin sales of the Ulysses S. Grant Presidential Dollar Coin Cover on June 29, 2011 at 12:00 Noon ET. This will be the 18th release in the American Presidency $1 Coin Cover series.

Each cover includes Ulysses S. Grant Dollars sourced from the first day of mintage at the Philadelphia and Denver Mints. These two coins are mounted on a display card and placed within an illustrated envelope including a 44-cent postage stamp with a postmark of "May 19, 2011 St. Louis, MO", the official circulation release date of the coins.

The US Mint redesigned these covers starting with the prior release. The portrait of the President was reduced in size to make room for a black bar at the bottom of the envelope, which includes the Treasury Department and US Mint logos. The design used for the first 16 covers featured a larger and more prominent head and shoulders portrait of each President.

Each cover is priced at $19.95 plus applicable shipping and handling. The maximum production limit is established at 22,000 units. Compared to last year's covers, this is a price increase of $4 and production limit decrease of 10,000 units.

The most recently released Andrew Johnson Coin Cover has sold 16,313 units as of the latest available sales report. Previously released covers remain available for sale at the US Mint all the way back to William Henry Harrison, the 9th President.

Coin Update News: Interview with Erik Jansen, Newest Member of CCAC

2010-P Abraham Lincoln Rolls Sold Out

According to the US Mint's website, the 2010 Abraham Lincoln Presidential $1 Coin Rolls from the Philadelphia Mint have sold out. These are the specially packaged numismatic rolls offered by the Mint for each issue of the series. The coins included in the rolls are the same as those issued for circulation.

The Abraham Lincoln Dollar Rolls originally went on sale on November 18, 2010, meaning that they have been available for just over seven months. The 25-coin rolls from Philadelphia have sold 49,300 units according to the latest sales report.

At the time of this post, the Denver Mint rolls remain available for sale, although they have a back order date of July 7. The sales report shows slightly lower sales at 48,770 units.

Numismatic products that feature Abraham Lincoln have always been popular and this product has been no exception. The sales levels are well above of all other Presidential Dollar rolls that are currently offered by the US Mint, several of which have been available for longer periods of time. The longest available rolls are those featuring James K. Polk, which originally went on sale on August 20, 2009.

Of the sold out Presidential Dollar Rolls, the only ones that tend to bring a big premium are those featuring William Henry Harrison. These rolls sold out in less than two months, with final sales of 30,000 from each mint. The continued premium is somewhat perplexing as a few subsequent issues also sold out quickly at the same final sales levels, but do not command a premium.

Coin Update News: Complete US Mint Sales Report

Ulysses S. Grant Presidential Dollar Rolls

The United States Mint will begin sales of the Ulysses S. Grant Presidential Dollar Rolls on May 19, 2011 at 12:00 Noon ET. This will represent the 18th release of the Presidential $1 Coin Program.
The obverse of the coin features a portrait of the former President, along with inscriptions indicating the order of the Presidency, years of the term, and the motto "In God We Trust". The reverse features an image of the Statue of Liberty that has been used in common for each release of the series. Both the obverse and reverse were designed by Don Everhart.

The US Mint will offer 25-coin rolls from either the Philadelphia or Denver mint facility. The wrappers will display the name of the President, mint mark, and the face value. Each roll is priced at $39.95 plus applicable shipping and handling.

May 19 will also mark the official circulation release date for the Ulysses S. Grant Presidential Dollars. As with previous issues of the series, the Federal Reserve Banks provided financial institutions with a special order period, during which unmixed quantities of the new design may be ordered. Until June 2, financial institutions can order $1,000 boxes or $2,000 bags of the coins for distribution to their customers. If you can find a bank that routinely orders the new Presidential Dollars, you can obtain rolls of the Ulysses S. Grant Dollars for face value.

Also on May 19, the US Mint will hold a launch ceremony for the new coins at the Ulysses S. Grant National Historic Site at 7400 Grant Road in St. Louis, Missouri. The ceremony will begin at 2:00 PM CT and will be open to the public. Following the ceremony, there will be a coin exchange with rolls available at face value.

One final note. Tomorrow might mark the end of sales for the Franklin Pierce Presidential Dollar Rolls. In February when sales of the Andrew Johnson Presidential Dollar Rolls began, the US Mint ended sales of the Millard Fillmore rolls. During the course of the program, the sales start and end dates for numismatic rolls have varied. Some rolls have remained available for years, others for months, and some for about a year until the corresponding issue of the following year was released. The US Mint may be adopting the latter policy once again.

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Initial Sales for Yellowstone Five Ounce Uncirculated Coins

2011 Presidential $1 Coin Uncirculated Set

The United States Mint will begin sales of the 2011 Presidential Dollars Uncirculated Set on April 27, 2011 at 12:00 Noon ET. The coins included in this year's set feature Andrew Johnson, Ulysses S. Grant, Rutherford B. Hayes, and James Garfield.
One example from the US Mint facilities at Philadelphia and Denver are included for each release, for a total of eight coins. These are mounted in an illustrated folder that includes biographical information for each President.

The front of the folder is slightly modified from the design used for 2007 to 2010 sets, in order to incorporate the US Mint's new branding. The four sections including portraits of each president are reduced slightly in size and a black bar is added at the bottom with the US Mint logo and Treasury Department seal.

Each set is priced at $19.95 plus applicable shipping and handling. This is an increase of $1 from last year's comparable product.

While it is not specified in the press release or preliminary product page, presumably these uncirculated coins carry the "brilliant finish" used for the 2011 Uncirculated Mint Set. Last year, a satin finish was used for the annual mint set and Presidential Dollar Uncirculated Set.

The 2010-dated set went on sale more than a year ago. Through the most recent sales report, the US Mint has sold 95,254 units. In the prior year, the 2009-dated set had last reported sales of 105,059 units.

Andrew Johnson Presidential $1 Coin Cover

Sales of the Andrew Johnson Presidential Dollar Coin Cover will begin at the United States Mint on March 31 ,2011 at 12:00 Noon ET. This will represent the 17th release in the ongoing American Presidency $1 Coin Cover series.
The basic format of the product remains the same with the inclusion of two 2011 Andrew Johnson Presidential Dollars from the first day of mintage at the Philadelphia and Denver Mints. The coins are mounted on an illustrated display card with a stamp and postmark cancellation from the official circulation release date. In this case, the post mark is February 17, 2011, Greeneville, TN.

As mentioned in a previous post, the US Mint has changed the design of the envelope to reflect their new branding. A black bar appears at the bottom of the envelope with the US Mint and Treasury Department logos. The portrait of the President appears in smaller size next to the coins.

Pricing for the product has been increased to $19.95 for each cover, plus shipping and handling. Last year, the Presidential Dollar First Day Covers were priced at $15.95 each.

The maximum production limit for the covers has been decreased to 22,000 units. Since the introduction of the series, the US Mint has reduced the product limit in line with the declining sales. The 2007 issues began with limits of 50,000 units, which achieved sell outs for the first three issues. The limit was lowered to 40,000 for the 2009 covers, and 32,000 for the 2008 covers, with the exception of the Abraham Lincoln Coin Cover set at 37,000 units.

Can the Andrew Johnson cover achieve a sell out with the lower production limit? The first 2010 cover featuring Millard Fillmore has already sold 22,171 units, supporting the possibility. However, the continuing attrition for the series, price increase, and possibly the packaging redesign might serve to weigh on sales.

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Andrew Johnson Presidential Dollar Rolls

Today February 23, 2011 at 12:00 Noon ET, the United States Mint will begin sales of the Andrew Johnson Presidential Dollar Rolls. This will represents the 17th issue in the ongoing Presidential Dollars series.

The Andrew Johnson Dollars were already released into circulation on February 17. This represents a change from the typical procedure, whereby the US Mint has coordinated the release date for numismatic rolls with the official circulation release date.

The obverse of the coin features a portrait of Andrew Johnson designed and sculpted by Don Everhart. The inscriptions include "Andrew Johnson", "In God We Trust", "17th President", and "1865-1869". On a reverse is an image of the Statue of Liberty also designed by Everhart with the inscriptions "United States of America" and "$1". Incused edge lettering includes the date, mint mark, and "E Pluribus Unum".

Rolls offered by the Mint will contain 25 coins from either the Philadelphia or Denver Mint. The design of the wrapper has changed from previous releases, following the US Mint's newly adopted branding.

The rolls are priced at $39.95 each, which represents a $4 increase from last year's releases. Prices have been increased for nearly all 2011 numismatic products.

Sales of the US Mint's Presidential Dollar Rolls have been in a general downtrend for the past several years, with the notable exception of the release featuring Abraham Lincoln. It seems fairly likely that the downtrend will resume with the release of the Andrew Johnson Presidential Dollar rolls.

The series seems to be continuing to experience some collector attrition, the price increase may serve as an additional deterrent, and some collectors might be willing to wait and see if this issue is eventually added to the Direct Ship Program. The US Mint recently made all of the 2010 releases available through the program, which allows the coins to be purchased in quantities of $250 at face value. The Millard Fillmore Direct Ship Dollars are already shown as no longer available.

Coin Update News: US Mint Sales Report

2011 Presidential Dollar Proof Set

The United States Mint will begin sales of the 2011 Presidential $1 Coin Proof Set on Tuesday, February 22, 2011 at 12:00 Noon ET.
Each set includes proof versions of the 2011 Presidential Dollars featuring Andrew Johnson, Ulysses S. Grant, Rutherford B. Hayes, and James Garfield. All of these coins were previously released in January within the full 2011 Proof Set, as well as the 2011 Silver Proof Set.

The coins are housed in a single plastic lens within an outer cardboard box featuring the US Mint's new branding. The four coin sets are priced at $19.95 each, which represents a $4 increase from the cost of last year's set.

In previous years, the Presidential Dollar Proof Sets have been released many months prior to the full annual proof sets. This was likely done purposely to provide an incentive to buy the separate component sets-- coins could be acquired much earlier in the year. Without this incentive and with the difficult to justify $4 price increase, it seems likely that sales of the 2011 Presidential Dollar Proof Set will be way down from last year.

The 2010 Presidential Dollar Proof Set had sold 224,426 units within the first three days of availability. The most recent figures indicate that sales have reached 519,553. Will this year's set manage to reach even half these levels?

Fillmore, Pierce, Buchanan, Lincoln Dollars Added to Direct Ship Program

The US Mint has just added all four 2010 Presidential Dollars to the Circulating $1 Coin Direct Ship Program.

Accordingly, rolls of the Millard Fillmore, Franklin Pierce, James Buchanan, and Abraham Lincoln Presidential Dollars can be obtained directly from the Mint at face value.
The Direct Ship Program was created as a means to proactively comply with the requirement of Public Law 109-145 to remove barriers and improve circulation of the $1 coin. Under the program, businesses or individuals are able order quantities of $250 worth of dollar coins directly from the Mint at face value with no charge for shipping. The purpose of the program is to compliment the existing Federal Reserve Banks distribution system by allowing the public to order smaller quantities of coins directly, so the $1 coins can more easily introduced into circulation.

In order to prevent abuses of the program, customers are required to agree that they will comply with the intended purpose of the program and not immediately deposit the $1 coins at a bank. Also, a 4-box ($1,000 face value) limit for every 10 day period is imposed.

In the last fiscal year, the US Mint distributed $90.7 million of the $1 coins through the Direct Ship Program. This accounted for 21.9% of all $1 coin shipments for the year.

Based on reports from readers and personal experience, the Presidential Dollars obtained from the Direct Ship Program are of similar or identical quality to those obtained through the US Mint's premium priced numismatic rolls.

The US Mint currently offers numismatic rolls of Presidential Dollars for Fillmore, Pierce, Buchanan, and Lincoln at a price of $35.95 for each 25-coin roll. Effective for the 2011 releases, the cost of each 25-coin roll will be $39.95.

Abraham Lincoln Presidential $1 Coin Cover

The US Mint will release the Abraham Lincoln Presidential Dollar Coin Cover on December 30, 2010 at 12:00 Noon ET. This will represent the final numismatic product release of the year.

The product will follow the same format as the previous releases of the American Presidency $1 Coin Cover series. Two 2010 Abraham Lincoln Presidential Dollars from the first day of mintage at the Philadelphia and Denver Mints will be mounted on an illustrated display card. The 44-cent Flag postage stamp is canceled with the postmark "November 18, 2010, Springfield, IL" representing the official circulation release date.

The sets are priced at $15.95 each and carry a maximum production limit of 37,000. This is 5,000 units greater than the limit set for the other 2010 releases, in anticipation of higher demand for the Lincoln set.

Back when the American Presidency $1 Coin Cover series began in 2007, the production limits were set at 50,000 units and sell outs were achieved for at least the first three releases. Since that time, sales have softened, and the US Mint has dropped the product limits.

So far, the 2010 releases have sold 21,653 (Millard Fillmore), 19,808 (Franklin Pierce), and 17,908 (James Buchanan). It's almost certain that the Abraham Lincoln cover will see higher sales, but a sell out might be difficult to achieve.

Last Opportunity Products

On December 30, 2010 at 3:00 PM ET, the US Mint will conclude sales for three prior year products.

Sales will end for the 2009 District of Columbia & U.S. Territories Quarters Proof Set, which originally went on sale nearly two years ago. To date, sales have reached 635,423. The sets are available at the original price of $14.95 for the six coin set.

The presidential $1 Coin & First Spouse Medal Sets for James K. Polk and Zachary Taylor will also conclude. Each of these sets is priced at $8.95. Last reported sales for the sets are 9,889 (Polk) and 8,746 (Taylor), however the US Mint has not provided updated numbers for these products in several weeks.

Coin Update News: Latest US Mint Sales Report

2011 Presidential Dollars Images and Release Dates

The line art images and release dates for the 2011 Presidential Dollars are now available from the United States Mint. Next year's coins will feature the former Presidents Andrew Johnson, Ulysses S. Grant, Rutherford B. Hayes, and James A. Garfield.

This will represent the fifth year and nearly the half-way point for the series. Under the current law, Presidential Dollars are issued for any former President who has been deceased for at least two years. The series continues until all eligible Presidents have been honored.

The legislative requirement that each design of the series must be available through the Federal Reserve System has kept mintages for each release relatively high, despite a growing stockpile of coins within Treasury vaults.

Many collectors report being able to acquire rolls of each new issue from their bank at face value. The Federal Reserve provides banks and financial institutions with a special ordering period surrounding the circulation release date during which unmixed quantities of newly issued coins can be ordered. Such procedures are not in place for the America the Beautiful Quarters.

The obverse design and release date for each of the 2011 Presidential Dollars appears below. The reverse of each coin features the image of the Statue of Liberty designed and sculpted by Don Everhart that has been used for each release of the series.



Andrew Johnson Presidential Dollar
Designed and sculpted by Don Everhart
Release Date: February 17, 2011


Ulysses S. Grant Presidential Dollar
Designed and sculpted by Don Everhart
Release Date: May 19, 2011


Rutherford B. Hayes Presidential Dollar
Designed and sculpted by Don Everhart
Release Date: August 18, 2011


James Garfield Presidential Dollar
Designed and sculpted by Phebe Hemphill
Release Date: November 17, 2011

Hopefully, this will be the last Mint News Blog post until next week, so I can spend some time with my family. Merry Christmas and Happy Holidays to readers and their families! Thank you for your readership and comments throughout the year.

Abraham Lincoln Presidential Dollar Rolls

The US Mint will begin sales of the Abraham Lincoln Presidential Dollar numismatic rolls today November 18, 2010 at 12:00 Noon ET. Featuring one of the most well known Presidents, the current release should attract more attention than this year's earlier releases.
The obverse of the Abraham Lincoln Dollar features his portrait as designed and sculpted by Don Everhart. Surrounding inscriptions indicate "Abraham Lincoln", "In God We Trust", "16th President", and "1861-1865". The reverse of the coin, also designed and sculpted by Everhart, features an image of the Statue of Liberty common to all issues of the series. Inscriptions include "United States of America" and the denomination "$1". The edge of the coin includes the motto "E Pluribus Unum", the date, and the mint mark.

The US Mint is offering 25-coin rolls of the Abraham Lincoln Presidential Dollar from either the Philadelphia or Denver mint. Coins are packaged in specially designed wrappers featuring the US Mint logo, President's name, mint of origin, and face value of the contents. Each roll is priced at $35.95 plus shipping and handling.

Numismatic products featuring Lincoln have typically been strong sellers for the US Mint. Last year, the 2009 Abraham Lincoln Commemorative Silver Dollars and Lincoln Coin and Chronicles Set were quick sell outs. The 2009 "Birthplace" Lincoln Cent Two Rolls Set was an unexpected quick sell out, despite the high premium to face value.

This year's Lincoln products include the following:

2010 "Preservation of the Union" Lincoln Cent Two Roll Set
2010 Abraham Lincoln Presidential Dollar Rolls
2010 Mary Todd Lincoln First Spouse Gold Coins
2010 Mary Todd Lincoln First Spouse Bronze Medal
2010 Lincoln Presidential $1 Coin & First Spouse Medal Set
2010 Abraham Lincoln Presidential $1 Coin Cover

Of these products, only two will contain stated product limits, while the remaining products are unspecified or open ended. The Mary Todd Lincoln First Spouse Gold Coins have a limit of 20,000 across both options. The 2010 Abraham Lincoln Presidential $1 Coin Cover would also have a limit, although it has not been specified yet. Other releases of the series for this year have been limited to 32,000 units.

Tomorrow, November 19, 2010 at 10:00 AM ET, the official launch ceremony for the Abraham Lincoln Presidential Dollar will be held. This will coincide with the 147th anniversary of the delivery of the Gettysburg Address. The ceremony will take place at President Lincoln's cottage on the grounds of the Armed Forces Retirement Home in Washington, D.C.

James Buchanan $1 Coin Cover

Today September 30, 2010 at 12:00 Noon ET, the US Mint will release the James Buchanan Presidential Dollar Coin Cover. This will represent the fifteenth release for the American Presidency $1 Coin Cover series.

The cover incorporates two 2010 James Buchanan Presidential Dollars from the first day of mintage at the Philadelphia and Denver Mints. The coins are mounted on an illustrated display card with a 44-cent postage stamp. The postmark on the cover is "August 19, 2010, Lancaster, PA", which coincides with the official circulation release date of the coins.

The covers are priced at $15.95 each plus shipping and handling. A product limit has been established at 32,000 covers.

The Presidential Dollar First Day Coin Covers have experienced a gradual decline in orders as the series moved forward. The first release featuring George Washington had sold out of the entire 50,000 maximum production. As sales have declined, the production limit was adjusted lower for subsequent issues.

Previous releases from William Harrison (9th) to Franklin Pierce (14th) remain available for sale on the US Mint's website.

Tyler, Polk, and Taylor Added to Direct Ship Program

Today, the United States Mint added some new options to the Direct Ship Program. Three out of the four releases for the 2009 Presidential Dollars featuring John Tyler, James K. Polk, and Zachary Taylor are now available.

The Direct Ship Program allows individuals or businesses to order $1 coins in quantities of $250 at face value with no charges for shipping and handling. The purpose of the program is to facilitate the introduction of the coins into circulation. Some coin collectors have ordered boxes of $1 coins through the program to search the coins for errors or high grade examples and then spend the rest into circulation.

The last time the US Mint added new options to the Direct Ship Program was in early January, when 2010 Native American Dollars and 2001 Sacagawea Dollars were added. Both of these options still remain available along with Presidential Dollars for George Washington, John Adams, Thomas Jefferson, James Madison, and Andrew Jackson. With today's addition of John Tyler, James K. Polk, and Zachary Taylor, there are now ten different design options available through the program.

On a related note, I wrote an article about $1 coins that was published today in the Washington Post. Many others have written about the lack of public adoption and the growing stockpile at the Federal Reserve Banks. In my article, I explore exactly why the Federal Reserve Banks are forced to order the coins, which in turn compels the US Mint to produce them in such unnecessarily high numbers, and also the odd fact that production of $1 coins accounted for more than 60% of the US Mint's profit last year.

Here's the article: Why does the Mint keep pumping out $1 coins when few are buying in?

James Buchanan Presidential Dollar Rolls

Sales of the James Buchanan Presidential Dollar Rolls will begin at the United States Mint on August 19, 2010 at 12:00 Noon ET.

This will represent the fifteenth release in the ongoing series of Presidential Dollars. The obverse of the coin features a portrait of James Buchanan designed by Phebe Hemphill. Inscriptions include "James Buchanan", "In God We Trust", "15th Presidency", and "1857-1861". The reverse of the coin features a rendition of the Statue of Liberty designed by Don Everhart with inscriptions "United States of America" and "$1". The motto "E Pluribus Unum" along with the date and mint mark appear on the edge lettering of the coin.

The United States Mint will offer 25-coin rolls from either the Philadelphia or Denver Mint. The circulation quality coins are packaged in US Mint branded wrappers which indicate the issue, face value, and mint of origin. The rolls are priced at $35.95 each.

The final mintage of the James Buchanan Dollar is already known, despite the fact that the coins have not yet been released. The US Mint has indicated final coin production of 36,820,000 coins at the Philadelphia Mint and 36,540,000 coins at the Denver Mint. This combined mintage of 72,360,000 represents the lowest mintage for a Presidential Dollar to date.

Presidential Dollar rolls for the last four consecutive releases still remain available for sale at the US Mint. The latest available sales figures indicate the James K. Polk Rolls have sold 41,036 (P) and 39,511 (D), the Zachary Taylor Rolls have sold 38,421 (P) and 36,739 (D), the Millard Fillmore rolls have sold 36,228 (P) and 34,760 (D), and the Franklin Pierce rolls have sold 31,570 (P) and 31,348 (D).

Coin Update News: 2011 First Spouse Gold Coin Designs

Franklin Pierce Presidential Dollar Coin Cover

Today July 1, 2010 at 12:00 Noon ET, the United States Mint will release the Franklin Pierce Presidential Dollar Coin Cover. This will be the second release of the year and the fourteenth release overall for the American Presidency $1 Coin Cover series.

The cover will include two Franklin Pierce Presidential Dollars from the first day of mintage at the Philadelphia and Denver Mint facilities. These will be mounted on a display card within an illustrated envelope. The 44-cent Flag postage stamp is postmarked May 20, 2010, Hillsborough, NH, representing the circulation release date for the coins.

The Franklin Pierce Coin Covers are limited to production of 32,000 and priced at $15.95 each.

While it may partially be the impact of the slower summer months, I have been noticing that the US Mint's subsidiary-type products have been experiencing sharp sales declines.

The most recent example is for the Presidential $1 Coin & First Spouse Medal Sets. The set featuring Franklin and Jane Pierce sold only 1,340 units in the opening sales period. This compares to initial sales of 2,362 for the previous set featuring Millard and Abigail Fillmore. The second previous set featuring Zachary and Margaret Taylor had debuted with sales of 2,702.

The two most recent Presidential $1 Coin Covers had recorded initial sales of 17,833 for the Millard Fillmore cover released on April 2, 2010 and 18,705 for the Zachary Taylor cover released December 30, 2010. It will be interesting to see how much of a decline is experienced for the Franklin Pierce cover. Dropping sales are likely an indication that some US Mint customers are getting bored of the current product line up or dismayed by this year's higher pricing.

Changes to US Mint's Direct Ship Program

A few weeks ago, the US Mint made some changes to their Direct Ship Program. This program has been tweaked many times as the Mint seemingly tries to preserve the utility of the program, while limiting the potential for abuses.

The Direct Ship Program was introduced in June 2008 as a way for businesses and individuals to obtain circulating dollar coins directly from the US Mint. The purpose of the program was to remove barriers and improve circulation of the dollar coin. In the most recent fiscal year, the US Mint reported distributing an astounding $85.2 million worth of coins through the program, representing 18.6% of the total dollar coin shipments.

Abuses of the product came to light in late 2009, when some mainstream publications ran stories about frequent fliers who were using the program to earn miles and other rewards on their credit cards. These individuals would order thousands of dollars worth of coins with their credit cards and then immediately deposit the coins into a bank account. The purchase and deposit would net to zero, as rewards and miles accrued.

The US Mint responded by cutting off some of the known offenders and adding bold messages to their product pages explaining the intended purpose of the program. Further, a message was added that: By clicking “Add to Cart” I agree that I understand, and will comply with, the intended purpose of the Program.

An article in the LA Times had also stated that purchases through the program would be coded as cash advances, so as not to earn rewards. However, I have subsequently confirmed that this is not correct. Orders are treated as regular credit card purchases.

The most recent change to the program has been to restrict orders based on time period, rather than cumulatively. A 4-box limit ($1,000 face value) now applies for every 10-day period across any and all Direct Ship orders. Before the change, the cumulative limits of 50 boxes of Native American Dollars and 2 boxes of Presidential Dollars were in place. Exemptions could be requested under both the old and new limits.

The US Mint currently has available 2001 Sacagawea Dollars; 2010 Native American Dollars; 2007 Presidential Dollars for George Washington, John Adams, Thomas Jefferson, James Madison; and 2008 Presidential Dollars for Andrew Jackson.

Franklin Pierce Presidential Dollar Rolls

The US Mint will begin sales of the Franklin Pierce Presidential Dollar Rolls later this week on May 20, 2010 at 12:00 Noon ET. This will represent the second release of the year for the series.

Franklin Pierce was the 14th President of the United States and served from 1853 to 1857. The obverse of the coin features his portrait with inscriptions indicating his name, "In God We Trust", "14th President", and "1853-1857". The obverse was designed by Susan Gamble and sculpted by Charles Vickers. The reverse features the image of the Statue of Liberty designed by Don Everhart used for all coins of the series. The date, mint mark, and "E Pluribus Unum" appear on the edge of the coin.

Similar to other recent Presidential Dollar releases, the US Mint will offer 25-coin rolls from either the Philadelphia or Denver Mint. The coins are wrapped in US Mint branded wrappers which indicate the President, mint of origin, and face value of the contents. The rolls are priced at $35.95 each.

In a post from last week, a reader reported already receiving rolls of Franklin Pierce Dollars from the bank, even though the public release date for the coins is May 20, 2010. There have also been several rolls listed for sale on eBay described as "in hand."

Presidential Dollars are the only series that banks currently have the ability to order from the Federal Reserve in unmixed quantities as new coins are released. A special ordering period extends three weeks before the public release date and two weeks after. Officially, the banks are not authorized to release the coins to the public until the release date, but some are either unaware or disregard this condition.

On May 20, 2010 at 10:00 AM ET, the US Mint will also be hosting a launch ceremony for the Franklin Pierce Presidential Dollar. This will take place on the grounds of Pierce Manse located at 14 Horseshoe Pond Lane, Concord, NH. A coin exchange will be available after the ceremony.

2010 Presidential Dollar Uncirculated Set

The United States Mint will begin sales of the 2010 Presidential Dollar Uncirculated Coin Set on April 13, 2010 at 12:00 Noon ET. This set will likely be a popular seller since it will include the first released 2010 P& D Abraham Lincoln Presidential Dollars.

Each set will include the 2010 Presidential Dollars featuring Millard Fillmore, Franklin Pierce, James Buchanan, and Abraham Lincoln from the Philadelphia and Denver Mints. The eight coins will be presented in an illustrated folder with biographical sketches and quotes for each president.

Even though the US mint product page makes no mention, it seems reasonable to expect that the coins included in the set will feature the satin finish, which has been used for coins included in US Mint issued Uncirculated Coin Sets since 2005. The Mint has previously confirmed that they will continue to use the finish in 2010, despite rumors to the contrary. Also, I have just received the Millard and Abigail Fillmore Presidential $1 Coin & First Spouse Medal Set and can confirm that the Millard Fillmore Dollar has the satin finish.

The 2010 Presidential Dollar Uncirculated Sets are priced at $18.95 each, which represents a $3.00 price increase compared to last year's set. There are no household ordering limits.

The previously released 2010 Presidential Dollar Proof Set, which marked the first release of the 2010 Proof Abraham Lincoln Presidential Dollar, debuted with sales nearly three times the level seen for the prior year set. I expect that the 2010 Presidential Dollar Uncircualted Set will see a similar strong opening.

Later in the year, the eight coins featured in this set will also be included in the 2010 Uncirculated Mint Set. This set presents a better relative value, priced at $31.95 for 28 coins, but there will likely be many collectors willing to buy the separate set to get the 2010 Presidential Dollars earlier.

On a separate note, the first coin image for one of the America the Beautiful Quarters is finally available. Until now, the US Mint had only provided the line art images of each coin, even at the special unveiling ceremony held last month. Here's a look at the Hot Springs Quarter:

Today on Coin Update News: 2009 Gold Eagle Final Mintage

Millard Fillmore Presidential Dollar Coin Cover and Other Updates

Today April 2, 2010, the US Mint released the Millard Fillmore Presidential Dollar Coin Cover. This represents the thirteenth release for the American Presidency $1 Coin Cover series.

Each cover includes 2010-P & D Millard Fillmore Dollars from the first day of production at the Philadelphia and Denver Mints. The coins are mounted on a display card placed within an illustrated envelope. The envelope has a 44-cent Flag postage stamp with a special cancellation and postmark of February 18, 2010, East Aurora, NY. This was the first day the Millard Fillmore Dollar was released into circulation.

The covers are priced at $15.95 each. This represents a $1.00 increase from the price level for previous covers in the series. The US Mint has raised prices for a large number of products this year.

The maximum production for the Millard Fillmore Dollar Coin Covers has been set at 32,000. This is a 20% reduction from the limit of 40,000 used for last year's covers. The covers released during 2007 carried maximum production limits of 50,000.

US Mint Product Schedule Updates

The US Mint has provided specific release dates for a number of upcoming products. This includes the 2010 Lincoln Cent Two Roll Set, which will be released on April 8, 2010. This set had been expected at the end of March. Pricing and release details are still unknown. The comparable 2009 Lincoln Cent Two Roll Sets were priced at $8.95 each. The sets for the Professional Life and Presidency designs still remain on sale.

In the month of May, the US Mint will release the 2010 America the Beautiful Quarters Proof Set on May 13 and the Quarters Silver Proof Set on May 27. These sets will be priced at $14.95 for the regular clad set and $32.95 for the silver set.

On May 20, 2010, the Franklin Pierce Presidential Dollar Rolls will be available. This corresponds with the circulation release date for the 14th coin in the Presidential Dollar coin series.