Precious metals investors and collectors alike have been looking forward to a new silver bullion coin series expected to be released by the United States Mint before the end of the year. The series will feature designs showcasing the beauty of National Parks combined with the appeal of five ounces of .999 fine silver.
The new bullion investment product was authorized under Public Law 110-456, which also authorized the America the Beautiful Quarters Program. This series of circulating commemorative quarter dollars will be issued from 2010 to 2021 and feature designs representing National Parks, National Forests, and other federally protected areas. One area has been selected from each state, territory, and the District of Columbia.
The accompanying silver bullion program will carry the same designs as the quarter series, but they will be struck in five ounces of silver and have a diameter of 3 inches. Other specifications call for incused edge lettering to appear on each coin indicating the bullion fineness and weight. The coins will be struck in quantities that are determined by the United States Treasury Secretary.
So far, exact release dates for the America the Beautiful 5 oz. Silver bullion coins remain unknown, however by law the silver coins can only be issued during the same calendar year of release as the corresponding quarter dollar. This means that the bullion coins featuring Hot Springs National Park, Yellowstone National Park, Yosemite National Park, Grand Canyon National Park, and Mound Hood National Forest must be issued before the close of 2010.
It has not yet been determined whether the bullion coins will be offered in collector versions, such as proof coins or uncirculated coins. The US Mint intends to distribute the silver coins through their existing network of authorized purchasers. Sales occur directly to these large scale bullion dealers based on the market price of silver plus a mark up.
American Gold Buffalo Coins have been with us since 2006 and is reminiscent of the Indian Head or Buffalo Nickel that has been popular with collectors for almost a century. These are the first coins ever produced by the US Mint for the public that are pure 24k gold. This coin has a face value of fifty dollars but the cost to purchase one has risen to well over one thousand dollars. These coins are highly valued by collectors for their purity and stunning design.
The front side of the coin has the profile of a Native American Chief which is almost identical to the image on the Buffalo Nickel. The design was originally crafted by James Earle Fraser and is considered by most collectors to be one of the most beautiful and striking images ever put on any U.S. coin. The design is composite said to have been modeled after three different Native American Indian Chiefs.
On the opposite side of the coin is the image of an American Bison from which the American Gold Buffalo Coins get their name. The image is only slightly altered from that on the original nickel. Many believe that the buffalo on the coin was modeled after one that lived at the Central Park Zoo in New York named Black Diamond. The buffalo have often been associated with the American Indian and the combination of the two on one coin seems to make perfect sense.
These coins were created in response to the realization by the United States Government that people were increasingly investing in foreign gold bullion coins because there made of 24k gold. All other gold bullion coins minted in the U.S. up until that point were 91.67% rather than the 99.9% pure that the Gold Buffalo coins are. The coin has proven so popular that the mint has had trouble keeping up the demand for it.
Since there are a limited number of coins minted each year, the coins are fairly uncommon in terms of the other coins that available to the U.S. public. The high cost for these coins makes them inaccessible for many collectors, especially those just starting out, but they are a fantastic showpiece for any die hard collector of rare and valuable coins. The beauty and exclusivity of the American Gold Buffalo Coins makes them very sought after.
Susan B. Anthony Dollars were conceived with the purpose of creating a format for the denomination that would be readily used in commerce. Rather than using paper bills, which would wear out quickly, coins could last for decades saving the government money. It wasn’t that consumers were not amenable to the idea, but they found the new coins too easily confused with the quarter dollar.
Prior to the Anthony Dollar series, Eisenhower Dollars were struck for circulation for eight years. These coins had the same size as the classic silver dollar, although they were stuck in a composition of copper nickel clad. This series was often criticized for being too large and bulky for use in commerce. Outside of use in some casinos, not many were used in commercial transactions.
In 1979, the US Mint released the new Susan B. Anthony Dollars. These attempted to overcome the problems of the prior series. They were sized at 26.5 millimeters, smaller than the traditional 38.1 millimeters for the denomination. The inner rim was given thirteen sides, which would allow the coins to be differentiated by touch. A new design was used for the coins, with the portrait of the famous figure from the womens suffrage movement on the obverse. The reverse carried the same design as the prior series, based on the Apollo 11 mission insignia.
About 750 million of the new coins would be struck for the first year of issue at the mint facilities located at Philadelphia, Denver, and San Francisco. The large scale production was performed in anticipation of widespread public adoption. Despite some favorable publicity around the release, public sentiment quickly turned. People found the coins too difficult to differentiate from the quarter dollar, and even the half dollar. Confusion ensued and many merchants would not accept the coins.
Coining of the new denomination slowed in the following year, and by 1981 coins were only struck for collectors. The idea of a dollar coin fell out of favor until almost two decades later, when a new golden colored dollar coin was under development. It was at the same time that the supply of Susan B. Anthony Dollars finally ran dry. Although the coins were not widely used by the public, certain vending machines began to utilize the coins more readily. The Anthony Dollars were struck for one final year before being resigned to the history books.