The Presidential $1 Coin Program would not run its full course if several members of the Senate and House get their way. Two separate pieces of legislation have been introduced in the U.S. Congress which would ultimately end the dollar coins series dedicated to the former Presidents of the United States.

This new legislation comes in response to recent media attention to a reported $1 billion plus worth of dollar coins held in storage by Federal Reserve Banks. (Check out the PDF of the Annual Report to the Congress on the Presidential $1 Coin Program from the Board of Governors of the Federal Reserve System.) The massive stash of coins has been building up over the years with a marked increase occurring since the introduction of Presidential dollars four years ago.

Most attribute the inventory of dollar coins to two major factors. First, the public’s resistance to the use of dollar coins for everyday circulation. Second, requirements pertaining to the dollar coins placed on both the US Mint and the Reserve Banks.

When Congress created the legislation for the Presidential series in 2005, undoubtedly one of main reasons behind it was to win the public over to the idea that dollar coins could be used for daily commerce transactions. If it had occurred, it may have led to an easy transition from the $1 banknote which ends up costing significantly more to produce over the long-term in comparison to a coin. Currently, $1 banknotes have an expected life of 42 months according to the Bureau of Engraving and Printing. The United States Mint lists the life span of a coin at 25 years.

It is also not the first time Congress attempted to put dollar coins into meaningful circulation. In 1971, Eisenhower Dollars were first minted but proved unpopular with the public owing to their size. They were followed in 1979 by the Susan B. Anthony Dollar which also proved unpopular despite being much smaller. Finally, in 2000, the Sacagawea Dollar made its way to the public but never took traction when it came to commerce.

Then, in 2005, Congress passed the Presidential Coin Act of 2005. It sought to increase interest in the $1 coin by honoring the former Presidents of the United States on their obverse. The program debuted in 2007 and is scheduled to run through at least 2016 with four new dollar coins appearing per year honoring the Presidents in the order in which they served.

However, in passing that Act, Congress also placed certain demands on their production. For one, it initially required that at least 1/3 of the total number of dollar coins produced in a year still feature the Sacagawea design. (That percentage was later decreased to 20% of the total.) In addition, a mandatory introductory period was established which required Federal Reserve Banks to have sufficient supplies on hand of each of the new designs to insure broad public availability.

Together, the lack of interest in the coins and the mandated production and distribution meant that many more of the coins have been produced than are needed, which led to the build-up. However, if passed, the proposed legislation would remedy that problem.

H.R. 2593 was introduced in the House of Representatives by Rep. Jackie Speier of California and is cosponsored by Rep. Jared Polis of Colorado. Entitled the Wasteful Presidential Coin Act of 2011, the proposed legislation would strike subsection (n) of Section 5112 of title 31 which authorized the Presidential $1 Coin Program. It would further limit the number of Sacagawea Coins produced by adding:

“no $1 coin may be minted or issued under this section during any period in which the number of $1 coins issued, but not in circulation, is more than 10 percent of the number of $1 coins in circulation” to Section 5112 of title 31.

A bill was also introduced in the United States Senate by Sen. David Vitter of Louisiana and cosponsored by Sen. Jim DeMint of South Carolina. S. 1385 , entitled A bill to terminate the $1 presidential coin program, would strike subsection (n) and replace it with “(n) [Reserved].” (Read one collector’s perspective on this bill at Coin Collectors Blog.)

Either legislation, if it became law, would see the end of the Presidential $1 Coin in its entirety. In addition, it would likely also affect the associated First Spouse Gold Coin Program which are issued in conjunction with the Presidential dollars coins.

For proposed coin legislation to become law, it must pass in both chambers of Congress and win the signature of the President of the United States.

2010 America the Beautiful Five Ounce Silver Uncirculated Coin™ – Grand Canyon National Park

Enthralling landscapes and breathtaking views await visitors to Grand Canyon National Park. This unique coin will make the perfect addition to any collection. It is made of .999 fine silver and has a diameter of three inches. The coin’s expert craftsmanship captures the wondrous natural beauty of this unforgettable national park. The reverse features a spectacular view of the granaries above the Nankoweap Delta in Marble Canyon near the Colorado River. The obverse features the 1932 portrait of George Washington by John Flanagan. Add this treasure to your collection by ordering today!

2011 September 11 National Medal

This beautiful proof silver medal commemorates the 10th anniversary of the September 11, 2001, terrorist attacks on the United States. The medal’s designs are emblematic of the courage, sacrifice and strength of those individuals who perished in the attacks, the bravery of those who risked their lives to save others that day, and the endurance, resilience and hope of those who survived. The obverse features Lady Liberty holding a Lamp of Remembrance with the inscriptions ALWAYS REMEMBER and 2001 – 2011. The reverse features an eagle against a background of cascading water with the inscriptions HONOR and HOPE. A $10 surcharge per medal is authorized to be paid to the non-profit National September 11 Memorial & Museum. Order today and continue the legacy of hope.

by Mike Unser on June 3, 2011

The United States Mint this week confirmed that it will make the Yosemite National Park 5 Oz Silver Uncirculated Coin available on Thursday, June 9, 2011.

The three-inch diameter, .999 fine silver collector coin had been listed in the Mint’s June schedule for an expected release on the 9th, but its launch was set in stone and release details affirmed in a media statement the bureau issued Thursday.

The United States Mint will release up to 27,000 Yosemite silver coins beginning on June 9 at noon ET. Unless silver’s direction changes radically in the next few days, it will go on sale at $279.95.

“The 2010 America the Beautiful Five Ounce Silver Uncirculated Coin — Yosemite National Park is currently priced at $279.95,” per the Mint’s media statement. “As with all products sold by the United States Mint containing precious metals, pricing is subject to change.”

Price and mintage levels remain the same as the first two issues in the series, the first Hot Springs National Park 5 Oz Silver Uncirculated Coin and the second Yellowstone National Park 5 Oz Silver Uncirculated Coin. Buyers eagerly sought out both of these coins as their sell outs occurred within weeks. Arkansas’s Hot Springs coin was made available on April 28 and sold out May 13. Wyoming’s Yellowstone coin was made available on May 17 and sold out on June 1.

Yosemite Coin Design

Designs for the Yosemite National Park 5 Oz Silver Uncirculated Coin are the same as the five-ounce bullion version minted for investors (which sold out last year), and that of the circulating Yosemite National Park America the Beautiful Quarter.

The obverse features the familiar portrait of George Washington. The reverse, by Joseph Menna, depicts the scenery of El Capitan. Inscriptions include YOSEMITE, CALIFORNIA, 2010 and E PLURIBUS UNUM.

As a collector piece, the Yosemite silver coin bears a Philadelphia “P” mint mark. The bullion version of the coin was minted in Philadelphia as well but does not have the denoting mint mark.

Five-ounce coins have an edge inscription of .999 FINE SILVER 5.0 OUNCE. Quarters have a reeded edge.

Order Details for Yosemite Uncirculated Coin

When available, the Yosemite National Park 5 Oz Silver Uncirculated Coin may be purchased directly from the United States Mint website at http://www.usmint.gov or by calling its toll free number 1-800-USA-MINT (872-6468). There is a limit of one coin per household. A shipping and handling fee of $4.95 will be charged for all domestic orders.

The Yosemite uncirculated coin comes enclosed in a capsule to protect its finish. The capsule is placed within a protective outer box and accompanied by a Certificate of Authenticity.

Additional 2010-dated five-ounce coins will become available later this year. They include coins honoring Grand Canyon National Park in Arizona and Mount Hood National Forest in Oregon. Check out this site’s National Park Silver Coins page for information on each of the 2010 and 2011 five ounce issues.

2011 Proof American Platinum Eagle Coin Available

by Rhonda Kay on May 27, 2011

in Coin or Numismatic News,New Coin Releases,US Mint News and Information

The United States Mint released the 2011 Proof American Platinum Eagle on May 26 for an initial price of $2,092.00. 

This image of the proof eagle and its packaging were included in a United States Mint promotion notice to customers announcing that the new coin was available. 

Year	Launch Date	Mintage	Price	Reverse Design Theme
2009	December 3, 2009	8,000	$1,792	To Form a More Perfect Union
2010	August 12, 2010	10,000	$1,892	To Establish Justice
2011	May 26, 20111	15,000	$2,092	To Insure Domestic Tranquility
2012	?	?	?	To Provide for the Common Defense
2013	?	?	?	To Promote General Welfare
2014	?	?	?	To Secure the Blessings of Liberty to Ourselves and our Posterity

2010 America the Beautiful Five Ounce Silver Uncirculated Coin^™ – Yellowstone National Park

Pack your bags for an unforgettable road trip to one of the most awe-inspiring sites in our Nation! This three-inch, five-ounce coin’s obverse features the 1932 portrait of George Washington by John Flanagan. The reverse features the captivating Old Faithful geyser with a bison in the foreground. The coin has an uncirculated finish and a “P” mint mark for the United States Mint at Philadelphia, where it is struck. Only 27,000 coins will be minted, and a limit of one coin per household is in effect for at least the first week. Add this stunning coin to your collection today!