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US Mint needs to improve its coin product lineup

Petition published by Vocal Coin Collectors on Apr 29, 2014
Target: Richard A. Peterson, Deputy Director US Mint; and other concerned government/numismatic officials

Petition Background (Preamble):

The US Mint's current numismatic product lineup is not as interesting and attractive as it could be. The US Mint is in a position to revise its product lineup to make it more interesting and more attractive to its customers who purchase numismatic items from the US Mint.

The US Mint is also in a position to make its bullion coins more affordable which would make the benefits of investing in precious metals more accessible. Other countries such as Canada with their Maple Leaf bullion program have successfully made their bullion coins more affordable and have thus made investing in precious metals more accessible.

One of the ways that it could be done is through the Secretary of the Treasury's "broad authority" to mint and issue gold coins.

Petition:

We the undersigned call on the US Mint to use the Secretary of the Treasury's "broad authority" to mint and issue gold coins to produce the following numismatic gold coin products:

-A "low relief" with motto St. Gaudens Double Eagle. This coin would be an exact reproduction of the "low relief" with motto St. Gaudens Double Eagles issued from 1908-1933 as designed by Augustus Saint-Gaudens; the differences being that there would be 50 stars on the obverse and the coin would contain 1 troy ounce of fine gold with a composition of 91.67% gold, 3% silver, and 5.33% copper.

-An "ultra high relief" St. Gaudens Double Eagle. This coin would be a reproduction of the Ultra High Relief St. Gaudens Double Eagles made in 1907 and 2009, though more identical to the coins made in 2009. Like the coins made in 2009, there would be a rim that is slightly flattened, 50 stars on the obverse, the motto "In God We Trust", and the composition of the coin would be 99.99% gold (24 karats of gold). These Ultra High Relief St. Gaudens Double Eagles would also have Roman numeral dates and no mintmarks, similar to the coins made in 1907 and 2009. However the difference would be that there would be a 1 troy ounce version that is 27 millimeters in diameter and a 2 troy ounce version that is 34 millimeters in diameter. Other mints such as the Royal Canadian Mint already make 2 ounce gold coins, therefore a 2 ounce gold coin is not something unprecedented.

-A with motto Indian Head Eagle. This coin would be an exact reproduction of the with motto Indian Head Eagle issued from 1908-1933 as designed by Augustus Saint-Gaudens; the differences being that it would contain 1/2 of a troy ounce of gold with a composition of 91.67% gold, 3% silver, and 5.33% copper. This coin would also have an edge with 50 raised stars.

-An Indian Head "Buffalo" Half Eagle. This coin would bear an obverse and reverse design based on the 1913 Type 1 Indian Head "Buffalo" five cent piece as designed by James Earle Fraser. This coin would contain 1/4th of a troy ounce of gold with a composition of 91.67% gold, 3% silver, and 5.33% copper; have reeded edges; be 22 millimeters in diameter; and have the motto "In God We Trust" placed on the reverse of the coin in the exact same spot it is placed on with the American Gold Buffalo bullion coins. On the mound located on the reverse of the coin, the denomination of "Five Dollars" would be inscribed instead of the "Five Cents" inscription that exists on the 1913 Type 1 Indian Head "Buffalo" Five Cent pieces. Compared to the $50 American Gold Buffaloes produced, this Indian Head "Buffalo" Half Eagle would be closer to the size of the Indian Head "Buffalo" Five Cent piece which the design was originally made for.

-An Indian Head Quarter Eagle. This coin would be an exact reproduction of the Indian Head Quarter Eagle issued from 1908-1929 as designed by Bela Lyon Pratt; the difference being that it would contain 1/8th of a troy ounce of gold with a composition of 91.67% gold, 3% silver, and 5.33% copper.

We the undersigned also call on the US Mint to take advantage of the Secretary of the Treasury's "broad authority" to mint and issue gold coins to introduce a 1/20th ounce American Gold Eagle bullion coin. The 1/20th ounce American Gold Eagle would be in addition to the 1 oz, 1/2 oz, 1/4 oz, and 1/10 oz American Gold Eagles currently produced. A 1/20th ounce gold bullion coin would make investing in gold more accessible and more affordable. Other mints such as the Royal Canadian Mint have introduced 1/20th ounce gold bullion coins which have been successful. Like the Royal Canadian Mint's 1/20th ounce gold bullion coin, the 1/20th ounce American Gold Eagle would have a face value of 1 dollar. There would not be a numismatic version of this coin. This coin would only be issued as a bullion coin.

It is recommended that in order to not strain the budgets of US Mint customers that the US Mint discontinue the numismatic versions of American Gold Eagles and American Gold Buffaloes produced. The bullion versions of the American Gold Eagles and American Gold Buffaloes would continue to be produced. It is only recommended that the US Mint replace the numismatic versions of the American Gold Eagle and American Gold Buffalo coins with the St. Gaudens Double Eagles (both low relief 22 karats and ultra high relief 24 karats), the Indian Head Eagle, the Indian Head "Buffalo" Half Eagle, and the Indian Head Quarter Eagle proposed.

It is recommended that the US Mint enact these changes to the gold coin lineup in 2016 to coincide with the 30th anniversary of the American Gold Eagle program and the 10th anniversary of the American Gold Buffalo program.

It is recommended that the US Mint also begin a pilot program where it would submit a certain amount of these proposed gold coins to NGC and or PCGS directly for certification and to sell these certified coins directly to the public and determine an issue price based on the grade assigned by NGC and or PCGS.

The US Mint needs to improve its coin product lineup petition to Richard A. Peterson, Deputy Director US Mint; and other concerned government/numismatic officials was written by Vocal Coin Collectors and is in the category National Affairs at GoPetition. Contact author here. Petition tags: , , , , , ,

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