Always a great selection of U.S. collector coins

August 2007

JEFFERSON DOLLAR RELEASED, COMPANION GOLD COIN IMMINENT

The Thomas Jefferson dollar was officially released into circulation on August 16. Banks were able to pre-order the coins from the Federal Reserve, and some have reportedly made them available to customers in advance of the official release date. This coin is the third in the series honoring former Presidents of the United States required by an Act of Congress signed into law by President Bush in late 2005.

As with the previously issued George Washington and John Adams dollars, the date, mintmark and the inscriptions "IN GOD WE TRUST" and "E PLURIBUS UNUM" are on the edge of each coin. Proposed legislation to move IN GOD WE TRUST to the obverse of future Presidential dollars is being considered by Congress.

The Presidential Dollar legislation requires a companion half ounce gold coin for each President's spouse. Because Jefferson was not married while President, the obverse of the next gold coin in this series features a representation of Liberty based on the Draped Bust design on U.S. coins issued during Jefferson's Presidency. "Thomas Jefferson's Liberty" coins will be offered to collectors by the U.S. Mint beginning August 30. Only 20,000 uncirculated and 20,000 proof coins will be sold. Martha Washington and Abigail Adams gold coins sold out within about 2 hours of going on sale and are currently trading around double their issue prices (see our July newsletter). The Mint has announced a limit of one uncirculated and one proof coin per household for the first week, to allow more collectors to make a purchase at the issue price.

The fourth and final Presidential dollar of 2007, honoring James Madison, is scheduled for release in November.

CURRENT SPECIAL

Our already discounted prices have been further reduced on 23 selected numismatic book titles, including several published during 2007. This sale will end September 4. Descriptions of the books and their sale prices are available on our Current Special page.

MINT SEEKS AUTHORITY TO CHANGE METAL COMPOSITIONS AND WEIGHTS

The "Coinage Materials Modernization Act of 2007" has been introduced in the U.S. House of Representatives. The bill, H.R. 3330, would give the Secretary of the Treasury the authority to change the metallic compositions and weights of U.S. coins. This authority is reserved for Congress under Section 8, Article 1 of the U.S. Constitution.

At current metals prices, the costs of producing one cent and five cent coins are approximately double their face value. Different metal compositions, such as steel pennies, and sizes are being considered to offset the approximately $100 million annual cost to taxpayers. Presently, such changes require Congressional authorization. Introduced by Rep. Luis Gutierrez, D-IL, and Rep. Barney Frank, D-MA, the bill would delegate this authority to the Secretary of the Treasury, who would take into account "such factors that the Secretary considers, in the Secretary's sole discretion, to be appropriate." Mr. Gutierrez and Mr. Frank chair House committees with Mint oversight responsibilities. A similar bill, S. 1986, has been introduced in the Senate by Sen. Wayne Allard, D-CO.

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