JohnQPublic
26th December 2010, 05:05 PM
American Palladium Eagle Coins (http://www.coincollectingnews.org/american-palladium-eagle-coins/1014496)
by Coin Collecting News Staff on December 20, 2010
in Coin Legislation, Featured Coin News, U.S. Coins
A new bill was signed into law last week that will authorize the United States Mint to produce American Palladium Eagle coins in three versions: bullion for investors, and proof and uncirculated for collectors.
The American Eagle Palladium Bullion Coin Act of 2010 was introduced by Congressman Denny Rehberg on September 22, 2010. It passed in the Senate on December 1, 2010. President Obama signed the Act into law (Public Law 111-303) on December 14, 2010.
The 'Winged Liberty' design on the Mercury Dime would be featured on the obverse of American Palladium Eagle coins.
Under the American Eagle Palladium Bullion Coin Act, the creation of new American Palladium Eagle coins will be allowed if a marketing study conducted on the matter indicates a demand for such a piece. There is little doubt about demand. It should be high for several factors, including an exceptional obverse and reverse design and a less expensive price point as compared to gold coins.
A main purpose of the new bullion product is to offer a fourth precious metal option to the American Eagle line-up which currently consists of silver, gold and platinum. The addition of coins would theoretically reduce the intense Silver Eagle demand placed on the United States Mint as palladium's market price is in the range between gold and silver.
"A one-troy ounce palladium coin would offer the precious metals investor an interesting price point for market entry," Michael Clark, Diamond State Depository President, testified July 20, 2010, before the House Subcommittee on Domestic Monetary Policy. "We do believe it is an ideal price-point for many investors," added Clark. "As a result of producing a palladium coin, we believe it would have the effect of reducing the burden on the Mint for Silver Eagle production."
For 2010, palladium is averaging over $500 an ounce whereas gold and silver are at $1200-plus and $19-plus, respectively. Each of the American Palladium Eagle coins will have a denomination of $25 and contain one ounce of .9995 palladium.
Designs for American Palladium Eagle Coins
The law requires both the obverse and reverse designs to be based on the work of Adolph A. Weinman. The obverse will contain a high-relief likeness of Weinman's Winged Liberty design that was first used on the dime from 1916-1945 (also known as the "Mercury Dime"). The reverse will include a high-relief likeness of Weinman's 1907 American Institute of Architects medal. Weinman's work can also be found on the Silver Eagle obverse which shows his "Walking Liberty" design.
Inscriptions will include IN GOD WE TRUST, LIBERTY, UNITES STATES OF AMERICA, and the denomination and weight of the coin and the .9995 fineness.
Public Law 111-303 throws in a new twist for the collector proof and uncirculated versions, dictating that the numismatic pieces feature varying "surface treatments" each year. The United States Mint must produce the proof versions at West Point, but it is allowed to select where to strike the other two coins.
The law also requires that the Palladium Eagles be composed of palladium mined in the U.S. or its territories. Stillwater Mine in Montana is the only American location where palladium is mined.
by Coin Collecting News Staff on December 20, 2010
in Coin Legislation, Featured Coin News, U.S. Coins
A new bill was signed into law last week that will authorize the United States Mint to produce American Palladium Eagle coins in three versions: bullion for investors, and proof and uncirculated for collectors.
The American Eagle Palladium Bullion Coin Act of 2010 was introduced by Congressman Denny Rehberg on September 22, 2010. It passed in the Senate on December 1, 2010. President Obama signed the Act into law (Public Law 111-303) on December 14, 2010.
The 'Winged Liberty' design on the Mercury Dime would be featured on the obverse of American Palladium Eagle coins.
Under the American Eagle Palladium Bullion Coin Act, the creation of new American Palladium Eagle coins will be allowed if a marketing study conducted on the matter indicates a demand for such a piece. There is little doubt about demand. It should be high for several factors, including an exceptional obverse and reverse design and a less expensive price point as compared to gold coins.
A main purpose of the new bullion product is to offer a fourth precious metal option to the American Eagle line-up which currently consists of silver, gold and platinum. The addition of coins would theoretically reduce the intense Silver Eagle demand placed on the United States Mint as palladium's market price is in the range between gold and silver.
"A one-troy ounce palladium coin would offer the precious metals investor an interesting price point for market entry," Michael Clark, Diamond State Depository President, testified July 20, 2010, before the House Subcommittee on Domestic Monetary Policy. "We do believe it is an ideal price-point for many investors," added Clark. "As a result of producing a palladium coin, we believe it would have the effect of reducing the burden on the Mint for Silver Eagle production."
For 2010, palladium is averaging over $500 an ounce whereas gold and silver are at $1200-plus and $19-plus, respectively. Each of the American Palladium Eagle coins will have a denomination of $25 and contain one ounce of .9995 palladium.
Designs for American Palladium Eagle Coins
The law requires both the obverse and reverse designs to be based on the work of Adolph A. Weinman. The obverse will contain a high-relief likeness of Weinman's Winged Liberty design that was first used on the dime from 1916-1945 (also known as the "Mercury Dime"). The reverse will include a high-relief likeness of Weinman's 1907 American Institute of Architects medal. Weinman's work can also be found on the Silver Eagle obverse which shows his "Walking Liberty" design.
Inscriptions will include IN GOD WE TRUST, LIBERTY, UNITES STATES OF AMERICA, and the denomination and weight of the coin and the .9995 fineness.
Public Law 111-303 throws in a new twist for the collector proof and uncirculated versions, dictating that the numismatic pieces feature varying "surface treatments" each year. The United States Mint must produce the proof versions at West Point, but it is allowed to select where to strike the other two coins.
The law also requires that the Palladium Eagles be composed of palladium mined in the U.S. or its territories. Stillwater Mine in Montana is the only American location where palladium is mined.