What's Happening

From the desk of your Secretary

July 22 - Testimony recently delivered by US Mint Director Edmund Moy to a Senate Subcommittee on Domestic Monetary Policy and Technology includes new developments for the 2010 Proof Silver Eagle. The fate of this coin has remained unknown due to the continued high demand for the bullion version of the coin.

Under current law, the United States Mint is legally obligated to produce American Gold Eagle and American Silver Eagle bullion coins in quantities sufficient to meet the public demand. The recent heightened demand for physical bullion coins has left the US Mint unable to keep up. For nearly two years, the US Mint has been sourcing all precious metals blanks to the production of bullion coins, resulting rather than collector coins. This led to the premature end of production for the 2008 Proof Silver Eagle and the cancellation of the 2009 Proof Silver Eagle.

Director Moy provided testimony on July 20, 2010 during a hearing of the House of Representatives Subcommittee on Domestic Monetary Policy and Technology on "The State of U.S. Coins and Currency." In his statement he acknowledged the disappointment of collectors and expressed his encouragement that the Subcommittee was considering an amendment to the law that would allow issuance of collectible versions of the American Silver Eagle even if the full public demand for bullion coins is not met. The US Mint has already provided technical drafting assistance for the change in law. Until this hearing, the possible amendment to the law had been unrevealed.

If such a change is enacted, the Director explained that the US Mint could produce 200,000 coins per month. If production began in September, total production of about 830,000 coins could be accomplished by the end of 2010.

Planned collectible versions of the coin would include the 2010-W Uncirculated Silver Eagle and 2010-W Proof Silver Eagle.

Moy's statement did not include any mention of collectible versions of the 2010 Gold Eagle, but this might suggest that the prospects for these coins is more likely. This year, the US Mint has managed to catch up with gold bullion offerings faster, and even quietly ended their allocation program for the one ounce coins. With the gold bullion coins apparently being minted in quantities sufficient to meet public demand, this should clear the way for production of uncirculated and proof 2010-W Gold Eagles, even without amendment to the law.

July 19 - The United States Mint will begin sales of the 2010 Proof Set later this week on July 22, 2010 at 12:00 Noon ET. This closely follows the release of the 2010 Mint Set, which was first offered for sale one week earlier.

The 2010 Proof Set will contain a total of 14 different proof coins, struck at the San Francisco Mint. The following coins are included in each set:

2010-S Proof Lincoln Cent - Jefferson Nickel - Proof Roosevelt Dime - Proof America the Beautiful Quarters featuring Hot Springs National Park, Yellowstone National Park, Yosemite National Park, Grand Canyon National Park, and Mount Hood National Forest. - Kennedy Half Dollar - Presidential Dollars featuring Millard Fillmore, Franklin Pierce, James Buchanan, and Abraham Lincoln. - Native American Dollar

The number of coins in the set is down from the 18 coins included in last year's set. As a result the coins are packaged in three plastic lenses (down from four). Separate lenses contain the Presidential Dollars and America the Beautiful Quarters. The cent, nickel, dime, half dollar, and Native American Dollar are contained in a final lens. The outer cardboard box carries a new design featuring an image of the San Francisco Mint.

The price of the 2010 Proof Set is $31.95. This reflects a price increase of $2 compared to last year's set, despite the lower number of coins included. The 2008 Proof Set, which is the most recent set to contain the same arrangement of denominations, was priced at $26.95.

The release of last year's 2009 Proof Set was met with a high level of enthusiasm due to the inclusion of the four different 2009 Lincoln Cents struck in a special composition of 95% copper. This year's set does include the inaugural year for the America the Beautiful Quarters Program and the 2010 Lincoln Presidential Dollar. However, the excitement surrounding these specific coins is somewhat diffused by the fact that they have already been released in the component 2010 Presidential Dollar Proof Set and 2010 America the Beautiful Quarters Proof Set.

It seems likely that sales of the 2010 Proof Set will fall short of the total sales attained for the 2009 Proof Set. The general trend for this year's US Mint product sales has been down, as some collectors have been dismayed by the price increases, coin designs, and the general product line up.

The debut sales figures for the recently released 2010 Mint Set came in at 200,764. This sets a slower pace than the prior year 2009 Mint Set. The full sales report is available on Coin Update News.

~ The United States Mint will begin sales of the 2010 Uncirculated Coin Set later this week on July 15, 2010 at 12:00 Noon ET. This set represents one of the US Mint's core annual offerings.

Each set includes a total of 28 coins, struck at the Philadelphia and Denver Mints with a special satin finish. The following coins are included in each set: 2010 P&D Lincoln Cents - This is the first year of the new Union Shield reverse design, which is expected to remain in use for the foreseeable future. Jefferson Nickels - Roosevelt Dimes - America the Beautiful Quarters - The first year of the new 12 year program. This year's coins feature Hot Springs National Park, Yellowstone National Park, Yosemite National Park, Grand Canyon National Park, and Mount Hood National Forest. - Kennedy Half Dollars - Presidential Dollars - Presenting the 13th to 16th Presidents of the United States, Millard Fillmore, Franklin Pierce, James Buchanan, and Abraham Lincoln These coins were previously released in the separate 2010 Presidential Dollar Uncirculated Coin Set - Native American Dollars - This year's design presents the theme "Government - The Great Tree of Peace" with a depiction of the Hiawatha Belt.

Based on the images included on the US Mint's product page, the 2010 Mint Set will be packaged in folders bearing the same city skyline designs that have been used since 2008. From 1984 to 2007, uniquely designed envelopes or folders had been used for each year of issue.

The 2010 Mint Set is priced at $31.95, which represents an increase of $4 compared to the price of last year's set. This price increase comes despite a reduction in the number of coins included in the set. The 2009 Mint Set included a total of 36 different coins, with the size of the set expanded by the additional quarter design and four different 2009 Lincoln Cent designs. Additionally the cents were struck in a special composition of 95% copper.

The contents of this year's Mint Set are actually comparable to the 2008 Mint Set, which included 28 coins and was priced at $22.95.

On a positive note, the 2010 Mint Set comes several months earlier than last year's offering. Due to unique tarnish issues for the cents, the release of the 2009 Mint Set had been delayed until October 1, 2009.

July 01 -The United States Mint today announced projected release dates for the remaining products in its 2010 product portfolio. 

The 2010 Scheduled Products Listing is available online at http://usmint.gov/catalog.  Please note that on-sale dates are subject to change.  The list is updated as specific release dates are determined or changed.  Visit http://www.usmint.gov/catalog for the most current information. 

Customers may begin placing their orders at noon Eastern Time (ET) on the specified on-sale dates.  Orders will be accepted at http://www.usmint.gov/catalog and at 1-800-USA-MINT (872-6468).  Hearing- and speech-impaired customers with TTY equipment may order by calling 1-888-321-MINT (6468).  A shipping and handling fee of $4.95 will be added to all domestic orders.

The products and targeted release dates are: