Commems Collection Modern: What If? 2008 St. Gaudens UHR Palladium Coin - Part II

Continuing the story of the bills introduced in the 110th Congress... (You can read Part I here..)


The 110th Congress palladium coin bills did not include explicit provisions for Collector Coin versions. However, they did provide for the striking of Proof and Uncirculated versions of the palladium piece, so it appears that Collector Coins were being considered.

The bills did not specify a maximum mintage for the 0.995 fine bullion coin, the Secretary of the Treasury was to determine the mintage based on demand. Striking of the coins was authorized to begin on/after January 1, 2009.

The bills provided for an interesting first-year option. In 2009, the Mint could produce up to 25,000 of the St. Gaudens design-inspired coins in 0.999 fine gold - in Proof only. Such gold coins, if struck, were to be packaged in a special 'Golden Age of American Coinage' offering.

Note: If the gold coins were struck, no palladium coins could be minted. It was an EITHER/OR option, not an AND option.

Another interesting aspect of the legislation was that the Secretary of the Treasury was authorized to consider making the coins "available only in protective covers that preserve the coins in the condition in which they are issued, allow clear and easy viewing of the obverse and reverse of the coin and protect it from movement within the holder, and also protect against counterfeiting of such coins or of the container." From this, it seems clear that collectors would be prime targets for the high-relief coins vs. just precious metal investors/speculators.

The bills also included provisions that targeted the prevention of counterfeiting of the coin and its holder. Within nine months of the legislation's enactment, the Inspector General of the Treasury was to prepare and present a report to Congress that discusses the extent, source, distribution and effect of counterfeiting on the palladium coin and "numismatic and rare coins in general."

Each of the bills (House version, Senate version) was referred to its appropriate Committee: the House Committee on Financial Services and the Senate Committee on Banking, Housing and Urban Affairs, respectively. The House bill progressed the furthest.

Luis V. Gutierrez (D-IL), a co-sponsor of the bill, motioned to suspend the rules and consider the House version of the palladium bullion coin without receipt of a Committee Report. After the bill was read into the record, the floor was open for debate. Representative Gutierrez kicked things off. Included among his comments was:

"The introduction of this famous piece as a collectors' proof coin would not only give collectors an opportunity to own a version of a legendary coin that has never before been available for private ownership but also inaugurate a neo-renaissance in United States coin design. The coin will also demonstrate the technological advances in engraving and minting the U.S. has achieved over the last century."

Michael Castle, the bill's sponsor, followed Gutierrez and stated:

"...investors do want a choice in their precious metals. And while gold may always be king, if the Mint is going to have a bullion program, it needs to present alternatives. Unfortunately, for many investors, platinum, once valued at nearly the same as palladium, has leapt to nearly $2,000 an ounce, and once-healthy sales of platinum bullion coins shrank to a mere 9,000 ounces last year.

"Creating a palladium bullion coin will offer investors another option."

When Representative Gutierrez's motion to pass the bill was considered, Michael K. Simpson (R-ID) objected due to a lack of quorom on the House floor. As a result, final consideration of the bill was postponed. Two days later, it was brought up again and, with a quorom present, was passed by vote (415 Yes, 18 Not Voting). The bill was then sent to the Senate for its consideration.

Received in the Senate, the House bill was referred to the Senate Committee on Banking, Housing and Urban Affairs. It stalled in Committee. The Senate companion bill also stalled in Committee.

When the 110th Congress session officially ended in January 2009, both of the bills died for lack of action.

In April 2009, during the First Session of the 111th Congress, Max Baucus (D-MT) was back with an updated palladium coin bill. A companion bill was introduced in the House of Representatives ("House") by Denny Rehberg (R-MT) in July 2009.

The new bills were scaled back from those introduced during the 110th Congress. A notable difference was the removal of the "Findings" section - the new bills did not include any "Findings", they began with language amending United States Code, Section 5112, Title 31 to add authorization for a palladium $20 coin.

The bills continued to seek a one-ounce palladium coin with a $20 denomination and a re-use of the designs originally found on the 1907 Augustus Saint-Gaudens Double Eagle high-relief gold piece. A significant change, however, was the inclusion of explicit provisions for "bullion investment coins" AND numismatic Collector Coins; the previous bills did not specifically address Collector Coins.

The mintage for the bullion coin was again to be based on demand and determined by the Secretary of the Treasury, but the Collector Coin mintage was to be limited to 15,000 coins.

The Collector Coins were mandated to be struck at the Mint's West Point facility; the bullion coins were to be struck at any Mint facility other than West Point. IMO, a reasonable distribution of production facilities - collectors do like mint marks!

The bills also restricted the coins to the one-ounce weight, with fractional coins specifically forbidden.

The Senate bill was referred to the Committee on Banking, Housing and Urban Affairs; the House bill to the House Committee on Financial Services. Neither bill progressed past its Committee referral.

A few years later, in 2017, the US Mint released a $25 palladium coin as part of its American Eagle bullion coin program - as noted in Part I, it features Adolph Weinman designs vs. those of St. Gaudens. So, while the $20 St. Gaudens palladium coin did not get approved, palladium did make its way to a US coin via a follow-up Act.


Part I of the story can be read Here.


For other of my posts about commemorative coins and medals, including other What If? stories, see: Commems Collection