Mint Considers Producing Presidential Silver Dollars

Mint considers producing Presidential silver dollars

Would need congressional authority to proceed

The United States Mint is contemplating issuing the Presidential dollars in silver, although it would have to gain congressional authority to strike the coins in anything other than the authorized manganese-brass clad composition.
The possibility of Presidential silver dollars was made public in a random online survey being conducted on the U.S. Mint's Web site seeking input on 2007 product offerings.
The survey seeks collector input on whether the Mint should offer 14-coin Silver Proof sets with the Presidential dollars in manganese-brass clad composition (currently used for the Sacagawea dollar) or in .900 fine silver. It also floats the possibility of fourcoin Presidential dollar sets with the coins in manganese-brass clad, in silver or in both forms.
The survey also seeks input on multiple options being considered for a 10 th Anniversary American Eagle platinum set and an American Buffalo Gold Coin and Currency set. The latter would contain items produced by both the Mint and the Bureau of Engraving and Printing (the agency that prints U.S. paper money).
Persons accessing the Mint's Web site at www .usmint.gov may randomly be presented with a popup window asking participation in the customer survey on product development. The Mint has conducted previous random surveys on a wide range of topics, including purchasing habits and product consideration.
Mint officials are currently preparing a range of collector products featuring the Presidential dollars.
The Presidential dollars will appear in annual 14-coin Proof sets, 28-coin Uncirculated Mint sets, 14-coin Silver Proof sets and one or two special fourcoin Proof sets similar in concept to the annual fivecoin State Quarters Proof set.
The Presidential dollar coins introduced into general circulation and placed in standard sets will be made of the manganese-brass clad composition mandated by law. For the Silver Proof set, however, Mint officials are contemplating issuing special Proof editions of the Presidential dollar coins in the same .900 fine silver composition used for the Roosevelt dime, State Quarter dollars and Kennedy half dollar in that set. They would also issue a separate four-coin Silver Proof set of the Presidential dollars.
Becky Bailey, the U.S. Mint's director for the Office of Public Affairs, said the Mint needs authorization from Congress to produce the Presidential dollars in silver.
She said the United States Mint Clarification Act of 2000 stipulates that the Mint can produce only the half dollar, quarter dollar and dime in silver for the Silver Proof sets.
In 1999, the Mint sought, and secured the following year, the clarification legislation so that it would not have to strike the Sacagawea dollar in silver for inclusion in the annual Silver Proof set.
The Sacagawea dollar included in both 14-coin Proof sets would continue to be produced in the standard manganese-brass clad composition.
The Presidential dollar coin sets being contemplated by the Mint, according to the survey, are:
a basic 14-coin set that would incorporate the Presidential dollars in manganesebrass clad composition for a set price of $44.50. A Silver Proof version would be priced at $54.50. a four-coin Proof Presidential dollar coin set in manganese-brass clad composition that would be offered at $15.95, and a silver version that would be offered at $25.95. The following products are also being surveyed by the Mint for 2007 issues:
10 th Anniversary American Eagle platinum set
Option A calls for a two-coin set comprising a Proof 2007-W American Eagle half-ounce coin and an "exclusive" Reverse Proof 2007-W half-ounce. (The Reverse Proof coin finish has the opposite appearance of a traditional Proof coin finish - the image, or device, is shiny and the field is frosted.) This set would cost approximately $1,800.
Option B calls for a three-coin platinum set incorporating a Proof half-ounce coin, a Reverse Proof half-ounce coin and an Uncirculated half-ounce coin, all with the W Mint mark. (The Uncirculated coin would bear a finish similar to that on the bullion versions except that the planchets are burnished.) This set would cost approximately $2,550.
Option C under consideration is also a three-coin set containing half-ounce platinum coins - a Proof and a Reverse Proof, both with the W Mint mark, and a bullion coin without Mint mark. This set would cost approximately $2,500.
Option D being studied calls for three half-ounce coins - a Proof coin, a Reverse Proof version and a new Brilliant Uncirculated version, all with W Mint mark. (The "Brilliant Uncirculated" half-ounce coin would bear "full luster," with "both the production dies and the coin blanks . polished before striking the coins.") This set would cost approximately $2,650.
American Buffalo Gold Coin and Currency set
Option A would comprise a Proof 2007-W American Buffalo 1-ounce .9999 fine gold $50 coin, and a replica gold certificate printed by the BEP using the original master die. Both would be bound in an "attractive, high-end portfolio, possibly leather." The approximate price would be $950. All of the options include the replica gold certificate, but the survey does not disclose what gold certificate would be replicated and Mint officials have not yet disclosed that information.
Option B would contain a 2007-W Uncirculated American Buffalo 1-ounce coin, along with the replica gold certificate, all housed within the same type of packaging as Option A. The approximate price would be $800.
Option C would feature a Proof 2007-W American Buffalo half-ounce gold coin and the replica gold certificate in packaging similar to that for Options A and B. The approximate price would be $550.
Option D calls for an Uncirculated 2007-W American Buffalo half-ounce coin and the replica gold certificate, housed in packaging similar to that for Options A, B and C. The approximate price would be $450.
The new products, if offered, would swell a customer's annual budget over 2006 offerings by several thousand dollars if the collector wanted to acquire one of every new product release in addition to the planned schedule of annual products. (See the article starting on Page 92 of this issue; it notes that the cost for a complete set of 2006 coinage approaches $15,000.)
U.S. Mint officials have not disclosed when they will announce which of the specific options will be selected based on survey results, the granting of legislative authority and other considerations. CW