New high relief 1 oz $5 gold commem proposed.
CoinHusker
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September 8 2010 by admin in Coin News
A new high-relief, one-ounce gold piece with a denomination of $5 would be authorized as a commemorative coin if Congress passes the United States Marshal Service 225th Anniversary Commemorative Coin Act.
It was introduced July 1 in the U.S. House of Representatives as H.R. 5680 by Rep. John Boozman of Arkansas.
The idea has been kicking around since last year, when Boozman introduced another version of the legislation.
A surcharge of $35 on each gold coin and $10 on each silver coin would fund up to $10 million that would be distributed to seven law enforcement focused groups including the National Center for Missing and Exploited Children and the National Law Enforcement Officers Memorial Fund.
Mintage of the $5 gold coin is set at up to 142,000, according to the new legislation. This is up from 100,000 called for by Boozman last year, but is necessary to reach the $10 million surcharge income goal.
The new silver dollar mintage ceiling of 503,000 compares to 500,000 in the 2009 version.
The high relief, one-ounce $5 gold coin called for by Boozman differs from the standard commemorative $5 gold pieces issued since 1986, which are of regular relief and contain just 0.24187 troy ounce of gold.
The silver dollar’s specifications are the same as prior commemorative silver dollars.
Boozman’s new bill also mandates dual dates, 2014-2015. Issuance would stretch from Sept. 24, 2014, to Dec. 31, 2015. His earlier bill and one in the Senate called for just a 2014 date.
The legislation calls for the Marshals Service star on the obverse. The gold reverse would honor U.S. marshals who lost their lives in the line of duty.
The silver dollar has no required reverse theme.
On the edge of both coins would be the motto “Justice, Integrity, Service.”
Both coins would be struck as proof and uncirculated.
The latest bill by Boozman deviates from an earlier version he introduced June 10, 2009, that also matched the U.S. Senate version introduced as S.2106 Oct. 29, 2009, by Sen. Blanche Lincoln also of Arkansas.
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Comments
Why not give it a "real world" value of $1500?
<< <i>Seems idiotic to monetize the piece at $5. >>
I guess it's commemorating the good ole days
I agree with you. MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
--Severian the Lame
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
I think Congress will continue to issue collector coins as long as there are collectors. There is certainly a keen desire to raise money here:
<< <i>Mintage of the $5 gold coin is set at up to 142,000, according to the new legislation. This is up from 100,000 called for by Boozman last year, but is necessary to reach the $10 million surcharge income goal. >>
but 142,000 ounces of gold??
even the UHR didn't do that!
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
No, this is Rep. John Boozman (R) Arkansas trying to fund a pet project by picking your pocket.
<< <i> our government hard at work
No, this is Rep. John Boozman (R) Arkansas trying to fund a pet project by picking your pocket. >>
How is this "picking your pocket"? Is he going to force you to buy one?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Almost....The Rep.'s proposal will effectively force everyone to pay for making it. There is considerable overhead expense in preparing one of these fund raisers. The 3-inch silver coasters are a good example of this kind of indirect waste.
However, I agree with RWB and others, that there are significant costs associated with tooling up for manufacturing a new bullion design, particularly in high relief.
those complaining about "the markups above melt", do you complain that your car costs more than the equivalent weight in steel and plastic? do you complain that a nice sit down dinner costs more than the groceries it contains? do you complain that a shirt costs more than it's weight in raw cotton?
Liberty: Parent of Science & Industry
<< <i>Double Gack!! >>
<< <i>
<< <i>How is this "picking your pocket"? Is he going to force you to buy one? >>
Almost....The Rep.'s proposal will effectively force everyone to pay for making it. There is considerable overhead expense in preparing one of these fund raisers. The 3-inch silver coasters are a good example of this kind of indirect waste. >>
I thought there is enough collector demand for these coins that the government generally makes money on the coins.
<< <i>$5 and why do they think they will sell 142,000 anyway? >>
If they sell that many it will be nothing but a bullion coin anyway. Experience tells us that mintages over 10,000 usually end up as duds when it comes to numismatic value.
If they would stick to a $5 gold piece at the $5 gold piece size they would have a better chance of selling it. The one ounce coin will keep the riff-raff out of the neighborhood.
How many of THOSE could you fit on the head of a pin
But no doubt Rep. Pork Booz could not get all his politically correct messages on it.............
<< <i>Since it is high relief will it be 24K? I agree it should have a reality based denomination of $1,500. >>
With a face value of $1500, you would literally start seeing these pop up in general circulation, especially if gold slunk down to $1000 or below.
<< <i>With a face value of $1500, you would literally start seeing these pop up in general circulation, especially if gold slunk down to $1000 or below. >>
Gee, wouldn't that be interesting?
As an side, I once got caught in a toll line on a highway because some joker tried to pay a 40 cent toll with a $50 bill. Imagine what it would be like if he could pull out a $1,500 gold coin to pay that 40 cents?
I can tell you for certain THREE things that would go well together
Cadillac Escalade
Hip Hop Music
$1500 gold coin(s)
<< <i>Gack! Commemorative coins should not be like Girl Scout Cookies. >>
the USM has to get its stuff together. Not even remotely interested in this coin or topic.
meanwhile, they totally missed-
1) Cool NASA set, which would have had a ultra coiol HR SUN coin in gold with silver dollars commem space program and planets...
2) 150th Anniv of Gold Rush in 1998
3) we can go on and on and on
"Inspiration exists, but it has to find you working" Pablo Picasso
<< <i>Gack! A commercial fund-raiser. If the monument is important to Congress, then appropriate the funds. Commemorative coins should not be like Girl Scout Cookies. >>
Hey, I LIKE Girl Scout Cookies......
<< <i>It is starting to feel like 1995-1996 all over again. Way to many commemoratives coming down the pike. Maybe the US mint can make another 32 piece commemorative set in the comming years.
Feels like 1936 to me.....
<< <i>the mint seems to be getting wasteful these days. how about something solid? ( im just not sure what yet ) >>
Don't blame the Mint.......BLAME CONGRESS!!!!!!
<< <i>We are turning into Canada. >>
"Blame Canada!
Blame Canada!
Blame Canada......."
<< <i>They should realize overproduction of commeratives is what KILLED stamp collecting. >>
And overproduction of baseball cards killed baseball cards,
and overproduction of Beanie Babies killed Beanie Babies.....
While I would welcome another high relief coin or two,the denomination of $5 is beyond ridiculous.Why dont these guys who propose coin legislation ask someone who knows something about coins for some insight??and the high mintage??Its a case of trying to get $10 million into the surcharge pot.It just might backfire on them.After all if its gold you're after,you are more likely to buy a GAE or a buff. for spot plus the premium instead of a commem. with a surcharge and a premium above spot.
<< <i>What angle is Boozman working?
Voters. Come November, he will be a Senator.