2011 America the Beautiful Quarters Proof Set

The United States Mint will begin sales of the 2011 America the Beautiful Quarters Proof Set tomorrow, on March 17, 2011 at 12:00 Noon ET.

The set includes the clad proof versions of the five quarters issued for this year. Each set includes the following:

2011-S Gettysburg National Military Park Quarter
2011-S Glacier National Park Quarter
2011-S Olympic National Park Quarter
2011-S Vicksburg National Military Park Quarter
2011-S Chickasaw National Recreation Area Quarter

The coins are all struck in proof format at the San Francisco Mint and carry the "S" mint mark. Each of the coins has previously been released within the 2011 Proof Set, which went on sale January 11, 2011.

Packaging for the 2011 Quarters Proof Set has changed from the prior year to match the US Mint's newly adopted branding. Each set is priced at $14.95, unchanged from the prior year. This is one of only a few of this year's products that did not have a price increase.

Since the start of the 50 State Quarters Program, the US Mint has offered a separate proof set containing all of the quarters issued for the year. For some years, the product was very popular with sales exceeding 1 million units. Recently, the popularity of the product has declined. The 2010 America the Beautiful Quarters Proof Set has sold 262,163 units since going on sale May 13, 2010. This product is expected to remain on sale as the US Mint releases this year's edition of the set.

Coin Update News: US Mint Sales Report

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ATB Silver Bullion Coin Update

As just reported on Coin Update News, the US Mint has released some preliminary information on the 2011-dated America the Beautiful Silver Bullion Coins. They have also provided a strong incentive for slow moving authorized purchasers to distribute their 2010-dated coins.

This series of over-sized silver bullion coins features the same designs as the current circulating quarter dollars. The ATB silver bullion coins have been the subject of much controversy due to the nature of last year's release.

On December 1, 2010, the US Mint provided details of the 2010-dated releases. All five designs would be released at the same time and have mintages of 33,000 units each. This unexpectedly low number generated excitement with many collectors. Just before the US Mint was scheduled to begin sales, one of their authorized purchasers began accepting pre-orders at a price reflecting a high premium above the acquisition cost. Customers complained and the US Mint halted the offering.

When the program relaunched, the AP's were required to agree to terms and conditions in order to receive their distributions. They would be required to distribute all coins directly to the public, limit to one coin per design per household, and could not charge premiums in excess of 10% of the acquisition cost.

Nine of the AP's agreed to the terms and ordered their allocations from the Mint. In the following weeks and months, the sales procedures utilized by many of the AP's left much to be desired. Several have still not finished selling their allocations. To my knowledge the AP's who have not sold all of their 2010 ATB Silver Bullion Coins are: Jack Hunt Coin Brokers, APMEX, and Coins N Things.

This year, the circumstances of the America the Beautiful Silver Bullion Coins should be much different. The US Mint has indicated that they intend to issue the coins in "substantially higher" quantities. Hopefully, this will allow the coins to be viewed more like bullion coins (as intended) rather than numismatic rarities.

In line with the higher mintages, the US Mint will not be imposing terms and conditions similar to those used for the 2010-dated releases.

The first design of the year featuring Gettysburg National Military Park is anticipated to be released in late April. This suggests that each design will be released individually during the year, rather than all at once.

Authorized purchasers who wish to participate in the distribution of these coins must certify that they have sold all 2010-dated coins in compliance with the terms and conditions imposed. Once they have certified that all of their original allocation has sold, they can then buy and sell 2010-dated coins under normal procedures and receive allocations of 2011-dated coins.

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Yosemite Quarter Three Coin Set

Today March 3, 2011, the US Mint will begin taking orders for the 2010 Yosemite National Park Quarter Three Coin Set. The US Mint introduced the product type in mid-November, so the remaining sets featuring 2010-dated coins are being released in 2011.
Each set includes one uncirculated Yosemite Quarter each from the Philadelphia and Denver Mints, and one proof Yosemite Quarter from the San Francisco Mint. The three coins are mounted on a plastic card designed with the US Mint's new branding. The reverse of the card contains a simple description of the park and a certificate of authenticity.

The price of each set is $14.95 plus applicable shipping and handling. Although this is quite a steep price to pay for three quarters, the US Mint has sold the prior two releases in decent quantities.

According to the latest sales report, customers purchased 16,276 of the Hot Springs Quarter Three Coin Sets and 15,834 of the Yellowstone Quarter Three Coin Sets.

In hand, the product looks nice, but it's priced very expensive and contains coins already released within several other products. If these previous products are purchased instead, the same coins can be acquired at a fraction of the price. Nonetheless, the packaged three coin sets seem to be resonating with at least a small group of collectors.

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Gettysburg National Military Park Quarter Bags and Rolls

The US Mint will begin sales of numismatic bags and rolls of the Gettysburg National Military Park Quarters today, January 27, 2011 at 12:00 Noon ET. These products contain circulating quality coins that are packaged in US Mint branded wrappers or canvas bags.

The Gettysburg National Military Park Quarter is the sixth release of the America the Beautiful Quarters Program. The reverse design shows the 72nd Pennsylvania Infantry Monument, located at the battle line of the Union Army at Cemetery Ridge. The obverse features John Flanagan's portrait of George Washington with the original details restored.

The US Mint offers 100-coin bags from either the Philadelphia or Denver Mint, or a two roll set containing one 40-coin roll from each facility. Packaging for each product includes the name "Gettysburg National Military Park", the state abbreviation "PA", the mint mark, and face value of the contents. The Gettysburg Quarter bags and rolls are expected to be available for one year after the product release date.

The bags containing a face value of $25 worth of quarters are priced at $49.95 each, and the two roll sets containing a face value of $20 are priced at $39.95 each. Orders are also subject to an additional shipping and handling charge of $4.95.

This pricing represents a significant increase from the levels of last year's comparable products. Throughout last year, the 100-coin bags of quarters were priced at $35.95 each and the two roll quarter sets were $32.95. Considering the difficulty many collectors are having finding the America the Beautiful Quarters at banks or from circulation, the increased pricing seems opportunistic.

Starting in 2010, the US Mint also removed a bulk option that was available to collectors and replaced it with a super bulk option that is only feasible for larger coin dealers and mass marketers. The US Mint used to offer 1,000-coin bags, containing $250 face value worth of quarters, priced at $309.95 each. In June 2010, the US Mint introduced the America the Beautiful Quarters Bulk Purchase Program. Orders could be placed for bulk bags containing 200,000 coins, with a face value of $50,000. The cost would be $51,500 plus pick up by a licensed carrier must be arranged.

Last year, sales of the America the Beautiful Quarters bags and rolls were relatively strong. The first available Hot Springs Quarter products have sold about 46,000 two roll sets and about 9,000 of each 100-coin bag.

Following the price increases, I think more collectors of the series will start evaluating other options. This might include calling more banks until quarters can be located at face value, buying on the secondary market where rolls can be found $15 or less, or getting together with a group to purchase and split up a bulk bag.

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Yellowstone National Park Quarter Three Coin Set

The United States Mint will release the first numismatic product of the year on January 5, 2011 at 12:00 Noon ET. The product will be the Yellowstone National Park Quarter Three Coin Set.
This product includes three Yellowstone Quarters, one uncirculated coin from the Philadelphia Mint, one uncirculated coin from the Denver Mint, and one proof coin from the San Francisco Mint. The coins are mounted on a plastic card featuring the US Mint's new branding on the front and issuance information on the back.

Although this product seems simple enough, it is priced dearly at $14.95 plus shipping and handling. This is up by $1 from the Hot Springs Three Coin Set released just a month and a half ago.

If a single Yellowstone three coin set is ordered, the total cost would be $19.90 for the three quarters. I am going to have a post tomorrow on US Mint numismatic pricing. For now, on to other things...

2010 Proof Gold and Silver Eagle Sales Figures

A new US Mint sales report is available with updated figures on some recently sold out products. The 2010 Proof Silver Eagle, which sold out on December 28, shows last reported sales of 856,356. This will rank as the fourth highest mintage for a proof issue of the series. The only years with higher mintages are 1986 and 1987 when demand for the new coins was high and 2006 when the coins were incorporated into several 20th Anniversary Sets.

The 2010 Proof Gold Eagle individual one half ounce coin was adjusted to reflect final sales of 10,000. The Four Coin Set option, which sold out on Monday, shows sales of 36,029.

View the complete US Mint sales report.

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2011 America the Beautiful Quarters

Amidst the tumultuous announcements and events of the past few weeks, the United States Mint unveiled the design selections for the 2011 America the Beautiful Quarters.

The United States Mint typically prepares three to five design candidates for each quarter based on source materials provided by a federal liaison to the site. The design candidates are provided to the Secretary of the Interior, the chief executive of the host jurisdiction, the Citizens Coinage Advisory Committee (CCAC), the Commission of Fine Arts (CFA) for review and comment. The final decision is made by the Secretary of the Treasury.

Since the opinions expressed by the CCAC and CFA are publicly available, it is always interesting to see how the final design selections compare to their recommendations.

Included below are images of the designs selected for each of the 2011 America the Beautiful Quarters, the designers and sculptors, circulation release dates, and some information about the recommendations and comments provided by the CCAC and CFA.

Images of all of the original design candidates can be found here.


Gettysburg National Military Park Quarter
Designed by Joel Iskowitz and sculpted by Phebe Hemphill
Release Date: January 24, 2011

The reverse design depicts the 72nd Pennsylvania Infantry Monument. The CCAC had discussed the design candidates for this quarter at length, due to the importance of the battle as a turning point of the Civil War. They had encouraged the US Mint to prepare other design candidates that were more symbolic in nature, but had recommended the selected design with 12 out of 33 possible votes. The CFA had recommended a different design candidate depicting Soldier's National Monument.


Glacier National Park Quarter
Designed by Barbara Fox and sculpted by Charles Vickers
Release Date: April 4, 2011

The selected design portrays a view of the northeast slope of Mount Reynolds with a mountain goat standing on a rocky outcropping in the foreground. This design candidate was the clear favorite of both the CCAC and CFA.


Olympic National Park Quarter
Designed by Susan Gamble and sculpted by Michael Gaudioso
Release Date: June 13, 2011

A Roosevelt Elk is shown standing on a gravel river bar of the Hoh River. Mount Olympus is seen in the background. Once again, this was in agreement with the recommendations of both the CCAC and CFA.


Vicksburg National Military Park Quarter
Designed by Thomas Cleveland and sculpted by Joseph Menna
Release Date: August 29, 2011

The reverse of the quarter depicts the U.S.S. Cairo on the Yazoo River, as it would have appeared when it served during the Civil War. This was a city class ironclad gunboat of the Union Navy. The CFA had recommended this design, commenting on the quality of the composition, and its virtue of showcasing the historical significance of the Navy during the Civil War. The CFA had favored a different design candidate, which depicted the entrance arch of the park.


Chickasaw National Recreation Area Quarter
Designed by Donna Weaver and sculpted by Jim Licaretz
Release Date: November 14, 2011

The reverse design features an image of Lincoln Bridge, dedicated in 1909 for the centennial of Lincoln's birth. The CCAC had recommended a different candidate, which depicted Buffalo Springs amid its stone spillway. The CFA did not recommend any of the design candidates, but had suggested that the selected design be further developed by simplifying or eliminating the landscape setting. No changes from the original candidate are apparent.

Coin Update News: 2011 Army Commemorative Coins Designs

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ATB Silver Bullion Coin Premiums Capped, Orders Limited

After a few days of waiting, we have a resolution to the America the Beautiful Silver Bullion Coins situation. In short, the premium that the US Mint's primary distributors can charge will be limited to a maximum of 10%, all coins must be sold to the public, and limits of one coin per design per household will be imposed.

These requirements are outlined in a new set of terms and conditions for authorized purchasers who wish to participate in the distribution of America the Beautiful Silver Bullion Coins.

See the related Coin Update News article.

These terms would accomplish the intended purpose of making the coins as widely available to the public as possible at affordable premiums. However, in practice, things might become a bit complicated.

As mentioned in some previous articles, there is a small group of 11 primary distributors who will be able to purchase the ATB Silver Bullion Coins directly from the US Mint. Each one has an allocation of 3,000 coins per design, which they will be eligible to order.

Now, the coins can only be ordered if the new terms and conditions are followed. Any distributors who order their allocation would be required to sell all coins directly to the public, at a limited premium, with household limits imposed.

To my knowledge, only one of the distributors has a well established retail level business. The others might might have a difficult time setting up the procedures or infrastructure to deal in relatively small retail level transactions with very specific requirements.

Perhaps realizing this situation, the US Mint has indicated that in the event that one or more primary distributors does not purchase their allocations, any remaining amounts would be available to active sellers on an allocated basis on December 20, 2010.

Ironically, this may result in much of the supply going to the primary distributor whose pricing started this entire chain of events. If it does, at least they would be bound by the new terms and conditions, which will result in widespread distribution at a reasonable premium.

For readers who might want to contact the US Mint's other primary distributors to see whether they plan to purchase their allocation and make it available to the public, I have a listing of all 11 below.

A-Mark Precious Metals (Los Angeles)
Coins 'N Things Inc. (Massachusetts)
MTB (New York)
Scotia Mocatta (New York)
American Precious Metals Exchange, Inc. (APMEX) (Oklahoma)
Dillon Gage Incorporated of Dallas (Texas)
Prudential Securities Inc. (New York)
The Gold Center (Illinois)
Commerzbank (New York)
Jack Hunt Coin Broker (New York)
Fidelitrade (Delaware)

List updated 12/14/2010

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ATB Silver Bullion Coins Delayed

As just reported on Coin Update News, the US Mint has delayed the release of the America the Beautiful Silver Bullion Coins. The move comes in response concerns expressed by many consumers about the high premiums being charged for the new 5 ounce silver bullion series.

The US Mint is now evaluating reports and collecting information to assess the appropriate course of action.

Over the weekend, one of the US Mint's primary distributors began accepting orders for complete 5 coin sets, priced at $1,395 each. The 1,000 sets that were offered sold out in less than 24 hours.

The pricing for the set represented a premium of about $130 above the market value of the silver content. As a primary distributor, this dealer was allowed to purchase the coins directly from the Mint for $9.75 above the silver value.

The US Mint utilizes the authorized purchaser network since it is believed to be the most effective and efficient manner to distribute the bullion coins to the public. Specifically, the Mint seeks to ensure that the coins are:

A. As widely available to the public as possible;
B. Bought and sold at prices/premiums that are in line with other similar silver bullion coin products in the marketplace; and
C. Bought and sold in a manner that ensures relatively low transaction costs.

By creating a bullion coin with a minuscule mintage of 33,000 units per issue, the system broke down.

Congress put the US Mint in a difficult situation by mandating a new bullion coin program with complicated specifications at a time when they could not keep up with demand for existing programs. The US Mint put their primary distributors in a difficult situation by asking that they distribute instant rarities at reasonable premiums. The end consumer was faced with a choice of paying a high premium for a government product distributed through a privileged system, or opting out.

I am curious to see how the US Mint will handle the program at this point. If they really want "to ensure the widest possible availability, accessibility and affordability of these coins", the most logical choice would be to distribute the coins directly to the public in a manner similar to numismatic products.

The problem is that this option does not seem to be available under the authorizing legislation, which calls for the bullion coins to be distributed by "authorized dealers utilized by the Secretary in distributing bullion coins" or the National Park service. The NPS has oddly expressed no interest in buying the coins for resale, as provided under law.

Another option would be to produce the bullion coins in the kind of quantity that bullion coins should be produced. This would eliminate the rarity factor and make the coins primarily bullion.

This might happen for years 2011 onward, but for the current year, the option is probably unfeasible. The US Mint must have hit a production or supply bottleneck that only allows the limited production already indicated.

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I'll Wait for the Numismatic Version

Earlier this week, the US Mint revealed the release date and details of the America the Beautiful Silver Bullion Coins. The news of significantly reduced mintages was exciting, but for me some of this excitement has fizzled.

The bullion version of the coins will not be available directly from the US Mint, but rather they will be distributed through the US Mint's authorized purchaser network. As with other bullion programs, only a small group of primary distributors are able to buy the coins directly from the US Mint based on the market price of the metal plus a mark up. They are then responsible for distributing these coins to the public, as well as facilitating two way market for the coins.

The premium paid by the primary distributors for the America the Beautiful Silver Bullion coins is $9.75 per coin. Recently, many readers have noted one of the primary distributors offering complete five coin sets for sale, priced at $1,395. This works out to $279 per coin, or about $130 per coin over metal value.

As I have explained in this Coin Update News article, the US Mint asked their primary distributors to market the coins "in a manner which ensures that they will be available, accessible, and affordable to all members of the public." They also note, per the authorized purchaser agreement, the "premiums are to be competitive with those charged for other bullion coins."

Is a 90% premium above the market price of silver affordable and accessible? So far there seem to be plenty of buyers willing to pay the premium, as sales have been going swiftly. With one primary distributor setting a high bar for the price, others will probably follow. At subsequent levels of distribution, prices might spiral even higher.

Personally, I will not be buying the bullion coins.

I am aware that many readers have purchased the America the Beautiful Silver Bullion Coins at the available prices. For what it's worth, I think prices will likely increase from this point, but to what extent, time will tell. It's also uncertain how much of the appreciation has already been captured by the primary distributors through the high initial pricing.

I will be awaiting the release of the numismatic versions of the coin. The US Mint will have available 27,000 units of each design, with an uncirculated finish and the "P" mint mark. The coins are expected to be available in the first quarter of 2011.

Pricing has not yet been announced, but I think it will be lower than the $279 being charged for the bullion versions. Even if the coins are priced at 5 times the cost of the 2010 Proof Silver Eagle, that would still be $230. (It may actually happen that the announcement of the pricing for the lower mintage numismatic versions of the coin will serve to deflate market premiums for the bullion version.)

Since numismatic products are sold directly by the US Mint to the public, they would like impose household ordering limits or other procedures to ensure broad and fair distribution.

Sales of the numismatic America the Beautiful 5 ounce silver coins might proceed in a manner similar to the Lincoln Coin & Chronicles Set. It was almost universally understood that the product would become a secondary market winner. The US Mint imposed a one per household ordering limit. Most people who wanted a set were able to purchase it at the initial price during a 30 hour window of availability. There were few complaints and most people seemed happy to be able to get a low production, well conceived set at a reasonable price.

So far, the US Mint has not offered much explanation for the significantly reduced mintage levels of the America the Beautiful Silver Bullion Coins.

Congress mandated that they create a new bullion coin series with complicated specifications precisely when the Mint was having trouble keeping up with the existing bullion programs. The low production for the bullion coins might be attributable to inadequate planchet supplies, the limited production time frame, or the allocation of some planchets to the numismatic versions of the coin.

It's probably safe to assume that the US Mint was not seeking to create a low mintage product on purpose. Recently, the Mint has exhibited a strong preference against this type of product.

At one point, the Mint stated that they could have produced a small quantity of 2009 Proof Silver Eagles, but instead they chose to cancel the offering, since the amount they could make would not fulfill all collector demand. Rather than creating a rarity for some, they preferred to have everyone get nothing. In the case of the ATB silver coins, they were legally required to produce the coins, so they went ahead despite the low production levels.

I am completely in favor of the US Mint creating collectible products with production below demand levels, but this should only take place when the coins are available to the public in a fair manner, which allows everyone to have an opportunity to buy at the reasonable offering price.

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America the Beautiful Silver Bullion Coins Available December 6

Today, the US Mint announced the details for the long awaited America the Beautiful Silver Bullion Coins. There are some changes from previously reported information.

The 5 ounce silver bullion coins will be available for sale on December 6, 2010. As with other bullion programs, the coins will be sold through the authorized purchaser network, who will in turn make the coins available to the secondary market. The premium that the AP's will need to pay above the market value of the silver content will be $9.75 per coin. Premiums charged for secondary market sales will obviously be higher.

Maximum mintages for each of the five releases will be only 33,000 units each. This is one-third the mintage level that had been previously reported in some print publications. As opposed to American Silver Eagle bullion coins, which must be produced in quantities sufficient to meet public demand, the America the Beautiful 5 oz silver coins are produced in quantities that are determined appropriate by the Secretary of the Treasury.

Numismatic versions of the coins will also be made available during the first quarter of 2011. The possibility had been mentioned by the US Mint Director, although nothing had been confirmed until now. The numismatic versions will be uncirculated versions that carry the "P" mint mark. (No mint mark will be used on the bullion versions of the coins.) The maximum mintage had been set at only 27,000 units for each of the five releases.

The US Mint is either seriously underestimating the demand for the new coins, or they are simply unable to devote additional silver supplies to the product line. As posted yesterday, Silver Eagle bullion coins recently broke a long standing record for monthly sales and are in record territory for annual sales.

Based on the constant stream of inquiries and comments about the America the Beautiful 5 oz. Silver Bullion coins, it's not that difficult to predict that the limited number of coins available will quickly sell out and start trading for significant premiums on the secondary market.

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2010 America the Beautiful Quarters Circulating and Uncirculated Coin Sets

The two remaining "new" product types for the America the Beautiful Quarters Program were recently released by the United States Mint.

The circulating coin set was released last week on November 19, and the uncirculated coin set was released November 23. These two products, along with the Hot Springs Three Coin Set released on November 17, comprise the three new products that the US Mint has been touting since May.

As discussed in earlier posts, these products seem to contain various America the Beautiful Quarters that are available through other products, such as bags and rolls or the annual sets. The coins are remixed into different sets, with packaging designs representing the US Mint's new brand promise and identity.

The 2010 America the Beautiful Circulating Coin Set contains one "circulating" coin each from the Philadelphia and Denver Mint for each of the five quarter designs released this year. The ten coins are placed into packaging, which allows the quarters to be easily removed for placement into other albums or boards. Sets are priced at $9.95 each.

Released today, the 2010 America the Beautiful Uncirculated Coin Set contains one "uncirculated" coin each from the Philadelphia and Denver mints for the five 2010 quarters. In the past, the US Mint has used the term "uncirculated" to refer to the satin finish used for Mint Sets from 2005 to 2010. The ten uncirculated coins are placed into a folder designed with the new branding. These sets are priced at $21.95 each.

The release of these product types reminds of late 2007 and early 2008, when the US Mint rapidly launched a slew of new products for the Presidential Dollars series. This included separate uncirculated coin sets from the Philadelphia and Denver Mints ($8.95 each), a combined uncirculated coin set from both mints ($15.95), individual proof coins mounted on pocket sized cards ($5.95 each), Presidential $1 Coin & First Spouse Medal Sets (originally $7.95 each), Annual Uncirculated Dollar Coin Sets (originally $31.95 each), and Historical Signature Sets ($19.95).

Ultimately, the individual mint uncirculated coin sets, individual proof coins, and historical signature sets were discontinued, and the annual uncirculated dollar set has been canceled for two years running. Only the combined uncirculated coin set and the Presidential $1 Coin & First Spouse Medal Sets remain. The US Mint also eliminated the 250-coin bags that were initially available for each Presidential Dollar.

Will there be a similar whittling down of America the Beautiful Quarters products if the present releases fail to resonate with collectors?

New Coingrader Capsule: PCGS Makes the Grade

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Hot Springs Natoinal Park Quarters Three Coin Set

Later today, the United States Mint will begin sales of the 2010 Hot Springs National Park Quarters Three Coin Set. This will be one of three new product types introduced for the series this month.

Each set contains one uncirculated quarter each from the Philadelphia and Denver Mints, along with a proof quarter from the San Francisco Mint. The three coins are mounted on a plastic card containing a description of the site and coin, along with a certificate of authenticity. Each set is priced at $13.95.


The price of the set is rather steep. To purchase all five releases of this product for the 2010 America the Beautiful Quarters, it would cost $69.75 not including shipping and handling. All fifteen coins included in these sets could alternately be purchased as part of the 2010 Proof Set and 2010 Mint Set at a combined cost of $63.90. Besides the 15 quarters, these sets would also include 15 dollar coins, 3 half dollars, 3 dimes, 3 nickels, and 3 cents.

It might be possible for the America the Beautiful Quarters Three Coin Sets to one day sell at a premium if sales are so restrained that the sets gain attention for having a low production run. Also, if sales are so slow that the US Mint discontinues the product line midstream, the sets may also have the potential to appreciate. This would be similar to the short lived Presidential Dollar Historical Signature Sets.

It will be interesting to see the level of collector interest in this product in next week's sales report.

Coin Update News: New US Mint Sales Report

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Mount Hood National Park Quarter Bags and Rolls

The United States Mint begins sales of the Mount Hood National Forest Quarter bags and rolls today November 15, 2010 at 12:00 Noon ET. This coin represents the final release of the year for the America the Beautiful Quarters Program.

Looking back over the program so far, the most predominant sentiment has been frustration over the inability to collect the coins through the channels of circulation. Within national publications, one of the few mentions of the series (besides the initial launch) was in this USA Today article lamenting the fact that the quarters are so hard to find. The article attributes this to the slow economy, but I think the bigger factor is that financial institutions do not have the ability to special order the coins in unmixed quantities.

In one of my own articles on Coin Update, I explained this in further detail along with a list of where to find National Park Quarters.

As covered in the past, the US Mint has created the circulating coin bulk purchase program, perhaps as an attempt to solve the distribution problem. However, because of the $50,000 face value minimum purchase, this program would really only serve to let mass marketers or large scale coin dealers to obtain the coins at low premiums. Average collectors are left with the higher premium numismatic bags and rolls program, which leads us to the current product release.

The 2010 Mount Hood National Park Quarter two roll sets consists of one 40-coin roll from the Philadelphia Mint and one 40-coin roll from the Denver Mint. Coins are packaged in specially designed wrappers which indicate the national site, state abbreviation, mint mark and face value. Each two roll set is priced at $32.95.

Bags containing 100-coins are also available from either the Philadelphia or Denver Mint. Tags denote the date, national site, state abbreviation and face value of the contents. Each bag is priced at $35.95 each.

As with prior offerings, the bags and rolls are intended to remain available for sale from the US Mint for one year following the circulation release date.

Preliminary production figures for the Mount Hood Quarter have not yet been specified by the US Mint. However, the number of coins struck so far can be determined by backing out the known production figures by design from overall quarter production within the latest US Mint coin production figures. As of October 31, 2010, the US Mint had struck 34.4 million coins each at the Philadelphia and Denver mint facilities, for a combined total of 68.8 million. The current total is right around the average production level for the first four designs in the series.

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US Mint Coin Production September 2010

Circulating coin production at the United States Mint for the year to date has topped 5 billion, following the release of the September 2010 figures. Also of note, the US Mint struck additional Hot Springs National Park Quarters last month.

Total production during September across the Philadelphia and Denver Mint facilities was 690.02 million. This marks the third consecutive drop in monthly output since peaking in June when more than 900 million coins were struck.

The table below shows the breakdown of circulating coin production by denomination and mint. The first column shows the number of coins produced during September 2010, while the second column presents the total for the year to date.

2010 US Mint Coin Production Figures
	September 2010	YTD 2010
Lincoln Cent - Denver	256.80 M	1,562.80 M
Lincoln Cent - Phil.	170.80 M	1,622.43 M
Jefferson Nickel - Denver	49.68 M	147.36 M
Jefferson Nickel - Phil.	35.04 M	182.88 M
Roosevelt Dime - Denver	86.50 M	409.50 M
Roosevelt Dime - Phil.	44.00 M	446.00 M
Quarters - Denver	5.80 M	139.00 M
Quarters - Phil.	5.00 M	139.20 M
Kennedy Half - Denver	0	1.70 M
Kennedy Half - Phil.	0	1.80 M
Native Am Dollar - Denver	0	42.98 M
Native Am Dollar - Phil.	0	32.06 M
Pres Dollar - Denver	26.18 M	151.06 M
Pres Dollar - Phil.	10.22 M	152.46 M
Total	690.02 M	5,031.23 M

Once again, the Lincoln Cent accounted for the heaviest portion of production at a combined 427.6 million. More than 3 billion cents have now been struck for the year to date. Personally, I have only seen two of the 2010 Lincoln Cents in circulation.

The US Mint has continued to strike nickels and dimes in quantity. Although the year to date totals are still below typical levels, they have now far exceeded the relatively tiny mintages experienced during 2009.

A scant 10.8 million quarters were struck last month. Based on updates to the preliminary production figures for America the Beautiful Quarters, this amount seems to be made up of an additional 10 million Hot Springs National Park Quarters and 0.8 million Grand Canyon National Park Quarters.

The table below shows the preliminary production figures by design for the 2010 America the Beautiful Quarters and 2010 Presidential Dollars.

2010 US Mint Coin Production by Design
	Denver	Phil.	Total
Hot Springs Quarter	34.00 M	35.60 M	69.60 M
Yellowstone Quarter	34.80 M	33.60 M	68.40 M
Yosemite Quarter	34.80 M	35.20 M	70.00 M
Grand Canyon Quarter	35.40 M	34.80 M	70.20 M
Fillmore Dollar	36.96 M	37.52 M	74.48 M
Pierce Dollar	38.36 M	38.22 M	76.58 M
Buchanan Dollar	36.54 M	36.82 M	73.36 M

There are no new entries to the table this month, but the totals for the Hot Springs Quarter have increased by 5 million each from the Philadelphia and Denver Mints, and the total for Grand Canyon Quarters struck at the Denver Mint has increased by 0.8 million.

As mentioned in previous posts, the US Mint has indicated that they may restart production of previously released America the Beautiful Quarters if demand exists through their bulk purchase program. Under this program, the coins can be ordered in bags of 200,000 for the $50,000 face value plus a 3% handing fee.

The Hot Springs Quarter was once the lowest mintage issue of the series, but now that title rests with the Yellowstone Quarter- at least for now.

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America the Beautiful Products Coming in November

Back in May, the United States Mint announced three new product types for the America the Beautiful Quarters Program. Yesterday, they announced that the release dates for the products have been set for mid-November.

As I said in my original post, these products basically remix the various versions of the quarters available elsewhere into new arrangements and packaging. Although it would have been preferable to come up with some more innovative ideas, these new products might provide useful options for some collectors.

2010 America the Beautiful Quarters Three Coin Set - Hot Springs
Release: November 17, 2010
Price: $13.95

This product will contain uncirculated (satin finish) Hot Springs Quarters from the Philadelphia and Denver Mint, along with the proof version from the San Francisco Mint. The coins will be mounted on a "durable plastic card" containing a description of the site, coin design, and certificate of authenticity. This sounds like it would look similar to the Presidential $1 Coin and First Spouse Medal Sets.

Only the Hot Springs Quarter Three Coin Set would be released on November 17, with the other 2010 coins to follow in 2011.

2010 America the Beautiful Quarters Circulating Coin Set
Release: November 19, 2010
Price: $9.95

The set includes all ten circulation strike 2010 America the Beautiful Quarters from the Philadelphia and Denver Mints. The packaging allows the coins to be removed for easier placement into albums. This product does seem like a nice idea for someone who wants to assemble a basic circulating coin collection of the new series, particularly since the coins don't seem to turn up in circulation very often.

2010 America the Beautiful Quarters Uncirculated Coin Set
Release: November 23, 2010
Price: $21.95

This set would include all ten of the uncirculated (satin finish) 2010 America the Beautiful Quarters from the Philadelphia and Denver Mints. This is similar to the separate uncirculated coin sets available for the Presidential Dollars Program.

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Grand Canyon National Park Quarter Bags and Rolls

The United States Mint will begin sales of the Grand Canyon National Park Quarter bags and rolls next week on Monday, September 20, 2010 at 12:00 Noon ET. This will represent the fourth release of the America the Beautiful Quarters Program, which began this year.

The Grand Canyon Quarter reverse design features a canyon level view of the granaries above the Nankoweap Delta in Marble Canyon near the Colorado River. These granaries were used for storing food and seeds circa A.D. 500. Inscriptions surrounding the image include "Grand Canyon", "Arizona", "E Pluribus Unum" and the date "2010". The reverse was designed and sculpted by Phebe Hemphill.

The obverse of the coin features a portrait of George Washington designed by John Flanagan as it appeared on the 1932 Washington Quarter. Inscriptions include "United States of America", "In God We Trust", "Liberty", and "Quarter Dollar".

The US Mint will offer 100-coin bags of Grand Canyon National Park Quarters from either the Philadelphia or Denver Mint priced at $35.95. Tags are attached to each bag which indicate the mint of origin, name of the park, and state abbreviation.

Two roll sets will also be available, which include one 40-coin roll each from the Philadelphia and Denver Mints. The rolls are packaged in special wrappers which indicate the face value of the contents, mint mark, name of the park, and state abbreviation. The sets are priced at $32.95 each.

Both the bags and rolls are intended to be available for one year from the initial release date. The bags and rolls for the previously released quarters featuring Hot Springs National Park, Yellowstone National Park, and Yosemite National Park all remain available for sale.

A launch ceremony for the Grand Canyon National Park Quarter will be held by the US Mint on September 21, 2010 at 1:30 PM MST. The ceremony will take place at the South Rim of the park, between Hopi House and Verkamp's Visitor Center. Attendees will have the opportunity to exchange currency for rolls of the new quarters at face value.

The evening before the ceremony on September 20 at 5:00 PM, United States Mint Director Edmund Moy will host a coin forum at the Grand Canyon Railway Depot at the base of El Tovar Hill.

2010 Proof Gold Eagles Update

In other news, the US Mint has confirmed the availability of 2010 Proof Gold Eagles. Details from my previous post regarding product options and limits were confirmed.

The 4 Coin Sets will be limited to 39,000 units. Individual options will be limited to 25,000 one ounce coins, 15,000 one half ounce coins, 16,000 one quarter ounce coins, and 27,000 one tenth ounce coins.

Newly available information includes the exact release date of October 7, 2010 at 12:00 Noon ET. Additionally, the US Mint has indicated that there will be no household ordering limits in place for the products.

At this time the US Mint has not made a final decision about whether the 2010-W Uncirculated Gold Eagle will be offered. This collectible uncirculated version of the coin is struck on specially burnished blanks and contains the "W" mint mark. Although the fractional versions of this offering were discontinued at the end of 2008, the US Mint had still planned to offer the one ounce size coin in future years. For 2009, the collectible uncricualted coin was canceled along with the proof version.

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Yosemite National Park Quarter Bags and Rolls

Today July 26, 2010, the United States Mint began sales of the 2010 Yosemite National Park Quarter bags and rolls. This represents the third release of the America the Beautiful Quarters Program.

The reverse design of the Yosemite Quarter features a view of El Capitan. This vertical rock formation rises 3,00 feet above the Yosemite Valley floor and is the largest monolith of granite in the world. The reverse was designed by Joseph Menna and sculpted by Phebe Hemphill. The obverse of the coin features a restored version of the portrait of George Washington designed by John Flanagan.

The US Mint is offering 100-coin bags of the newly released quarters from either the Philadelphia or Denver Mint. The bags have tags stating the mint of origin, "Yosemite", "CA" and the $25 face value of the contents. Bags are priced at $35.95 each.

A two roll set is also offered, which includes one 40-coin roll from the Philadelphia Mint and one 40-coin roll from the Denver Mint. The coins are packaged in US Mint branded wrappers, which indicate the mint of origin, "Yosemite", "CA", and $10 fave value of the contents. The two roll sets are priced at $32.95.

According to the US Mint, the Yosemite National Park Quarters bags and rolls will remain available for one year from the initial offering date. This prolonged availability period is a change of procedure from the prior State Quarter and DC & US Territories Quarters Programs. Bags and rolls for each design were only available until the next design was released.

Another change for the America the Beautiful Quarters Program is the introduction of the Bulk Purchase Program. This program allows orders to be placed for bulk bags of 200,000 quarters for the $50,000 face value plus a 3% processing fee. So far, the US Mint has reported 19.4 million quarters sold through the program.

When the America the Beautiful Quarters series first began, the potential for low mintages provided an interesting draw for collectors. Preliminary production figures do show mintages for the new series to be a fraction of the levels for the State Quarters Program. However, since the US Mint is providing prolonged availability for each release, the ability to bulk order, and the prospect that production can be restarted, the low mintages are difficult to get excited about.

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America the Beautiful Quarters Launch Ceremony Dates

The United States Mint has set the launch ceremony dates for this year's remaining America the Beautiful Quarters. Each of the ceremonies will take place one or more days following the circulation release date for the coins.

Launch ceremonies can be popular destinations for collectors since they are typically followed by a coin exchange where attendees can exchange currency for rolls of the newly issued coins at face value.

Collector attendance at launch ceremonies seemed to peak with the 2009 "Formative Years" Lincoln Cent ceremony, which was attended by about 3,000 people. The most recent ceremony for the Yellowstone National Park Quarter attracted about 1,500 attendees, although much of the crowd seemed to be made up of local residents or those already vacationing in the park who happened to hear about the event.

The Yosemite National Park Quarter will be released into circulation on July 26, 2010. The official launch ceremony will be held on Thursday, July 29, 2010 at 11:00 AM PT at the Valley Visitor's Center, Yosemite Valley Loop, Yosemite, California.

The Grand Canyon National Park Quarter has a circulation release date of September 20, 2010. The launch ceremony will take place the following day on Tuesday, September 21, 2010 at 1:00 PM PT on the grounds adjacent to El Tovar Hotel, Grand Canyon, Arizona.

The Mount Hood National Forest Quarter will be the final release of the year on November 15, 2010. The launch ceremony will be held on Wednesday, November 17, 2010 at 10:00 AM PT at the World Forest Center, 4033 SW Canyon Road, Portland, Oregon.

America the Beautiful 5 oz Silver Bullion Coins

Many readers have been asking for updates on the status of the America the Beautiful 5 oz Silver Bullion Coins. I responded in the comments to a prior post, but will include the latest information here as well.

According to this Numismatic News article, the coins are scheduled for striking in July, August, and September. Currently the Mint is awaiting their supply of silver blanks, expected to be delivered in July.

The over-sized bullion coins will be distributed through the US Mint's authorized purchaser (AP) network. The authorized purchasers buy the coins in bulk quantities directly from the United States Mint and then resell them to other bullion dealers, coin dealers, and the public. This is the same distribution system used for the bullion versions of Silver Eagles, Gold Eagles, and Gold Buffalo coins.

The the new 5 ounce silver coins are classified as bullion, so they should sell for a fixed mark up to the spot price of silver. However, since this will represent the start of a brand new series and mark the first offering of 5 ounce coins from the US Mint, demand will likely be elevated, possibly driving market premiums higher. Premiums may also increase if the US Mint cannot produce the coins in sufficient numbers to meet demand or rations the available quantities, which is a distinct possibility.

The US Mint has mentioned the potential for a proof or collectible version of the America the Beautiful 5 oz silver coins, although such an offering definitely will not happen in 2010.

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US Mint Offers Bulk Bags of America the Beautiful Quarters

Today, the United States Mint announced the America the Beautiful Quarters Bulk Purchase Program. At first, I was pretty excited about the announcement, until I read that the bulk purchases must be made in increments of $50,000. Even though most collectors will not be able to purchase through the program, it will still have an impact on anyone collecting the series.

As I have mentioned in prior posts, circulating coins are generally distributed to the channels of circulation through the Federal Reserve Banks. They supply coins to banks and other depository institutions in quantities sufficient to meet transactional demand without regard to the date or design of the coins.

For the 50 State Quarters Program and the Presidential Dollars Program, special ordering procedures were provided, which allowed banks to order unmixed quantities of the newly issued coins for certain periods surrounding the circulation release date. Special ordering procedures were not put into place for the new America the Beautiful Quarters Program.

Although some of the newly issued quarters eventually make their way into circulation, the lack of ability for banks to order the new issues specifically makes distribution spotty and uncertain, as compared to the State Quarters.

The Bulk Purchase Program provides for the purchase of bulk bags containing 200,000 coins, with a face value of $50,000. There is a processing fee of 3% or $1,500 for each order. Purchasers must also arrange pick up of the coins from the Philadelphia Mint (P mint mark coins) or Denver Mint (D mint mark coins) by a licensed commercial carrier.

Orders for upcoming America the Beautiful Quarters can be processed up to one week before the circulation release date. Interestingly, previous releases of the series will be accepted as long as unassigned inventory exists. The US Mint includes the following within the Q&A section:

"Orders for previously released coins will be accepted as long as unassigned inventory exists. The United States Mint may produce additional coins to satisfy orders throughout the year for the first few designs if time and resources permit; however, there is no guarantee, and orders may be refused. As the end of the calendar year approaches, flexibility in supplying previously released quarters diminishes."

This explains why the US Mint's monthly production statistics indicate that the figures for America the Beautiful Quarters are "preliminary" with several asterisks. In the past, the US Mint has stopped production of one rotating circulating coin design before beginning production of the next. Apparently, now the US Mint may continue minting all designs during year of issue.

Because of the high minimum purchase requirements and pick up arrangements, it's unlikely that the average individual coin collector will be able to use the program to obtain new coins. The US Mint suggests that smaller quantities should be purchased through the two roll sets ($20 face value for $32.95) or the 100-coin bags ($25 face value for $35.95).

The Bulk Purchase Program will likely have some indirect impacts to the average collector. It may create a more abundant supply of each quarter on the secondary market if dealers purchase the coins in bulk quantities. In the short term, this should make acquiring the coins easier, but in the long term it may hold down the values of low mintage coins. Rather than distributing a small mintage broadly, many coins will be in the hands of collectors through the numismatic bags and rolls offerings and potential hoards will be in the hands of dealers and others through the bulk purchase program.

Studying production figures for low mintage coins will become a more difficult task. Since production for each coin can take place throughout the entire year of issue (if time and resources permit), any coins with low preliminary production figures might be ordered in quantity through the bulk purchase program, increasing mintages and creating hoards.

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Yellowstone Quarter Launch Ceremony

Yesterday, the US Mint held the launch ceremony for the Yellowstone National Park Quarter. A Mint News Blog reader was in attendance and provided a first-hand account of the event and some pictures.

A full recap of the event with pictures can be round in a separate article on Coin Update News:
Yellowstone National Park Quarter Launch Ceremony and Coin Exchange

Compared to the last quarter launch and especially the Lincoln Cent launch events, it seemed that there were far fewer coin collectors in attendance. Most of the crowd was reportedly made up of residents from surrounding areas and visitors to the park, who happened to hear about the event. Collector interest in these events seemed to have peaked with the launch ceremony for the "Formative Years" 2009 Lincoln Cent. Estimates on the number of attendees for that event ranged as high as 4,000, and it was referred to as "Woodstock for Coin Collectors."

The total number of quarters exchanged at the Yellowstone ceremony was lower compared to other ceremonies. There were 4,400 rolls worth $44,000 exchanged. This compares to 7,650 rolls worth $76,500 exchanged at the Hot Springs ceremony.

Fewer people also seemed to be taking the time to stamp and cancel the rolls. A special pictorial cancellation was available for the Yellowstone Quarter rolls and some collectors used stamps depicting Old Faithful. There were reportedly about 1,100 rolls canceled by the post office. Figures related to the number of cancellations aren't available from prior events, but I would guess that the numbers were higher.

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