New Frontier Congressional Gold Medal for Astronauts, Versions for Public

Leaders of Congress awarded John Glenn and the astronauts of Apollo 11 -- Neil Armstrong, Buzz Aldrin, and Michael Collins -- with the New Frontier Congressional Gold Medal on Wednesday during a ceremony at the US Capitol.

Two different sized bronze versions of New Frontier Congressional Gold Medal are available to the public.

The United States Mint struck the medals that were presented, and now it is selling a large (3 inch) and a small (1.5 inch) bronze version of the medal directly to the public.

The obverse of the medal features portraits of Armstrong, Aldrin, Collins and Glenn, all wearing their astronaut suits. The design also depicts the Earth from orbit in the lower half of the medal and a scene in the center of an astronaut walking on the moon towards the flag. Inscriptions include JOHN GLENN, NEIL ARMSTRONG, MICHAEL COLLINS, and BUZZ ALDRIN. The image was designed by Joel Iskowitz and sculpted by Phebe Hemphill.

The reverse features the Lunar Excursion Module orbiting the moon and the Friendship 7 mission capsule orbiting the Earth. Inscriptions include WE CAME IN PEACE FOR ALL MANKIND. It was designed by Iskowitz and sculpted by Don Everhart.

The bronze medals went on sale at noon Eastern Time on Wednesday, November 16, 2011. They are $44.95 for the three-inch version and $7.95 for the one and a half inch version. Orders can be placed at http://www.usmint.gov/catalog or 1-800-USA-MINT (872-6468). Hearing and speech-impaired customers with TTY equipment may order at 1-888-321-MINT (6468).

For reference, the Mint's announcement about the bronze medals follows.

WASHINGTON - The New Frontier Congressional Gold Medal was presented today to astronauts John Herschel Glenn, Jr.; Neil A. Armstrong; Edwin E. "Buzz" Aldrin, Jr.; and Michael Collins during a ceremony in the Rotunda of the U.S. Capitol. The medal, designed and struck by the United States Mint, is in recognition of these astronauts' significant contributions to our Nation.

John Glenn became the first American to orbit the Earth on February 20, 1962, helping pave the way for the first lunar landing. As mission commander for Apollo 11, Neil Armstrong gained the distinction of being the first astronaut to land a spacecraft on the moon and the first to step on its surface on July 21, 1969. Buzz Aldrin joined Armstrong in piloting the lunar module, Eagle, to the surface of the moon and became the second person to walk on the lunar surface. Michael Collins piloted the command module, Columbia, in lunar orbit and helped his fellow Apollo 11 astronauts complete their mission on the moon.

The medal's obverse (heads side) depicts the portraits of Apollo 11 astronauts Neil Armstrong, Buzz Aldrin and Michael Collins facing left, and Friendship 7 astronaut John Glenn facing right, representing the two historic missions. The design also features a partial view of the Earth from orbit, as well as a horizon line with an astronaut walking on the lunar surface facing the flag.

The names of the four astronauts are inscribed along the outer rim. The obverse was designed by United States Mint Artistic Infusion Program Master Designer Joel Iskowitz and sculpted by United States Mint Sculptor-Engraver Phebe Hemphill.

The medal's reverse (tails side) design features the Lunar Excursion Module orbiting the moon and the Friendship 7 mission capsule orbiting the Earth with the inscription WE CAME IN PEACE FOR ALL MANKIND. The reverse was designed by Iskowitz and sculpted by United States Mint Sculptor-Engraver Don Everhart.

Public Law 111-44, which authorized the United States Mint to strike the New Frontier Congressional Gold Medal, also authorizes the bureau to strike and issue three-inch, and one and one-half-inch bronze reproductions of the medal.

The bronze medals, priced at $44.95 (three-inch) and $7.95 (one and one-half-inch), will be available for purchase from the United States Mint at noon Eastern Time on November 16, 2011, at http://www.usmint.gov/catalog or 1-800-USA-MINT (872-6468). Hearing- and speech-impaired customers with TTY equipment may order at 1-888-321-MINT (6468).

The United States Mint, created by Congress in 1792, is the Nation's sole manufacturer of legal tender coinage and is responsible for producing circulating coinage for the Nation to conduct its trade and commerce. The United States Mint also produces proof, uncirculated and commemorative coins; Congressional Gold Medals; and silver, gold and platinum bullion coins.

Related posts:

Medals for US AstronautsCommemorative Coins for First Man on the MoonTagged as: United States Mint

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How Much Gold and Silver Will the Treasury Secretary Determine is Sufficient to Meet Public Demand?

A bill, which seeks to provide greater Congressional oversight for circulating coin compositions, may have implications for the quantity of United States Mint gold and silver bullion coins that are available to precious metals investors.

The bill H.R. 6162 Coin Modernization, Oversight, and Continuity Act of 2010 primarily establishes rules for the Secretary of the Treasury to provide biennial reports to specified committees on the costs related to circulating coins, and make recommendations for new metallic materials or procedures. A final section of the bill deals with "meeting the demand for gold and silver numismatic items", although the implications seem to extend to bullion coins.

Following the cancellation of the 2009 Proof Silver Eagles, the United States Mint sought greater flexibility to produce numismatic versions of the coin. The Director of the United States Mint requested such authority be granted to the Secretary of the Treasury at a hearing of the Subcommittee on Domestic Monetary Policy and Technology on July 20, 2010. The chairman of the subcommittee Melvin Watt was the one who introduced the bill H.R. 6162.

The following is Sec. 4 of the bill:

Subsections (e) and (i) of section 5112 of title 31, United States Code are each amended by striking ‘quantities’ and inserting ‘qualities and quantities that the Secretary determines are’.

Here's how the law authorizing American Silver Eagles currently reads (emphasis added):

(e) Notwithstanding any other provision of law, the Secretary shall mint and issue, in quantities sufficient to meet public demand, coins which— (1) are 40.6 millimeters in diameter and weigh 31.103 grams; (2) contain .999 fine silver; (3) have a design— (A) symbolic of Liberty on the obverse side; and (B) of an eagle on the reverse side...

And here's now the law would read if the bill H.R. 6162 is enacted (emphasis added):

(e) Notwithstanding any other provision of law, the Secretary shall mint and issue, in quantities and qualities that the Secretary determines are sufficient to meet public demand, coins which— (1) are 40.6 millimeters in diameter and weigh 31.103 grams; (2) contain .999 fine silver; (3) have a design— (A) symbolic of Liberty on the obverse side; and (B) of an eagle on the reverse side...

A similar change occurs for subsection (i), which deals with American Gold Eagles.

The inclusion of the word "qualities" was necessary to accomplish the presumed goal of the legislation to allow the issuance of numismatic versions of the coins, but what about the added phrase "that the Secretary determines are sufficient"?

Is the amount of gold and silver bullion coins that the Secretary determines are sufficient to meet public demand different that than amount which will actually meet public demand?

Even under the strict existing standard, there have been extended periods of time when full public demand was clearly not being met. The sale of Gold and Silver Eagle bullion coins have been completely suspended for brief periods, and rationed for considerably longer periods. Most recently, Gold Eagles were subject to rationing from December 2009 until March 2010, and Silver Eagles were rationed from December 2009 until September 2010.

What will happen if the standard becomes less strict and more indefinite?

US Mint Bullion Programs at the Treasury Secretary's Discretion

Besides the American Gold and Silver Eagles, no other US Mint bullion programs carry the requirement to be produced in quantities sufficient to meet public demand. The language varies, but each program is effectively left to the discretion of the Secretary of the Treasury.

The 24 karat American Gold Buffalo coins, carry the requirements, "Not later than 6 months after the date of enactment of the Presidential $1 Coin Act of 2005, the Secretary shall commence striking and issuing for sale such number of $50 gold bullion and proof coins as the Secretary may determine to be appropriate, in such quantities, as the Secretary, in the Secretary’s discretion, may prescribe."

The subsection dealing with American Platinum Eagles reads: "The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary’s discretion, may prescribe from time to time."

And, the recently issued 5 ounce America the Beautiful Silver bullion coins: "The Secretary shall strike and make available for sale such number of bullion coins as the Secretary determines to be appropriate that are exact duplicates of the quarter dollars issued under subsection (t)"

Granted that there is no public demand requirement, but how is the Treasury Secretary doing with these other gold and silver bullion programs?

Inventories of the American Gold Buffalo bullion coins were completely depleted by the end of September 2010. At that point, the US Mint indicated that no further inventory of 2010-dated bullion coins would be made available.

The American Platinum Eagle has not been available in bullion format for more than two years. After final inventories were exhausted in late 2008, the US Mint indicated that the 2009 release would be delayed. The 2009-dated bullion coins were eventually canceled. The US Mint has not provided any information on 2010-dated bullion coins, and none have been issued to date.

The America the Beautiful Silver Bullion Coins went on sale to authorized purchasers today. The supply was so limited that the US Mint urged primary distributors to keep prices reasonable. Market forces took precedence and the bullion coins have been selling for double the silver value, or more.

Conclusion

So what is the difference between "quantities sufficient to meet public demand" and "quantities that the Secretary determines are sufficient to meet public demand"?

In practice, we shall see if this represents a different standard, but at this point the change in wording makes me uncomfortable.  I want the supply of gold and silver bullion coins to be determined by demand in the marketplace, not determined by unspecified criteria established by the Secretary of the Treasury.

As the bill has already been passed in the House and Senate, and only requires the President's signature to become law, it seems too late to do anything other than brace for the possible repercussions.

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