In conjunction with the release of the New Mexico State Quarter on April 7, 2008, U.S. Mint Director Ed Moy held a Coin Collectors Forum. The Forum took place the evening before the New Mexico launch ceremony, and was open to anybody who has an interest in the nation's coinage. This article is a summary of the Q&A that took place. The Mint provided a paraphrased (rather than verbatim) transcript, so the questions are not necessarily in the exact verbiage the person used when they asked, nor are they in the exact order they were asked. A couple of trivial questions were omitted. The answers are also paraphrased, and I have added some clarifications in italics, preceded by "Ed:" (for Editorial comment.)
Director Moy's Opening Comments
Moy opened the coin collectors forum, (which was hosted by the Albuquerque Coin Club and attended by more than 50 people,) by thanking his hosts and then explaining how the cost of the penny and nickel coins have exceeded face value because of the cost of the copper and nickel used in them. Moy also discussed the D.C. and U.S. Territories Quarter Program, (which most people see as an extension of the 50 State Quarterstm Program.) Next, he spoke briefly about the Native American $1 Coin Act which begins in 2009. According to this Act, the Sacagawea Dollar will begin getting a series of new reverse types devoted to Native American themes, plus it will get edge lettering! Finally, Moy went on to talk about the ultra-high relief Saint-Gaudens Double Eagle, which will be coined in solid 24k gold for one year only, in 2009.
Questions About Coin Design
Does the U.S. Mint assign certain coins to be designed by certain artists? No, when the Mint needs new coin designs, the Mint's staff of sculptor-engravers and its Artistic Infusion Program artists compete to provide the finest coin designs. The designs are viewed by the two coinage advisory committees, (the CCAC and the CFA), who provide guidance to the United States Mint and Treasury Department. The Mint and its artists use primarily digital engraving technology today. (Ed: The CCAC is the Citizen's Coinage Advisory Committee, and the CFA is the Commission of Fine Arts. Both committees review the designs and make final selections, but the Secretary of the Treasury has the final say in which design actually gets coined, and s/he is not bound by these committees' recommendations.)
Has the Mint ever considered holding a national coin design competition for children? This point is well-taken. The U.S. Mint has overseen national design competitions in the past. The 50 State Quarterstm Program has been extremely popular with children and their parents, and the Mint has a large section of its Web site devoted to kids called HIP Pocket Change site. (Ed: HIP stands for History In your Pocket.)
Why do our coin designs look so simplistic? Can't something be done about this? It is my hope that we can launch a renaissance of the golden age of coin design. Hopefully we can have dramatic new designs in higher relief that are inspiring to the senses. (Ed: Moy has, of course, taken steps in this direction with his plans to issue the ultra-high relief Saint-Gaudens Double Eagle in 2009.)
Presidential Dollar Questions
Will the U.S. Bureau of Printing and Engraving (BEP) ever stop printing the paper dollars? The decision of what money to produce is up to congress. The Presidential Dollar has been a great success! The Federal Reserve Banks have ordered nearly a billion of them, which is more than expected. Plus, the Presidential Dollar coins give consumers a choice. There has been a worldwide trend toward higher denomination coins. Paper money only lasts 18 months, whereas coins are engineered by the U.S. Mint to last at least 30 years. This is the reason why so many other countries have gone to using coins instead paper for increasingly larger denominations.
What about all of the errors on the Presidential coins? Although the U.S. Mint had some challenges when it first started making this new type of coin, with the new edge lettering process, the problems have been solved and things have been going very well. (Ed: The U.S. Mint strikes 15 billion coins a year, and the number of major errors that get out most years number in the mere thousands. The quality control at the U.S. Mint is literally among the the finest in any manufacturing facility anywhere in the world. For more on this subject, see Does the U.S. Mint Make Error Coins on Purpose?)
What can you tell us about the distribution of the Presidential Dollar coins? There has been some variation in the distribution of the dollar coins, but citizens are most likely to find them in cash intensive transactions such as vending machines and laundromats. (Ed: There was a BIG variation in distribution for the James Monroe Presidential Dollars when the Mint recalled a large portion of the East Coasts' shipments in an effort to ensure that none of the off-metal Monroe errors got out. Banks had to return their unopened boxes of stock to the Federal Reserve, and they didn't get replacements until several weeks after the release date. But it looks like the Mint's draconian measures were successful; to this date, not one single Monroe struck on a quarter blank has been confirmed to have escaped.)
