New US Mint Director Nominated

President Obama has nominated Bibiana Boerio of Pennsylvania to become the new Director of the United States Mint for a five year term. This comes 21 months after the 38th Director of the Mint Edmund Moy announced his resignation on December 20, 2010.

From the information available online, Boerio does not seem to have any particular connection or affinity to coins. She most recently served as Special Advisor to the President at Detroit Regional Chamber, after holding the position of Chief of Staff for Pennsylvania Congressman Joe Sestak. Prior to this she spent 30 years in automotive and financial services businesses, with her positions including Managing Director of Jaguar Cars Ltd and Chief Financial Officer of Ford Motor Credit Company.

Since Moy’s resignation, the responsibilities of the Director have been handled by Richard A. Peterson, who carries the title of Deputy Director. He has worked at the Mint since October 2008 and served as Associate Director for Manufacturing before assuming his current position.

Under Peterson’s watch we have seen the offering of the 25th Anniversary Silver Eagle Set, which was criticized by some collectors; the implementation of the suspension of production for Presidential Dollars, following the decision of the Treasury Department; and the “mint to demand” offering of the San Francisco Silver Eagle Set. We have also seen an end to the Silver Eagle bullion coin suspensions and rationing, due in part to expanded production at the San Francisco Mint and a drop in demand levels.

Finally, Peterson has been involved in the beginning of the process which might ultimately lead to changes for our circulating coins. The US Mint is currently conducting research and development activities with regards to metallic coinage compositions, with a report and recommendations due to Congress at the end of this year.

Silver Price Watch

This morning, the market price of silver is above $35 per ounce. At this level, it becomes increasingly likely that the US Mint may suspend product sales for silver numismatic products and increase prices.

I recently discussed the current price levels of silver products and made some predictions when prices may need to be increased in this post. I noted that the US Mint had suspended sales of the America the Beautiful Five Ounce Silver Uncirculated Coins earlier this year when the market price of silver rose above $35 per ounce.

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Comments

  1. george glazener says

    Oh God, how typical, another obama appointee with no relevant experience whatsoever. So now we can look forward to a timmy geithner commem, a Sandra Sotomayor commem, and a mooch-elle obama 1 oz gold FS coin jumping in line ahead of all the other First Spouse releases. And when the Nancy Reagan & Barbara Bush FS coins come up, the series will magically encounter “insurmountable problems”. The mint is doomed…..

  2. Dursch says

    Micheal,

    Can the mint suspend the Hawaii AtB 5oz even though it is scheduled to be released Monday (24th)?

  3. JOE HARRISON says

    Agree with George. I could get real tacky about the great job the chamber of Detroit has done with tourism or Jaguar car jokes but I will take the high road. HOPE has turned into NOPE just like most promises made to get elected. If I had the time I would try and follow the money trail to figure out this appointment but to busy working 2 jobs so I can be part of the ‘RICH’ so I can pay more taxes. Very frustrating times to be a coin collector.

  4. Mint News Blog says

    Dursch – If they suspend the other ones, I think they could also suspend the release date.

    There was a gold product from last summer that was released and then suspended less than 24 hours later to increase the price.

  5. hi ho silver says

    I checked silver about 10 am ET and it was 35.11 when I refreshed it droped. to34.58…… Haven’t seen that fast a drop since bin-ladin was killed….weird.

  6. joe says

    Another example of Chicago politics…experience not necessary. I wonder how much money is going into obama’s swiss bank account for this appointment.

  7. Richard W says

    This appointment is another pay off by our white house,another appointee with no experience or background in the field.I can’t wait to see her initial offering.Off topic, any rumbling regarding the release of the second tier 75th SF set.

  8. joe says

    Come on Richard…the first offering will be a high relief on tin of her idol…BHO. The reverse will likely be a “Star and Crescent.” I doubt she’ll have any other ideas over her tenure…

  9. Boz says

    Silver is back down. The bump looked mighty suspicious. Are the hunt brothers back in town, I thot they were suspended for life? Every day around 10 am there is a move if there is going to be one at all. Is this when the rich brokers get to their computers before taking off to play golf or wherever they do for the rest of their day?

  10. george glazener says

    Explain exactly how you think Romney is going to destroy the middle class. This ought to be entertaining….

  11. Phil says

    It’ll be interesting to see what direction the mint products take with this new appointee. I suspect that she will push for new coins which have some kind of “politically correct” theme behind them, with little or no regard to the wishes of coin collectors, further alienating the majority of collectors from new US mint products. I am already starting to steer away from the new US mint products, mainly due to the poor quality of the recent sets which I have acquired. I sent them back once, but even the new sets were lacking. Also I’m getting tired of the large markups in the product pricing vs the quality.

  12. Mint News Blog says

    While the US Mint no doubt has some input or sway in the matter, for the most part coin designs and programs are specified by Acts of Congress.

    In a previous post, I explained in more detail and also covered the areas where the US Mint or the Treasury Department does have authority to act on its own. In some instances, they haven’t historically used the authority that they do have, such as circulating coin design changes.

    http://mintnewsblog.com/2012/03/us-mint-and-treasury-department-authority-for-coins/

  13. hi ho silver says

    I wonder if she was given this job to keep her mouth shut about Sleestaks White house bribe from Obama not to run against Spector in Pa.?

  14. joe says

    >>Maybe if Romney gets elected we will see a Mitt Romney “Farewell to the Middle Class” commem?<<

    I agree…a fitting tribute by Romney for the obama administration. BHO on the obverse, and a bunch of hands out on the reverse. Not sure how Romney has or will screw the the middle class (and he could), but our country is now living through how the BHO administration is screwing us. One hundred days to the largest tax increase in the history of the world…thanks BHO.

  15. Boz says

    A good example of the mint’s dislike of a Congressionally-mandated product is the First Spouse series, where there has been very little, if any, promotion, and unexplained “technical troubles.” Please do not adjust your set or bang on your mailbox, the trouble is in the network feed from headquarters in Washington.

  16. chris says

    I always make sure I read the comments section carefully – it saves me the trouble and the expense of picking up and reading the Wall Street Journal and the National Enquirer. Please keep them coming ;) !

  17. zwiggy says

    Agreed this is an odd appointment since she has never “made” coins before. But if you know nothing about a person, why speculate/suspect/assume about the bad job you envision her doing?

  18. William says

    Isn’t it about time “Lady Liberty” loses the gown and puts on a mini skirt and boots…

    Start walking boots…

  19. Richard W says

    Other than collect a large salary and set in a high back chair,what does the mint director do?Please inform me.

  20. hi ho silver says

    Richard W: She will visit National Parks to announce the new quarter,and visit Presidents Historic homes when a new dollar is issued. Not a bad vacation schedule huh?

  21. JohnT58 says

    Credit card just got hit with charges for the SSB gold and Garfield first spouse coin. Looks like they are both off backorder.

  22. Hidalgo says

    The country needs another economic-genius President like Ronald “trickle down” Reagan. That would be one sure way that gold values could fall so we can all buy coins made of precious metals.

  23. george glazener says

    “But if you know nothing about a person, why speculate/suspect/assume about the bad job you envision her doing?”

    Because of the person who appointed her. Simple as that.

  24. VABEACHBUM says

    Michael’s comment summaries the crux of our problem. Until the Legislative Machine has a grasp of the capabilities of the Mint and the interests and desires of the customers, both the Mint and we customers are going to suffer. E.g., A very unique press to strike 3 inch diameter, 5 oz silver coins, while other countries have had a 5 oz process in place for years. As far as the folks on the Hill are concerned, the Director should have a background in Manufacturing Processes, and the ability to manage (use / abuse) the various subject matter experts within the organization. I can see the job announcement now: “A knowledge of coins and numismatics not necessary, but would be considered a plus.” I damn sure hopes she has a substantial background in quality assurance and quality control!!!

    I’m more curious as to who else may have been under consideration. Specifically, Peterson, the current “Acting Director,” in the job and finger on the pulse for 18+ months. Good, bad or indifferent, I would think that he has to be as good as – or better – than Ms. Boerio. To date, he simply has not had the Full Authority necessary to perform the job. What’s worse, and depending on the circumstances, it’s quite possible that Peterson will walk sometime in the next 12 months, thus taking his accumulated knowledge and understanding with him.

    Tenuous times await. Not sure about most of you, but I, for one, am severely puckered!!!

  25. Richard W says

    When Romney get elected i think i will apply,sounds like a pretty good deal.I’ll even give them a salary break,any of you on this blog are more qualified,oh i keep forgetting in Mr O’s administration you don’t need to be qualified you just need to be in the circle.

  26. The Hawk says

    A mint director with no past coin or numismatic experience likely spells an end to the penny soon. I would expect a pure business decision to be made with no bias towards history or numismatics. The nickel will certainly change composition as well.

  27. john says

    the mint is loseing big time I got a letter two weeks ago,why I stop ordering,silver eagle,I have been geting on ebay at a lower price and free shipping.I pick up the two coins proof sets for 135.00 and free shipping.I was told the mint send out 75000 of those letter.

  28. John C says

    Apparently there must be no one in the world with numismatic knowledge and a good business mind. Is it really that hard to find those qualifications? I think it is a shame and I’m sorry to say that even though I am a very open minded person, I just don’t think it is possible to be a good mint director if you do not have a fond appreciation of coins and there collector base. Not to mention the fact that the mint is on shaky ground and by hiring someone with a knowledge of coins would be a great starting step to reboot the system and get things going in the right direction. This should not be an appointed position. There should be a panel that reviews hundreds of qualified applicants. This is what’s wrong with this country it’s not what you know but who you know.

  29. stephen m. says

    It’s a rapidly changing world. All US government jobs are filled on the basis of minimum quailifacations. Good luck to us all and the new director.

  30. VA Bob says

    Well just based on her time with Jaguar (which was formerly owned by Ford Motor Co. and sold to an Indian company a few years back) this doesn’t sound too promising. Looks like another 5 years of no numismatic guidance at the Mint. Hope I’m wrong.

  31. JimL says

    What exactly were Moy’s qualifications as far as making coins? Everybody was bad mouthing him also, and he actually did some pretty good things and did increase the quality of the everyday stuff just like he said he would. The MD is essentially an officer who acts as an interface with the Republican/Tea Party lead Congress that tells him what and how many. The MD also does a ribbon cutting/pubilicity function for which she probably is qualified. They have plenty of career production types to bang out the blanks, if you don’t like their stuff blame them. Meantime we get Congress and Lions Club commemoratives….next up a Sarah Palin coin with her looking at Russia from her back porch.

  32. Jeremy says

    I had asked this question earlier, however it seems it may have been overlooked with all the excitement lol

    I was curious if the ATB coins are being removed from the airtites, for those that have ordered them, to be inspected?

    Thanks :)

  33. bob says

    “Moy did a few good things” …. so did the president who appointed him. They both just share the problem that the good things were extremely few and extremely far between and I can’t think of any off the top of my head – but we all still have to live with the aftershocks of their mistakes!

  34. Hidalgo says

    Moy was a coin collector and he did a lot of great things to promote the hobby.

    By the way, someone mentioned Sarah Palin. Isn’t it time to honor her with a medal? She is a Republican….

  35. simon says

    Jeremy :

    it is never a good idea to remove the 5Oz ATB (or any coin) from the capsule. There a just one too many things which can happen to be deleterious to the coin. Best leave it in and check it with a loupe, microscope, or optivisor (best IMHO)

  36. Tim says

    Here is what one web page says about her, just saying.

    “Experienced International Business Leader with 30+ years in automotive and financial services businesses. Broad range of finance responsibilities across corporate finance, strategic planning, internal audit, and operational responsibilities for global brand development, marketing and sales.”

  37. TomP says

    Does it matter at all? Thanks to hi ho silver for the Sleestak reference. I had come across that guys name before and I’m not from PA.

    In any case pennies and nickels are doomed, sooner rather than later. Expect more of the same irrational decisions about numismatic issues and government level customer service to continue.

  38. Hidalgo says

    @Cleveland – the US Mint charged my credit card for an UNC Garfield FS gold coin. I hope you get yours as well.

  39. joe says

    >do the republicans still claim Sara Palin?<

    Palin is not running for any office last I heard, so I don't understand the relevance of your question.

    What does amaze me is that democrats still claim BhO (actually in office and running for office) after his continuous attempts to destroy our country, and now using his perfected incompetence to destroy the US Mint by nominating a political hack who is clueless regarding numismatics. It's a sad day for collectors…

    I agree with the previous poster…Michael would make a great Director of the Mint (whatever his political affiliations are) due to his continued efforts for collectors illustrating he does sincerely care about the hobby…

  40. Hidalgo says

    I see that folks here would prefer not to honor the Nobel Peace Prize winner. I guess the country would be better off by putting the Republicans back into office. I think putting Bush back into office or having Palin lead our armed forces to protect our country would lead the country to a most interesting future….!

  41. Robertson says

    “I agree with the previous poster…Michael would make a great Director of the Mint (whatever his political affiliations are) due to his continued efforts for collectors illustrating he does sincerely care about the hobby…”

    With all due respect, let’s not forget the primary (and Constitutional) duty of the the United States Mint — to produce circulating coinage for the United States for the purposes of trade and commerce. That being said, the last person who should be named Director is anyone who is closely affiliated with a group who has a vested interest in what the Mint produces, whether that be the coin hobby, the zinc industry, or whatever.

    I’ll repeat what Tim says above regarding Ms. Boerio’s qualifications:

    “Experienced International Business Leader with 30+ years in automotive and financial services businesses. Broad range of finance responsibilities across corporate finance, strategic planning, internal audit, and operational responsibilities for global brand development, marketing and sales.”

    These are EXACTLY the qualifications the next Mint Director needs to have, if we remember once again that the facility rarely functions unilaterally but at the behest of the Treasury Secretary who, in turn, acts in accordance to the legal mandates affecting coinage that are passed by Congress and signed into law by the President.

  42. merryxmasmrscrooge says

    Hidalgo, dude. Don’t even think about it. Putting Bush back into office, we would ignore NATO and the UN. Unilaterally attack any country and turn into what our troops fought so hard and died for, the extinguishing of the Nazis who unilaterally attacked anything Hitler wanted. All countries would gather against us and America Bye Bye.

  43. saucexx says

    With all of the Tea Party dogma being spewed in these comments, I forgot I was reading a coin blog. Though it’s about time we had a new President who under stands that numismatics is the “Hobby of Kings”. All the little people are just mucking it up.

    I have no idea whether Bibiana Boerio is qualified or not, but she seems no less qualified than previous directors:

    http://www.usmint.gov/about_the_mint/?action=past_directors

    Donna Pope, Reagan – former Ohio rep
    Ohio July 1981–August 1991

    David J. Ryder, Bush – Former Bush aide
    Idaho September 1992–November 1993

    Philip N. Diehl, Clinton – Former Loyd Benston aide
    Texas June 1994–March 2000

    Jay W. Johnson, Clinton – Former News Anchor and Rep from WI
    Wisconsin May 2000–August 2001

    Henrietta Holsman Fore, Bush – Undersecretary for Management, Department of State
    Nevada August 2001–August 2005

    Edmund C. Moy, Bush – Former Health executive and Bush aide.
    Wisconsin September 2006–January 2011

    It’s a political job and always has been. It’s amazing that we have the internet with all of the information it brings to our fingertips and people still don’t know what they’re talking about.

    I never take the coins out of the airtites, I don’t see any good coming of it. The only time I did it was with a Britannia proof. The airtite had been opened already and was full of hair and dust so I had to clean it out. Otherwise with a loupe you can see any defects you need to.

  44. ClevelandRocks says

    @ Robertson: so your saying we need an older guy with International automobile marketer as Mint Director? The UHR was Moy’s idea since he liked coins. Sorry, I think Michael would do an excellent job, even without the decades of international car experience marketing stuff…
    What part of the job do you think a numismatist like Michael couldn’t handle?

  45. JimL says

    Well stated and documented saucexx and merryxmasmrscrooge!! Though I also think a lot of Dan Carr I figure he’s probably just as happy running his own mint hee hee. It’s nice to hear from well informed folks on this blog that aren’t the typical low information Fox News/Rushbo addicts.

  46. hi ho silver says

    Does any know how the signature will change on the COA on items ordered once she is approved ? With all the deadlines going into the next year it could be intresting? ex 2011 9/11 medal.

  47. oldfolkie says

    Thanks for the posting “saucexx, how dare you bring a little forethought and research to a political debate. :)

  48. Hidalgo says

    Since folks on this blog are not too pleased with the Democratic candidate for Pres, perhaps the country can go with a winner like Mitt. Or perhaps we can resurrect some favorites like Sarah (she makes great tea) or George W. Electing a great candidate is important because the future of the US Mint and coin collecting could be impacted.

  49. Shutter says

    I never take the coins out of the airtites, I don’t see any good coming of it.
    If you want to photograph them, and not the capsules, you really should take them out. It’s really not such a big deal if you’re careful and use cotton gloves to handle them.

  50. VA Bob says

    Got excited when I saw the number of posts here on the main page… until I started reading all the political BS. Back to coins please, I don’t care about anyones political leanings, left or right. It’s too easy to lose respect for one (it seems) opinion just talking about coins, let alone other distraction to the hobby. There are too many other place to post your feelings on that out on the web. I come here to forget about politics for a little bit.

    Back to coins and relative Mint topics, please! Anyone else pulling the trigger on the Hawaii 5oz. ATB on Monday?

  51. Hidalgo says

    I think the Hawaii 5 ounce silver ATB coin will be very popular because of its beautiful design. So that means it likely will have a relatively high sales number. And that can mean lower secondary market values if you’re a flipper, retailer, etc. You might be better off buying the bullion version. Or if you’re a collector like me, then the US Mint’s offering will be the way to go.

  52. Hidalgo says

    @Brad, @ClevelandRocks –

    Just wondering if you have been charged by the US Mint for a backordered Lucy Hayes or Lucretia Garfield Unc coins. The US Mint just charged me for a backordered Lucretia Garfield Unc coin. I placed my order on August 7th, early afternoon. The Garfield coin solid out on August 9th.

    I was wondering if you think overall numbers will be higher or lower than the Lucy Hayes UNC coin. Is there a precedent for the US Mint to readjust overall sales numbers with time (up or down)?

  53. hi ho silver says

    Wow !!! I guess someone was offended. I will not post opinions anymore here. GOOD LUCK to all !!!! :)

  54. Samuel says

    i returned two SF sets, asked for refund, but they did a replacement, my credit card was charged last Friday. recently they usually charge card after item is shipped even after received. i wonder why they charge early this time?

    what do you guys think about the black core in the NGC holder? is it a good idea to send in the 75th yr set, and get a 25th yr black core, total 100 yrs?

  55. Brad says

    Hidalgo,

    Yes, all 4 uncirculated Lucretia Garfield coins that I ordered on August 7 shortly after noon are “In Stock and Reserved” with the cancellation boxes gone and credit card charges pending.

    The uncirculated Lucy Hayes coins I ordered on August 2 and 3 (1 each day) are still backordered with the ship date pushed back one day each day, currently 10/8. I hope I get those, too! I was losing hope on all of them, but since the Garfields worked out maybe the Hayes will too.

    I don’t know how the final mintage number of Garfields will compare to the final sales number. It seems likely that orders taken would have overshot the remaining inventory, but by how many is anyone’s guess. The final number could be comparable to the Lucy Hayes number, but it will probably be a long time before we know what the real numbers are.

  56. Jeremy says

    Does anyone know if there is a way or reason why the US Mint would pay return shipping costs? Their site claims that shipping charges will not be refunded but I think/thought I had read some comments in the past where they had been.

    Thanks :)

  57. Doug says

    One of my 5 oz. ATB’s ordered had a large gouge/scratch across the face of George in front of his nose (I think it was the Grand Canyon coin). It was one of my first orders with the mint and didn’t know how to return really so I called and asked and they said they would pay for the shipping if I just put the receipt in the box. Sure enough they paid for it. I sort of don’t think they’ll pay for someone being picky or if every order you start sending back. But when it is a large defect just call and I’m sure they will based on my past experience.

  58. VA Bob says

    Doug – We must have had the same coin! I can’t remember what 5 oz ATB it was now, but I also returned it. Only the second time ever to do so.

  59. VA Bob says

    Jeremy – You can send them (the Mint) a copy of the postage fees. I would make a copy of the invoice, one for your records, and one to send with postage receipt (the original goes back with the coins). You should get a check in a couple of weeks. This has not changed from everything I’ve heard, but the Mint also doesn’t advertise it either.

    I’d just as soon prefer they had a postage paid return sticker enclosed with each order. Then you could use the same packing material and box.

  60. VA Bob says

    guy – Good luck. Regular Proof ASE seemed to have bottomed out (with a few exceptions). I’m sure you’ll make a little but I wouldn’t bet the farm on them. Too much ASE fatigue between last year and this year. Also remember, unless you are correct and they sellout, these tend to sell well around the holidays gift giving season. That said, I wouldn’t mind one bit if they shoot to the moon in value, of course I’m nowhere close to as deep into them as you are.

  61. Brad says

    Hopefully Guy was kidding about buying 1,200 ASE 2012 Proofs. Those will very likely not be anything special, and there is definitely cheaper silver to be had.

    Shoot, even the San Francisco set isn’t doing so great. I’ve sold most of mine from the first wave to a local dealer for only about $10-$12 per set over issue price. That’s still more than I would clear by selling them at current online prices, by the time all selling fees and postage/insurance are factored in. I might have to cancel the remaining ones on order, since the additional supply will probably only serve to further drive down the selling price. He hasn’t been selling what he got from me too fast, so he probably won’t want to buy any more. Then I’d end up being stuck holding the sets, hoping they can be sold for some sort of mark-up later.

    I noticed that the ability to leave comments on the post regarding the 2013 Girl Scouts coin has been removed. That’s undoubtedly due to the complaints about “no boy” on the coin. I wasn’t a bit surprised that the first comment on that post was just such a comment. Way to continue to beat that dead horse, guys. You just couldn’t leave it alone, could you? You know you’re being annoying when the blog author takes steps to shut you up!

  62. alan says

    How many of the posters here have personally listened to the ‘Acting Mint Director’/Richard Peterson and others since Ed Moy left the mint? Did you get a comfortable feeling/reaction? Did the answers given in response to questions make sense and satisfy you?
    Has the Mint been better or less organized since Ed Moy left?
    Give Bibiana Boerio
    A strong leader with a vision and consistent approach can only help ‘the coin collecting community’.

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