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.