The President has just signed a bill into law authorizing a commemorative coin program to mark the 225th anniversary of the United States Marshals Service. I thought this would be a good time to recap the approved programs for future years.

Commemorative coin programs are created by acts of Congress. Under current rules, only two programs may be approved for each year, although each program can include multiple coins. The programs generate surcharges for specified beneficiary organizations or projects. There are many bills introduced each year that propose commemorative coins, but it takes some effort to get them approved. In order to be considered for a vote, sponsors must sign on at least two thirds of their chamber, which represents a difficult hurdle for many proposed programs.

You can view a summary of coin related bills in Congress in this post, which covers through the end of 2011. More recent bills can be found in the coin legislation category of Coin Update.

Here are the programs which have been approved and will be issued in the coming years:

2013 Commemorative Coins

The first program will mark the centennial of the establishment of the Girl Scouts of the United States of America. Only silver dollars will be issued with a maximum mintage of 350,000 coins.

Collectors will recall that the Boy Scouts of America had silver dollars issued to commemorate their centennial in 2010. This issue sold out of its 350,000 maximum mintage.

The second program of 2013 will honor the United States Army 5-Star Generals, George Marshall, Douglas MacArthur, Dwight Eisenhower, Henry Arnold, and Omar Bradley. The program will include $5 gold coins with a maximum mintage of 100,000, silver dollars limited to 500,000, and clad half dollars limited to 750,000.

The legislation requires that “the design of the coins shall include portraits of Generals George C. Marshall, Douglas MacArthur, Dwight D. Eisenhower, Henry “Hap” Arnold and Omar N. Bradley.”

Eisenhower was previously featured on a commemorative coin issued in 1990 featuring a dual portrait. Will the 2013 coins incorporate five portraits?

2014 Commemorative Coins

So far, only one commemorative coin program has been authorized for 2014. Silver dollars issued with a maximum authorized mintage of 350,000 will mark the semicentennial of the enactment of the Civil Rights Act of 1964. The designs for the coins are required to be “emblematic of the Civil Rights Act of 1964 and its contribution to civil rights in America”.

The legislation authorizing the program was signed into law back in 2008.

2015 Commemorative Coins

The recently approved program to mark the 225th Anniversary of the United States Marshals Service will see the issuance of coins to the public in 2015. The program includes $5 gold coins with a maximum mintage of 100,000, silver dollars limited to 500,000, and clad half dollars limited to 750,000.

Design requirements included within the legislation are very specific, with themes provided for each coin.

The $5 gold coin will feature an image of the US Marshals Service Star on the obverse. On the reverse will be a design emblematic of the sacrifice and service of the men and women of the United States Marshals Service who lost their lives in the line of duty.

The silver dollar will once again feature the US Marshals Service Star on the obverse. The reverse shall bear an image emblematic of the United States Marshals legendary status in America’s cultural landscape. The image should depict Marshals as the lawmen of our frontiers, including their geographic, political, or cultural history

For the clad half dollar coins, the obverse will feature an image emblematic of the US Marshals Service and its history. The reverse shall bear an image consistent with the role that the United States Marshals played in a changing nation. The image should show the ties that the Marshals have to the United States Constitution, with themes including– the Whiskey Rebellion and the rule of law; slavery and the legacy of inequality; and the struggle between labor and capital.

The overly specific requirements might lead to some “storyboard designs”. The Citizens Coinage Advisory Committee has been critical of this type of coin design. An example would be the obverse of the 2011 U.S. Army Half Dollar, which was rejected by both the CFA and CCAC but used anyway.

Tomorrow, April 5, 2012 at 5:00 PM ET, the introductory pricing period will conclude for the United States Mint’s 2012 Star Spangled Banner Commemorative Coins.

The coins originally went on sale March 5, 2012. The available products include individual proof and uncirculated versions for a $5 gold coin and silver dollar, as well as a two coin set including the proof versions of each coin. The maximum authorized mintage for the coins across all product options was set at 500,000 for the silver dollars and 100,000 for the gold coins.

Later in the year, the US Mint will also release a Bicentennial Silver Dollar Set containing the proof version of the silver dollar, a reproduction of Francis Scott Key’s original manuscripts for his poem, the lyrics to the national anthem, and a historical account of its origin. This set will be limited to 50,000 with the exact release date not yet specified.

After the deadline tomorrow, prices for the current products will be adjusted from the introductory prices to the regular prices shown below. The products containing gold coins will also remain subject to potential weekly changes based on the average weekly price of gold. These changes are based on this chart.

Basically price changes will be an increase of $5 for each product option. This represents a more significant percentage increase for the silver dollars compared to the gold coins. For the gold coins, the change is less than the change that takes place for a one increment change for a weekly adjustment based on the pricing grid.

As of the latest available sales report published today, sales for each product have reached the following levels:

The most significant number above is for the uncirculated gold coins. I looked back at the sales reports immediately before the end of the introductory pricing period for the 2011 Army commemorative coins (here) and the 2011 Medal of Honor coins (here). These show sales for the uncirculated gold Army coins at 4,699 and uncirculated gold Medal of Honor coins at 4,239. The sales to date of 3,137 for the uncirculated gold Star Spangled Banner coin are far below these levels.

Last year, the uncirculated gold coins concluded with sales of 8,062 and 8,251, which put them amongst the lowest for modern commemorative gold coins. Each coin currently commands a premium on the secondary market.

The sales level suggests another low total for this year’s uncirculated gold coin, although there is certainly a lot of room for things to change. More than seven months of availability remain for the product and the introductory pricing discount was not really a significant incentive. The Maryland War of 1812 Bicentennial Commission has been particularly active in promoting these coins, hosting a launch ceremony and appearing at coin conventions, so their actions might drive greater sales. Finally, swings in the market price of gold have also had a big impact on numismatic gold products.

The opening sales figures are available for the 2012 Star Spangled Banner Commemorative Coins. Sales began one week ago on March 5, 2012, with individual proof coins, individual uncirculated coins, and a two coin proof set available.

As of March 12, 2012, orders have reached 3,103 individual proof gold coins, 2,355 uncirculated gold coins, 44,479 individual proof silver dollars, 18,763 uncirculated silver dollars, and 6,164 of the two coin proof sets.

Cumulatively by denomination, this makes for 69,406 silver dollars, accounting for 13.28% of the 500,000 maximum mintage, and 11,622 of the $5 gold coins, accounting for 11.62% of the 100,000 maximum mintage.

This week’s full sales report can be found on Coin Update.

Comparing the numbers for the Star Spangled Banner coins to the opening figures for the two 2011 commemorative coin programs and the 2012 Infantry Soldier program, shows the SSB coins performing the best. Shown below are the opening sales figures for each program with the final sales figures for the 2011 programs also included.

It should be noted that some of the difference can be explained by the duration of the opening sales period. The Army coins went on sale January 31 with the first report calculating sales through February 6. The dates for the Medal of Honor Coins were February 25 to February 27. The Infantry Soldier Silver Dollars covered from February 16 to February 20.

Sales of the uncirculated version of the 2012 Star Spangled Banner $5 Gold Coin came in at 2,355, which was lower than the start for the most closely comparable uncirculated 2011 Army $5 Gold Coins. This will be something worth watching in the coming weeks. If sales of the uncirculated SSB $5 Gold Coin continue to be low, this could set up for a lower final mintage than seen for the 2011 uncirculated $5 gold coins, which have been commanding a premium.

Sales of the 2012 Star Spangled Banner Commemorative Coins will begin at the United States Mint on March 5, 2012 at 12:00 Noon ET. The available products include $5 gold coins and silver dollars in individual proof or uncirculated options, as well as a two coin proof set.

The program was authorized under Public Law 111-232 to commemorate the writing of the Star-Spangled Banner, the national anthem of the United States of America. The designs for the coins are required to be emblematic of the War of 1812 and particularly the Battle for Baltimore which formed the basis for the Star Spangled Banner.

The United States Mint initially prepared ten obverse and eight reverse design candidates for the $5 gold coin and six obverse and nine reverse design candidates for the silver dollar. These were reviewed by the Commission of Fine Arts, Citizens Coinage Advisory Committee, and the Maryland War of 1812 Bicentennial Commission.

During the review process, the CCAC took the interesting approach of evaluating all obverse and reverse design candidates together, without regards to how the US Mint had identified the designs. This resulted in obverse designs intended for the $5 gold coin being recommended for the silver dollar and vice versa. The Secretary of the Treasury followed these recommendations for the final design selection. (See coverage of the CCAC and CFA reviews and recommendations.)

The Star Spangled Banner Silver Dollar carries a design emblematic of the theme “The Battle of Baltimore at Fort McHenry. The obverse design depicts Liberty waving a 15-star, 15-stripe flag with Fort McHenry in the background. The reverse features a waving modern American flag. The obverse was designed by Joel Iskowitz and sculpted by Phebe Hemphill, while the reverse was designed by William C. Burgard III and sculpted by Don Everhart.

The silver dollars are struck at the Philadelphia Mint with the “P” mint mark. The maximum authorized mintage is 500,000 across proof and uncirculated versions.

The Star Spangled Banner $5 Gold Coin carries a design emblematic of the theme “The Battles at Sea During the War of 1812.” The obverse design depicts an American ship in the foreground with a damaged and fleeing British ship in the background. The reverse features the opening words of the Star Spangled Banner in Francis Scott Key’s handwriting against a backdrop of 15 stars and 15 stripes. The obverse was designed by Donna Weaver and sculpted by Joseph Menna, while the reverse was designed by Richard Masters and sculpted by Joseph Menna.

The gold coins are struck at the West Point Mint and carry the “W” mint mark. There is a maximum authorized mintage of 100,000 coins across proof and uncirculated versions.

The US Mint has indicated that the packaging for the individual silver dollars and gold coins will come in two different colors, blue or black. The blue packaging represents the older style prior to the US Mint’s rebranding, while the black packaging represents the newer style. To reduce waste, the Mint will use both versions of the packaging for this program, with fulfillment done at random.

A two coin set will be available for this program, which includes both the proof silver dollar and proof gold coin. This is the first time the US Mint has offered a multi-coin set for a commemorative coin program since 2008. For the two coin proof sets, there will be an initial household limit of 50 units per household. There is no stated product limit.

From the start of sales on March 5, 2012 at 12:00 Noon ET until April 5, 2012 at 5:00 PM ET, the Star Spangled Banner coins will be available at introductory pricing. After that date, regular pricing will go into effect. The introductory pricing for the silver dollars is $44.95 for uncirculated and $49.95 for proofs, while regular pricing is $49.95 for uncirculated and $54.95 for proofs.

The prices for the gold coins and two-coin proof set will be based on a grid and updated as frequently as weekly based on the average market price of gold. For the start of sales, individual $5 gold coins will be priced at $519.30 for uncirculated and $529.30 for proofs. The two coin proof sets will be priced at $579.30. These prices are based on an average market price of gold in the range of $1,750 to $1,799.99.

Outlook

It will be interesting to see how sales for this commemorative program fare. I expect that sales will run ahead of last year’s programs for a few reasons, although precious metals prices will have an unknown impact.

First, there are a smaller number of competing offerings from the US Mint, and in particular a smaller number of commemorative coin offerings. Last year collectors were presented with the largest number of different commemorative coins since 1997. The two programs included two gold coins, two silver dollars, and a half dollar (not to mention a commemorative silver medal). Other numismatic product offerings were also expansive, with the addition of eight different five ounce silver coins, a special Silver Eagle Set, and the return of the collectible uncirculated “W”  mint marked Gold and Silver Eagles. This year’s schedule should ultimately prove to be lighter, allowing commemorative offerings to hold more prominence.

Second, the US Mint has resumed the offering of a multi-coin set. Additional packaging options usually seem to add to overall sales. The US Mint also included the “Star Spangled Banner Bicentennial Silver Dollar Set” within a pricing notification. Presumably, this product will be released later, again adding to overall sales.

Pricing may also play a factor in sales. The prices for the silver dollars are set $5 lower than the prior year coins and these prices were established in early February when the market price of silver was lower. This could help sales as collectors see a relative bargain. On many occasions, the sales levels for fixed price silver products have jumped when the market price of silver has risen.

On the other hand, a rise in precious metals prices could cut into sales of the gold coins. The general trend has been for lower gold product sales as prices have moved higher.  Many collectors will be closely watching sales of the Star Spangled Banner $5 Gold Coins to see if the numbers eventually come in above or below the historically low mintages seen for the 2011 commemorative gold coins.