The original set of designs were reviewed by the CFA on October 20, 2011 and the CCAC on November 29, 2011. Follow the links for images of the original design candidates and the comments from the reviews.

In the first round only three different choices were provided for Perry’s Victory Quarter and four choices for the Fort McHenry Quarter. In the second round there were eight different candidates for Perry’s Vicory and eleven different candidates for Fort McHenry. The CFA reviewed these newly prepared candidates on February 16, while the CCAC will make their review on February 28.

CoinWorld has reported that the CFA made a recommendation for one of the Perry’s Victory designs, but rejected the the designs for the Fort McHenry.

All of the new design candidates are shown below.

2013 Perry’s Victory International Peace Monument Quarter Design Candidates

2013 Fort McHenry National Monument and Historic Shrine Quarter Design Candidates

While the specifics have varied, in the past few years the US Mint has generally provided collectors with a better idea of what to expect during the year in terms of numismatic product releases.

For 2011, the majority of the product release schedule was published in December of the prior year. While some dates were later adjusted and a few products added, the US Mint basically followed this original schedule.

For 2010, the US Mint also published the majority of the schedule in December of the prior year. The release dates were less specific and indicated only by month or a range of months. As the year progressed, exact dates were eventually posted.

In 2009, only a partial schedule was provided with products and release dates listed for the first few months of the year. Sometimes specific release dates were listed, while others said “spring.” Throughout the year, the US Mint updated the schedule a few months at a time with new products and exact release dates.

2012 Chester Arthur Presidential Dollars

In mid-December, the US Mint had listed the 2012 Chester Arthur Dollar Rolls with a release date of February 16, 2012. This was the same as the circulation release date published by the Federal Reserve banks prior to the announced suspension of production for circulation. The US Mint had also published preliminary product pages for the Chester Arthur Rolls, which were accessible via the upcoming products section.

At some point, the listings for all 2012 Presidential Dollar products were removed from the product release schedule and the preliminary product pages were removed from the website. Later, the Chester Arthur Rolls, 2012 Presidential Dollar Proof Set, and 2012 Presidential Dollar Uncirculated Set were put back on the schedule, but with “TBD” listed as the availability date.

For reasons unknown, the release of the first 2012 Presidential Dollars seems to have been delayed. The initially indicated release date of February 16, 2012 has now come and gone.

The US Mint had also been delayed with the release of the first 2012 America the Beautiful Quarters within numismatic bags and rolls. The El Yunque Quarters were quietly released into circulation on January 23, 2011, while the US Mint did not begin sales of bags and rolls until February 3, 2012.

The program was authorized under Public Law 110-357 to commemorate the legacy of the U.S. Army Infantry and the establishment of the National Infantry Museum and Soldier Center. Designs for the coin are intended to be emblematic of the courage, pride, sacrifice, sense of duty and history of the Infantry. From 12 different obverse and 7 different reverse design candidates, the Secretary of the Treasury selected those shown below, following consultation with the National Infantry Foundation, Commission of Fine Arts, and review by the Citizens Coinage Advisory Committee.

The obverse design depicts a modern Infantry soldier on rocky ground charging forward and beckoning troops to follow, symbolizing the “Follow Me” motto of the Infantry. Inscriptions include “Liberty”, “In God We Trust”, and “2012″. The reverse design features the crossed rifles insignia, the branch insignia of the Infantry. Inscriptions read “United States of America”, “One Dollar”, and “E Pluribus Unum”. The obverse was designed by Joel Iskowitz and sculpted by Michael Gaudioso, while the reverse was designed by Ronald D. Sanders and sculpted by Norman E. Nemeth.

The Infantry Soldier Silver Dollars are struck at the West Point Mint and carry the “W” mint mark. The coins have a maximum authorized mintage of 350,000 across all product options.

As part of the program, the US Mint is offering the Infantry Soldier Silver Dollar Defenders of Freedom Set. This set carries a production limit of 50,000 and includes one silver dollar and a replica dog tag on a miniature chain. The illustrated packaging includes a quote from President John F. Kennedy. Although the product description page indicates that the set will include the proof version of the silver dollar, the image and pricing for the set suggest that it may actually include the uncirculated version of the coin. The US Mint has made errors in product page descriptions on rare occasions in the past, which were eventually corrected. If the set actually does include the proof version of the coin, it will be priced lower than the individual proof coin after the introductory period has concluded. (See pricing, later in this post.)

Update: Apparently it is a proof coin.

The Defenders of Freedom Set represents the return of the special product offerings often created by the US Mint to feature commemorative coins. In 2008 for the Bald Eagle commemorative coins, the US Mint had offered a three coin proof set, young collector’s set, coin and medal set, and the American Legacy Collection. In 2009, the US Mint had offered the Lincoln Coin and Chronicles Set, which sold out of its 50,000 maximum mintage in about 30 hours despite a one per household ordering limit. In 2009, the Braille Education Set had also been offered, which eventually sold 10,698 units out of the 25,000 maximum. There were no multi-coin sets or special products offered for the 2010 or 2011 commemorative coins.

From the start of sales on February 16, 2012 at 12:00 Noon ET until March 19, 2012 at 5:00 PM ET, the Infantry Soldier Silver Dollars will be available at introductory pricing. After this date, regular pricing will go into effect, which reflects an increase of $5 per individual coin. The Defenders of Freedom Set does not carry an introductory price. All prices reflect a surcharge of $10 per coin, which will be distributed to the National Infantry Foundation for the purpose of establishing an endowment to support the maintenance of the National Infantry Museum and Soldier Center after its completion.

There are no household ordering limits in place for the individual proof and uncirculated Infantry Soldier Silver Dollars. The Defenders of Freedom Set carries a limit of 100 units per household.

Last year, the 2011 Army Silver Dollars sold 163,346 coins across proof and uncirculated versions, while the Medal of Honor Silver Dollars sold 157,619 across both versions. The Infantry Soldier Silver Dollar could potentially fare better due to the lower pricing, the offering of the special set, and the likely smaller number of competing numismatic offerings released by the US Mint.

For the month, total production reached 802.50 million. This is up significantly from the previous month when 431.78 million coins were produced, although December is typically a light month for production. The current month total is up about 5% from the year ago period of January 2011 when 764.73 million coins were produced.

Looking at the production figures by denomination reveals big shifts in production for certain denominations.

The US Mint struck 468.4 million cents across both mint facilities. This compares to 398 million cents struck in the year ago period. Within the US Mint’s most recent annual report, the acting CFO had warned that demand for cents and nickels were expected to increase in the coming year. Cents accounted for 58% of all circulating coins produced by the US Mint for the current month.

The number of nickels produced at 83.28 million showed a slight decline from the year ago level, while dimes at 135 million were up slightly.

Quarter production at 50.8 million was down from the 61.2 million production in the year ago period. Towards the end of last year, quarter production seemed to be on the increase, so the latest numbers are somewhat surprising. However, it is still early in the year and it may take a few more months for a clear trend to emerge.

Following the announcement that production of Presidential Dollars for circulation would be suspended, the number of $1 coins produced is dramatically lower than the prior year. For the month of January 2012, the US Mint produced in 2.52 million $1 coins including both Presidential Dollars and Native American Dollars. This compares to production of 78.96 million $1 coins during January 2011.

The production of Presidential Dollars of 0.84 million each at the Philadelphia and Denver Mint was most likely for the next release of the series featuring Chester A. Arthur. The US Mint has not indicated this amount as the final mintage for the design, so likely more will be struck in the coming months.

The release date for the first 2012 Presidential Dollars is still unknown. Prior to the announcement of the suspension, the Chester Arthur Dollars had a circulation release date of February 16, 2012. Until recently, the US Mint had preliminary product pages on their website for the Chester Arthur Dollar rolls and the 2012 Presidential Dollar Proof Set. These pages were removed about a week ago and the products listed as “TBD” within the product release schedule. So far the US Mint’s website has not made any mention of the 100-coin bags, 250-coin boxes, and 500-coin boxes that were listed within a product pricing notification.

Price levels were previously announced through a publication in the Federal Register published on January 26, 2012 and dated January 19. The new prices were announced in a separate notice published today and dated February 3, 2012.

The uncirculated silver dollars will now carry an introductory price of $44.95 each and a regular price of $49.95. The proof silver dollars will have an introductory price of $49.95 and a regular price of $54.95. The new price levels represent a reduction of $5 per coin from the prices previously published.

The latest notice also includes the “Infantry Solider Silver Dollar Special Set” priced at $51.95. The previous notice had included the “Defenders of Freedom Set” priced at $61.95. It is not clear whether the newly published price refers to a different product or the same product. Also included in the latest notice is the “Star-Spangled Banner Bicentennial Silver Dollar Set” priced at $53.95.

No changes have been indicated for the $5 gold coins or the Star Spangled Banner Two Coin Set, which were included in the last notice. Prices for these products are based on a grid and will be adjusted weekly based on the average market price of gold.

The price reductions come as a surprise, since the market price of silver has risen by $3 per ounce between the date of the original notice and the latest notice. The US Mint’s pricing for silver numismatic products has been somewhat perplexing lately.

When the US Mint announced pricing reductions earlier this year, the press release stated, “The bureau was able to set these lower prices and maintain others by refining the product costing process, taking advantage of current lower prices for precious metals and negotiating better pricing from its suppliers.”

In addition to the impact of precious metals prices, I think some of the recent price changes may have had a lot to do with “refining the product costing process.”

Within the US Mint’s 2011 annual report, they had described a change in the method of allocation for sales, general, and administrative expenses. In previous years, these costs were allocated based on gross margin. From fiscal 2011 onwards, the costs are allocated based on the costs to manufacture, market, and distribute each product. The impact of the change was very apparent for circulating coin production costs, with a large increase in the amount of SG&A expenses allocated to the cent and a large decrease in SG&A allocated to the $1 coin.

This is just speculation, but perhaps for numismatic products, the US Mint had been greatly underallocating expenses to high ticket gold and platinum products and overallocating expenses to lower priced silver and clad products. After the allocations were refined, the US Mint’s “cost” to make certain products was lower, allowing prices to be reduced.

Whatever underlying reasons, lower prices for silver numismatic products will certainly be a welcome change for many collectors.

The 2012 Infantry Soldier Silver Dollars are expected to go on sale February 16, 2012. The 2012 Star Spangled Banner Silver Dollars and $5 Gold Coins are expected to go on sale March 5, 2012. There will be dedicated posts for each of the programs closer to the release date.

The reverse design of the coin features a depiction of Lincoln Bridge, which was dedicated in 1909 to celebrate the centennial of Abraham Lincoln’s birth. The bridge has become a favorite scenic designation, and is also the first and oldest developed structure built at Chickasaw. The reverse was designed by Donna Weaver and sculpted by Jim Licaretz. The obverse design of the coin features the 1932 portrait of George Washington designed by John Flanagan.

Each coin is struck in 5.0 troy ounce of .999 fine silver and has a diameter of 3 inches. The coins have an uncirculated finish and carry the “P” mint mark on the obverse.

As with the previous 2011-dated numismatic releases, the Chickasaw coins are limited to a total mintage of 35,000 coins.

For this release, the US Mint will not impose household ordering limits. For the 2010-dated releases an ordering limit of one per household was initially imposed. For the other 2011-dated releases, an ordering limit of five per household was initially imposed.

The Chickasaw Five Ounce Uncirculated Coins are priced at $204.95 each. This is the lowest starting price for any release within the series. The initial pricing for previous releases has been $279.95 or $229.95.

Demand for the series has dropped steadily as the US Mint somewhat rapidly released the first nine designs in the space of less than nine months. During the past few weeks there has been some rekindled interest in the program, as the market price of silver has risen and the US Mint has maintained the same pricing for the coins.

Other Developments for America the Beautiful Five Ounce Silver Coins

Recently, there has been some news and developments related to both the numismatic and bullion versions of the America the Beautiful Five Ounce Silver Coins.

As a refresher, the bullion versions of the coin feature a brilliant or often proof like finish and do not carry a mint mark. The bullion coins are sold by the United States Mint to a network of authorized purchasers responsible for distributing the coins to the broader market. The numismatic versions of the coin feature an uncirculated finish created through a vapor blasting technique and carry the “P” mint mark. These coins are sold by the United States Mint directly to the public.

Based on a reading of the authorizing legislation, it had previously seemed that the bullion versions could only be sold to authorized purchasers during the year of release for the corresponding quarter dollar. Refer to this article on Coin Update News which explains the US Mint’s interpretation of the law. Essentially, the Mint’s broad interpretation will allow them to sell their remaining stockpile of 2011-dated bullion versions for many years into the future.

The sales limitation did not come into play for the 2010-dated bullion coins, since the entire 165,000 coins produced were sold by December 23, 2010. For the 2011-dated bullion coins, the US Mint may have produced up to 633,500, but only managed to sell 397,700 by the close of the year. Sales of the remaining inventory it seems may continue for many years to come.

The US Mint has provided an indication of the production levels for the 2012-dated numismatic and bullion coins for the series within this Numismatic News article. They have “penciled in” 45,000 per release for the bullion versions and 25,000 per release for the numismatic versions.

Previous production levels for the bullion versions were 33,000 per release in 2010 and 126,700 per release in 2011. Previous production levels for the numismatic versions were 27,000 per release in 2010 and 35,000 per release in 2011.

As in the past, the product includes one uncirculated quarter from the Philadelphia Mint, one uncirculated quarter from the Denver Mint, and one proof quarter from the San Francisco Mint. These three coins are mounted onto a plastic card containing a brief description of the coins and the site on the back of the card, along with a certificate of authenticity.

Representing a change from the past releases, the plastic card features a full color illustration of the National Forest on the front of the card. For the first ten releases, this space was blank.

The El Yunque Quarter Three Coin Sets are priced at $9.95 each. This represents a reduction of $5 from the price charged for the product type last year. There are no ordering limits or stated product limits in place.

The previous ten America the Beautiful Three Coin Sets remain available for sale on the US Mint’s website. The pricing for each set remains at $14.95 each. As of the latest sales report issued today, sales for this product type have ranged from a high of 20,436 for the Yellowstone set to a low of 12,162 for the most recently released Chickasaw set.

Generally speaking, many world mints have much greater latitude in producing their coins compared to the United States Mint. In many respects, the US Mint is limited to following the specific requirements set out by Congress. For example, all commemorative coins have their themes, denominations, and maximum mintages established by specific legislation. Even the process for selecting the design is stipulated. However, the Treasury Secretary does have some broad authority to mint and issue gold and platinum coins, which he has exercised infrequently and likely at the specific request of the US Mint. Such authority was used to create the 2009 Ultra High Relief Double Eagle.

Use of Non-Traditional Materials

For many years, world mints have been utilizing non traditional materials within selected numismatic offerings. An interesting one has been the use of a niobium core within an outer silver ring. The Austrian Mint has produced several series of coins in niobium and silver since 2003. The inner core of niobium has shown a broad array of colors, created by the diffraction of light by a thin oxide layer. The Austrian Mint has also produced Latvian coins using the same techniques. Shown below is the Coin of Time II with the core tinted dark purple.

Recently, the Royal Canadian Mint began a series of silver and niobium coins featuring the Algonquin full moons. The inner cores are selectively oxidized to create unique finishes, with no two coins exactly alike.

Besides metals, world mints have incorporated different materials into coins such as gemstones or crystal elements. The Royal Canadian Mint included a diamond within a coin to celebrate the diamond jubilee of Queen Elizabeth II. The Perth Mint has just launched a new series of coins showcasing nocturnal animals created in Australian opal (shown below).

Smaller Sized Precious Metal Coins

As precious metals prices have risen, some world mints have introduced smaller sized gold and silver coins. This has served to maintain a low pricing point for certain precious metals coins, providing entry level products for new collectors or products which can still be given as modest gifts.

The Perth Mint was one of the earliest to try smaller sized precious metals gold and silver coins. They released the extremely tiny 0.5 gram (0.016 troy ounce) Gold Kangaroo (above, right) and the 1/10 oz. Silver Koala.

The Royal Canadian Mint has also offered tiny 0.5 gram sized coins. The recently offered Gold Cougar with a face value of 25 cents is shown above, left. Additionally, they have offered 1/25 oz gold coins and 1/2 oz silver coins.

The RCM has also offered silver coins under the “Exchange $20 for $20″ series. These coins are struck in .9999 fine silver and have a weight of 7.96 grams (0.256 troy ounces). Although they are priced at a premium to their intrinsic value, the coins are priced at exactly their face value of $20. The designs for this series have been exceptionally well done. Shown above is the second release. The most recent release features a swimming polar bear.

Limited Production Bullion Coins with Rotating Designs

Many world mints offer gold or silver bullion coins that carry rotating designs and have limited mintages. Most are initially priced based on the precious metal value, but can show later premiums based on the popularity of the design and/or the low mintage level.

The Royal British Mint offers the Silver Britannia, which has been minted in bullion format since 1998. Recently, the annual mintage has been 100,000, although the earlier issues have even lower mintages. Each year features a different design featuring Britannia. The 2012 Silver Britannia re-creates the original depiction of Britannia which was sculpted by Philip Nathan.

The Royal Canadian Mint recently began a new series of one ounce silver bullion coins featuring different species of Canadian wildlife. A total of six different designs will be released over three years, with each one limited to a mintage of one million. These have been initially priced at the same levels as the substantially higher mintage Silver Maple Leaf bullion coins.

The Perth Mint offers several different lines of bullion coins, which include limited mintages for at least some of the sizes. The one capturing the most attention currently is the Australian Lunar Series II, which features the twelve animals of China’s ancient lunar calendar. For the bullion versions of the coin, limited mintages were set for the one ounce gold coin, 10 kilo gold coin, one ounce silver coin, and 10 kilo silver coin. Shown above is the one ounce 2012 Year of the Dragon Silver bullion coin, which was limited to 300,000.

Other bullion series from the Perth Mint include the Silver Koala, which has no mintage limits, the Silver Kookaburra, with a mintage limit for the one ounce size, and the Gold Kangaroo, with limits for each size except 1 kilo.

Extremely Low Mintage Collector Coins

Some world mints have offered collector coins with extremely low mintages, usually targeted towards the high end market.

The Royal British Mint has offered kilo sized gold and silver coins as part of their 2012 Olympic coin program. The silver coin had a mintage of just 2,012 coins, while the gold coin had a mintage of only 60.

The Royal Canadian Mint is in the midst of a platinum coin series featuring prehistoric animals. The coins contain one troy ounce of .9995 platinum and carry a legal tender face value of $300. The first release from 2007  featuring the Scimitar Cat had a mintage of only 200 pieces. The most recent release featured the cougar and was also limited to 200 pieces.

On the less extreme end, the Perth Mint has released numerous collector coins with mintages set at 5,000 or sometimes less. These coins are typically issued for a particular theme such as “Great Composers”, “Ships That Changed the World”, or the most recent “Dragons of Legend.”

Numbered Certificates of Authenticity

Some world mints individually number the certificates of authenticity included with collector coins. While I haven’t made a study of it, there is likely some higher demand and premium for very low numbers, or possibly round numbers and lucky numbers (such as 888).

Programs Targeted Towards Frequent Customers

The Royal Canadian Mint has the “Masters Club.” Anyone who spends $999.99 or more within one year becomes part of this club. The benefits include free shipping and handling on all orders (U.S. and Canada) with no minimum. Advance notice is given for new releases, priority access is given for limited edition coins, and alerts are given for popular coins about to sell out. The program also lists benefits such as free access to mint tours and VIP invitations to special events.

The Perth Mint in Australia offers free shipping (even to the United States) for orders placed which are above $300.

The Royal Australian Mint offers an interesting pre-order program called “Collection by Selection.” Before the start of the year, collectors have a full list of all of the numismatic products that will be offered. Collectors can choose the products they would like to receive, which will be shipped automatically as they are released. Prices are locked in, even for precious metals products. Anyone who uses the program receives a free gift and collectors with orders above a certain level have an exclusive opportunity to order a coin with a limited mintage of 500 or 1,000.

World Coin Coverage

For anyone who found this post interesting, my website Coin Update News provides extensive coverage of new world coin releases. Past coverage can be found under the World Coins category. Featured articles on the site also periodically provide interviews with important figures from various world mints.

Anyone interested can subscribe to receive all Coin Update News articles by RSS or receive new articles daily by email.

The reverse design for the El Yunque Quarter depicts the Coqui tree frog sitting on a leaf and the Puerto Rican parrot behind an epiphyte plant with tropical flora in the background. This was designed by Gary Whitley and engraved by Michael Gaudioso. The obverse of the coin features the 1932 portrait of George Washington designed by John Flanagan.

The US Mint will offer two roll sets, which contain one 40 coin roll from the Philadelphia Mint and one 40 coin roll from the Denver Mint. The rolls have special wrappers which indicate the release, mint mark, and face value of the contents.

Pricing for the two roll sets will be $32.95. This is a reduction of from the price of $39.95 charged for the two roll sets offered for the 2011-dated quarters.

The US Mint will also offer 100-coin bags of El Yunque Quarters, either from the Philadelphia or Denver Mint. The mint-sewn canvas bags include labels which indicate the release and mint mark of the coins, with the face value printed on the bag.

Pricing for each bag is $34.95. Once again, this is a reduction from the prior year price, when the 100-coin bags were $49.95 each.

The US Mint indicates that sales of the El Yunque numismatic bags and rolls will continue for one year from the initial product release date.

The bags and rolls for each of the 2011 America the Beautiful Quarters still remain available for sale on the US Mint’s website. The Gettysburg Quarters are actually slightly over the indicated one year availability period. At the current time, pricing for the 2011 bags and rolls remains at the higher levels, rather than the new lower pricing.

Circulation Release Date and Launch Ceremonies

The El Yunque National Forest Quarters have already entered circulation on January 23, 2012, through distribution from the Federal Reserve Banks. For previous releases, the start of sales for the US Mint’s numismatic bags and rolls has been more closely aligned with the circulation release date.

It’s also worth noting that the El Yunque Quarters began circulating without an official launch ceremony. CoinWorld recently reported that these ceremonies remain in limbo as US Mint officials look at the procedures and processes of the events to make sure they are handled efficiently, mostly it seems from a cost perspective.

Launch ceremonies have been held for the first ten releases of the America the Beautiful Quarters Program, nearly all releases of the Presidential Dollar Program, and the four releases of the 2009 Bicentennial Lincoln Cents. The events attracted hundreds or even thousands of attendees and were often preceded by a collector forum hosted by the US Mint. I had been able to provide coverage for many of these launch ceremonies thanks to reports and photos from collectors who had attended the events. (Here is the article for the Hot Springs Quarter.) While the costs of such events must be considered, the launch ceremonies did seem to build awareness of the series and generate excitement within the local communities.

The US Mint uses a flexible pricing policy for gold and platinum numismatic products that allows pricing adjustments to take place as often as weekly. The average market price of the metals is determined based on the London Fix prices from the prior Thursday AM to the current Wednesday AM. If the average moves into a different tier established at $50 intervals for gold and $100 intervals for platinum, and the Wednesday PM price agrees directionally, then a pricing change takes place. These pricing adjustments have usually taken place around mid-morning Wednesdays.

Based on the current pricing data, the average for gold is within the $1,700 to $1,749.99 range. In the most likely scenario, as long as the Wednesday PM London Fix Price is above $1,700, then a price increase would take place. Prices for the remaining Proof Gold Eagles, Proof Gold Buffalo, and First Spouse Gold Coins would be increased by the equivalent of $50 per ounce of gold content.

Previously this year, numismatic gold coin prices were increased on January 11 and January 25.

Based on current pricing data, the average price for platinum is within the $1,550 to $1,649.99 range. In the most likely scenario, as long as the Wednesday PM London Fix price is above $1,550, then a price increase would take place. The price of the 2011 Proof Platinum Eagle would be increased from $1,792 to $1,892.

At the start of the year, the Proof Platinum Eagle was priced at $1,692 per coin, representing the lowest price during the entire course of the offering. At the start of sales on May 26, 2011, the coins were priced at $2,092 each. Based on the latest numismatic sales report just released today, the US Mint has recorded sales of 13,192 of the coin out of the 15,000 maximum. Since the start of the year, sales have moved up by more than 1,200 coins.