US Mint Gold Coins: Commemorative Coins

After unusual volatility in spot gold prices over the last two months, Reuters reported on October 7,2011 that, “Spot gold is poised for its first increase after four straight weeks of falls and gold futures climbed 0.7 percent to $1,651.90 an ounce, snapping four weeks of declines.” This is so, because the threat of the euro zone’s debt crisis has subsided after the central bank of the region announced steps to recapitalize the banks.

Wall Street Journal reports resonated, explaining, “Precious metals, and especially gold, can benefit from such an environment of easy money because of expectations that ample liquidity would put a damper on the value of paper currencies. The news of ECB restarting programs to buy member states’ debt and opening up lending lines to financial institutions on Thursday was enough to push gold higher.”

US mint gold coins are one of the most popular ways of owning gold. The US government Mint began minting coins as currency, in 1792. Even today the mints produce a massive number of coins. For example, 65 to 80 million coins a day are minted by the Denver and Philadelphia mints alone. The coins are such a popular item because they are certified and have legal tender. The mint produces bullion, proof, numismatic and commemorative coins.

Commemorative Gold Coins

These coins are minted with the intention of celebrating and honoring American events, people, institutions and places. They are not for general circulation, the Congress authorizes them and they are legal tender. For a limited time frame the US mints mint such coins in a decided quantity.

The 1892 Columbian Exposition half dollar was the first such coin to be authorized by the congress. Then through subsequent legislations up till 1954, 157 commemorative coins were minted for 53 events, occasions and individuals. The last of the pre modern coins was the 1954 Carver- Washington half dollar. Thus, from 1892 to 1954, the commemorative gold coins that were minted were said to belong to the pre-modern era.

1954 onwards, no such coins were minted until 1982 because of a legislation which led to a ban on minting them. From 1982 onwards the commemorative coins minted are said to belong to the modern era. The first such coin was the George Washington 250th anniversary Half Dollar coin.

Today, auctions of the US mint commemorative gold coins are held to raise money for various causes. A fixed part of the surcharge levied on their sale is also meant for institutions and projects that benefit the community. So far, the Mint has managed to raise $418,000,000 based on such sale. This money will now be used to help construct new museums, preserve national monuments and support various community programs.

2011 Commemorative US Mint Gold Coin

The 2011 Medal of Honor commemorative $5 gold coin is based on the design of the Medal of Honor. This Medal is the highest award for valor in action to be awarded to any individual serving in the U.S. Armed Forces. Less than 3500 such medals have ever been awarded. The coin design is also available as proof coins for collection purposes. The obverse of the coin is the original 1861 design of the Medal of Honor while the reverse has a depiction of Minerva and symbolism of the US armed forces along with the inscriptions of ‘United States of America’, $5 and the US great seal motto ‘E Pluribus Unum’. The US mint has also minted silver and bronze coins that honor the US armed forces, this year.