Posts Tagged ‘presidency’

gold coins first spouse

According to an article in the March 10, 2008 issue of Coin World, thousands of First Spouse gold coins have been melted. While this has implications about current demand for the series, it also has implications about the future of the series.

The coins were melted by SilverTowne, a coin dealer and private mint. According to the article, SilverTowne has melted between 5,000 and 7,000 Martha Washington and Louisa Adams coins, including both proof and uncirculated versions. An unspecified number of Thomas Jefferson’s Liberty coins were also melted. In addition, the firm has melted thousands of other recently issued gold commemoratives coins.

According to the president of SilverTowne, the coins were melted after his firm identified little or no retail demand.

I think it’s actually quite saddening that SilverTowne would choose to melt these coins. If they had offered them for sale at melt value prices, I think they would have readily found buyers to deplete their entire inventory. From the firm’s perspective this would have accomplished the same task of liquidating the inventory at the prevailing price of gold without destroying the coins.

As for the implications of the melt, in the short term it seems to indicate a lack of short term demand. In my opinion there is plenty of demand for the coins, as evidenced by the dozens that sell each day on eBay for prices well above the melt value. Perhaps there was just not the kind of bulk demand needed to quickly sell thousands of the coins.

As for the future implications of the melt, a single source has just removed almost 10% of the entire mintage. Mintage figures for these coins will be misleading future collectors, who may find the coins are more scarce than the mintages indicate.

Secondly, the early speculative demand of the series is probably at an end, but this might be a good thing. SilverTowne’s purchases of thousands of the coins no doubt helped fuel the demand. With them and other similar speculators out of the picture, future issues may end up with significantly lower mintages. Eventually there might be super low mintage coins like the Jackie Robinson Gold Commemorative which become worth far more than their weight in gold.

The First Spouse Gold Series is a marathon, not a sprint. It is currently scheduled to run for ten more years. While early speculation has dissolved, I am sure the future has many surprises left in store.

Original Article: http://firstspousegold.us/blog/thousands-of-first-spouse-gold-coins-melted/

First Spouse Gold Coins

First spouse gold coins

The United States is honoring our Nation’s first spouses by issuing one-half ounce $10 gold coins featuring their images, in the order that they served as first spouse.  The United States Mint issues First Spouse Gold Coins on the same schedule as the Presidential $1 Coins issued honoring the presidents.

The First Spouse Gold Coin obverse features portraits of the Nation’s first spouses, their names, the dates and order of their term as first spouse, the year of minting or issuance, “In God We Trust,” and “Liberty.”  Each coin has a unique reverse design featuring an image emblematic of that spouse’s life and work, as well as the inscriptions “The United States of America,” “E Pluribus Unum,” “$10,” “1/2 oz.” and “.9999 Fine Gold.”

When a president served without a first spouse, as did Andrew Jackson and Martin Van Buren, a gold coin is issued bearing an obverse image emblematic of Liberty as depicted on a circulating coin of that era and a reverse image emblematic of themes of that president’s life.

Van Buren’s First Spouse

First Spouse Van Buren's Liberty in uncirculated version of the coin. This is the last coin to be released of 2008 and its our 8th first spouse. Again a portrait of a coin during Martin Van Buren's presidency.

The forum is open for question and thoughts about the first spouse coins and their collection value.

Martin Van Burens Liberty

Martin Van Buren''s liberty first spouse coin in Proof condition. Martin Van Buren did not have a wife during his presidency so a portrait from a coin during his presidency was used as his $10 gold first spouse coin.

Martin Van Buren’s Liberty First Spouse $10 Gold Coin

President, 1837–1841

The Presidential $1 Coin Act of 2005 contains a provision to provide continuity of the First Spouse Gold Coin Program during those times in which a president served without a first spouse.  This provision applies to Martin Van Buren, whose wife Hannah died in 1819.  Married in 1807, Van Buren was a widower for 18 years when he became president in 1837.

The gold coins issued to accompany any president who served without a spouse will each feature a design emblematic of Liberty on its obverse, as depicted on a United States coin issued during the President’s time in office.  For Martin Van Buren’s presidency, the selected image appeared on the Liberty Seated Dime coin from 1837–1891, and was originally executed by United States Mint Engraver Christian Gobrecht.

Reverse Design

Born in New York in December of 1782, Martin Van Buren holds the distinction of being the first president to be born in a newly independent Nation.  His family operated a tavern in the town of Kinderhook, a primarily Dutch enclave located on the post road between New York City and Albany.  Here, young Martin was exposed to political ideology at an early age, as local and state politicians would often gather at the Van Buren establishment as they traveled between the two cities.