Are there going to be metal composition changes on coins? The public and collectors alike may benefit from how we’re implementing change. The Coin Metal Modification Authorization and Cost Savings Act has been introduced in the Senate by Senators Joni Ernst (R-Iowa) and Maggie Hassan (D-New Hampshire). Their goal is to provide the Mint with the flexibility to reduce production costs by adjusting the metal composition of coins in circulation. It’s common knowledge that the cost of minting our business strike coinage exceeds its face value due to the rising price of metals.
Metal Composition Changes on Coins Effect:
If this bill passes, collectors may face a situation similar to 1982, when metal composition changes caused a slew of seemingly identical Lincoln cents to be released in the middle of the year. If the Mint is given this freedom, mistakes, and variants may be made in the metal. The good news is that this may prompt people who aren’t collectors to consider whether they want to start collecting. The current market continues to attract a lot of attention from well-financed and serious collectors and investors who recognize coins as an asset class and an important alternative to a very rocky stock market. At the same time, we wait to see what Congress may or may not do.
Silver is currently trading around $25 an ounce, while gold is hovering near the psychological $2,000 per ounce mark. Rare coins that have been out of circulation for a long time are once again available at auctions thanks to the ongoing process of liquidating private collections. The number of people participating in auctions, both online and in person, keeps rising. The current coin market is robust and continues to advance at a nearly unprecedented rate.