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Mint To Start Selling 2011 American Eagle Silver Coins At 75% Premium To Paper, As Senators Propose Eliminating Capital Gains From Precious Metal Transactions

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Tyler Durden
Zero Hedge
June 30, 2011

All those who have been long awaiting the release of the 2011 American Eagle Silver coins by the US Mint can now relax. America’s official source of bullion will release the much anticipated 2011 edition tomorrow at noon, with a strict limit of 100 coins per household at the low, low price of…$59.95! Gotta love that physical-paper spread… It is almost as good as the gold-tungsten compression pair trade.

2011 American Eagle Silver Proof Coins Available June 30
WASHINGTON – The United States Mint will open sales for the 2011 American Eagle Silver Proof Coin at noon Eastern Time (ET) on June 30, 2011.  The coins will be priced at $59.95 each.  Orders will be limited to 100 units per household.
The obverse (heads side) of the coin features a rendition of Adolph A. Weinman’s Lady Liberty in full stride, with her right hand extended and branches of laurel and oak in her left.  The reverse (tails side), by former United States Mint Chief Engraver John Mercanti, features a heraldic eagle with shield, an olive branch in the right talon and arrows in the left.
The American Eagle Silver Proof Coin contains .999 silver.  The one-ounce coin is struck on specially burnished blanks and carries the “W” mint mark, indicating its production at the United States Mint at West Point.  Each coin is encapsulated in protective plastic and placed in a blue presentation case with a Certificate of Authenticity.
Orders will be accepted at http://www.usmint.gov/catalog/ or at 1-800-USA-MINT (872-6468).  Hearing- and speech-impaired customers with TTY equipment may order at 1-888-321-MINT.  The American Eagle Silver Proof Coin is also available for purchase through the United States Mint’s Online Subscription Program.  Customers who enroll in the program can have the American Eagle Silver Proof Coin and other select products automatically billed and shipped as each product becomes available.  Visit http://www.usmint.gov/catalog/ for more information about this convenient shopping method.
The United States Mint, created by Congress in 1792, is the Nation’s sole manufacturer of legal tender coinage and is responsible for producing circulating coinage for the Nation to conduct its trade and commerce.  The United States Mint also produces proof, uncirculated and commemorative coins; Congressional Gold Medals; and silver, gold and platinum bullion coins.
Note:  To ensure that all members of the public have fair and equal access to United States Mint products, orders placed prior to the official on-sale date and time of June 30 2011, at noon ET shall not be deemed accepted by the United States Mint and will not be honored.  For more information, please review the United States Mint’s Frequently Asked Questions, Answer ID #175.

And in what is probably far more important news, GATA informs us that Utah Senator Mike Lee, has joined two other senators to introduce legislation that would eliminate capital gains from transactions involving gold and silver, “a change that he hopes will encourage a change in the nation’s monetary system.” The reason: “This bill is an important step towards a stable and sound currency whose value is protected from the Fed’s printing press.

Utah Sen. Mike Lee joined with fellow Republicans on Tuesday to introduce legislation that would jettison federal capital gains taxes for gold or silver coins.

Lee’s measure would treat gold or silver coins the same as regular U.S. currency in transactions, a change that he hopes will encourage a change in the nation’s monetary system.

Utah was the first state in the nation to make gold or silver coins legal tender for transactions and removed any state capital gains taxes. Twelve other states have made or are considering such a move.

Lee noted that the U.S. dollar has lost about 98 percent of its value since the Federal Reserve was created in 1913.

This bill is an important step towards a stable and sound currency whose value is protected from the Fed’s printing press,” Lee said.

Lee co-sponsored the legislation with Sens. Jim DeMint of South Carolina and Rand Paul of Kentucky.

Good luck with that. And some words of advice to Senator Lee: stay away from rapidly moving objects and swimming pools.

This article was posted: Thursday, June 30, 2011 at 2:52 am





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