After celebrating the 30th anniversary of the beloved American Eagle series of silver and gold coins, the United States Mint has made a major announcement for the 2017 issue year of year of the American Eagle collection. This year the United States Mint will finally release the long anticipated American Palladium Eagle coin.
Joining the American Eagle collection, the American Palladium Eagle marks the third major expansion of the program overall. The Palladium Eagle will be the first addition to the series from the US Mint since 2006, and comes at a time when demand for US Mint coinage is rising among investors and collectors alike. Let’s take a look at the exciting release of the new Palladium Eagle.
Long Road to Reality
The call for an American Eagle coin struck using palladium has been circulating through numismatic circles for years, but it wasn’t until 2010 that the United States government moved to authorize the expansion of the coveted American Eagles. The American Eagle Palladium Bullion Coin Act of 2010 passed through Congress and authorized the potential striking of three different versions of the coin: bullion, proof, and uncirculated (burnished).
However, passage of the act wasn’t an immediate catalyst for the coins to move into production. The act merely set a mandate for the creation of the bullion American Palladium Eagle, leaving it to the discretion of the Treasury Secretary to determine the demand for and value of the United States Mint pursuing the creation of collector’s versions of the Palladium Eagle in burnished and proof versions.
Additionally, the act stipulated that the designs on the new American Palladium Eagle should be struck in high relief. The Treasury Secretary’s first move was the creation of a third-party commission to study the market demand for such a coin from the United States Mint. The findings were submitted in 2013 by the CPM Group, and highlighted a number of challenges facing the US Mint in the striking and promotion of a Palladium Eagle:
- It was the view of the third-party group that palladium was still viewed by most as an industrial metal, rather than a precious metal that held intrinsic value.
- The palladium market as a whole, in terms of precious metal investing and collection, was still very young compared to gold and silver.
Precious metal investors and numismatic collectors disagreed though, feeling the study was flawed because it neglected to survey collectors who have a different take on the value of palladium and the maturity of the market for this particular medal. By July 2016, United States Mint Acting Quality Manager Ronald J. Harrigal confirmed the Philadelphia Mint location was working overtime to prepare for issue the first-ever American Palladium Eagle.
Meet the American Palladium Eagle
First and foremost, the American Palladium Eagle is not only an exciting development because it marks the first expansion of the program in over a decade, but because it symbolizes the first-ever palladium coin struck by the United States Mint. Similar to the American Silver Eagle and American Gold Eagle coins, the US Mint has plucked images straight from the history of American coinage for use on the all-new Palladium Eagle. Adolph A. Weinman, the man whose design appears on the Silver Eagle, will have yet another masterpiece appearing on an American Eagle variant.
The US Mint has chosen Weinman’s image of Winged Liberty for the obverse face of the new 2017 American Palladium Eagle coin. The original Mercury Dime was officially known as the Winged Liberty Dime. The coin earned its nickname as the Mercury Dime because Weinman’s depiction of Liberty wearing a Phrygian cap was confused by many with the image of the Roman messenger god, Mercury.
Weinman’s original design featured a left-profile portrait of Liberty wearing the Phrygian cap on the obverse side of the coin. The word “Liberty” was engraved above her head, with “In God We Trust” and the year of issue featured below.
On the reverse of the 2017 1 oz American Palladium Eagle is the image of an American bald eagle, but not one you are likely familiar with. This creation also came from Weinman, but featured on the 1907 American Institute of Architects medal. It features the bald eagle perched on a large branch with a small olive branch in its claws and beak.
By law, the United States Mint will strike the bullion versions of this coin at the Philadelphia Mint, as the West Point Mint has its coining capacity reserved for the production of collectors’ versions of American coins. If the US Mint opts for the production of proof and burnished versions of the coin, that will take place at the West Point branch using special blanks and greater force in the coining operation to ensure the absence of any unnecessary imperfections.
All 2017 American Palladium Eagle coins feature 1 Troy oz of .9995 pure palladium content, and will feature a face value of $25 (USD) backed by the federal government of the United States.
Evolution of the American Eagle Collection
The United States passed dual legislation in the mid-1980s authorizing the American Silver Eagle and Gold Eagle collections for production. The American Eagles debuted in 1986 with the American Silver Eagle collection, featuring only a 1 oz weight in both bullion and proof versions. Likewise, the American Gold Eagle debuted that same year, with a 1 oz, ½ oz, ¼ oz, and 1/10 oz weight available in bullion.
For the American Gold Eagle, the proof version debuted in 1986 as well, but featured only a 1 oz weight. The Gold Eagles expanded in proof offerings over the next two years, with the ½ oz coin added in 1987. The ¼ oz and 1/10 oz weights were added to the proof collection in 1988. The next expansion, and first major addition, to the American Eagle collection came nearly a decade later.
In 1997, the US Mint unveiled the American Platinum Eagle collection. The Platinum Eagle wasn’t just the first major expansion of the program, but it marked a significant diversion from the gold and silver eagles. The Platinum Eagle featured a new depiction of Liberty for the obverse, created by then-US Mint Chief Engraver John Mercanti. The reverse featured the image of an eagle soaring above America from Thomas D. Rogers, an Assistant Engraver at the United States Mint.
However, the Platinum Eagle wasn’t just set apart by its new designs. The bullion version of the coin, available from 1997 to 2008 and 2014-onward, featured the same designs on the obverse and reverse each year. The proof version however, did not feature the same reverse design each year. A new design theme is developed occasionally for the Platinum Eagles, with a new specific design on the reverse each year.
Through 2008, both the bullion and proof versions of the American Platinum Eagle were available in fractional weights (1/2 oz, ¼ oz, and 1/10 oz), but since 2008 both versions have been available only in 1 oz.
Another expansion of the US Mint’s American Eagle program wouldn’t come until 2006 when it added the burnished coins, special collector finishes, to the American Silver Eagle and American Gold Eagle collection. With the debut of the 2017 American Palladium Eagle, the US Mint expands its immensely popular series for the first time in a decade, and investors are eagerly anticipating this brand-new US Mint product!
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If you have any questions about the upcoming debut of American Palladium Eagles, feel free to reach out to JM Bullion at 800-276-6508, connect with us online using our live chat, or email us. Keep an eye on our online catalog for the debut of the US Mint’s first-ever palladium coin!
