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Home / 1980 Marian Anderson American Arts Commemorative Series Gold Coin

1980 Marian Anderson American Arts Commemorative Series Gold Coin

Gold bullion medallions minted 1980–1984

A gold medallion depicting the bust of a man, as well as a painting

American Arts Commemorative Series Medallions are a serial of ten gilt bullion medallions that were produced by the United States Mint from 1980 to 1984. They were sold to compete with the South African Krugerrand and other bullion coins.

The serial was proposed by North Carolina Senator Jesse Helms subsequently the United States Department of the Treasury began selling portions of the national stockpile of aureate. Iowa Representative Jim Leach suggested that the medallions draw notable American artists. President Jimmy Carter signed the bill containing the authorizing legislation into law on Nov x, 1978, despite objections from Treasury officials.

The medallions were initially sold through mail lodge; purchasers were required to obtain the twenty-four hour period'due south price by telephone before ordering. Later, the Mint sold them through telemarketing. Mintage ceased after the ten dissimilar medallions approved past Congress were produced. All were struck at the Due west Signal Bullion Depository. The series sold poorly, prompting critics to arraign the involved procedure by which they were first marketed, and the fact that they were medallions rather than coins.

Groundwork [edit]

A photograph of a man wearing formal attire

N Carolina Senator Jesse Helms

A photograph of a man wearing formal attire

Iowa Representative Jim Leach

On April nineteen, 1978, the United states Treasury Section announced that a portion of the national gilt stockpile was to be auctioned through the Full general Services Administration (GSA) start on May 23, 1978, in the form of 400 troy ounces (12 kg) confined.[1] According to the Treasury, the sales were intended to "[reduce] the U.South. trade deficit, either past increasing the exports of gold or by reducing the imports of this commodity",[1] and to "farther the U.Southward. desire to go along progress toward the elimination of the international monetary role of gold".[1] For reasons of bookkeeping, an unabridged bar was set equally the minimum purchase, which placed the gold outside of the attain of most Americans.[2] North Carolina senator Jesse Helms was critical of the plan, saying that he was "opposed to the sale of U.Southward. gold to foreign and international banks and gold dealers" and that medallions should be "produced in small size, suitable for sale to boilerplate citizens".[ii] On the 24-hour interval of the Treasury announcement, Helms introduced the Gold Medallion Deed of 1978.[3] The stated intent was to provide average consumers with affordable, modest-sized gold bullion to compete with the S African Krugerrand and other world bullion coins, which were becoming increasingly popular with American investors.[three] 1.6 meg troy ounces (fifty,000 kg) ounces of gold had been imported into the United States in the form of Krugerrands in 1977 alone.[3] In a hearing on August 25, 1978, earlier the United States Senate Committee on Banking, Housing, and Urban Affairs, Helms said:

In the first year after enactment the bill would require that the first ane.5 meg ounces of gold sold exist made into medallions. Nether the stepped-upward rate of gold sales, that is only 2 months worth of gold. The corporeality is most equal to last year's importation of foreign bullion coins, mostly Krugerrands from Southward Africa.[four]

Helms went on to depict the characteristics of the proposed medallions, stating:

The ane-ounce medallion would have on one side the caput of the statue of Freedom atop the Capitol, and it would exist marked with the words, "1 ounce fine gold", and the give-and-take "freedom". The reverse of the piece would be the Not bad Seal of the United States and the words "Us of America", and the yr in which it was produced. The half-ounce medallion would have on 1 side some representation of the rights of individuals and the words "Human Rights", and "One-half ounce fine golden". The opposite would be similar to the back side of the "Freedom" medallion, with the Great Seal.[4]

Support for the medallions grew in Congress, prompting the introduction of more legislation. Iowa representative Jim Leach proposed that the serial feature designs honoring American artists. During the Commission on Banking, Housing and Urban Diplomacy hearing, Leach outlined the reasons for his proposal. He noted that the House Subcommittee on Historic Preservation received many suggestions of individuals worthy to announced on the dollar coin that had previously been proposed.[5] [a] Leach felt that a dollar money was not a suitable way to commemorate the individuals, equally it was impossible to award such a large grouping on a coin whose pattern was likely to remain unchanged for a long menses of fourth dimension.[five] He also noted that all U.s.a. coinage until so had depicted individuals whose principal contributions had been in government and politics rather than the arts.[five] Leach described the specifics of his proposal, stating:

I am suggesting in H.R. 13567 that we honor ten individuals who have been distinguished contributors to the arts—music, painting, writing, architecture and the theatre. Other fields might well exist chosen, or other people than I have selected within the field of arts; but the indicate I want to emphasize is this: while our coinage is and should be devoted to honoring those who have contributed to our political heritage, medals offer us an opportunity to honor those who take contributed to our cultural development, our economic achievements, our technological expertise, and other accomplishments which reflect the wide dimensions of our autonomous society.[5]

The subjects designated were painter Grant Wood, contralto vocaliser Marian Anderson, authors Marking Twain and Willa Cather, musician Louis Armstrong, architect Frank Lloyd Wright, poet Robert Frost, sculptor Alexander Calder, actress Helen Hayes and author John Steinbeck.[6]

Though the plan received widespread support in Congress, Treasury officials opposed information technology.[three] In a letter of the alphabet, Treasury secretarial assistant W. Michael Blumenthal wrote, "I do not believe the U.S. Government should permit the erroneous impression to be created that it cannot or volition not have the necessary steps to combat inflation and that the public therefore needs to purchase gold every bit a hedge against aggrandizement."[vii] Blumenthal too believed that if the regime were to sanction the hitting of gold medallions, the public would believe that the Treasury was actively encouraging investment in gold.[3] Despite these objections, the bill was attached to the banking concern omnibus bill, which President Jimmy Carter signed into police on Nov 10, 1978.[8]

Product and sale [edit]

The Treasury lacked money to put the medallions into production,[8] and so an appropriations bill was passed giving the section the necessary funding.[8] The GSA was tasked with determining how best to market the new issues.[eight] The GSA proposed several sales plans, including the distribution of the medallions to a network of banks for sale to the public.[8] This was rejected in favor of requiring purchasers to make a phone telephone call to acquire the price of the medallions on the 24-hour interval of purchase, after which the purchaser was to become to a postal service office the same day to make payment.[eight] According to the legislation, the bug were to be "sold to the general public at a competitive cost equal to the free market value of the gold contained therein plus the toll of industry, including labor, materials, dies, use of machinery, and overhead expenses including marketing costs".[nine]

A gold medallion in a box, including a lid and a piece of paper

A half-ounce medallion depicting Willa Cather, in original box of issue

Product began in 1980.[8] Struck at the West Point Bullion Depository, the medallions contained 90% gold, and were issued in two sizes: one containing 1 troy ounce (31 m) of aureate and one containing 1 one-half-ounce (xvi g) of the metallic.[9] The kickoff struck were those honoring Grant Wood on the one ounce medallion and Marian Anderson on the half-ounce slice.[nine] Both were designed by U.s.a. Mint Principal Engraver Frank Gasparro.[9] Sales were poor, and in September 1980, the Mint announced that a individual house, commodity traders J. Aron and Company, would marketplace the medallions.[x] The new program involved selling the medallions through a network of bullion dealers, banks, brokerage houses and coin dealers,[10] a system like to that South Africa used to distribute the Krugerrand in the US.[xi] In 1981, the second yr of product, the limerick of the medallions was changed; although the 90% aureate purity was retained, the residual was altered to include argent, which was added to change their appearance.[12] That year'south medallions depicted Marker Twain and Willa Cather. These were designed by Matthew Poloso and Sherl Winter, respectively.[xiii] These first four medallions bore no note of their metallic content or country of origin. This was done to distinguish them from federal coinage.[ix] Beginning in 1982, this information and small, toothlike designs, known as "denticles", were added along the inner rim of the medallions, and reeding was added to the edge.[8] That yr's issues depicted Louis Armstrong, equally designed past John Mercanti, and Frank Lloyd Wright, designed past Edgar Steever.[thirteen] The post-obit year's medallions depicted Robert Frost and Alexander Calder. The old was designed by P. Fowler, while the latter was by Michael Iacocca.[14] The final twelvemonth of product saw the mintage of medallions with designs by John Mercanti honoring Helen Hayes and John Steinbeck.[fourteen] The Mint terminated the contract with J. Aron and Company in 1984,[11] opting instead to sell the medallions through a telemarketing program.[11] In 1985, Mint managing director Donna Pope announced that the medallions would exist sold in some other telemarketing operation in sets of five of either one each of the i ounce medallions or one each of the half-ounce pieces, first in September of that year and ending on December 31, or sooner if all sets sold.[15]

Reception [edit]

In October 1980, Luis Vigdor, assistant vice-president for bullion and numismatic operations of Manfra, Tordella & Brookes, then i of the largest money firms in the land, compared the medallions and the efforts to market them unfavorably to the South African Krugerrand.[xvi] Co-ordinate to Vigdor, they were hard to market place due to their lack of annotation of weight, fineness and country of origin.[xvi] He too criticized the marketing, asserting that people were unlikely to buy gold at the post part, and that the medallions were advertised poorly. Vigdor contrasted the medallions' marketing program with the widespread success of the Krugerrand and the vigorous attempts to market them around the globe.[16] Commenting on the poor sale of the medallions, assistant director of marketing for the Mint Francis Frere said in 1984: "information technology merely hasn't worked. They're not selling. We've made a strong endeavor, but information technology's not working."[17]

On Feb 12, 1982, post-obit the poor sales of the medallions, the Usa Gilt Commission recommended the minting of a gold coin.[18] Donald Regan, Secretarial assistant of the Treasury and chairman of the commission, afterwards told reporters that a gold coin could exist easier to sell than medallions, because the suggested coins "could be redeemable in dollars".[xviii] The Mint issued gold coins for the 1984 Summertime Olympics in Los Angeles and for the centennial of the Statue of Liberty in 1986. Both problems were successful, and the Liberty piece sold out on advance sales. Every bit the public was receptive to the gold coins, and President Ronald Reagan had banned the importation of Krugerrands in 1985 over South Africa'due south apartheid policy, Congress authorized the American Gilt Eagle aureate bullion coin, which entered production equally legal tender in 1986.[19]

Designs and sales figures [edit]

Obverse and opposite designs
A gold medallion depicting a man and a painting A gold medallion depicting a woman and cupped hands holding a globe A gold medallion depicting a man and a steamship A gold medallion depicting the bust of a woman and a woman pushing a plow A gold medallion depicting a man and a trumpet with musical notes
1980 one ounce medallion, depicting painter Grant Forest 1980 half-ounce medallion, depicting singer Marian Anderson 1981 one ounce medallion, depicting author Mark Twain 1981 one-half-ounce medallion, depicting author Willa Cather 1982 one ounce medallion, depicting musician Louis Armstrong
A gold medallion depicting a man and building A gold medallion depicting a man and text A gold medallion depicting a man and a mobile A gold medallion depicting a woman and comedy and tragedy masks A gold medallion depicting a man and a rural farm scene
1982 half-ounce medallion, depicting builder Frank Lloyd Wright 1983 one ounce medallion, depicting poet Robert Frost 1983 half-ounce medallion, depicting sculptor Alexander Calder 1984 one ounce medallion, depicting actress Helen Hayes 1984 half-ounce medallion, depicting author John Steinbeck

Notes [edit]

  1. ^ Social reformer Susan B. Anthony was later on chosen to be depicted on a coin known equally the Susan B. Anthony dollar.

References [edit]

  1. ^ a b c U.S. Treasury & April 19, 1978.
  2. ^ a b Ganz, p. 69.
  3. ^ a b c d east Gilkes, p. 102.
  4. ^ a b U.Southward. Senate, p. three.
  5. ^ a b c d U.Due south. Senate, p. 93.
  6. ^ U.Due south. Senate, p. 94.
  7. ^ U.Southward. Senate, p. eight.
  8. ^ a b c d eastward f g h Gilkes, p. 103.
  9. ^ a b c d e Yeoman, p. 405.
  10. ^ a b U.Due south. Treasury & September 25, 1980.
  11. ^ a b c Gilkes, p. 201.
  12. ^ U.S. Mint 1981, p. five.
  13. ^ a b Yeoman, p. 406.
  14. ^ a b Yeoman, p. 407.
  15. ^ U.S. Treasury & September 10, 1985.
  16. ^ a b c New York Magazine.
  17. ^ AP & June 26, 1984.
  18. ^ a b AP & Feb xiii, 1982.
  19. ^ Money Globe Annual 2011, pp. 381, 464–465.
  20. ^ Coin Globe Almanac 1990, p. 516.
  21. ^ Yeoman, pp. 405–407.

Bibliography [edit]

  • "Mint Cancels Plan to Sell Medallions". The Fort Scott Tribune. Fort Scott, Kansas. Associated Press. June 26, 1984. p. ten. Retrieved January 22, 2011.
  • "Console Urges U.S. Mint Aureate Money". The Lakeland Ledger. Lakeland, Florida. Associated Press. Feb thirteen, 1982. p. 7B. Retrieved January 22, 2011.
  • Deisher, Beth; Gibbs, William T., eds. (2011). Coin World Almanac (8th ed.). Sidney, Ohio: Amos Press. ISBN978-0-944945-60-5.
  • Department of the Treasury (September x, 1985). "Mint Managing director Donna Pope Announces the Auction of Gold Medallions in 'Sets Simply'" (PDF) (Printing release). Archived from the original (PDF) on October 9, 2012. Retrieved January 16, 2011.
  • Department of the Treasury (April 19, 1978). "Sale of Aureate by the U.South. Treasury (Sale for Dollars)" (PDF) (Press release). Archived from the original (PDF) on October 9, 2012. Retrieved Jan 16, 2011.
  • Department of the Treasury (September 25, 1980). "Sale of Gilded Medallions Extended until December 31" (PDF) (Press release). Archived from the original (PDF) on Oct 9, 2012. Retrieved January 16, 2011.
  • Egan, Jack (Oct xx, 1980). "The Bottom Line". New York. 13 (41): 14, 16.
  • Ganz, David (Jan 1979). "U.S. Mint Returns to Gilt". COINage. Encino, California: Behn-Miller Publishers: 68–70.
  • Gilkes, Paul (August 2010). "Gold Medallions Launching Pad for Hereafter Bullion Programs". Coin Earth. Sidney, Ohio: Amos Printing: 102–103, 201.
  • Pope, Donna (1981). Annual Report of the Director of the United States Mint (Report). U.S. Government Printing Office. Retrieved February 7, 2015.
  • Reed, P. Bradley, ed. (1990). Coin World Almanac (sixth ed.). New York, New York: World Almanac. ISBN978-0-88687-460-5.
  • United States Senate (1978). Treasury Sale of U.S. Gold and the Gold Medallion Act of 1978. Washington, D.C.: U.S. Government Printing Part.
  • Yeoman, R.South. (2008). A Guide Volume of Us Coins (62nd ed.). Atlanta, Georgia: Whitman Publishing. ISBN978-0-7948-2491-four.

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Source: https://en.wikipedia.org/wiki/American_Arts_Commemorative_Series_medallions