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New palladium coin bill passed in the US 14th April 2009

New legislation has been passed by the US government which will allow the Mint to produce palladium versions of Saint-Gaudens' ultra-high-relief bullion coins.

In a bill introduced by Senator Max Baucus and passed on 1st April, palladium from the Stillwater Mine in Montana could now be used to manufacture the 0.995 fine one-ounce double eagle coins.

Under the terms of the agreement, no fractional ounce size issues will be made, although the edge of the coins can feature the raised lettering that characterised the original gold incarnation.

According to numismaster.com, the bill specifies the design as follows: "Exact replicas of the original obverse and reverse designs by Augustus Saint-Gaudens which appear on the famous 27-millimetre version of the 1907 double eagle ultra-high-relief gold piece."

In addition, the legislation states that "if a gold bullion coin that bears the same design as the ultra-high-relief numismatic coins is issued", each palladium version "may only be issued in a set containing one of each such coins".

Congress has also ruled that each set of coins must be "provided in a presentation case of appropriate design" and can only be issued and sold in the specific year of passage.

Senator Baucus and his co-sponsor, Senator Jon Tester, claimed in a recent press release that the palladium coins will help to create jobs and aid the battle against the economic downturn.

Figures suggest that 28,173 gold 2009 ultra-high-relief $20 double eagle coins were sold by the Mint on their first day of release, with that total now rising to 56,527, Coin News reports.

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Sources:

Palladium Coin Bill Introduced (09/04/09)
http://www.numismaster.com/ta/numis/...

Palladium Ultra High Relief Coins Come Back, S. 758 (03/04/09)
http://www.coinnews.net/2009/04/03/p...