In the early 1970s, rising prices of copper forced the US Mint to consider alternative metals for the one cent coin. The Mint was spending more than one cent to produce each one cent, and as the coins were in high demand (over seven billion were produced in 1973), the Mint stood to lose a great deal should copper prices continue their ascent.
In 2015, Texas Governor Greg Abbott in 2015 signed into law an act establishing a state bullion depository at no cost to taxpayers. He intends to enter into a public-private partnership with a qualified company to provide a secure, physical depository and an agency of innovation.
A non-banking financial facility will provide Texans with secure resources for a wide range of gold-backed financial services privately sponsored and publicly supervised by the state of Texas.
Here is coverage from the Forth Worth Star-Telegram:
Although gold has a bigger reputation today as a monetary metal, it was often deemed too valuable for everyday transactions throughout history.
For the most part, common people in places like Ancient Rome used silver to buy daily staples like grain or wine. As a result, silver has a strong reputation through monetary history as the “people’s money”.
Even today, silver is still much more widely accessible. With one ounce of gold being 70x more expensive than an ounce of silver, it’s difficult for someone who is just starting to accumulate wealth to own gold.
The economic turmoil of the Civil War drove most small-denomination coinage out of circulation. Even one cent coins were hoarded, perhaps because they were the only remaining federal coin that had not been totally driven out of circulation. Various substitute forms of currency served in everyday commerce, including small-denomination paper currency notes and privately-issued bronze tokens. In 1864, in an effort to get the cent to circulate once more, Congress changed its composition from a copper-nickel alloy to bronze, which was easier to strike into coinage, and reduced its weight, making it less valuable.
In the early 20th century, the US Mint frequently issued commemorative coins (usually half dollars) on behalf of various organizations to raise funds for a specific project. But the system was rife with abuses: many projects being funded were of questionable national importance; many coins sold poorly and were returned to the Mint for melting; coin dealers often used morally dubious strategies to profit. By the 1950s, the Mint soured on the concept of commemorative coins, and the “early commemorative” era ceased in 1954. After this time, the Treasury rejected all proposals for commemorative coins.
2016 full-year gold demand gained 2% to reach a 3-year high of 4,308.7t. Annual inflows into ETFs reached 531.9t, the second highest on record. Declines in jewellery and central bank purchases offset this growth. Annual bar and coin demand were broadly stable at 1,029.2t, helped by a Q4 surge.
An 1890 Act of Congress mandated that the design of circulating coins ought not to be changed until that design had been in circulation for at least 25 years. The “Barber coinage” – dimes, quarters, and half dollars designed by the Mint’s longtime Chief Engraver, Charles Barber – was introduced for 1892. This meant that, per the 1890 law, the earliest the Barber coinage designs could be replaced would be 1916 (the twenty-fifth year). Almost all other American coinage was redesigned in the ensuing years, during the second term of Teddy Roosevelt’s administration and the Taft administration: gold coins in 1907-1908, the cent in 1909, and the nickel in 1913.
Many coin enthusiasts collect mint errors. These are coins that bear some sort of flaw acquired during the minting process. In general, errors are classified into three categories: planchet preparation errors, occurring when there is something wrong with the blank metal from which the coin is struck; strike errors, which occur when something goes wrong with the striking process; and hub or die errors, occurring when there is something wrong with the die itself.
Since Ancient times, gold has served a very unique function in society.
Gold is extremely rare, impossible to create out of “thin air”, easily identifiable, malleable, and it does not tarnish. By nature of these properties, gold has been highly valued throughout history for every tiny ounce of weight. That’s why it’s been used by people for centuries as a monetary metal, a symbol of wealth, and a store of value.
Though the early United States was theoretically on a bimetallic standard – with both gold and silver legal tender – the actual use of gold and silver coinage fluctuated with the prices of those metals. The California Gold Rush of the late 1840s brought a great deal of gold onto the market. This increased the price of silver relative to gold, and much American silver coinage was exported or melted during this period.