American Palladium Eagle Coins with Silver Mercury Dime Design Approved

Legislation authorizing the US Mint to strike American Palladium Eagle coins was approved Tuesday by the U.S. Senate and has been sent to the desk of President Barack Obama to await his expected signature.

The coin legislation was originally introduced by United States House of Representative member Denny Rehberg (R) from Montana to add bullion and collector proof and uncirculated Palladium Eagle coins to the US Mint’s product offerings. Currently, the US Mint strikes American Gold Eagles, American Silver Eagles and American Platinum Eagles.

The fourth option is meant as a viable alternative to the extremely popular gold and silver coins. In fact, the current market price of palladium places it almost squarely in between the two other precious metals. London Spot for the metal averaged $682.91 per ounce during the month of November 2010, whereas silver came in at $26.54 an ounce and gold stood at 1,369.89 an ounce.

"I’m pleased that my legislation cleared the final hurdle and is now destined for the President’s desk," said Representative Denny Rehberg upon hearing the news of the Senate passing the legislation which was numbered H.R. 6166. "As the price of gold skyrockets, Palladium provides investors with an option for an alternative precious metal."

Stipulations in the American Eagle Palladium Bullion Coin Act of 2010 dictate that the obverse and reverse designs be based on the work of noted artist Adolph A. Weinman. Weinman’s name is well-known to coin collectors as his “Walking Liberty” already graces the American Silver Eagle coin. That design was originally used on the silver Walking Liberty Half Dollar that appeared from 1916-1947 and is considered by many to be one of the most beautiful ever to be used on a coin of the United States.

The obverse of the American Palladium Eagle coins will also be a design showcased before on a circulating coin. This time, the image will be a high relief likeness of Weinman’s “Winged Liberty” which appeared on the silver dime from 1916-1945. Many know this coin as the silver Mercury Dime.

On the reverse, a much less well-known design of Weinman’s will be used. It will be taken from the 1907 American Institute of Architects medal.

Each new coin will be struck from one ounce of .9995 fine palladium with a face value of $25. The coin’s diameter and thickness will be determined by the Treasury Secretary. Proof versions will be minted in West Point. Uncirculated and bullion versions may be minted at any Mint facility.

The American Eagle Palladium Bullion Coin Act has unique design language for the collector proof and uncirculated coins stating that the Treasury Secretary shall, "to the greatest extent possible," use different surface treatments for each year’s issue.

American Palladium Eagle Coins must be minted beginning “not more than 1 year” after the Treasury Secretary submits a marketing study to Congress to "ensure that such coins could be minted and issued at no net cost to taxpayers."