Английская Википедия:American Arts Commemorative Series medallions

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

A 1980 Grant Wood one ounce gold medallion

American Arts Commemorative Series Medallions are a series of ten gold 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 series was proposed by North Carolina Senator Jesse Helms after the United States Department of the Treasury began selling portions of the national stockpile of gold. Iowa Representative Jim Leach suggested that the medallions depict notable American artists. President Jimmy Carter signed the bill containing the authorizing legislation into law on November 10, 1978, despite objections from Treasury officials.

The medallions were initially sold through mail order; purchasers were required to obtain the day's price by telephone before ordering. Later, the Mint sold them through telemarketing. Mintage ceased after the ten different medallions approved by Congress were produced. All were struck at the West Point Bullion Depository. The series sold poorly, prompting critics to blame the involved process by which they were first marketed, and the fact that they were medallions rather than coins.

Background

On April 19, 1978, the United States Treasury Department announced that a portion of the national gold stockpile was to be auctioned through the General Services Administration (GSA) beginning on May 23, 1978, in the form of Шаблон:Convert bars.Шаблон:Sfn According to the Treasury, the sales were intended to "[reduce] the U.S. trade deficit, either by increasing the exports of gold or by reducing the imports of this commodity",Шаблон:Sfn and to "further the U.S. desire to continue progress toward the elimination of the international monetary role of gold".Шаблон:Sfn For reasons of bookkeeping, an entire bar was set as the minimum purchase, which placed the gold outside of the reach of most Americans.Шаблон:Sfn North Carolina senator Jesse Helms was critical of the plan, saying that he was "opposed to the sale of U.S. gold to foreign and international banks and gold dealers" and that medallions should be "produced in small size, suitable for sale to average citizens".Шаблон:Sfn On the day of the Treasury announcement, Helms introduced the Gold Medallion Act of 1978.Шаблон:Sfn The stated intent was to provide average consumers with affordable, small-sized gold bullion to compete with the South African Krugerrand and other world bullion coins, which were becoming increasingly popular with American investors.Шаблон:Sfn 1.6 million troy ounces (50,000 kg) ounces of gold had been imported into the United States in the form of Krugerrands in 1977 alone.Шаблон:Sfn In a hearing on August 25, 1978, before the United States Senate Committee on Banking, Housing, and Urban Affairs, Helms said:

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

Support for the medallions grew in Congress, prompting the introduction of more legislation. Iowa representative Jim Leach proposed that the series feature designs honoring American artists. During the Committee on Banking, Housing and Urban Affairs hearing, Leach outlined the reasons for his proposal. He noted that the House Subcommittee on Historic Preservation received many suggestions of individuals worthy to appear on the dollar coin that had previously been proposed.Шаблон:SfnШаблон:Efn Leach felt that a dollar coin was not a suitable way to commemorate the individuals, as it was impossible to honor such a large group on a coin whose design was likely to remain unchanged for a long period of time.Шаблон:Sfn He also noted that all United States coinage until then had depicted individuals whose principal contributions had been in government and politics rather than the arts.Шаблон:Sfn Leach described the specifics of his proposal, stating:

The subjects designated were painter Grant Wood, contralto singer Marian Anderson, authors Mark Twain and Willa Cather, musician Louis Armstrong, architect Frank Lloyd Wright, poet Robert Frost, sculptor Alexander Calder, actress Helen Hayes and author John Steinbeck.Шаблон:Sfn

Though the program received widespread support in Congress, Treasury officials opposed it.Шаблон:Sfn In a letter, Treasury secretary W. Michael Blumenthal wrote, "I do not believe the U.S. Government should permit the erroneous impression to be created that it cannot or will not take the necessary steps to combat inflation and that the public therefore needs to buy gold as a hedge against inflation."Шаблон:Sfn Blumenthal also believed that if the government were to sanction the striking of gold medallions, the public would believe that the Treasury was actively encouraging investment in gold.Шаблон:Sfn Despite these objections, the bill was attached to the bank omnibus bill, which President Jimmy Carter signed into law on November 10, 1978.Шаблон:Sfn

Production and sale

The Treasury lacked money to put the medallions into production,Шаблон:Sfn so an appropriations bill was passed giving the department the necessary funding.Шаблон:Sfn The GSA was tasked with determining how best to market the new issues.Шаблон:Sfn The GSA proposed several sales plans, including the distribution of the medallions to a network of banks for sale to the public.Шаблон:Sfn This was rejected in favor of requiring purchasers to make a telephone call to learn the price of the medallions on the day of purchase, after which the purchaser was to go to a post office the same day to make payment.Шаблон:Sfn According to the legislation, the issues were to be "sold to the general public at a competitive price equal to the free market value of the gold contained therein plus the cost of manufacture, including labor, materials, dies, use of machinery, and overhead expenses including marketing costs".Шаблон:Sfn

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

Production began in 1980.Шаблон:Sfn Struck at the West Point Bullion Depository, the medallions contained 90% gold, and were issued in two sizes: one containing one troy ounce (31 g) of gold and one containing one half-ounce (16 g) of the metal.Шаблон:Sfn The first struck were those honoring Grant Wood on the one ounce medallion and Marian Anderson on the half-ounce piece.Шаблон:Sfn Both were designed by United States Mint Chief Engraver Frank Gasparro.Шаблон:Sfn Sales were poor, and in September 1980, the Mint announced that a private firm, commodity traders J. Aron and Company, would market the medallions.Шаблон:Sfn The new plan involved selling the medallions through a network of bullion dealers, banks, brokerage houses and coin dealers,Шаблон:Sfn a system similar to that South Africa used to distribute the Krugerrand in the US.Шаблон:Sfn In 1981, the second year of production, the composition of the medallions was changed; although the 90% gold purity was retained, the balance was altered to include silver, which was added to change their appearance.Шаблон:Sfn That year's medallions depicted Mark Twain and Willa Cather. These were designed by Matthew Poloso and Sherl Winter, respectively.Шаблон:Sfn These first four medallions bore no notation of their metallic content or country of origin. This was done to distinguish them from federal coinage.Шаблон:Sfn 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.Шаблон:Sfn That year's issues depicted Louis Armstrong, as designed by John Mercanti, and Frank Lloyd Wright, designed by Edgar Steever.Шаблон:Sfn The following year's medallions depicted Robert Frost and Alexander Calder. The former was designed by P. Fowler, while the latter was by Michael Iacocca.Шаблон:Sfn The final year of production saw the mintage of medallions with designs by John Mercanti honoring Helen Hayes and John Steinbeck.Шаблон:Sfn The Mint terminated the contract with J. Aron and Company in 1984,Шаблон:Sfn opting instead to sell the medallions through a telemarketing program.Шаблон:Sfn In 1985, Mint director Donna Pope announced that the medallions would be sold in another telemarketing operation in sets of five of either one each of the one ounce medallions or one each of the half-ounce pieces, beginning in September of that year and ending on December 31, or sooner if all sets sold.Шаблон:Sfn

Reception

In October 1980, Luis Vigdor, assistant vice-president for bullion and numismatic operations of Manfra, Tordella & Brookes, then one of the largest coin firms in the country, compared the medallions and the efforts to market them unfavorably to the South African Krugerrand.Шаблон:Sfn According to Vigdor, they were difficult to market due to their lack of notation of weight, fineness and country of origin.Шаблон:Sfn He also criticized the marketing, asserting that people were unlikely to buy gold at the post office, 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 world.Шаблон:Sfn Commenting on the poor sale of the medallions, assistant director of marketing for the Mint Francis Frere said in 1984: "it just hasn't worked. They're not selling. We've made a strong effort, but it's not working."Шаблон:Sfn

On February 12, 1982, following the poor sales of the medallions, the United States Gold Commission recommended the minting of a gold coin.Шаблон:Sfn Donald Regan, Secretary of the Treasury and chairman of the commission, later told reporters that a gold coin could be easier to sell than medallions, because the suggested coins "could be redeemable in dollars".Шаблон:Sfn The Mint issued gold coins for the 1984 Summer Olympics in Los Angeles and for the centennial of the Statue of Liberty in 1986. Both issues were successful, and the Liberty piece sold out on advance sales. As the public was receptive to the gold coins, and President Ronald Reagan had banned the importation of Krugerrands in 1985 over South Africa's apartheid policy, Congress authorized the American Gold Eagle gold bullion coin, which entered production as legal tender in 1986.Шаблон:Sfn

Designs and sales figures

Obverse and reverse 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 Wood	1980 half-ounce medallion, depicting singer Marian Anderson	1981 one ounce medallion, depicting author Mark Twain	1981 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 architect 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

Designs and sales figures of the American Arts Commemorative Series medallions

Year	Gold content	Obverse design	Obverse inscription	Reverse design	Reverse inscription	Designer	Number mintedШаблон:Sfn	Number soldШаблон:Sfn
1980	Шаблон:Convert	Portrait of Grant Wood	GRANT WOOD	American Gothic	AMERICAN ARTS COMMEMORATIVE SERIES – 1980	Frank Gasparro	500,000	312,709
1980	Шаблон:Convert	Portrait of Marian Anderson	MARIAN ANDERSON	Cupped hands holding globe	AMERICAN ARTS COMMEMORATIVE SERIES – 1980	Frank Gasparro	1,000,000	281,624
1981	Шаблон:Convert	Portrait of Mark Twain	MARK TWAIN	Steamboat	AMERICAN ARTS COMMEMORATIVE SERIES – 1981	Matthew Peloso	141,000	116,371
1981	Шаблон:Convert	Portrait of Willa Cather	WILLA CATHER	Woman operating a field plow	AMERICAN ARTS COMMEMORATIVE SERIES – 1981	Sherl Winter	200,000	97,331
1982	Шаблон:Convert	Portrait of Louis Armstrong	UNITED STATES OF AMERICA – 1982 – LOUIS ARMSTRONG	Trumpet and musical notes	AMERICAN ARTS COMMEMORATIVE SERIES – AMBASSADOR OF JAZZ – ONE OUNCE GOLD	John Mercanti	420,000	409,098
1982	Шаблон:Convert	Portrait of Frank Lloyd Wright	UNITED STATES OF AMERICA – 1982 – FRANK LLOYD WRIGHT	Landscape around Fallingwater	AMERICAN ARTS COMMEMORATIVE SERIES – ONE HALF OUNCE GOLD	Edgar J. Steever	360,000	348,305
1983	Шаблон:Convert	Portrait of Robert Frost	UNITED STATES OF AMERICA – 1983 – ROBERT FROST	Excerpt of Frost's "The Road Not Taken"	AMERICAN ARTS COMMEMORATIVE SERIES – TWO ROADS DIVERGED IN A WOOD, AND I-/ I TOOK THE ONE LESS TRAVELED BY,/ AND THAT HAS MADE ALL THE DIFFERENCE – ONE OUNCE GOLD	P. Fowler	500,000	390,669
1983	Шаблон:Convert	Portrait of Alexander Calder	UNITED STATES OF AMERICA – 1983 – ALEXANDER CALDER	Mobile	AMERICAN ARTS COMMEMORATIVE SERIES – ONE HALF OUNCE GOLD	Michael Iacocca	410,000	75,571
1984	Шаблон:Convert	Portrait of Helen Hayes	UNITED STATES OF AMERICA – 1984 – HELEN HAYES	Masks of comedy and drama surrounded by ribbon	AMERICAN ARTS COMMEMORATIVE SERIES – FIRST LADY OF THE STAGE – ONE OUNCE GOLD	John Mercanti	35,000	33,546
1984	Шаблон:Convert	Portrait of John Steinbeck	UNITED STATES OF AMERICA – 1984 – JOHN STEINBECK	Rural farm	AMERICAN ARTS COMMEMORATIVE SERIES – ONE HALF OUNCE GOLD	John Mercanti	35,000	32,572

Bibliography

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