The Mint announced yesterday (September 18) that it will begin first-ever sales of a 1-ounce American Eagle palladium bullion coin to Authorized Purchasers (APs) commencing September 25.
As with American Eagle gold and silver bullion coins, the palladium bullion coins will be made available to the public through the Mint’s AP network. Authorized Purchasers consist of major coin and precious-metals wholesalers, brokerage firms, banks, and other participating financial intermediaries. The coins will be made available to APs at a 6.25% premium over the prevailing price of palladium.
In a follow-up email, the Mint announced that “after depletion of the initial inventory, the United States Mint will not offer additional quantities for release later in 2017.” The email did not indicate how many coins are in the initial inventory.”
Public Law 119-94 requires the secretary of the Treasury to mint and issue palladium bullion coins weighing 1 troy ounce of .9995 fine palladium, with a face value of $25.00, in such quantities as the secretary determines appropriate to meet demand. (Fractional sizes are not authorized.) Title 31 U.S.C. Section 5112(v) authorizes the secretary to mint and issue both Proof and Uncirculated versions.
As mandated by the law, the obverse design of the palladium coin is an adaptation of Adolph A. Weinman’s Winged Liberty design, which was used on the obverse of the so-called Mercury dime. The reverse design is based on Weinman’s eagle design for the 1907 American Institute of Architects (AIA) gold medal. In developing the coin, the Mint was able to utilize the original reverse plaster of the AIA gold medal. This is the first time Weinman’s AIA design appears on a U.S. coin.