Supply chains, silver, and the Peace and Morgan coins

The United States Mint has announced that it will strategically pause its production and sale of Morgan and Peace rendition dollars in 2022. The coins will be back—Deputy Director Ventris C. Gibson has reassured collectors that they “will continue next year.”

The reason for the postponement: Disrupted supply of silver blanks. The COVID-19 pandemic has challenged the Mint’s suppliers, and the bureau is forced to budget its inventory and flow of precious metal.

Congress defines the nation’s bullion-coin programs as a Mint priority. Commemorative coins—also congressionally mandated—require an allocation of silver. Ongoing programs like silver Proof sets need their share of metal, as well. With so many robust coinage and medal programs competing for a limited number of silver and blanks, it can’t be easy for Mint leadership to satisfy every need.

In the world of numismatic publishing, we continue to face similar challenges. Materials, labor, press availability, and distribution make a complex jigsaw puzzle even in good times. Paper supply—crucial to book publishing, of course—was already facing unprecedented global tests in 2019, and the pandemic hasn’t made things easier.

Meanwhile, demand from collectors is strong. Americans turned to hobbies during the pandemic shutdowns, and that renewed interest has continued. The markets are booming since coin shows and auctions have been opening back up.

Deputy Director Gibson’s commitment to coin collectors, even in the face of such challenges, is admirable. “Our goal is straightforward,” she said today: “to give our loyal customers the products they want and the service they deserve.” In the meantime, absence will undoubtedly make the numismatic heart grow fonder. Demand for the Morgan and Peace coins will be high when they finally roll out again in 2023.

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