Concept over matter. That sort of “looks good on paper” mentality may have applied to a number of coins over the years, but perhaps none other than one that was released in 2000. The United States Treasury had a couple of choices for the production of a commemorative and their decision impacted the numismatic hobby then and in the long run.
Never has a commemorative coin’s composition been so heavily recognized than the one that was given two different ones at the turn of the 21st century. With such an enthralling concept, we will take an even deeper look at this one-of-a-kind coin as Whitman Publishing has recognized it on their Top 100 United States Modern Coins list. With authors Scott Schechter and Jeff Garrett at the helm in addition to the influence of some of the top coin dealers across the country, let us continue our exploration of the list as it is published in their fourth edition of the series.
#26 - 2000-W Library of Congress $10 Commemorative, Bi-Metallic
The first commemorative coin to make its mark in the new millennium was quite impactful and could have not happened if the decision was to go the other way. Options were given to the secretary of the Treasury to either produce a $5 gold commemorative that was like previous coins or produce a $10 bi-metallic commemorative comprised of both gold and platinum. The rest is history and the coin landscape was forever changed with its first bi-metallic coin ever made.
Made of 48% gold, 48% platinum, and 4% alloy, the obverse was designed by 12th Chief Engraver of the United States Mint, John Mercanti. It features the hand of Minerva, a Roman goddess, raising a torch representing learning. The background depicts the Library of Congress Jefferson Building’s dome as the inscriptions around the outer edge of the coin read “LIBERTY”, “2000”, and “LIBRARY OF CONGRESS”. The middle of the coin, the platinum part, features the motto “IN GOD WE TRUST” to the left of the torch.
The reverse of the coin was taken on by none other than designer Thomas D. Rogers. It features the deal of the Library of Congress and is surrounded by a laurel wreath. The outer edge of the coin, which is featured in gold, is inscribed with the words “UNITED STATES OF AMERICA” and “TEN DOLLARS”. The words “E PLURIBUS UNUM” can be found in the platinum center below the eagle in the seal.
While the coin subscribes to a tremendous amount of beauty with its design and overall composition, it was revealed that the production of the coin was rather challenging. Problems concerning the gold and platinum not melding well together in addition to the difference in density made it difficult to strike in harmony with one another. This also caused concern as some of the $10 commemoratives were found to have a “rattling” platinum core and in turn, the Mint decided that producing them in large numbers would be detrimental as they were not selling well.
In the end, only 7,261 of the Uncirculated versions were produced and sold which was only about a quarter of the 27,455 Proof versions that were made and sold. Because of these low mintages, today’s market has caused the Uncirculated coins to be highly sought after.
Other than production issues, the coin’s initial popularity was not as vast as hoped for. A number of reasons follow that statement but recognized in Whitman’s publication was the commemoration of an institution rather than a person could have contributed in addition to the higher price for the $10 bi-metallic coin. Per coin, $400 was the retail while $5 gold commemoratives were only retailing in previous years for a little over $200 a coin.
Since the first edition, the coin has only moved down one spot from #25.