Pros and Cons of New National Parks Quarters Series

H.R. 6184 America's Beautiful National Parks Quarter Dollar Coin Act of 2008 was recently signed into law. This will provide for the creation of a brand new series of circulating commemorative quarters. It will be similar to the popular 50 State Quarters Program which preceded it. Although State Quarters were popular, the National Parks Quarters are already receiving mixed reviews.

The new program specifically provides for the issuance of five different quarters each year featuring a design emblematic of a National Park or National Site in each US State, US Territory, and Washington DC. The designs would be released in the order each park or site was designated. The duration of the series would be 11 years, and comprise at least 56 different quarters. The series can optionally be extended for a second round of designs if approved by the United States Secretary of the Treasury.

The program also contains a unique aspect. The legislation provides for the production of oversized bullion duplicates of each coin. The duplicates would contain five ounces of .999 fine silver and include incused edge lettering.

The authorizing legislation was originally introduced on June 4, 2008. It was passed in the House on July 10, 2008, the Senate on December 10, 2008, and signed into law by the President on December 23, 2008.

There have been both supporters and opponents of the new series. Supporters of the National Park Quarters series have drawn parallels to the benefits provided by the 50 State Quarters Program. The innovative program created millions of eager new coin collectors, encouraged people to take a closer look at their pocket change, and highlighted the uniqueness of each State. The National Park Quarters series may draw in new collectors as well. The series will also keep Americans looking at their change and teach them about our National Parks.

Another point of support is the potential for the government to earn money from the program through seiginorage. This represents the difference between the cost to produce coins and their value. When the public removes coins from circulation and retains them, it generates extra earnings since the US Mint must produce additional coins to replace them. The US Mint has estimated that the prior 50 State Quarters Program generated between $2.7 and $2.9 billion of extra earnings which were transferred to the Treasury General Fund.

Opponents of the National Park Quarters series state that the concept of constantly changing reverse designs for our coinage has been overused. Following the success of the 50 State Quarters Program, the concept has been used for the cent, nickel, another series of quarters, and two series of dollar coins. For 2009, there will actually be more coins featuring rotating designs that coins with static designs.

Opponents have also cited a potential oversupply of numismatic product created by the continually expanding coin programs. Next year, there will be a total of 18 different circulating coin designs produced. This will include four different 2009 Lincoln Cents, the Jefferson Nickel, Roosevelt Dime, Washington DC Quarter, five US Territories Quarters, four Presidential Dollars, and one Native American Dollar. Collectors may soon grow weary of the constantly expanding scope of our national coinage.

Regardless of opinions, the National Park Quarters series is now a reality. Look for the first coins in 2010.