In Conversation Episode 10 America’s First Platinum Coin

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Foreign Did you know the United States Mint Strikes coins in Pure Platinum well they Do and they have since 1997. I'm Chuck Woolery and welcome to in Conversation This week former directors of the United States met Philip deal and Ed Moy Discussed the release of America's first Platinum coin and how that helped turn Things around to cement So we were talking about the trillion Dollar coin and where the legislation Was Um Flexible enough yes to be able to at Least even contemplate that now but that Flexibility uh also uh pertains to Design of the coin yes most of the time When Congress passes legislation they're Very specific we want this we want it Fat size and so on but in this case with The Platinum Boolean coin uh Congress Was silent on it but yet these uh design Of the Statue of Liberty ended up being On that that was done under your tenure Yeah there's probably a story behind That yes there is I mean we wanted to Demonstrate that we could compete in the International market and seize a uh a Significant Royal Canadian Mint was the Dominant one yeah Platinum at that time Yeah that's right and the two Platinum Markets where the really North America

And Japan so we knew we'd pick most of The North American Market when the coin Came out but to establish our dominance We need to take the Japanese market so The sort of the unique aspect of this Coin in fact it didn't this is the first Time it ever happened in American Coinage history is when I went to Congress I told them that this is this Is my castle again and I told them that This is what I want to do and what I Intend to do is go over and have the Uh patriarch of a family that really Dominated the Japanese distribution Market and engage him in a way of a show Of respect in the selection of the Design I knew in the end he would it you Know it was a formality that he wouldn't Have an impact on the design but I Wanted to engage in that so I had Explained this to Michael castle and Said I want to have complete flexibility In how we design the one of the amazing Things is there's no mandate about what The inscriptions are on the coin there's No requirement to put in God we trust on It you know we were not we were smart Enough to know yeah well you know you Put in God we trust on the coin and but There were it's a remarkable piece of Legislation because it's like two Sentences that give us the this kind of Flexibility so we knew of course that The Statue of Liberty was the iconic

Image and we wanted to do something Different rather than showing her in Full body we wanted to show that Fantastic face with the crown and how And it's a fabulous design and I didn't Come up with it you know the you know How that is the engravers did but that Was the concept and then I went over to Japan and I met with him and we had Dinner together and just the act of Showing him the design means so much in Japanese culture yes and it's all about The relationship and I knew this and I Wanted to establish that relationship And we did and we went back and produced It and uh you know within six months of Launching that coin we had taken 60 to 70 percent of the market and I didn't Have very many friends at the Canadian Man But uh you know and but that led to our Ability the trust that Mike Castle had That we knew what we were doing and led Directly to the 50 state quarters Program that also paved the way for the Um remaking of the 2009 ultra high Relief Double Eagle because You established this credibility so when Mike Castle again sponsored legislation To create the Um the 24 Karat American buffalo program As part of that the legislation said That we had to use James Earl Frazier's Buffalo

Nickel design For the first year but after that we Could design it with any design we Wanted and from my perspective just like The platinum coin bullion coins should Be easily recognizable so I really Wanted to keep the Buffalo design on it But I used the flexibility that kind of Came from the trust that you built To design the to use it for the ultra High relief so the ultra high relief is Not the same diameter it's a it's a Eagle planchet doubled which was the one Of the original Concepts that Saint Collins is working with and uh but Instead of just doing it I went up to Congress uh and said uh you put this in The authority I just want to let you Know that I plan on exercising and this Is what we're going to do with it and They basically said this is a judicious Use of that you don't need our Permission but you know we're not going To object yes that's so important to you Know to show the respect and to make the Context that really build on that Relationship and it's really a matter of Trust and this is this is what this was My philosophy at the United States meant And my philosophy in dealing with Congress was this is about trust and Building trust and showing respect to People who are in important positions of Authority and that in those days in our

Days went a long way yeah it's very hard To do that now across parties I don't Think you and I could get unanimously Confirmed today yeah it meant that's Exactly right yeah I think that's right Yeah Visit for more information On precious metals coins and precious Metal IRAs America's gold Authority U.S money Reserve is proud to be a leading Distributor of government issue Gold Silver Platinum and Palladium For over 20 years hundreds of thousands Of clients have placed their trust in The company to help select the highest Quality and most appropriate precious Metals for their portfolios So whether you're a first-time buyer or Looking to expand your current portfolio U.S money Reserve is committed to Bringing you a superior customer Experience I'm Chuck Woolery Thank you for watching in conversation

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