American Arts Commemorative Series medallions

American Arts Commemorative Series medallions are a series of ten gold bullion medallions that were produced by the United States Mint from 1980 to 1984. They were sold to compete with the South African Krugerrand and other bullion coins.

The series was proposed by North Carolina senator Jesse Helms after the United States Department of the Treasury began selling portions of the national stockpile of gold. Iowa Representative Jim Leach suggested that the medallions depict notable American artists. President Jimmy Carter signed the bill containing the authorizing legislation into law on November 10, 1978, despite objections from Treasury officials.

The medallions were initially sold through mail order; purchasers were required to obtain the day's price by telephone before ordering. Later, the Mint sold them through telemarketing. Mintage ceased after the ten different medallions approved by Congress were produced. All were struck at the West Point Bullion Depository. The series sold poorly, prompting critics to blame the involved process by which they were first marketed, and the fact that they were medallions rather than coins.

On April 19, 1978, the United States Treasury Department announced that a portion of the national gold stockpile was to be auctioned through the General Services Administration (GSA) beginning on May 23, 1978, in the form of 400 troy ounces (12 kg) bars. According to the Treasury, the sales were intended to "[reduce] the U.S. trade deficit, either by increasing the exports of gold or by reducing the imports of this commodity", and to "further the U.S. desire to continue progress toward the elimination of the international monetary role of gold." For reasons of bookkeeping, an entire bar was set as the minimum purchase, which placed the gold outside of the reach of most Americans. North Carolina senator Jesse Helms was critical of the plan, saying that he was "opposed to the sale of U.S. gold to foreign and international banks and gold dealers" and that medallions should be "produced in small size, suitable for sale to average citizens." On the day of the Treasury announcement, Helms introduced the Gold Medallion Act of 1978. The stated intent was to provide average consumers with affordable, small-sized gold bullion to compete with the South African Krugerrand and other world bullion coins, which were becoming increasingly popular with American investors. 1.6 million troy ounces (50,000 kg) ounces of gold had been imported into the United States in the form of Krugerrands in 1977 alone. In a hearing on August 25, 1978, before the United States Senate Committee on Banking, Housing, and Urban Affairs, Helms said:

...
Wikipedia