New palladium coins will soon be created in the US after they received approval from the Senate on Tuesday (30th November).

The American Eagle Palladium Bullion Coin Act of 2010 was passed in the House of Representatives on 29th September and is now cleared for the White House.

President Barack Obama is expected to rubber-stamp the act into law in the near future, meaning the US Mint will be able to add palladium coins to its existing gold, silver and platinum offerings.

"I'm pleased that my legislation cleared the final hurdle and is now destined for the President's desk," said Congressman Denny Rehberg.

"This is a good bill for Montana that will empower the private sector to create good, well-paying jobs. As the price of gold skyrockets, palladium provides investors with an option for an alternative precious metal."

The one-ounce .9995 fine Palladium Eagle coins will be valued at $25, with standard bullion investment-grade designs being complemented by collector proof and uncirculated finishes.

On the obverse side of each coin will be Adolph Alexander Weiman's Winged Liberty design, which was last seen on the Mercury dime between 1916 and 1945.

The tails side will feature a high relief of Mr Weiman's reverse design of the 1907 American Institute of Architects medal.

Stillwater Mining Company, which is the only firm mining palladium in the US at a site in Montana, welcomed the prospect of bringing the new coins to investors.

"[We appreciate] the initiative and sponsorship of Congressman Denny Rehberg in moving the recently passed Palladium Coin Bill through Congress," commented Chairman and Chief Executive Frank McAllister.

"An official United States palladium coin will be highly valued by collectors and investors alike. We look forward to the minting of the new palladium coin by the US Treasury."

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American Eagle Palladium Bullion Coin Act to Become Law (02/12/10) 

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