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TD Bank Pays Record Fine in Money Laundering Case

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TD Bank agreed to pay a historic $3 billion in penalties for failing to maintain an effective anti-money laundering (AML) program, resulting in significant money laundering.

This settlement includes a $1.8 billion fine to the U.S. Department of Justice (DOJ), plus an additional $1.3 billion to FinCEN and other amounts to financial regulators. The bank pleaded guilty to charges including conspiracy to fail to maintain an AML program, failing to file accurate Currency Transaction Reports, and money laundering.

This is more than triple the nearly $1 billion fine paid by JP Morgan Chase for the banks role in precious metals price fixing.

Investigation Details

The investigation highlighted that from January 2014 to October 2023, TD Bank’s U.S. operations had systemic deficiencies in its AML policies, allowing illicit transactions to go unchecked. Criminals, including international drug trafficking networks, exploited these weaknesses, moving over $670 million through the bank’s accounts. The DOJ noted that despite awareness of these issues, high-level executives failed to address them adequately.

The courts and regulatory bodies, including the DOJ, Financial Crimes Enforcement Network (FinCEN), and the Office of the Comptroller of the Currency (OCC), determined TD Bank’s guilt based on evidence of pervasive failures in oversight and compliance with the Bank Secrecy Act. The bank’s own internal communications labeled it an “easy target” for money laundering, confirming its complicity through negligence.

Money Laundering Clients and Criminal Activity

International drug trafficking groups linked to fentanyl distribution in the U.S. exploited the bank’s systemic anti-money laundering weaknesses. These groups managed to launder hundreds of millions of dollars.

Court records expose that various organizations exploited the systemic weaknesses of TD Bank’s anti-money laundering program.

Da Ying Sze (“David”) ran a laundering scheme using shell companies and personal accounts at TD Bank, moving approximately $474 million between 2018 and 2021. To facilitate his operations, David bribed TD employees with over $57,000 in gift cards.

Five TD Bank insiders across New Jersey and Florida assisted in laundering activities by opening accounts, issuing ATM cards, and evading internal controls. These insiders took bribes ranging from $50 to $2,500 per account.

Two of these insiders have been arrested and charged with crimes related to their involvement in the scheme.

For his role, Da Ying Sze, a.k.a. “David”, was charged with money laundering, operating an unlicensed money transmitting business, and bribery of TD Bank employees.

He pled guilty in 2022, admitting to laundering over $470 million in drug proceeds through TD Bank accounts and bribing employees with gift cards totaling more than $57,000 to facilitate his scheme

Court records detailed the operations of several of the money laundering schemes. In one, a network of individuals posing as wholesale diamond, jewelry, and gold dealers used shell companies to move around $123 million through TD Bank between 2021 and 2023.

The organizations also exploited the bank to launder money under the guise of precious metals trading by maintaining multiple accounts for shell companies, facilitating the transfer of illicit funds without detection.

Another scheme involved using TD Bank accounts to transfer over $39 million from the U.S. to Colombia. This included moving funds through Colombian ATMs, facilitated by insiders at TD Bank who provided large numbers of ATM cards, in some cases over 50 per account. During this scheme, more than 194,940 withdrawals were made from Colombian ATMs.

The settlement was marked by public statements from Attorney General Merrick Garland, emphasizing the severity of the bank’s negligence and its role in facilitating financial crimes. This case has set a precedent as the largest bank in U.S. history to plead guilty to such charges, underscoring a crackdown on lax AML controls in financial institutions.

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New Idaho Bullion Depository Opens Its Doors

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Utah based Precious Metals Dealer Money Metals Exchange has opened a new, state-of-the-art bullion depository in downtown Eagle. This facility, spanning 37,000 square feet, is designed to securely store precious metals for a wide range of clients, including individuals, businesses, family offices, governments, and financial institutions.

Money Metals Exchange - Eagle, Idaho Bullion Depository
Money Metals Exchange Idaho Bullion Depository

While it doesn’t have the machine-gun turrets found at Fort Knox, it is nonetheless being compared to the famous depository due to its significant capacity and security measures. The Eagle depository can store up to $100 billion in gold and silver, with the potential for expansion to 60,000 square feet.

According to the company, the bullion depository boasts the largest Class 3 vault in North America, which is the highest vault rating based on Underwriters Laboratories standards.

The facility is equipped with advanced security features, including 24/7 monitoring, secure access controls, and a security team composed of armed former law enforcement and military personnel.

This new depository not only enhances the security options available for precious metals storage in the Western United States but also brings additional employment opportunities to the Treasure Valley area.

The $28 million construction project involved a variety local Idaho businesses, including Wright Brothers Construction Co., Zions Bank, Erstad Architects, Integrated Security Resources, The Land Group, and Musgrove Engineering.

Money Metals Exchange, which currently employs around 100 people, processes approximately 40,000 gold and silver orders per month, serving nearly 750,000 customers in North America.

This new Idaho bullion depository adds a significant capability to the company’s existing infrastructure, potentially positioning it as a key player in the global precious metals storage industry.

The opening of this depository reflects the growing demand for physical precious metals, driven by concerns over currency debasement and economic uncertainty.

Facts About the Fort Knox Bullion Depository

The Fort Knox Bullion Depository is located in Kentucky, about 30 miles southwest of Louisville, situated inside the Fort Knox military base, providing an additional layer of security.

The depository was constructed in 1936 during the Great Depression in response to the need for a secure place to store the nation’s reservesr, which had been confiscated from the American people in 1933.

The depository’s security features include a combination of physical barriers, electronic systems, as well as armed guards. The vault door is blast-proof and is constructed of steel and concrete. The vault door is set to a time lock and can only be opened with multiple combinations known by different individuals.

Fort Knox houses approximately 147.3 million troy ounces of gold, a significant portion (roughly 56.35%) of the total U.S. gold reserves. The gold stored at Fort Knox is valued at over $200 billion, which fluctuates based on the current market price of gold.

The Fort Knox Vault it is not open to the public, and even high-ranking government officials rarely get to enter. The last official audit of the gold at Fort Knox took place in 1953 under the Eisenhower administration amid concerns over the adequacy and security of the nation’s gold reserves.

However, during the 1950s and 1960s, substantial amounts of gold were transferred from Fort Knox to foreign governments and central banks under the Bretton Woods system, during an era when the U.S. dollar was backed by gold, and other currencies were pegged to the dollar.

By the time Nixon closed the gold window in 1971, the U.S. gold reserves had declined significantly. It is estimated that the U.S. gold reserves were reduced from over 20,000 metric tons in the 1950s to around 8,133.5 metric tons by 1971.

About Money Metals Exchange

Already recognized for its extensive product inventory, competitive pricing, and superior customer service, the opening of this bullion depository and fulfillment center further solidifies Money Metals as a leader in the precious metals industry.

It has been named Best Overall Online Precious Metals Dealer by Investopedia multiple times and maintains an A+ rating with the Better Business Bureau. Money Metals Exchange reviews are overwhelmingly positive.

The new depository is positioned to further strengthen Money Metals’ role in the market, providing secure and cost-effective storage options that surpass those offered by traditional bank vaults and other facilities.

Money Metals offers a range of services, including the buying, selling, and storage of precious metals, gold loans, as well as investment options through IRAs and monthly purchase plans.

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Wyoming Grants Mine Operating Permit to US Gold

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US Gold Corp passed another milestone in the development of the CK Gold Project, receiving clearance from the Wyoming Department of Environmental Quality.

“Having previously been granted the Industrial Siting Permit in June last year and now the Mine Operating Permit we have cleared the major regulatory hurdles towards project development,” CEO George Bee said in a statement.

“We remain on track to receive the necessary permits around mid-year, as per prior guidance,” Bee said.

The CK Gold Project is an advanced stage gold and copper project named after the Copper King mine that being developed by U.S. Gold Corp. in the Silver Crown mining district about 20 miles west of the city of Cheyenne, Wyoming.

The project encompasses more that 1,000 acres of land, including 360 acres from a local rancher, and involves an open-pit mine that aims to extract 1 million ounces of gold and 248 million pounds of copper from high-grade mineralization deposit.

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With an estimated capital investment of $221 million, the mine is expected to produce copper concentrate with a life of mine (LOM) of ten years, averaging 108,500 troy ounces of gold-equivalent production per year.

The area has a rich history of mining, with the Copper King Mine being developed in 1881 by the Adams Copper Mining and Reduction Company.

The project has experienced high-grading and limited mining in its early stages. The first exploration work reported is drilling by ASARCO in 1938.

Gold Mining in Wyoming

Gold was first discovered in Wyoming in the early 1800s, but the Wyoming gold rush truly began in 1867 with the discovery of a large deposit near South Pass City. The Wyoming Gold Rush continued through the 1870s, attracting prospectors from all over the world, and by the end of the decade, Wyoming’s population had grown tenfold.

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The gold mining industry in Wyoming was concentrated near the southern border with Colorado border. Early discoveries were made in the Sweetwater River area, and the South Pass-Atlantic City and Douglas Creek districts were among the most productive, each yielding more than 10,000 ounces of gold.

The industry began to decline in the 1880s due to the depletion of easy-to-reach gold deposits and the increasing cost of extracting gold from deeper veins.

China’s Global Dominance in Metals and Minerals

China has been actively developing and exploiting critical mineral mining in Africa, South America, and Asia, particularly focusing on securing its supply chains of critical minerals essential for various industries, including technology and green energy.

In Africa, China has made significant investments and holds a dominant position in the critical minerals supply chains. For instance, China’s CMOC Group invested more than $1.8 billion opening the Kisanfu mine in Democratic Republic of Congo (DRC) in 2022, overtaking Glencore as the world’s largest producer of cobalt, a crucial element in electric vehicle batteries.

The DRC supplies 70% of the world’s cobalt and this move reflects China’s strategic efforts to maintain control over the global supply of critical minerals.

In South America, China has been expanding its influence through investments and partnerships within the lithium mining sector in Argentina, one of the countries with the largest lithium reserves in the world.

Rare earth elements are essential for the production of high-tech products, including smartphones, wind turbines, and electric vehicles.

Other US Mining Projects

Beyond the CK Gold Project in Wyoming, the U.S. Geological Survey (USGS) has identified more than 200 mineral districts, mines, and mineral occurrences within the United States that contain substantial enrichments of rare earth elements (REEs), which are critical for modern technologies like electric vehicles, renewable energy systems, and electronics.

These occurrences are a mix of mined deposits, exploration prospects, and other sites that have not been fully exploited.

Additionally, the USGS has highlighted the potential of significant critical mineral deposits in the United States.

Critical minerals are essential for the economy and society, and they play a vital role in various high-tech devices and renewable energy technologies.

Some of the critical minerals include rare earth elements, lithium, indium, tellurium, gallium, and platinum group elements.

These minerals are crucial for the production of wind turbines, solar panels, and electronics like smartphones and tablets.

The demand for critical minerals is expected to increase significantly in the coming years as the world transitions towards renewable energy and low-carbon technologies to achieve net-zero emissions targets.

These critical minerals are vital for the national economy, national security and technological advancements. Both the Department of Energy and the Department of Defense have stated that the exploration, development, and responsible extraction of these domestic minerals and metals is crucial for the U.S. to maintain its competitive edge in the global market and reduce dependency on foreign sources.

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British Gold Sovereign

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The British Gold Sovereign is one of the world’s most renowned and historic gold coins, carrying a rich history that spans centuries.

Its origin dates back to 1489 when it was first introduced during the reign of King Henry VII. Throughout history, it has been associated with British royalty and has been minted during various reigns.

After Napoleon was defeated at the Battle of Waterloo in 1815, the Crown ordered a review of the nation’s coinage.

The new gold coin of 1817 was almost half the weight and diameter of the original Sovereign, but it was equally as beautiful. The reverse featured an image of St George slaying a dragon that had been designed by one of the most celebrated gem engravers in the world, Benedetto Pistrucci. 

This design has remained relatively consistent over the years with only minor revisions and changes, symbolizing the strength and bravery of the British nation.

Traditionally minted in 22-carat gold, the British Gold Sovereign contains 91.67% pure gold and it is recognized as legal tender in throughout the United Kingdom, although its intrinsic value as an investment far exceeds its face value.

In 1825 the image of St George was replaced with a more conventional image of the royal coat of arms. Shield back Sovereigns were minted between 1838 and 1887, with the exception of 1840, 1867 and 1876. However, public outcry and criticism of the designs led to the St George design being reinstated during Queen Victoria’s reign. From 1871 onwards, the Saint and the dragon reappeared on the reverse alongside a shield design, both of which bore an image of the young Queen Victoria on the obverse.

Queen Victoria’s Golden Jubilee took place in 1887 and new designs were unveiled for the gold and silver coins. Once more, Pistrucci’s St George was chosen for the reverse of The Sovereign, it being “Sanctioned,” said the Chancellor of the Exchequer, “by tradition and recommended by the great beauty of the design.”

During the British Empire’s peak, the Sovereign was used as a standard gold coin in many of the territories under British rule, leading to its wide circulation and recognition in various parts of the world.

Throughout history, the Sovereign was used in international trade and many countries accepted it as a form of payment due to its standardized gold content and purity.

This widespread use further contributed to its global recognition and various other countries have minted coins that adhere to the same specifications. These coins are often referred to as “Sovereign-sized” or “Sovereign-style” coins.

For example, the Colombia 5 Pesos gold coins that were minted between 1924 and 1930 are very similar in specifications to the British Gold Sovereign.

Today, the modern British Gold Sovereign continues to be widely recognized and accepted in the global precious metals market, making it easy to buy, sell, and trade in various regions.

In addition to the full sovereign, fractional sizes like half-sovereigns and quarter-sovereigns are also available, making it accessible to a broader range of investors.

Like other gold coins, the British Gold Sovereign is considered a safe haven asset that is sought after by investors during times of economic uncertainty and market volatility.

The Sovereign’s gold content and consistent design have made it a classic choice for bullion investors seeking a reliable and recognized form of gold ownership.

The British Sovereign is widely available from trusted and reputable online bullion dealers and precious metal markets, making it easy for investors and collectors to acquire.

The British Gold Sovereign has witnessed and survived through significant historical events, such as both World Wars and various political and economic shifts. Due to its rich history, distinctive design, and numismatic significance, the British Gold Sovereign has strong appeal among collectors, often fetching premiums beyond its gold content value.

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Florida and Indiana Ban Use of CBDC

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Both Florida and Indiana have recently passed laws banning the use of a central bank digital currency (CBDC) as money in those states.

These laws explicitly exclude a CBDC from the definition of money in Florida and Indiana, effectively banning its use as such in these states.

The Florida law defines central bank digital currency as a “digital medium of exchange, or digital monetary unit of account issued by the United States Federal Reserve System, a federal agency, a foreign government, a foreign central bank, or a foreign reserve system that is made directly available to a consumer by such entities” and that is “processed or validated directly by such entities.”

In the law, central bank digital currency is specifically excluded from the definition of money under the Florida Uniform Commercial Code (UCC) which regulates commerce in the state.

The provisions in the new Indiana law are similar, but the bill took a very different path to enactment.

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FBI Seizes $86 million in Cash from Customer Safe Deposit Boxes

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Back in 2021, the federal agents raided U.S. Private Vaults, a private vaulting and safe deposit box company located in Beverly Hills, CA under the suspicion that the owners of the company were involved in money laundering.

US Private Vaults had over 800 customers at the time, the vast majority were law abiding citizens that felt it necessary to use a secure storage facility to store their valubles.

More than $86 million dollars in cash and millions of dollars worth of jewelry and other valuable personal items were seized from the rightful owners, most who are innocent of any crimes or wrongdoing.

The government intends to keep the contents of more than 350 vaults, alleging that the money, precious metals, watches and other goods that they contained were the fruit of unspecified criminal activity without any proof.

Many of the customers told authorities that they used the private vaulting company to keep their money and savings because they were suspicious of the U.S. banking system and preferred to keep their savings in cash.

Some others’ were rented by state-licensed marijuana dealers with limited access to banks due to federal regulations.

Benjamin Gluck, an attorney who represents some of the box owners believes it’s a money grab by the government, insisting that “the constitutional and moral bankruptcy of the U.S. attorney’s office by showing that they’re willing to give immunity to an admitted criminal so long as he doesn’t interfere with their illegal scheme to seize money from innocent box holders.”

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2022 Black Friday, Cyber Monday and other Holiday Bullion Deals

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The Holiday Season has become a time to stack some extra precious metals near the end of the year.

Putting some of your savings into a physical asset like silver, gold and platinum is a smart way to have some extra financial security with all the talk of a recession and other problems with the economy.

Already this year several online bullion dealers have announced early Black Friday deals.

Including at least one gold at spot price offer from SD Bullion.

With premiums on silver at their highest levels since the last financial crisis that started in 2011 it’s awesome to find some great deals this time of year.

With gold prices and premiums comparatively low, fractional gold is a great option for stacking in a small space.

More Spot Price Deals

Online Bullion Dealer Black Friday Week & Cyber Monday Offers

SD Bullion

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10 Gram Gold Kinebar at Spot Price
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Royal Tudor Beasts: 2022 Seymour Panther Begins the New Royal Mint Series

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Known for creating highly desirable and sought after unique coins, the Royal Tudor Beasts is the latest collection from the Royal Mint. The Royal Mint is the official government mint of Great Britain.

The Royal Tudor Beasts collection is based on the legend of Henry VIII and the Royal Beasts he kept in his Tudor Era court.

Legend has it, that King Henry VIII kept the Royal Tudor Beasts at the Hampton Court Palace.

Historically, guests would have been carried across the palace moat via boat.

At the Great Guesthouse, guests would be greated by ten beastly statues mounted on pillars positioned on either side of the bridge.

Similar sculptures appear throughout Hampton Court Palace. Statues of the Tudor Beasts adorn the palace rooftops and its famous Tudor Garden.

Royal Tudor Beasts Coin Series

The new Royal Tudor Beasts coin series from the Royal Mint will include 10 unique coins.

The coins will include

  1. The Seymour Panther
  2. The Lion of England
  3. The Greyhound of Richmond
  4. The Yale of Beaufort
  5. The Tudor Dragon
  6. The Seymour Unicorn
  7. The Royal Dragon
  8. The Queen’s Lion
  9. The Black Bull of Clarence
  10. The Queen’s Panther

The first coin in the series is the 2022 Royal Tudor Beasts Seymour Panther.

The series will be available in a variety of denominations, weights and precious metals.

2022 Royal Tudor Beasts Seymour Panther

The available variations for the 2022 Royal Tudor Beasts Seymour Panther coin include:

Jane Seymour and the Seymour Panther

The Seymours were an English noble family with Norman origins.

The Seymour family came to prominence in the sixteenth century as Sir John Seymour (1474-1536) rose in the court of Henry VII and later his son, king Henry VIII.

Sir John’s influence on the Tudor Dynasty was cemented when the Henry VIII married his daughter Jane. Jane Seymour became the wife of King Henry VIII just days after the execution of his second queen, Anne Boleyn. J

The marriage was cut short by Jane’s death after the birth of her son, the future Edward VI. However, the Seymour family retained influence as the relatives of the heir to the throne.

Panthers in medieval heraldry a mythical creature with a spotted or multicoloured fur coat.

Legend says that the panther would emit a sweet odor when roaring which would attract the beast’s prey. After the beast had feasted, it would retreat to a cave where it would sleep for three days.

King Henry VI included a fire breathing panther on his heraldic crest.

It is believed that the Panther was bestowed on Jane Seymour because it made an easy replacement for her predecessor, Anne Boleyn’s leopards.

Jane Seymour’s panther was depicted as a maneless lion with red and blue spots. An eye-catching rendition of this magnificent creature appears on the 2022 Seymour Panther coin.

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2009 Austria Philharmonic 20 oz 20th Anniversary Gold coin

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2009 20oz 20th Anniversary Austrian Gold Philharmonic Coin
The Gold Philharmonic coin was introduced in 1989 in 1 ozt and 1/4 ozt weights. To celebrate the coin’s 20th anniversary, the mint released a coin with a nominal face value of 2,000 euros, each weighing 20 troy oz.

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The coin was minted with a diameter of 74 mm and a thickness of 8.3 mm. Each coin was included in a specially made, velvet lined wood presentation and display case.

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Coin Highlights

  • Struck in .9999 fine gold
  • Denomination of 2,000 euros.
  • Obverse: Displays the Great Organ of the Golden Hall of Vienna’s concert hall.
  • Reverse: Displays an array of orchestral instruments, such as the cello, violin, viola, harp, french horn and bassoon.

About the Austrian Mint

The Austrian Mint is located in Vienna. It is the official minting authority for Austria with a 800 year history.
The Mint is the source for all Austrian Euro and Cent coins. Prior to the Euro, the Schilling and Groschen coins were minted at the Vienna Mint. Dating back to the days of the Austrian monarchy – Crowns, Guilders and Ducats were struck by the Austrian Mint.
The Austrian Mint is located close to the heart of Vienna. The main building was erected under Emperor Ferdinand I from 1835 to 1837. Today it houses one of the most modern mints in the world.

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2021 Morgan and Peace Dollar Release Dates Announced

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This year is the 100 year anniversary of the introduction of the Peace Dollar. In 1921 the US mint produced both the Morgan silver dollar and the Peace silver dollar coin.

To commemorate the centennial the US Mint will be issuing both of these coins this year. 

The US Mint has announced that the new commemorative 2021 Morgan and Peace dollars. 

There will be 5 distinct variations of the 2021 Morgan Silver Dollar. Each coin is to be minted of .858 troy ounces of .999 fine silver. The coins will all have an uncirculated, or “burnished” finish.

  • 2021 Morgan Silver Dollar – Philadelphia Mint with “O” privy mark on the reverse
  • 2021 Morgan Silver Dollar – Philadelphia Mint with “CC” privy mark on the reverse
  • 2021 Morgan Silver Dollar – San Francisco Mint with “S” mint mark on the reverse
  • 2021 Morgan Silver Dollar – Denver Mint with “D” mint mark on the reverse
  • 2021 Morgan Silver Dollar – Philadelphia Mint with no mint mark or privy mark on the reverse

The 2021 run will be a limited mintage run of 175,000 of each Morgan Silver Dollar coin type, mint mark or privy mark. 

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The 2021 Peace Dollar will be produced without any mint mark or privy mark on the reverse. This is usually indicative that the coins will be produced at the Philadelphia mint location.

The 2021 Peace Dollar will have a limited mintage of just 200,000 coins total.

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The US Mint has announced that these coins will go on sale via their website beginning June 7, 2021 at noon eastern time. 

You can sign up on the US Mint website to receive reminders on the day these are released. 

There is a lot of buzz surrounding the release of these commemorative coins.

With a release price of $85 per coin, there is a very good chance that they will sell out within minutes of becoming available, with the true value being driven by the collectors market.