Congressman Denny Rehberg

WASHINGTON – Montana’s Congressman, Denny Rehberg, today introduced legislation that requires the United States Treasury to mint a 1907 Augustus Saint-Gaudens palladium bullion coin.  Montana is the only source of palladium in the United States, which is mined at Stillwater Mine.

“There are more than thirteen-hundred Montanans at Stillwater Mine right now who are worried because the government-controlled General Motors yanked the contract that feeds their families out from under them,” said Rehberg, a member of the House Appropriations Committee.  “This bill won’t replace the GM contract, but by creating a new bullion coin, minted from a resource produced solely in our backyard, we can increase demand to provide a boost for Stillwater at a time when they really need one.”

General Motors, which is 60% equity owned by American taxpayers after accepting TARP funds, recently decided to cancel its contract for palladium with Stillwater Mine.  GM will instead get its palladium from mines in Russia and South Africa.

The Rehberg-sponsored H.R. 3405 requires the reproduction of the Augustus Saint-Gaudens $20 coin which was minted in 1907.  It is widely considered one of the most beautiful U.S. coins ever minted.  Though the original coin was made of gold, the new coins would be made from palladium, a precious metal produced exclusively in two southern Montana mines operated by the Stillwater Mining Company.

“The proposed legislation which would create an Ultra-High Relief Saint-Gaudens palladium bullion coin is terribly exciting for the men and women of the Stillwater Mining Company of Montana who proudly produce palladium from the extraordinarily majestic Beartooth Mountains immediately north of Yellowstone National Park,” said Frank McAllister, Chairman & CEO of the Stillwater Mining Company.  “I am most grateful to Congressman Rehberg for his support of this important bill.”