David J. Ryder

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David J. Ryder
David J. Ryder official photo.jpg
34th and 39th Director of the United States Mint
In office
April 12, 2018 – October 1, 2021
PresidentDonald Trump
Joe Biden
Preceded byEdmund C. Moy
Succeeded byVentris Gibson
In office
September 1992 – November 24, 1993
PresidentGeorge H. W. Bush
Bill Clinton
Preceded byDonna Pope
Succeeded byPhilip N. Diehl
Personal details
Born (1955-10-14) October 14, 1955 (age 66)
Billings, Montana, U.S.
EducationBoise State University

David J. Ryder (born October 14, 1955) is an American government official. He was the Director of the United States Mint from 1992 to 1993, and returned to the position from 2018 to 2021.

Early life and education[edit]

David J. Ryder was born in Billings, Montana on October 14, 1955.[1] Raised in Boise, Idaho, he attended Boise State University.[1][2]

Career[edit]

Ryder worked for the United States Department of Commerce as deputy commissioner general of the U.S. Pavilion at the 1984 Louisiana World Exposition 1983–84, and then commissioner general 1984–85.[1] From 1985 to 1986, he worked in the Office of the Vice President of the United States as Director of Advance.[1] He was director of operations for TCOM Systems, Inc. from 1986 to 1988.[1]

He was director of operations of the 1988 Republican National Convention.[1] After George H. W. Bush won the 1988 U.S. presidential election, Ryder was director of management and operations for Bush's transition team.[1] From 1989 to 1990, he was Deputy Chief of Staff of the Office of the Vice President of the United States.[1] From 1990 to 1991, he was Deputy Treasurer of the United States.[1]

In 1991, President Bush nominated Ryder to be Director of the United States Mint and he subsequently held this office from September 1992 to November 1993 via a recess appointment.

Ryder joined Secure Products, a corporate venture “spin-off” of the Sarnoff Corporation, launched in 1994. In 2007 the Honeywell Corporation acquired Secure Products where Ryder held the position of Global Business Development Manager and managing director of Currency for Honeywell Authentication Technologies. Both Secure Products and Honeywell developed and launched highly advanced anti-counterfeiting systems for both manual and high-speed authentication of currency, passports, bank checks, and other commercial products. Ryder worked closely with Honeywell's technical team in the development and issuance of 18 United States patents.

In 2017, Ryder was again nominated as Director of the United States Mint by President Donald Trump and confirmed by a voice vote on March 21, 2018.[3]

In 2021, Ryder was named one of Coin World's Most Influential People in Numismatics (1960-2020).[4] Ryder announced on September 24, 2021, that he would resign as Mint director, effective October 1.[5]

Second Tenure as Mint Director[edit]

During Ryder's second tenure as Mint director, he implemented a wide range of new programs and significant changes at the Mint that increased demand for the Mint's products and was a challenge to keep up with, especially since the start of the COVID-19 pandemic in 2020. The pandemic required changes in coin manufacturing procedures, including temporary shutdowns, to keep employees safe.

The Mint generated complaints from some coin collectors for its sale of high-demand coins with strict mintage limits—products which have been sold by the Mint for many years and which were expanded during Ryder's tenure. The strong secondary market performance[6] of those products led to a sharp increase in demand for similar Mint products, which put increased pressure on the Mint's order management system and led the Mint to implemenent changes such as blocking the use of bots to place orders and increasing the use of product enrollments.[7]

In November 2019, the Mint sold an Enhanced Reverse Proof 2019-S Silver Eagle, which sold out within 20 minutes of release.[8] In November 2020, the Mint sold special 75th Anniversary of World War II Silver Eagle and Gold Eagle proof coins, with mintage limits of 75,000 and 1,945 coins, respectively.

The sale of both coins generated backlash from those Mint customers and collectors who were unable to successfully place orders.[9][10] Mint officials acknowledged that the unusually high volume of traffic on their website and the use of bots created problems for buyers of these coins, and dealers found ways to legally circumvent the household order limit of one coin.[11]

The Mint released 2021 100th anniversary Morgan and Peace dollars that were not technically commemorative coins and were authorized under legislation that lacks a sunset provision, which allows them to be issued on an ongoing basis.[12] The first two of these coins, released on May 24, 2021, sold out within minutes,[13] and feedback from collectors about the original household limit led the Mint to postpone releasing the remaining dollars in the program from June 1 and 7 until August 3 and 10 and to reduce the order limit from 10 to 3.[14]

Towards the end of 2021, Mint officials indicated they were developing plans to continue issuing the silver dollars "in future years in various finishes struck at branch mints."[15]

In April 2022, US Mint officials said that sales of the 2021 silver dollars "brought in lots of pre-existing Morgan and Peace collectors who normally only collect older American coins" and that as a result of that program and other 2021 coin programs, the Mint added a total of 166,217 new customers that year.[16]

Ryder's tenure also resulted in a major improvement in the Mint's financial situation with sales of numismatic products in 2021 rising 66% from $346 million to $577 million in revenue—the best in nine years.[17]

During his tenure, Ryder was also responsible for a major change to the Mint's flagship silver and gold coin series, the American Silver Eagle and the American Gold Eagle, which both saw the introduction of new reverse designs for the first time since 1986 that were designed respectively by Emily Damstra and Jennie Norris. The design change was made as a result of Ryder's request to Treasury Secretary Steven Mnuchin.[18] The design change also include new anti-counterfeting features on both coins that are both overt and covert.[19]

Sales of bullion coins in 2021 were the best in over 20 years "almost doubling in total revenue from $2.1 billion in 2020 to $3,8 billion in 2021," including an increase in total ounces sold for Gold Eagles of 70.5% and Silver Eagles of 62.4% compared to the prior year.[17]

Ryder also appointed the Mint's 14th Chief Engraver Joseph Menna in February 2019—the first person to serve in the position since the 2010 retirement of John M. Mercanti.

References[edit]

  1. ^ a b c d e f g h i "George Bush: Nomination of David J. Ryder To Be Director of the Mint". www.presidency.ucsb.edu. Retrieved April 18, 2018.
  2. ^ "David J. Ryder, Director | U.S. Mint". www.usmint.gov. Retrieved May 26, 2020.
  3. ^ "President Donald J. Trump Announces Intent to Nominate Personnel to Key Administration Posts". whitehouse.gov. October 3, 2017. Archived from the original on January 20, 2021 – via National Archives.
  4. ^ Coin World: Celebrating 60-The Most Influential People in Numosmatics 1960-2020. Amos Media (Coin World). 2021. p. 140.
  5. ^ Gibbs, William T. "Ryder resigning as U.S. Mint director Oct. 1". coinworld.com. Amos Media Company. Retrieved September 25, 2021.
  6. ^ Gilkes, Paul (December 6, 2019). "Coin dealers pays $14,001 for enhanced reverse proof American eagle". Retrieved May 7, 2022.{{cite web}}: CS1 maint: url-status (link)
  7. ^ Golino, Louis (September 2, 2021). "US Mint Officials Discuss Challenges of Demand Spike and Pandemic". CoinWeek. Retrieved May 7, 2022.{{cite web}}: CS1 maint: url-status (link)
  8. ^ Clinton. "Silver American Eagle Reverse Proof Sells Out in 20 Minutes". uscoinnews.com. Retrieved November 20, 2020.
  9. ^ Gibbs, William T. "Monday Morning Brief for Nov. 18, 2019: Anger over fast sellout". coinworld.com. Amos Media Company. Retrieved November 20, 2020.
  10. ^ "Mint Website Will Crash". Coin World. 61 (3162): 15. November 16, 2020.
  11. ^ Mercanti, John (2022). American Silver Eagles: A Guide to the U.S. Bullion Coin Program. Pelham, Alabama: Whitman. p. 148. ISBN 079484913X.
  12. ^ Golino, Louis. "US Mint Rountable on 2021 Morgan and Peace Silver Dollars". CoinWeek. Retrieved May 7, 2022.{{cite web}}: CS1 maint: url-status (link)
  13. ^ Gilkes, Paul. "Available privy-marked 2021 Morgan dollars sell in minutes". coinworld.com. Amos Media Company. Retrieved May 30, 2021.
  14. ^ "United States Mint postpones pre-order windows for remaining 2021 Morgan and Peace silver dollars". news.coinupdate.com. Coin Update. Retrieved May 30, 2021.
  15. ^ Golino, Louis (November 16, 2021). "US Mint Addresses Customer Feedback, 2022 Morgan and Peace Dollars". CoinWeek. Retrieved May 7, 2022.{{cite web}}: CS1 maint: url-status (link)
  16. ^ Golino, Louis (April 28, 2022). "US Mint Official Discusses Recent Sellouts, Enrollments and Increased Demand". CoinWeek. Retrieved May 7, 2022.{{cite web}}: CS1 maint: url-status (link)
  17. ^ a b Golino, Louis (January 24, 2022). "2021 Was a Banner Year for the United States Mint". CoinWeek. Retrieved May 7, 2022.{{cite web}}: CS1 maint: url-status (link)
  18. ^ Golino, Louis (October 7, 2021). "What Will Mint Director Ryder's Long Term Impact Be on the Numismatic Hobby". CoinWeek. Retrieved May 7, 2022.{{cite web}}: CS1 maint: url-status (link)
  19. ^ Gilkes, Paul (October 15, 2021). "New American Eagles anti-counterfeiting tech is overt, covert". Coin World. Retrieved May 7, 2022.{{cite web}}: CS1 maint: url-status (link)

External links[edit]

Government offices
Preceded by Director of the United States Mint
1992–1993
Succeeded by
Preceded by Director of the United States Mint
2018–2021
Succeeded by