US Mint selling backdated gold & silver coins
taciturn
Posts: 24 ✭✭
Hello!
I could not find any discussion regarding this topic, that the US Mint sold backdated gold & silver coins (year 2016 & 2017) to dealers.
I have read about it on Coin News: https://coinnews.net/2020/07/01/ngc-certifying-stockpile-of-backdated-u-s-mint-gold-and-silver-coins/
As a collector my trust for the US Mint is at the bottom now. I paid premium for several coins from 2016 and the mintages are obviously higher now. It could be that the US Mint would do it in the future again and again. There is no guarantee for final mintages of coins anymore with this kind of policy.
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Well rest assured those spouse gold coins will remain at spot, for those in the know.
I dislike that they will be marketed as “the 2020 West Point Mint Hoard” coins. These are overstocks, the Mint’s leftovers. Nice job making it seem more glamorous....
It seems strange that they keep back issues for so long too. You’d think they’d melt and make into new issues.
I have no skin in this game...but an interesting topic nonetheless.
Peddlers.
Wow! Not the first time that has happened. I seem to recall a
Last chance sale a decade or so ago
that offered a lot of old issues. I also bet the 70s will be prevalent. Guess it’s not over till it’s over.
Martin
Even those are tough to locate at spot as of late!
I remember specifically that remaining 2009 Ultra High Relief double eagles were melted very soon (a year tor two) after the sales period ended. I think that's the right thing to do.
He who knows he has enough is rich.
I think the title is misleading....They were not 'backdated' - as if they were newly minted in a subsequent year. They were already minted coins in storage... Then released in a later year....Cheers, RickO
It's to bad some of it is way over priced. Just saying
The OP says that "the mintages are obviously higher now"...Do they only report what they sell as the mintage, and not what they actually produce? I've never bought from the mint, so it's a real question. I assumed the mintage was reported as what was pumped through the machines.
Certainly there will be more available on the market, but has the mintage # actually been affected?
I do not see any additions to the US Mint cumulative sales (mintages) in 2020 as of 6/28/2020 for these on the Mint site. The 16SC 16SD Betty Ford gold spouses do not show a change from the last report on them from 1/1/2018. There is no evidence I can find presented so far, that indicates stated mintages were affected at all.
My US Mint Commemorative Medal Set
Melt them.
Great transactions with oih82w8, JasonGaming, Moose1913.
Probably will be for sale on TV soon.
The article is a bit of hype.
They are not "backdated", they are prior years' issues. The "hoard" and "stockpile" designations are hyperbole that helps with the marketing of the coins.
Also, the article keeps mentioning the pandemic, but I don't see how that is really a factor.
Yes, it is an unusual scenario, but if final mintages had been reported then this should not impact this.
Normally issues must either go off sale by the end of the year they were minted in, or are sold until the supply is exhausted - the enabling legislation determines that. I have no idea why it how these were still in inventory. Returns? Miscounted inventory? Cancelled orders?
Almost as controversial as the Treasury silver dollar sales.
it's crackers to slip a rozzer the dropsy in snide
I have read, though I don’t know how to verify, that the mint is typically required to melt unsold inventory after a short period of time of sales end. That’s what I keep reading about that infuriates a lot of people. It shouldn’t be a surprise either way. The mint has a history of questionable rarities, questionable errors, and things “leaking” out. Most of which people love.
TurtleCat Gold Dollars
Probably returns being resold. Mintages will remain the same would be my guess.
bob
The United States Mint only reports sales numbers before they are pulled from the website. Any sales after that point will be reported later once there has been audited numbers.
Mintage numbers will change once there is an audit.
Release of audited numbers are becoming more rare from the Mint...
@cagcrisp, thanks for the info. I didn’t realize it worked that way.
The Mint does not sell returns...
It's possible the OP meant " the backhanded mint " was selling day old bread at fresh Baked bread prices.
Otherwise they'd be "restrikes".
I'm hoping they will sell the 2000-W Sacagawea dollars
Bullion coins are treated differently than numismatic coins. Numismatic coins are sometimes available on the Mint site for years after issue. I don't think the Eagle's were still for sale, but I can't say as I had looked for any of those items.
Well, the mint doesn't sell backdated coins either, 'eh? Things just might be changing...
bob
The 2016 proof eagles were sold in 2019 not 2020
I recall seeing Bicentennial 3-coin sets for at least a few years after 1976, 1999 SBAs for a couple years, and 2001 Sacs made a comeback in rolls and boxes several years later. Rules? What rules?