The US Mint prices remind me of Crazy Eddie.
lcoopie
Posts: 8,872 ✭✭✭✭✭
Insane!
LCoopie = Les
4
lcoopie
Posts: 8,872 ✭✭✭✭✭
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That's what it costs to make them. If you don't like the value, ya just don't buy them.
The US Mint has a monopoly so I'm not so sure that they aren't adding a profit to their actual cost to make them.
Also, your "if you don't like the value, ya just don't buy them" advice is sort of obvious but thanks anyway for sharing that with us.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Lcoopie- Crazy Eddie was insane because his prices were SO DARN LOW. A far cry from the current US Mint pricing policy. But, I get the analogy.
IMHO- nearly every modern collection of coins the Mint sells has been greatly impacted by their new pricing formulas. And we are talking about collections that go back to the mid to early 1980’s. A significant % of coins in these series have lost nearly all numismatic value at this point. A topic very few folks want to really talk about because it obviously is not great for the narrative to continuing buying, buying, buying US Mint products or any coins in general.
Just my 2 cents
Wondercoin.
__> @jmlanzaf said:
Thanks for the advice.
I fondly remember Crazy Eddie on Kings Highway and who turned out to be a crook.
They even have a snappy slogan on their mintsite. Connecting America through Coins! I can see a Crazy Eddie waving a flag saying this with maybe a megaphone!
They do make a small profit. You can read their annual report.
My comment was more chock full of information than the OP's one word generic complaint. But thank you for taking the time out of your day to register a complaint!
You're welcome but I'm not sure what you are saying. By "or if", did you mean to say "out of"?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I sure did.
Their products remind me why I haven't purchased much in the past few years.
I can dig out of a hole sooner buying from Costco. And their silver and gold is just as fine. Coins for the woke ?
Ya, I use to buy proof sets, mint sets and silver eagles every year. The big price increases that started in 2021 stopped all my orders from the mint. The mint is not low-budget collector friendly.
My Original Song Written to my late wife-"Plus other original music by me"
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The price is the price, complaining about them serves no purpose whatsoever. Whining threads are a dime a dozen. There is no weapon to your head forcing you to buy what they sell.
Yep, the price increases have created a transition for me away from moderns and towards classics. And most of the classics are holding their value well compared to most moderns. Thank you, US Mint!
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
He wasn’t Eddie!
They would match any price!
Wow. A blast from the past! Crazy Eddie - Prices so low, they’re INSANE!!!!
Having fun while switching things up and focusing on a next level PCGS slabbed 1950+ type set, while still looking for great examples for the 7070.
Old money’s better than new.
This makes me thinking of Malfunctioning Eddie…
TurtleCat Gold Dollars
Four coin gold set would be $6072 if was selling today.
1.85 oz x $2,400 … $4440 spot
$1631 over…36% premium
It is a lower volume higher margin approach. The comment above regarding cost to manufacture is bs.
There is not a reasonable justification to these premiums. Really wanted the late year gold release of Flowing Hair but the mint wont be sucking it from me.
Look at their annual report. They don't make a much as you think. Fixed costs have to be distributed over fewer coins. It's not bullion and all profit.
Just to use round numbers, if the fixed costs of a new issue is $100,000 and you sell 1000 coins, the fixed cost adds $100 to each coin even if you make it out of bubble gum and don't use boxes to hold them.
They make money NOW, but prior to the price increases a few years ago (2019?), they lost money every year on annual sets and commemoratives.
Last year their net margin was only 17.2% compared to less than 1% in 2019 and losses in most years prior.
“ Last year their net margin was only 17.2% compared to less than 1% in 2019 and losses in most years prior.”
US Mint is a government entity not a for profit corporation. Margin only 17% vs 23% prior year…
Wow. Wish could buy into this.
Maybe the US Mint should subcontract out to Moonlight or Intaglio. They have a better handle on required premiums.
2023 Proof Gold Buffalo is $3290
2021-2022 Proof Gold Buffalo can be bought $2800.
How protected is a seller after paying the new issue premiums???
At the end of the day people are paying huge premiums. People are free to spend money however they please. Prevailing minds can only sit back and be entertained by others misguidance.
Buy into what? As a taxpayer, I don't want them losing money to stoke my habit.
Really? Dan Carr charges $75 to $125 for a 1 oz silver medal. Pretty much the same as the Mint.
And for the record, I don't consider Mint products to be a good value. But I understand the premiums... usually.
Have all you want of the mint premiums with what ever means you feel justify it. Not my place to make the buyers whole. Enjoy your future purchases!
We had a "CRAZY" salesman in my area,,,,,, he sold guns,,,,, in his commercials he would pitch his product and his crazy low prices. His slogan was, "cause I don't want to make any money folks,,,,,, I just love to sell guns"
Don's Guns
https://youtu.be/HhmauUQtSy0?si=dZRTs500iMZ8BpoA
But he was so darn cool
The mint is not low-budget collector friendly.
The Mint isn't collector friendly, period.
I knew it would happen.
Well said.
The 'crazy' salesman approach brings back memories of another TV commercial that was on many many time.....
"I'll paint ANY CAR for $49.95!!" I think his first name was Earl if I remember correctly. As inflation increased back then, the price went up to $59.95, and perhaps had another price increase or two before the commercials seemed to fade away.
Earl Scheib
https://youtu.be/Auvf7DDw5z0?si=hXkXlf42qVuJXeDZ
As to the price of the US Mint offerings... they are a MONOPOLY. There is little incentive to reduce costs, and can increase prices however they want. You may want to believe they are 'non profit' or charging only to get their costs covered. Perhaps they are, but as a monopoly they again have little or no incentive to reduce costs. And... I would also wonder just how accurate their reports are, regarding their costs. Are collector coins in any way subsidizing other costs at the US Mint, etc.?
Mint it and they will come. The US Mint knows all it has to do is keep throwing those bleh designs out there, and many of you will drool and snap them up. (not criticizing anyone... we all collect what we want. Me too) If you are good with the way things are, and what is being offered... no problem! Good for you, and good for the US Mint!
I remember Earl Scheib. They told you to be sure to leave your windshield wipers on when you pull your car into the spray booth.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Things are not likely to change unless competition is brought into play. That tends to reduce costs, and improve products. Do we REALLY need that fancy packaging and gimmicks that the US Mint is constantly using? They do so, so they can charge more, and make more profit. I believe there are other private minting facilities that could be contracted for any issue, and produce the product with much less overhead and extra cost.
Oh well... Mint it and they will come. We each collect what we want.
You're never going to get legal competition.
Earl Scheib (car painter) and Wall-to-Wall Walton (carpets) forever embedded in your brain from constant Chicago-area TV ads in the seventies on channels 9, 26, and 32.
Coinlearner, Ahrensdad, Nolawyer, RG, coinlieutenant, Yorkshireman, lordmarcovan, Soldi, masscrew, JimTyler, Relaxn, jclovescoins
Now listen boy, I'm tryin' to teach you sumthin' . . . . that ain't an optical illusion, it only looks like an optical illusion.
My mind reader refuses to charge me....
Since the mint loses money making those ugly lightweight modern pennies, they need to make it up in volume (j/k) -- or make actual profit though seigniorage on other denominations or make money on their "collector" coins.
Sadly, I know people who have been collecting proof sets since 1969 thinking they are leaving something for their heirs. After that long I just don't have the heart to tell them.
When I look at other mints, it seems the premiums they charge are often higher than the U.S. Mint.
One day I'd love to see a U.S. proof coin in a sapphire coin capsule. There are inexpensive watches that have sapphire crystals--why not super expensive precious metal coins? Plastic coin capsules are kinda odd wrapped around thousands of dollars in metal when you think about it.
Guess I was off a little on the price... appears they started at $29.95! Found a joke/comment on line that I enjoyed; "At Earl Scheib we'll paint any car for $29.95. Leave the windows down and we'll do the interior for free! " Definitely a classic!!
It presumably depends upon which one and the product. I'm only somewhat familiar with a few, but my inference is that the usually lower or much lower mintages even from the larger collector markets provide better long-term price support, despite the much bigger US collector base. Most US Mint products don't have a strong collector preference which is why so many have lost value in the secondary market.