2024 S ASE available from mint on 8/7. $95. Who is buying?
Glen2022
Posts: 922 ✭✭✭✭
I'm not sure I will continue with my subscription to these. I do like the product, but not the price. I may keep one. If you want to change your subscription, you need to do so shortly, otherwise, you may wind up with coins you do not want. it's much easier to timely cancel than go through the hassle of returning them.
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Considering changing my subscription to 1 instead of 2. Also considering cancelling and just buying PR70s from a vendor
I stopped buying these when they were no longer in the $20 - $30 range. The premium the U.S. Mint is asking is just too much. Even if silver were free when I was buying them, the premiums would have been $35 or so, tops. At $95 for the coin and let's assume the mint incompetently purchased silver at $35, that's still a $60 premium.
Umm.... No.
I like the Walking Liberty design but this is asking too much for too little.
Probably the same people who bought the 2024 Morgan and Peace Dollars.
I have one on order.
Throw a coin enough times, and suppose one day it lands on its edge.
Or 2
I've become a type collector of SEs. I stopped trying to keep a full set up to date around the time they made that rare one several years ago and when they started making all the mintmark variations.
Price gouging, taking advantage of collectors, greed, whatever you want to call it , it’s terrible that an ASE is $95 and soon to break the $100 mark. I’m out….have been for a few years. Unless it’s a special strike I am not in. I wish more buyers would opt out.
Not me.
I just did that, changing to 1 from 2, only because I like the coins and prefer getting one direct from the Mint vs a dealer but no upside to these other than the joy of collecting them, imo.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
I only buy the "W" mint marked one, I give them to my grand kids for Christmas ever year.
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Technically, it is a special strike. It's a proof.
I wouldn't be so sure that they are "soon to the break the $100 mark." Spot silver is now down 15% from its recent high, and the market responded to the 20% increase in the price of the uncirculated Morgan and Peace Dollars, when silver was at its recent high, with a 36% drop in sales. Literally costing the Mint millions of dollars in lost profits, even at the higher price point. No reason we won't see the same exact thing with these.
As a result. unless silver goes up to $40 or beyond in the very near future, I think the price of the proof ASEs is more likely to head back towards $80 than over $100. It's simple math. Stay tuned.
Your correct on that one.
Have you done simple math lately? I heard it’s not so simple and the grade schools changed how you ad and subtract. My grandkids were showing me the new way. I heard most parents can’t figure out the new way.
Even if spot continues down, the mint is still taking advantage of collectors. Well known fact here on these boards.
How can the U.S. Mint justify this premium when in the past, pre-Covid, I believe it was -- what ? -- 25% for retail buyers ? 50% ?
True, but they are also playing themselves. I ran through the numbers in a previous post. Someone at the Mint is going to have to answer for the fact that the numismatic program is a lot less profitable than before the latest price increase. It's not about them caring about us. It's about them caring about themselves. And maybe wanting to keep their jobs.
They can't. It's not about pre or post Covid. It's about the market. In 2021, they released Morgan and Peace Dollars to a feeding frenzy, and ginormous flipper profits. Clearly, they were priced too low.
In 2023, they released 275K uncirculated Morgan and Peace Dollars at $76, and easily sold them all in an orderly fashion shortly after they were put on sale. That premium was about right.
This year, they tried to sell the same amount at a 20% higher price point, and almost 100K of each are sitting unsold. The same will happen with collector edition ASEs. They will sell far fewer at the new, higher price point, and will make significantly less profit as a result.
The premium should be dictated by what the market will bear. Not by an arbitrary number. And the premium should be set to maximize profit for the Mint while at the same time satisfying collector demand without over saturating the market.
One of the realities of these proof issues is that there are production handling and packaging expenses associated.
The reason people are balking at the pricing is valuation... they are not holding up the values in the secondary market and historically with a few exceptions.
They will solve the valuation issue by cutting production. But they will not do that because they want to show numbers. So its a little like complaining about the weather, you complain the weather sucks certain times of the year but you know that happens every year.