NN: "Would you pay a premium for a First Strike coin? Why or why not?"
Goldbully
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I admit I have spent a lot of money on submissions with First Strike designations over the years.
Some interesting responses in this Numismatic News article.
One of my favorites........
A die is replaced when it gets worn out, so isn’t every coin made by the replacement a “First Strike”?
😊
Well, what are your thoughts?
Would you pay a premium for a First Strike coin? Why or why not?
From the September 20, 2024, Numismatic News E-Newsletter Readers' Poll, the consensus from readers is no.
Numismatic News Staff
2
Comments
Hell no. Nothing but a marketing gimmick.
Yes, absolutely. I have and will continue to pay up for rarities with first strike labels. These represent a major part of the modern coin market.
Of course I will pay for “First Strike” Labels. Why?
Because “it is what collectors want”. Plain and simple.
Wondercoin.
Even though I have a few, I would not pay extra for "Early Issue" or "Early Strike".
On the other hand, "First Day of Issue", "First Day of Mintage", or "One of The First x,xxx Struck" are kind of cool. I will pay a few dollars more but not a huge premium.
I have never paid a premium and never will.
I do not understand why collectors would even want them. Seems all hype and no substance to me.
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As a collector no but if I was looking to flip then yes.
There can be only one First Strike coin, literally and actually. The label phrase doesn't mean anything. IMO. The grade is more important.
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That's the original definition of "first strike"---the first coin struck off a new die. The grading companies changed the definition for marketing purposes to one of the first million coins struck from a new die or whatever. It's just a marketing gimmick to sell more coins for more money. I have a few but I didn't pay any kind of premium for them.
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When I've bought it, I only buy this coinage for the metal content but even if I bought it for collecting, I still wouldn't because "first strike" is not a coin attribute.
Can anyone identify any difference between "first strike" and any that are not? If someone tells me they can, I know it's not difficult (at all) to find one where no one can distinguish the difference.
The term “First Strike” should be changed to “first coins mailed and received to be submitted for grading.” The mint system makes many coins before they ship them. No one can tell which pieces were the first examples struck.
I might if the coin in question was a classic coin from the 1800s. But I wouldn’t if it were for a modern coin. I see that designation most often for Silver Eagles which I never even have purchase already slabbed.
Mr_Spud
This is why I don't seek out first strike coins, I have some, but bought the coin with no regard for the first strike label. If you think of issues that sell out on day 1 from the mint they are technically all first strike eligible. And if every one was minted in advance you could technically have the last strike, in a first strike label. Does not make much sense to me.
As stated, there is no way to determine if a coin was a first strike. Actually, the only way, is if the mint watched the first coin struck and put it aside and marked it as First Strike. And then there would only be one! It's amazing how many knowledgeable collectors still pay up for this marketing gimmick!
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For me, plain and simple, NO
I have never paid extra to get a First Strike, FDOI, Toned, True View or even a signature coin.
I do have a lot of them and feel that such designated labels are a dime a dozen.
The only coins that are in my collections, were won at a price I thought was a fair.
If the grades are identical, I might pay more for an NFC chipped slab versus a non-NFC chipped slab.
Wayne
Kennedys are my quest...
For those coins, early die states are your only guide.
There were a few "gimmick coins" back in the day. The Remington Typewriter Company paid $10,000 for what was supposed to be the first 1892 Columbian Half Dollar that was struck. I believe that the first Panama - Pacific $50 gold pieces were noted, but I don't think that they are recognized today.
The mint did this for the ASE design changeover and numbered them didn’t they?
No idea my friend!
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To me, the only value to a "First" anything on a label is the time element, and/or sealed box required for submission. To the extent anyone cares about such things, this implies that the grade on the label is an original grade, and is not the result of a crack out, resubmission, or the result of anything that has been picked over.
In other words, a factory fresh coin. This matters to some people, which is the reason I think "First" labels carry a premium. As far as FDOI vs. First Strike vs. Advance Release goes, to me, that is pure marketing, and I wouldn't pay a red cent premium for one over the other. Although I know people do, because some are more limited than others.
Again, at least to me, I am paying for the coin, not the label. A factory fresh, first submission coin is worth a small premium to me. The same exact coin, released to a dealer a week before release to the general public, or submitted to a TPG within 24 hours of release as opposed to a week, is not worth anything extra to me, so I don't pay for that.
That's paying a premium strictly for a label, and has nothing at all to do with the coin. Similar to those mystery box coins where the prize wasn't a valuable coin, but a generic coin with a limited color label. I never understood that, and never will, since the labels are just paper and ink, and anyone can make them in any color combination or quantity they want, so I don't get why anyone would attribute a value to that.
I couldn’t care less about First Strikes.
I do not seek out any of the nonsense marketing label gimmicks, they have no significance or value to me.
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Don’t have to, but I do when they are close to spot (mostly bullion, (claro que si) and I prefer the authentication and holders, particularly with high dollar Modern Gold.
I don’t think I’ve ever purchased anything that was eligible for one. I don’t think I would pay a premium, though, but I might pick one at the same price over one without the label.
Never.
Are you kidding? No lol. It wb how much I like the coin if offer at all and any bid or offer if any / at 5- 10 pct behind CDN bid at best from my table on bourse.
That’s like paying up to buy the first pizza at Costco on January 2, 2025. At the end of the day, it’s just a pizza. Same thing regarding modern bullion.
Depends.
A first strike 18th or 19th century coin with some documentation and an obvious early die state?
ABSOLUTLEY!
A first year of release 20th Century Classic, again with some documentation and an obvious early die state?
EVERY DAY, AND THREE TIMES ON SUNDAY!!
A Modern NCLT, where potentially thousands of labeled "Frist Strikes" exist?
Nah. Not really my cup of tea.
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The first ten or twelve strikes from a new die are simply stunning and very very scarce because most just get worn away in circulation. But they change dies frequently to make mint set coins meaning a lot higher percentage of new die strikes. I wager finding these coins among first strikes is like shooting fish in a barrel just like finding them in mint sets.
If you took two MS70 ASE's where one has a First Strike label and the other doesn't and then cracked them out of their slabs and then laid them side by side on a table, would you be able to tell which one was the First Strike? I didn't think so.
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Would you pay a premium for a First Strike coin? Why or why not?"
No. I don't collect labels or modern coins
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Reminds me of First Day Covers which were very popular among stamp collectors for many years.
They should have to stamp F.S. on all the 1st strike coins they produce a nd place them in a non openable container labeled as such. Just kidding, the fact that they grade them as such is kind of comical. Just not my fancy.
Jim
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No way. Why would I pay a premium for a "First Strike" of a $35 bullion coin?
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Absolutely not. The grade is identical no matter the strike date over it's dies lifespan.
Only if some random mint bureaucrat signed the label.
First Strike PCGS had no added value when I cashed out some gold last year at $2,000 ounce. Being in a perfect, like new slab with a 70 proof grade added nothing on sell side to a dealer for cash. I came out ahead due to gold doubling. And they still XRF'd the slab to confirm gold was 24k, not counterfeit.
I like first strikes!
Like most type collectors, I would prefer a coin that was one of the first struck from its dies. A coins struck from fresh dies will generally be sharper in details, show little die wear, and the very earliest strikes can even have PL surfaces.
But today we illogically label modern coins as FIRST STRIKES because they were struck in January (or whatever designated time period). Those dies may have struck tens or hundreds of thousands of coins.
I think @DisneyFan nailed it with the First Day Cover analogy. I wonder how that market’s holding up?
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Now - I WILL GLADLY PAY A PREMIUM for cameo and deep cameo proofs prior to 1970. These proofs have limited mintages and cameos are only produced from new or repolished dies. The dies quickly wear and the coins become brilliant. In this case, the cameo contrast suggests an early strike off a new or repolished die. In these cases, the coins tell you whether they are early strikes.
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Would rather spend that money on Italian and Vatican coins.
It's not for me.
The Mint literally said that label had nothing to do with striking order of their coins, just when they were shipped. And if a million were cranked out and shipped during the window, they can all be "first strike." What a crock.
I have no idea how anyone would continue to be duped by this in 2024. Especially knowledgeable folks like the ones on this forum. But collect what you like, and pay for the labels you like.
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If there was provable-in-court evidence that one specific coin was absolutely, definitively and literally "the first strike", sure. Otherwise, no.
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Apparently I have been awarded one DPOTD.
Not a chance.
To me, it's a meaningless marketing gimmick.
Well, except that you could get a stamp cancelled "first day of issue" by the Post Office by sending them an envelope and the cost of the stamp. So it really was "first day of issue." People would pay a small premium for the fancy envelopes, but, as far as I know, the Post Office only cancelled them with "First Day of Issue" on the actual first day of issue.
As I understand it, "First Strike" holdering is merely people who get a coin into the TPG's office within a certain period of time after the coin is first struck. So (i) there are lots and lots of actual "first strike" coins not so labeled, and vanishingly few of the coins so labeled actually are "first strike."
As I see it, the answer is simple. Many people will pay a premium. Good for them, I will not tell them what to do with their money. However, I think they should try selling one of their "special" bullion coins to see if paying the premium makes sense. Collect the label not the coin! and if you are paying a premium for the MS-70 label...well, best of luck to you.
Good points, Bill Jones. I will add that some low mintage issues such as MS spouses and gold commems the entire issues were likely struck in an hour or so.
This is not always the case.
For those who answered "yes" today is the big day.
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Historical covers are popular with postal history collectors. The First Day Cover market fell completely apart. I never understood why unaddressed First Day Covers were more desirable.