Mint to sell 2002 Half dollars

kieferscoins

Coin World Article

Another way for the Mint to make money. What ever happened of the fun of finding a new roll at the bank?

Cameron Kiefer

kranky

They seem to look for any opportunity to make sure all the profit goes into their pockets.

Some guy probably said to his boss, "Hey, we make a ton of money on proof sets, and a lot of money on mint sets. Let's sell circulation strikes for a profit, and make money there, too!" Boss: "Big bonus for you, kid!"

I imagine in a couple of years, they'll decide to mint just 40,000 Kennedys and sell them for $500 each. They can make the same amount of profit with a lot less work.

airplanenut

Don't they already make about 40c on each coin when sold at face???

Poll: How many years until we MUST buy pocket change- precirculated with nothing released at face into circulation???

Jeremy

DoubleDime

Doesn't surprise me at all. I get at least one Mint Set each year as banks here never have any new half dollars. When they do have halves they are usually dated in the '70s , some 80's and very few 90's.

nucklehead

It's interesting to note at the end of the article both Philly and Denver mints still have millions of left over 2001 halves in their vaults.Can't be making much money off those, yet.

kranky

I had a long post typed out, but I'll just post these questions instead.

Why is the Mint producing Kennedy halves and Sacs at all? There is obviously no need for them, since the Fed isn't requesting any.

Is it because the Mint still wants to sell the coins in the proof/mint sets, so their value won't be diminished? Fine, I can accept that. But why would they make any additional circ strikes beyond what's needed to fulfill orders for proof/mint sets?

I have my own theory, but I'm interested in what others think.

wallstreetman

As long as there are people who will pay a premium, they will offer anything. The future is in your hands!

JD

On the surface I think it's a smart business idea that fills a "niche" market demand. I hate having to overpay for their product, but, then again it's better than not having access to it at all. And, everyone has an equal shot of obtaining it. Last, at least we have one branch of the federal goverment that's thinking of ways to better utilize it's resources and generate a return for the taxpaying public.

Flash

I take the same stand on the 2002 Kennedy's as I do the 2002 Sac dollars... if they're not going to mint them for regular circulation, then they shouldn't mint them soley for collectors. If the mint has no intentions of issueing 2002 Kennedy's or Sac to the public for circulation, then they should not be included in the proof or mint sets for that year. The sets are SUPPOSED to include quality examples of coins that were produced for circulation in any given year. These particular coins were NOT produced for circulation and, therefore, have absolutely no business being included in proof or mint sets.

JD

Another note...if they were really smart they'd run a start a separate product line offering higher grade mint state coins that they them selves would individually grade, slab and offer for purchase to the general public.

Blade

JD - That is really a smart idea. They could partner with PCGS or NGC, who would slab on-site at the mint. For $25, you could get any current coin in PCGS MS68 or maybe even MS69. Any that don't qualify would get put into circulation. Everyone would have the opportunity to own awesome coins.

Viper

Just when you thought Phil Diehl was out of control with the holiday jewelry garbage, this director is really getting greedy.

And it's not bad enough they make 48 cents on every half produced anyway, they are going to get a "premium" for the privliege of suckers buying direct. These are business strikes they cannot unload thru normal channels.

Next thing will be all circulating coins will be sold directly from the mint.

richbeat

The part I particularly noted was the comment that any 2002 Sacs found in circulation were likely placed there from bag and roll sales. Correct me if I'm wrong, but there are Sac figures listed on the mint's website under production figures. Those would be coins struck for circulation, would it not? Granted, the Sacs aren't moving much, so it's likely that none of those have made it out of the vaults yet, so maybe that's where that comment is coming from. If I'm understanding the mint's production figures correctly, there have been 2002 Sacs struck for circulation, some 7 million I think.

cladking

The mint should not be selling coins to collectors unless they are being made
for circulation. It's one thing to include them in the mint and proof sets when
there will be a brief hiatus in production, but they should not compete with
their own products (the mint sets). If they really want to sell some coins and
"grow the market" then they should make the other coins struck for real circu-
lation available. Sell some nice nickel, dime and cent rolls. These needn't be
mint set quality but should be nicer strikes off newer dies. It is often overly
difficult for people to find access to any rolls and when they do the coins can
be quite low quality.

kranky

I don't have a real problem with them putting the Kennedys and the Sacs in the proof sets. I can see from a practical standpoint where it might be a big pain for the Mint to not know from one year to the next which coins would be included in proof sets (having to buy packaging, changing all the literature, etc.).

Beyond that, the potential for abuse is too great. It's pretty clear that the Mint will sell just about anything to make a buck. What if the Kennedy and Sac roll/bag sales are successful? Next year, they could decide to make it easier on themselves, eliminate those two coins from the Mint sets and just mint 50,000 circulation strikes of each and sell them for $500 each. Why go to all the trouble of minting millions of them when you can make the same amount of money with a lot less effort?

After all, the only reason they made the quantities they did for the Kennedys and Sacs was so they wouldn't have created a modern rarity, when they shouldn't have made any at all. Either mint them in quantity and put them in circulation, or don't mint them at all. Minting unneeded business strike coins just to sell direct to the public at a profit isn't a good idea.

Gilbert

After all, the only reason they made the quantities they did for the Kennedys and Sacs was so they wouldn't have created a modern rarity, when they shouldn't have made any at all. Either mint them in quantity and put them in circulation, or don't mint them at all. Minting unneeded business strike coins just to sell direct to the public at a profit isn't a good idea.


There you have it. Most of the decisions are made with the collector in mind; to screw him. It really hasn't let up since 1965. Now, you know if they don't sell those circ strike half dollars, then only collectors would have them, and that is bad - to the mint anyway.

richbeat

Just noticed that there are now Kennedy halves listed in the mint's production figures. 2 million for Philly and 2.5 million for Denver.