Mint Mandates 3 to 2 rule!

kieferscoins

I think it is crazy. The stuff the Mint comes up with these days to make more money and sell every coin they produce. Do the dealers have any insight into this?

Cameron Kiefer

NBSQLGeek

So they say 2003 will be the lowest mintage in the entire series.

Do you feel the same?

supercoin

Aren't monopolies wonderful? I wouldn't want to be in those dealers' shoes.

IndianHeadMan

IF the mint is so concerned about making more money, why don't they design a coin that looks good and will bring more people into coin collecting.

smprfi

This is a situation were the mint should sell the rolls of 2002's on there website to the public.

michael

get ready boys!!!!!! to pay really big for 2003 silver NCLT eagles in business strike format or are they specimem coins??

anyway someone is going to make it big such is the coin game with all its twists and turns i love it!!

well i like it as you can only love another person! and many that say they love someone else it is really not so.......but i guess that is another thread on other than a coin chat forum........lol

sincerely michael

NBSQLGeek

Geez I see a lot of Ebay 2003 pre sale. Will the people who won the auctions will be getting those coins in Jan?

LanLord

<< <i>Geez I see a lot of Ebay 2003 pre sale. Will the people who won the auctions will be getting those coins in Jan? >>

In years past the mist started striking the next years silver Eagles in the last quarter of the previous year. This made the SAEs one of the first coins of the new year that you could get a hold of. I don't know what this BS is going to do to the availability though.

NBSQLGeek

So is it time to jump into the hype and buy 2003 SAEs?

Johnscoin

It really is unfortunate that the mint has done this. Surprisingly, it's not the first time. But the last time it occurred it didn't really affect the silver eagle prices that much in the end. But, the price from distributors has gone up now from the past year...And, if silver keeps going up, this could get interesting...Anyone think the fact that the mint is actually buying silver on the open market is increasing the metal's price?

ritchiewan

Geez I see a lot of Ebay 2003 pre sale.

I agree but then most of these with very few exceptions are from one seller (Silverstate1). They have many auctions of different types (dutch, single, roll, and box) listed. They might not be aware that the delivery of the coins might have changed.

Outhaul

Kinda sorta puts a new spin on being wary of auctioneers who pre-sell. BTW...isn't there something in eBay's rules that states an item must be available in order to sell it?

Just my two-cents (U.S.)

Cheers,

Bob

flaminio

First of all, this is a really wacky rule. My feeling is, if there's still 2002s in the vault on Jan 1, 2003, they should be dumped back into the smelter and make 2003s with 'em.

That said, I see no reason why 2003 will be a "rare" or "low mintage" year. As I read the requirement, a dealer must buy two 2002s in order to buy three 2003s. Doesn't this mean that there's the potential for up to 50% more 2003s than 2002s? And 2002s are not particularly rare, so I don't see why 2003 will be rare.

DeepCoin

These are bullion silver coins and will be produced in the millions. It is hard to get worked up over how the Mint sells to its 10 bullion dealers. I seriously doubt the cost will be very different from that of a 2002 coin or $7.00 plus or minus a little. You can buy every year of these since 1986 for around $180 with an album.

baccaruda

what's the big deal? extra 2002's at the end of the year - melt em. they'd only be losing the premium they'd get by selling, which is small.

you can bet dealers are going to blow this way out of proportion and people are going to flock like sheep to get their 2003's while they're HOT. i'll wait til everyone's forgotten about this and the prices are the same as they've always been.

hookooekoo

BTW...isn't there something in eBay's rules that states an item must be available in order to sell it?

The last I heard, the rule was something like the item had to be ready for shipment within 30 days (don't quote me on that).

It's been at least two year since that rule change was made, so it's possible it's changed since then,

gmarguli

I know some people collect them, but they're just silver rounds with a date. Who cares what date a silver round has on it? 2002 or 2003 or 1997? Who cares?

I think it is a crappy thing the mint is doing, but the mint has a 200+ year history of doing crappy things. No reason to believe they will change now.

dbldie55

I think the way the law is written for the silver eagles, they cannot melt them to make new ones. Hence, they cannot melt the 2002 coins.

NBSQLGeek

Its more liek the US Government has 200+ year history of crappy mistakes, hehe.

WOOHOO! My 100th post!

supercoin

I know some people collect them, but they're just silver rounds with a date. Who cares what date a silver round has on it? 2002 or 2003 or 1997? Who cares?

Yeah, yeah, same logic applies to all coins. There are several Silver Eagle dates that currently command premiums, so obviously somebody cares.

I think the way the law is written for the silver eagles, they cannot melt them to make new ones.

If that's the case, they should just run them through the 2003 presses -- then everyone could afford a double-struck coin.

nwcs

Or better yet certify them as "New for 2003, the coins of 2002, newly released mint hoard certified for your purchasing pleasure"

Cam40

Its a PR move to generate hype for the 2003s.Its all about the money baby.

NBSQLGeek

Its all about the benjamins baby.

COme get with the times hehe.

Libertad

It's a shame the USMint hasn't discovered the Coin Vault outlet for the leftover 2002's.

Would that violate the secondary market intent?

gmarguli

Maybe they should sell them with a piece of paper indicating which mint they were struck at. That way some of the grading services can certify them as Westpoint or Phila...

sinin1

I think you need to have $50 million in assets/line of credit to be able to buy bullion from the mint -

I realize that coin vault gets a bad rap here but - nobody mentions the station he is on - they are just as bad because they want something like 20% of the gross AND so much volume per minute of air time AND they don't seem to care about the disguised "good" deals they help peddle.

Bikingnut

If they have so many 2002's left over, they should make them available to the general public.