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U.S. Mint to re-issue classic coins - Major Dealers in uproar.
MSD61
Posts: 3,382 ✭
Many of you have most likely seen this article but I just ran across it today.
WASHINGTON - Thomas McDuncan, The United States Mint's Media Relations Director, announced on Monday that the U.S. Mint has located original dies used to strike many rare and valuable coins in the past and will re-strike many of these rare coins. Among those to be re-issued said McDuncan are the 1913 Liberty Head Nickel, 1937 Buffalo Nickel with three legs, the 1916 Liberty Standing Quarter and 1895 Morgan Silver Dollar. "We believe that there is a demand for many of the rare coins in our nations history and we want to fill that demand," said McDuncan. "We will issue these coins in the original composition, the dies are in great shape and there should be no way to distinguish these from the ultra rare originals." At this time plans are to re-issue about one million of each type, but more could follow if consumers show an interest.
Prominent coin dealer Anthony Swaitek of New York, said he believes this is a bad idea, stating that collectors would have no way of knowing if the coins they buy are rare originals or re-issued coins. "This will ruin the hobby" Swaitek said. Another well known coin dealer, Jay Parrino, said that the current high prices for many rare coins will drop swiftly costing investors huge sums of money overnight. McDuncan dismissed these concerns saying that the re-issued coins will be specially packaged and come with a certificate that describes them as "re-strikes." Although prices have not been announced at the time of this writing, McDuncan said he expects them to be in the $50-$100 range.
McDuncan also announced that coins that were thought to have been destroyed in the 1960s have come to light and will be issued "before Christmas of 2004." Among them are 100 bags of 1964 Peace type dollars. Each bag is thought to contain 1,000 coins. It was thought that all 1964 dated dollars were melted in the 1960s and none existed today. In addition a large number of 1964 dated Franklin type half dollars were minted in late 1963, but were not discovered until a 2001 Mint Audit. The 1964 Franklin half dollars were not issued due to the death of President John F. Kennedy on November 22, 1963 and the issue of a John F. Kennedy half dollar the following year. Prices for the two 1964 coins will be $124.95 each or $199.95 for a two coin set. McDuncan said sales will begin on July 4, 2004.
California coin expert David Hall said "Although I welcome the release of the 1964 dated coins, which have been the source of much speculation in the hobby for a number of years, I am very concerned about the re-issue of classic rarities. If the Mint goes ahead with these plans and does not in some way distinguish the re-strikes from the originals, I believe the collectors of these coins are in for a major loss of confidence in the United States Mint. Experts in the field will be faced with a situation where it would be very difficult to determine when a particular coin was issued and it's true value. We will see these coins sold in venues like eBay and people will think they are buying an original three-leg Buffalo when if fact all they are getting is a worthless copy." Hall then added "The Mint has had some bad ideas in the past, but never anything this stupid!"
WASHINGTON - Thomas McDuncan, The United States Mint's Media Relations Director, announced on Monday that the U.S. Mint has located original dies used to strike many rare and valuable coins in the past and will re-strike many of these rare coins. Among those to be re-issued said McDuncan are the 1913 Liberty Head Nickel, 1937 Buffalo Nickel with three legs, the 1916 Liberty Standing Quarter and 1895 Morgan Silver Dollar. "We believe that there is a demand for many of the rare coins in our nations history and we want to fill that demand," said McDuncan. "We will issue these coins in the original composition, the dies are in great shape and there should be no way to distinguish these from the ultra rare originals." At this time plans are to re-issue about one million of each type, but more could follow if consumers show an interest.
Prominent coin dealer Anthony Swaitek of New York, said he believes this is a bad idea, stating that collectors would have no way of knowing if the coins they buy are rare originals or re-issued coins. "This will ruin the hobby" Swaitek said. Another well known coin dealer, Jay Parrino, said that the current high prices for many rare coins will drop swiftly costing investors huge sums of money overnight. McDuncan dismissed these concerns saying that the re-issued coins will be specially packaged and come with a certificate that describes them as "re-strikes." Although prices have not been announced at the time of this writing, McDuncan said he expects them to be in the $50-$100 range.
McDuncan also announced that coins that were thought to have been destroyed in the 1960s have come to light and will be issued "before Christmas of 2004." Among them are 100 bags of 1964 Peace type dollars. Each bag is thought to contain 1,000 coins. It was thought that all 1964 dated dollars were melted in the 1960s and none existed today. In addition a large number of 1964 dated Franklin type half dollars were minted in late 1963, but were not discovered until a 2001 Mint Audit. The 1964 Franklin half dollars were not issued due to the death of President John F. Kennedy on November 22, 1963 and the issue of a John F. Kennedy half dollar the following year. Prices for the two 1964 coins will be $124.95 each or $199.95 for a two coin set. McDuncan said sales will begin on July 4, 2004.
California coin expert David Hall said "Although I welcome the release of the 1964 dated coins, which have been the source of much speculation in the hobby for a number of years, I am very concerned about the re-issue of classic rarities. If the Mint goes ahead with these plans and does not in some way distinguish the re-strikes from the originals, I believe the collectors of these coins are in for a major loss of confidence in the United States Mint. Experts in the field will be faced with a situation where it would be very difficult to determine when a particular coin was issued and it's true value. We will see these coins sold in venues like eBay and people will think they are buying an original three-leg Buffalo when if fact all they are getting is a worthless copy." Hall then added "The Mint has had some bad ideas in the past, but never anything this stupid!"
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Comments
let the Mint do this and the floodgates will opened and this hobby ruined. Man-that's not thinking
any further than one's nose! I agree with David.THIS IS STUPID! Hey, we have several attornies
amongst us. What grounds do we rare coin colectors have to recover damages from the Mint for
putting us in financial ruin?
but then it was deflated by april fools
Go BIG or GO HOME. ©Bill
I would however buy some of the Peace and Frankys, If offered by the mint. I would have to pass on the reproduction re-strike coins as that is not a fair thing to do to the collectors who have searched for years.
42/92
Great I taken by a joke that's over a month old.