Scary precedent: Canadian Mint output heads directly to grading service
kranky
Posts: 8,709 ✭✭✭
An article in CW reports that the Royal Canadian Mint sold 9,490 of the 10,000 mintage of the gold $50 25th anniversary coin directly to A-Mark which had them graded by NGC. The RCM kept 10 coins and the other 500 went to Gatewest Coin (a dealer). The first 1,000 minted were set aside and got a "one of first 1,000 struck" label designation.
Although technically the coins didn't get sold directly to a grading service, it was essentially the same thing. The vast majority of the production (95%) ends up in a slab before the public can obtain any.
I wonder if anyone at the US Mint read that article and is formulating some plan to do something similar. I don't think this is a very good omen.
Although technically the coins didn't get sold directly to a grading service, it was essentially the same thing. The vast majority of the production (95%) ends up in a slab before the public can obtain any.
I wonder if anyone at the US Mint read that article and is formulating some plan to do something similar. I don't think this is a very good omen.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
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Cameron Kiefer
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
It's only a matter of time -- can't say that I mind though.
It will hurt the dealers of high grade moderns when you can buy the preslabbed coins directly from the US mint though. The mint has already cut into some of the dealer's market, why wouldn't they continue????
TPN
<< <i>The answer is simple. Forget about NCLT. >>
It's NCLT today, but maybe not tomorrow. I guess I'd feel better if I knew that the Mint couldn't take the first 1,000 coins minted of circulating coinage and sell them for a pile of money directly to someone.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
<< <i>
It actually doesn't say what all the grades were, but that MS69 and MS70 pieces are being sold by A-Mark.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
it is called capitalism
and
coins is capitalism in its rawest form
michael
and it sets us apart from practitioners and consultants. Gregor
the purchaser of the 9,000+ coins. In all probability it will be the slabber who
reaps a disproportionate share of the rewards. Yes, this can be factored into
the price and the buyers are taking some gamble no matter how low the price,
but most of those who desire one of these will have to purchase a "value-added"
example in the slab or deal with a single supplier for one not in a slab. It smacks
more of a sweetheart deal than anything.
In any case though, this probably is not destructive to the market. What would
be destructive is if a mint started pre-screening or specially striking coins to be
sent to the grading services. This would be a fatal blow to some markets were
it done with circulating coinage. There's is something to be said for collecting ob-
solete series.