Will the mint sell reverse-proof gold and silver eagles separately too?

53BKid

I don't think the mint's credibility could possibly go lower than how they've handled this 20th anniversay set sale, but you never know!

First they advertise the original sale poorly. They allow 10 sets per household, instead of spreading the issue more broadly. Then they prevent the website from taking orders without notice. The next day they take orders but don't let anyone know whether they will acutally receive the coins or not. They won't provide you with any kind of physical statement that absolutely confirms that you will receive the coins you ordered, other than the statement that they will be shipped on a certain date. The operators who handle orders tell you contradictory information whether or not you are due to receive the set; for the last week the shipping date on the gold sets has exteded from September 23 to 9/24, to 9/25, to 9/26, to 9/27 to 9/28, to 10/1, AND IF THAT WASN'T FRUSTRATING ENOUGH??? They announce yesterday the sale of individual burnished planchet silver and gold eagles bearing the W mintmark for substantially lower prices than the combined coins are sold in the sets!

Of course they didn't post a statement saying the 2 coin set had sold out yet...they anticipated a significant number of cancellations!

While they state in their original press release anouncing the 20th Anniversary Sets that the mintage of the reverse-proof coins "are only available in the three-coin sets that celebrate the 20th anniversary of the American Eagle Programs" there are ways that the mint can find their way around that. What about a 3 coin 20th anniversary reverse proof with S-D & W mint marks? They could simply announce a correction to the press release and mint as many as they'd like.

In my opinion, the mint has taken something that should have been special that could have attracted many more new collectors into the hobby and turned it into a mess. Thankfully we can take advantage of the mint's cancellation policy!

I thought how they handled the Buffallo Gold coin was bad--but this takes the cake!

FullStrike

The US Mint means well - they didn't intend to upset anyone.


They just want your money.

WheatFanatic

No

xbob

Unless they are completely clueless, they know that lots of the set purchases are speculative buyers hoping the value grows in time. Maybe they don't give a rats azz about those but to sell the reverse proofs as singles at this point would be shooting themselves in the foot. The speculative buyers would be jamming the phones to cancel their orders!

Based on their history though, anything is possible and trying to figure out the Mint's marketing strategies is a puzzle - Other than their desire to make money. (he he, a pun)

PerryHall

<< <i>No >>

pf70collector

Hopefully they won't, but I am willing to take the risk on my AGE and ASE sets if they do decide to offer single reverse proofs later on.

53BKid

I ask this rhetorically. I bought the 3 coin sets thinking there would be 2 relatively low mintage coins--the reverse proofs, and the uncirculated issues. I didn't think they'd sell the uncirculated coins individually either.

Oh well, when it comes to the mint, expect they'll choose what is best for profits and worst for the collectors!

Jdurg

They will most certainly sell the reverse proof coins separately. It would be the next logical step in the complete raping and molestation of their customers.

FullStrike

In their quest to provide what buyers want - what else will the US Mint bring to the market?

Well, given that "MONSTER rainbow toning" is so popular.... could they? ... would they? Just give them time and I'm sure you'll see the most spectacular coloration that anyone could wish for. On the Silver Coins that is.

But then, why hold back? They could very well spray some color on the other coins too.

And yes, I do think the US Mint Rainbow Coins would sell well.

kiyote

I'm not dumb by any means, but I can't even follow what the heck is going on here. Why do we need... um, 5 different silver eagles!?

"Bullion" quality
"Bu Collector Burnished" quality
W Mint Mark Unc, in three piece sets.
Proof
Reverse Proof

FullStrike

<< <i> 1 "Bullion" quality
2 "Bu Collector Burnished" quality
3 W Mint Mark Unc, in three piece sets.
4 Proof
5 Reverse Proof >>




Aren't #2 and #3 the same? Both will start out as burnished planchets, receive a "BU" strike, and the W-mintmark.

But it wouldn't surprise me at all if "by accident" one of the versions show up with doubling on the reverse - just like the Wisconsin Quarters. Just a little "added-value" courtesy of the US Mint.

CaptHenway

They could offer a 2006-W "Reverse Proof" silver eagle as an individual coin, since the "Reverse Proof" piece in the three-coin silver set is a 2006-P.
TD

richbeat

What does the legislation that was signed into law specifically say about this? That is the key to what the Mint can and cannot produce.

DieClash

I take the mint at their literal word. Literally, the mint states that the reverse proof coins will "only" be available in the sets:

"American Eagle Gold and Silver Reverse Proof Coins are one of the special offerings developed to celebrate the program’s 20th anniversary. They feature a unique finish which results in a frosted field, or background, and a brilliant, mirror-like, finish on the raised elements of the coin, including the design and inscriptions. ]These coins are only available in the three-coin sets that celebrate the 20th anniversary of the American Eagle Programs. "

Link to the August 21st Press release here

morebaseball

I think the US Mint policies of not billing your credit card for several weeks allowing cancellation prior to shipping for any reason and a 30 day money back return policy from receipt of any order with
no questions asked are unmatched anywhere. Since the 2 coin gold sets and 3 coin silver sets are not sold out we can now buy some of the coins from them cheaper, cancel our orders or send the coins back for a full refund up to 30 days after we get them if we change our minds. How do you beat that? There are zero coin dealers who can match these terms that provide buyers opportunity and flexibility that doesn't exist anywhere else.

RichieURich

<< <i>I bought the 3 coin sets thinking there would be 2 relatively low mintage coins--the reverse proofs, and the uncirculated issues. I didn't think they'd sell the uncirculated coins individually either. >>




I think virtually everyone believed the same thing you did. The August 21 press release really seemed to indicate that. Also, nothing in their "Upcoming Calendar" said anything about Uncirc. coins being issued separately. So it wasn't even on the calendar, then it shows up a month later with an accompanying press release?!

I think what happened here is when the Mint saw how quickly the 3-piece gold sets sold out, plus what pre-orders were selling for on eBay, they decided to try to get a bigger piece of the pie. I don't think they understood that many people would cancel their orders for the 2-piece gold/silver sets, or maybe they feel that inertia is in their favor and that most people won't cancel.

Bear

Perhaps the the Mint should rename the sets

The 20th Anniversary Sucker Sets. I think that

Sucker Sets has a nice ring to it.

53BKid

Actually, my cynacism about the mint's M.O. here is deep.

I don't think this new program just surfaced. My believe is that the mint had been evaluating the silver, gold, platinum uncirculated releases for at least the past year or two as a means of obtaining more of our expendable income. Why do you think they've been sending out those product surveys? While the very strong response to the 20th anniversary sets may have given them another indication of collectors' interest, it's highly unlikely that they would have put this program together so quickly.

Further, I had asked people at the mint about the availability of the two-coin set MANY times since the sets went on sale. It seemed incomprehensible to me that a set that held a 1 oz. gold coin with a 30,000 mintage and the silver with 270,000 wouldn't have sold out within days. (How quickly did it take to sell out the Franklins this year?) Many people using this forum over the past couple weeks expressed some cynacism about the mint's intentions as they too found it hard to believe that the 2 coin set hadn't sold out.

I personally believe the mint anticipated that many collectors would cancell their orders for the 2 coin set once the collector community became fully aware that production of neither of these two coins would be limited. By leaving the order period open for so long, they allowed for significant over-subscription in the event that they had a high concentration of cancellations. You can bet they'll see that occur this week as more people learn about this.

The mint should be above this degree of profiteering and off-color behavior. They should have learned from their past mistakes, such as what happened with the original commemorative series. The program became just a money making scheme. Any collector who wanted to collect the whole series would have to buy P-D-S coins in multiple years from the mint. Eventually it just became too much and collectors just stopped buying and the program died out for 40 years. The same boom-bust occured with baseball cards. No 10 year old I know collects them anymore, and unless those cards are gem mint, they've done nothing but depreciate signficantly as the market went bust.

It's just like Aesop's fable of "The Goose that Laid the Golden Egg". I would think that mint officials would have much more comprehension of what can be supported by their buyers. Moreover, whether intended or not, their initiating this new uncirculated program this year with no previous announcements indicating their intention, tarnishes the mint's image, and to continue with the pun, maybe Fullstrike's comments on the mint creating rainbow toned coins for us to buy isn't beneath them either.

xbob

<< <i>I think the US Mint policies of not billing your credit card for several weeks allowing cancellation prior to shipping for any reason and a 30 day money back return policy from receipt of any order with
no questions asked are unmatched anywhere. Since the 2 coin gold sets and 3 coin silver sets are not sold out we can now buy some of the coins from them cheaper, cancel our orders or send the coins back for a full refund up to 30 days after we get them if we change our minds. How do you beat that? There are zero coin dealers who can match these terms that provide buyers opportunity and flexibility that doesn't exist anywhere else. >>



True.

Let's just hope that they don't announce reverse proof singles 31 days after the sets ship. I wouldn't even put it past them to announce"extra availablility" of 2006 products being put up for sale in 2007. They did it this year with some of the 2005 products.

pendragon1998

The US mint has a long and glorious history of producing coins with the express purpose of sucking money out of the collector's pockets. My personal view is that they should be limited to producing the coinage for America's commerce and let that be it. How many other government agencies produce a product for sale at a profit to the general public? The government should only be funded through donations and taxes. They don't need to be participating in the marketplace. If the mint sees the need to produce commemorative medals or bullion, let them simply produce those at a minimal cost and get out of bed with the collector industry. The government gets enough of my money without them trying to exploit me for participating in a hobby.

mfcobra

<< <i>How many other government agencies produce a product for sale at a profit to the general public? >>



BEP (Bureau of engraving & printing), DMV...I could list about 10 of them--but you get the picture. Yes, our governament is in the for profit business.

ziggy29

<< <i>How many other government agencies produce a product for sale at a profit to the general public? >>

Lotteries?

oreville

When does the 30 day clock start on the return policy of the US Mint?

The clock starts when you "pick up" your ASE or AGE package at the post office or the day the package was first delivered to the post office but not yet picked up?