Options
More Mintage Limit Deception from the US Mint: Proof Gold 1 oz Eagles
wayneherndon
Posts: 2,358 ✭✭✭
I've seen a lot of the (quite appropriate) grousing here about the "limited production" of the 2-coin W 20th Anniversary sets and the subsequent release of the two coins contanied in those sets in unlimited quantites as singles. However, mixed in with the 20th Anniversary promotions is another piece of mint deception on production quantities that seems to have gone unnoticed.
The proof 1 oz gold eagles and four piece sets were made available earlier in the year. The 1 ounce piece was limited to 12,000 pieces in the single package option and has sold out at the Mint. The 4 piece set was limited to 27,000 pieces and is still available. I suspect the buyers of both of those options earlier this year anticipated a maximum mintage of 39,000 pieces for the 1 ounce proof gold. Yet, the 20th Anniversary gold sets include another 10,000 pieces!
Has this example of the Mint playing fast and loose with production limits gone unnoticed or have I missed a thread on it?
WH
The proof 1 oz gold eagles and four piece sets were made available earlier in the year. The 1 ounce piece was limited to 12,000 pieces in the single package option and has sold out at the Mint. The 4 piece set was limited to 27,000 pieces and is still available. I suspect the buyers of both of those options earlier this year anticipated a maximum mintage of 39,000 pieces for the 1 ounce proof gold. Yet, the 20th Anniversary gold sets include another 10,000 pieces!
Has this example of the Mint playing fast and loose with production limits gone unnoticed or have I missed a thread on it?
WH
0
Comments
Wondercoin
As collectors our expectations of the mint are that they will deal with us in good faith--something that's sorely lacking currently.
People turned away from collecting decades ago in the late '70s and early 80s, myself included. It takes years, maybe decades, to restore trust--it takes relatively no time at all for trust to disintegrate.
If they don't make some major adjustments pretty darn quickly, people will leave the hobby and with them go the values of all those coins you and I hold.
I also don't understand why these bullion coins are getting such huge premiums on eBay and elsewhere.
Now, in the case of the mispackaged San Francisco coins, I can totally see why people would be upset.
-Amanda
I'm a YN working on a type set!
My Buffalo Nickel Website Home of the Quirky Buffaloes Collection!
Proud member of the CUFYNA
It's not so much a "limited-anything" issue as it is a cost issue.
Anyone who only wanted a single 1-oz proof, and bought it early, was way beyond the 30-day limit for returns once they found out about the 3-coin set. Being late to the market in August, I missed out on the single 1-oz, so I bought the 4-coin set just to get it. Luckily, the 20th annniversary news came out soon enough after that so I could send the 4-coin set back. If people knew the Mint was going to provide three ways to get the regular proof, some collectors would've saved themselves $885 or more.
Amanda points out the true classic collector standpoint where a coin collector buys and keeps a coin for what I'll call the "Joy of Having".
Wayne focuses on the buyer that the mint counts on to purchase a large portion of their coins. They buyers focus on appreciation of the coins. They often buy large lots, get them graded and try to make a little money--often by selling to some of the well heeled members of the first group who appreciate a high grade from a TPG.
Without the second group, the mint certainly wouldn't be able to produce the products it does. You'd probably be limitied to circulation issues and silver and gold bullion pieces. But the second group relies on the first group as well.
Unfortunately, there is a natural friction between them, especially the traditional collector not appreciating the "investor". This friction is likely to continue in my opinion and indeed, they won't understand each other.
--Jerry
Like it or not, "Mintage" is part of the game. The Mint knows it and markets it, and the collectors know it.
For the Proof, the statements are clear:
"American Eagle Gold Proof Four Coin Set Maximum Mintage: 27,000"
"American Eagle Gold Proof One-Ounce Single Coin Maximum Mintage: 12,000 ".
One says Four Coin Set, the other Single. But what's to stop the Mint from coming out with a 2 coin set, 3 coin set, 5 coin set, etc. after these first two have sold out?? Nothing, but that's what's disingenuous.
Disingenuous - : lacking in candor; also : giving a false appearance of simple frankness.
The solution: At the initial release of a coin, whether it's the Eagles, Commems, First Lady's, Pres. dollars, the Mint MUST release all information of future releases of said coin, along with maximum mintages.
Well said!! Who could not agree with that. I just hope the new mint director would agree to this. His solution to his customers dis-satisfaction was "We are sorry and as such we will refund your money" Big deal! They have always made refunds available for all of their products. He offerred nothing but an apology and no statement as to what the future will bring.
the first day cover sets.. lets revisit
the ocean in view nickel first day cover was very actively trading at over 100 bucks a set in the aftermarket.
guess what? you can order them from the mint for $19.95 right now. kind of broke it off in those involved in that market.
WH