2007-W Uncirculated Platinum
Hoodlatch
Posts: 310
Does anyone else feel the same as myself and believe we have seen an end to the 2007-W Unc. Platinum issue?
If so, how do the updated mintages compare to 2006?
Eric?
If so, how do the updated mintages compare to 2006?
Eric?
Audentes fortuna juvat
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"Officals indicate the Mint obtains the metal for the coins on the open market as needed and does not maintain an ongoing inventory of the metal."
They also stopped bulk sales of the Proof Platinum set.
<< <i>In Coin World I thought this was interesting, in there story about the Platinum Anniv. set:
"Officals indicate the Mint obtains the metal for the coins on the open market as needed and does not maintain an ongoing inventory of the metal."
They also stopped bulk sales of the Proof Platinum set. >>
I wonder if they're buying up older date US Platinum bullion/proof coins, melting them, and striking new ones...
<< <i>I wonder if they're buying up older date US Platinum bullion/proof coins, melting them, and striking new ones... >>
I think all precious metals the US mint obtains for the American eagle programs HAS to be mined from American soil.
Coinhog's got a point there. The Mint can and will do just about whatever suits them. One thing they can't do however, is to mint more 2007-Ws after Jan. 1st. Since the burnished Uncs are "minted to demand", the key factor would be when they decide to stop minting them, and not necessarily when they decide to stop selling them. They won't stop selling them until they are all gone.
But if it's really true that the Mint doesn't really inventory platinum (shades of money management! Can it be true? A government agency actually practicing money management?) then they might consider it too much of a pain in the rear to procure more platinum for this year's "minting to demand" platinum program.
As you might have noticed by now, the Mint does whatever moves them at the moment and they don't always feel compelled to follow their own rules. They are the Mint! And don't you forget it! Roll the dice and play Mint Roulette. You too can win! Join the Fun!
I knew it would happen.
Ooh Ooh! Let's have a poll.
I agree with the fact that the mint will do what ever they want.
Larry
Dabigkahuna
<< <i>Don't count your chickens yet. They can, and have sold the plats right up until the time the next years coins are released, similar to the regular annual proof and mint sets that are sold by the mint. These could go back on sale any time until the 2008 plats are released. That could nmean well into the second half of NEXT year.
Coinhog's got a point there. The Mint can and will do just about whatever suits them. One thing they can't do however, is to mint more 2007-Ws after Jan. 1st. Since the burnished Uncs are "minted to demand", the key factor would be when they decide to stop minting them, and not necessarily when they decide to stop selling them. They won't stop selling them until they are all gone.
>>
JMSKI, are you saying that the mint stopped producing 0n 12-31-06, the satin coins that were in the 2006 regular unc mint sets that were sold right up until last week. Those sets sold nearly 1,000,000 copies. I doubt that they produced about 1,000,000 copies right up til 12-31-06 and kept them in stock. Can we be sure that no satin 2006 coins were produced in 2007 for these sets? As far as the mint following the legislation, the mint was supposed to produce 2007 sacs for circulation. Where are they? They only have about 10 weeks to do it. And this is legislated law they are ignoring.
I am inclined to think a number of things here:
An argument in favor of continued sales:
- Yes, the mint can sell whatever they want into calendar year 2008, but they are not "supposed" to be able to strike coins dated 2007 in calendar year 2008. Given last year's mintages compared with this year's sales (especially in the 1/10 oz denomination as Eric pointed out) it looks like the mint produced at least twice as many 2007s as they did 2006s. There should still be LOTS of these in inventory at the mint. Given this alone, I would be inclined to think that they will go back on sale "soon" (for whatever that means).
An argument in favor of no more sales:
- The mint has made several public statements about how the plat series is its pride and joy, their hallmark product. Given this, there may be some interest in maintaining some "exclusivity" to the series that are not inconsistent with stopping sales and never restarting them again.
-The mint has, in the past, ended sales of various products sooner than expected and indicated it did so to "reward" their loyal customers. Those that purchase up front and early are rewarded, while those that wait and see missed an opportunity. This philosophy is not inconsistent with my first point in favor of no more sales.
In sum:
The mint will do whatever they want to do... If they go back on sale, I hope it is within my 30 day return window...
Eric
I doubt it, too. They probably produced them in a couple of days during April, and it took until last week to get rid of them.
Can we be sure that no satin 2006 coins were produced in 2007 for these sets?
No.
As far as the mint following the legislation, the mint was supposed to produce 2007 sacs for circulation. Where are they? They only have about 10 weeks to do it. And this is legislated law they are ignoring.
Please refer back to Maxim #1 - "The Mint can and will do just about whatever suits them." Although, this is new territory for the Mint. I don't recall any other time when they actually didn't comply with an Act of Congress. This should be entertaining!
I knew it would happen.