Mint Violating its own Stated Policy!

BacknBlack

The US Mint appears to be Violating its own Stated Policy!

The mint lists total sales and product limits for the proof eagle sales. Specifically, the mint has issued stated limits for the proof platinum eagles (at point of order product info). It appears that the sale of the 10th anniversary platinum eagle with a production limit of 30,000 will cause the 1/2 ounce regular proof version to exceed it published product limit of 15,000 (10,000 set + 5,000 single limits). The mint has already sold approximately 5,000 coins leaving room for only 10,000 (or less) sales of the anniversary issue.

Does the mint have any liability if they exceed their own advertised production limits?

Link to prior year mintage caps (see grid at bottom of page and select year in question):
http://www.usmint.gov/mint_programs/american_eagles/index.cfm?action=american_proof#salesTable

TomB

The Mint will likely argue, and I believe it might have used this point in the past, that the 10,000 limit was for the four-coin platinum set and the 5,000 limit was for the single-coin platinum option. However, they will state that neither of these limits applies to the new two-coin set since the options were originally dedicated specifically to the four-coin and single-coin options.

LALASD4

He who has the platinum, makes the rules.

ricko

TomB...I believe the mintage totals are set by congress ... correct?.. And the mint can divide them up as they see fit.... Exceeding the original limit would take congressional approval as I remember the regulations... Cheers, RickO

CaptHenway

I doubt that Congress has set any limits on the bullion coin program coins, which the Proofs are merely a part of. Congress usually sets limits on commemorative coins. That is why Mint products containing commemorative coins, such as Legacy sets, have to be factored into the overall limits.

The Mint sets limits on Proof products as a means of encouraging people to buy them. They can change those limits by introducing new products, which the anniversary sets are. People may or may not be unhappy with the change, but it is not illegal.

TD

EricSan

It is quite possible that even with the sale of the 10th anniv sets, the total mintage of the 1/2 oz $50 proof coin will remain below 15,000 total...

For the past 4 years, the mint has sold fewer than 8,000 $50 platinum proofs. So far, the mint has sold about 5,000 $50 proofs. Do you REALLY think that the mint is going to sell another 10,000 sets priced at $2000 each? I'm buying one and I'm skeptical that 9,999 people will do the same...

Eric

NeoStar

For the past 4 years, the mint has sold fewer than 8,000 $50 platinum proofs. So far, the mint has sold about 5,000 $50 proofs. Do you REALLY think that the mint is going to sell another 10,000 sets priced at $2000 each? I'm buying one and I'm skeptical that 9,999 people will do the same...



I am with Eric on this one!

19Lyds

From this Web page:


<< <i>American Eagle Platinum Proof Four-Coin Set Product Limit: 10,000 >>



My interpretation: American Eagle Platinum Proof Four-Coin Set Product Limit: 10,000

The only limits that were set were on the Four-Coin Sets, not the individual coins.

From this Web page:


<< <i>American Eagle Platinum Proof One Ounce Coin Product Limit: 6,000 >>



Again Coin Product. Not coin but Coin Product.

The same is true for the Half, Quarter, and tenth ounce coins at 5,000, 5,000 and 10,000 respectively.

Whats the problem? Better yet, what liability could possibly be levied?

wayneherndon

TomB is exactly right. We've been there and done that over and over again with the Mint on packaging options where they set the sales limit themselves. Where authorizing legislation includes maximum mintages, the Mint must take into account all packaging options.

The Mint is authorized to strike silver, gold and platinum eagles to demand.

WH