Good news for owners of the UHR
derryb
Posts: 36,681 ✭✭✭✭✭
Coin World is reporting this morning that the US mint has confirmed 85,227 unsold 2009 Ultra High Relief 1 oz. gold eagles are awaiting the melting pot. Sales for the coin came to a total of 115,178. Prices of existiing coins will likely climb on the news.
The only way to make an economic system truly stable is to permit the free market to take over.
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Comments
<< <i>Can anyone put up a good image of one? >>
See a recent thread (today) "Show us your UHRs".
<< <i>Coin World is reporting this morning that the US mint has confirmed 85,227 unsold 2009 Ultra High Relief 1 oz. gold eagles are awaiting the melting pot. Sales for the coin came to a total of 115,178. Prices of existiing coins will likey climb on the news. >>
I was wondering when they would melt the overage. Good timing by the Mint, they will make a nice profit on their melt. BTW UHR prices have been climbing for some time now. I don't think this will have much of an impact.
<< <i>The UHRs have been rising in price on the general assumption that the mintage was 115,000, and now it is announced that the actual mintage is less than 30,000, and the announcement won't have much of an effect? How's that work? >>
Sales of 115,178, melting of an additional 85,227. After melting final mintage will be 115,178.
The only way to make an economic system truly stable is to permit the free market to take over.
Lance.
<< <i>we already knew mintage was 100k+ >>
Now we know exactly what it is. The announcement removes any speculation on the unsold strikes.
The only way to make an economic system truly stable is to permit the free market to take over.
I would like to buy one of the blanks
I think it is notable that even after 100 years, most people would be hard pressed to say that ASG's design has been surpassed by some other US coin design.
That's what a lot of forum members said, looking back at the older posts.
Fred, Las Vegas, NV
<< <i>Here's a little something for you:
Cool.
I have that sets in MNH.
<< <i>I don't know what the mint has in them costwise, but wouldn't it make sense to try to sell them at spot plus $50? I would think they would still make a profit. >>
Law doesn't allow sales after 12/31/2009. --Jerry
<< <i>You'll be able to buy these for a little over melt soon.
That's what a lot of forum members said, looking back at the older posts.
The same people who made that comment are now saying that for the 3" hockey pucks. Don't ya love it.
<< <i>
<< <i>You'll be able to buy these for a little over melt soon. That's what a lot of forum members said, looking back at the older posts.
The same people who made that comment are now saying that for the 3" hockey pucks. Don't ya love it. >>
Generally these people have emotional feelings that things should be a certain way and they for some reason respond with a prediction. The haters of modern bullion often predict disaster with no basis other than their emotional reaction. --Jerry
<< <i>
<< <i>
<< <i>You'll be able to buy these for a little over melt soon. That's what a lot of forum members said, looking back at the older posts.
The same people who made that comment are now saying that for the 3" hockey pucks. Don't ya love it. >>
Generally these people have emotional feelings that things should be a certain way and they for some reason respond with a prediction. The haters of modern bullion often predict disaster with no basis other than their emotional reaction. --Jerry >>
It's been a bad time, these last 5 years, for the "why buy this crap, it's only bullion" crowd. Even late 70s Franklin Mint Star Trek bars have doubled in the last year.
Look at them now. Yes, they made a larger number of the UHR, but it may still follow a similar pattern 100 years later.
Now, if I could get this stupid way back machine to act right, I could acquire all those $50 Pan-Pacs before they are melted.
certainly not doing what the 1/4 oz buff frac uncs did.
<< <i>
<< <i>I don't know what the mint has in them costwise, but wouldn't it make sense to try to sell them at spot plus $50? I would think they would still make a profit. >>
Law doesn't allow sales after 12/31/2009. --Jerry >>
They had plenty of time to do that before the end of the year unless there are conditions on selling price.
<< <i>
<< <i>I don't know what the mint has in them costwise, but wouldn't it make sense to try to sell them at spot plus $50? I would think they would still make a profit. >>
Law doesn't allow sales after 12/31/2009. --Jerry >>
they're still selling last year's gold eagle and buffalo proofs?
The only way to make an economic system truly stable is to permit the free market to take over.
<< <i>
<< <i>
<< <i>I don't know what the mint has in them costwise, but wouldn't it make sense to try to sell them at spot plus $50? I would think they would still make a profit. >>
Law doesn't allow sales after 12/31/2009. --Jerry >>
they're still last year's gold eagle and buffalo proofs? >>
The UHR's were considered "Commemorative Coins" and had to follow the same guidelines, unlike bullion coins.
<< <i>I sold mine. I was never impressed with it. The presentation box was nice, but the extra thick, small diameter of the coin was a big turn off for me. I would've much rather had a coin the size of a double eagle. >>
I sold mine unopened to Wondercoin for the very same reason. If it had been an exact copy of the original double eagle I would have kept it.
Wondercoin
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>Anyone know what the raw ones with all the original packaging is currently bringing? >>
based off of what I saw at the parssipany show yesterday, one dealer had a couple of uhr's and nobody wanted the boxes.
I believe the going price either way is arount $1950
<< <i>Gat ... Funny you mention that ... I see we did that deal back in March, 2009 (about 22 months ago). My buy price today is basically 25% higher than it was the day we did our deal. So, the UHR's appear to have moved up a little over 1% per month over the past couple years (on average). Not too shabby (sure better than most things over that same time period), but I am not sure they outperformed spot gold.
Wondercoin >>
The proceeds went into a British 1989 500th Anniversary Sovereign 3 coin set which is up over 50% since purchase, I stole it for $1,360. The remainer, along with funds I added, went into a 1984 3 coin British Sovereign Proof set which is up around 20%. No complaints or regrets selling it. I hope you got a 70 out of it.
Congrats on using those funds wisely. As I mentioned, the UHR has not been a "stellar" modern performer over the past 2 years. But, one could certainly assert it has performed very respectably just the same and certainly proved to be a safe place to park money over the past two years. But, tomorrow is another day and there sure are nearly no guarantees when it comes to either modern or classic coins.
Wondercoin
<< <i>
<< <i>Here's a little something for you:
Cool.
I have that sets in MNH. >>
Yes me too. Only mine is missing the Sam Clements [SC863]. But I have a second set in used cond.
I was very hesitant about buying the UHR back in 2009. After the mint's first price increase I finally ordered one. Still, it came to just under $1,300 and that's the most I ever paid for a coin.
But I have seen offers to buy them at $1,800 to $1,850 recently. I think the mint is doing the right thing to melt the remainder. What effect would another 85,000 coins have on pricing if they ever somehow were released?
<< <i>
<< <i>Anyone know what the raw ones with all the original packaging is currently bringing? >>
based off of what I saw at the parssipany show yesterday, one dealer had a couple of uhr's and nobody wanted the boxes.
I believe the going price either way is arount $1950 >>
I can't imagine any true collector NOT wanting the original box and packaging when they buy this coin.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
They probably would have done better had the NOT been issued in a period of wildly fluctuating gold bullion prices.
<< <i>Do you think melting or handling will really reduce the pops of this coin? No one but a grading company is going to remove it from its capsule, right? And it's hard to imagine even the most cold-hearted bullion person throwing one of these into the melting pot. Maybe I'm wrong, but I would think survivorship would remain extraordinarily high for this issue... >>
Mine will survive
A Truth That's Told With Bad Intent
Beats All The Lies You Can Invent
<< <i>Once these pieces get old and boring for the original collector, they will re enter the market. >>
These coins will get old but they will never get boring. Other than the original patterns in the Smithsonian, I can't think of any other coin comparable to this coin.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>Melting pot!! What a waste. Why can't they do a last chance sale like they've done on other issues?? They'd sell right away. The Govt. needs money, right? >>
Law doesn't allow sales after 12/31/2009. --Jerry
This law is in place because those of us who own one would be upset if they did go on sale at a future date, our values would go down. The government has constituents on both sides screaming so they make an end date and stick to it.
Ok so what's the deal is the 85,000 that are going to be melted down going to be subtracted from the total 115,175 minted? If not then WTF would they bother even mention this??
U.S. Type Set
<< <i>Anyone know what the increase in gold price is since March 2009 to compare to Wondercoin's 25% increase in UHR value?... e.g. how much is the price spot driven? >>
Well, MCM has seen it's raw pricing rice significantly in the last month - now $2599 and ebay prices have also risen, accordingly.
It appears driven largely by greater interest/speculation rather than bullion price.
Mitch can speak better of the immediate audience for the UHR.
Miles