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time for a memo to the mint?
tahoe98
Posts: 11,388 ✭✭✭
"government is not reason, it is not eloquence-it is a force! like fire, it is a dangerous servant and a fearful master; never for a moment should it be left to irresponsible action." George Washington
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<< <i>1.) The Mint should use surveys and other outreach to collectors, and perhaps hire a coin market analyst and numismatist, to better estimate demand for its products. AWESOME ideaMaximum authorized mintage levels, which are set by Congress in consultation with the Mint, have been consistently too high for years. It seems like either too many coins are issued, or too few, to meet actual demand, whether for circulating or collector coins. Foreign mints generally have a better track record of projecting how many coins should be minted, and some sell out of collectible products within hours. With the exception of a few special issues, our Mint rarely achieves those kind of results, and coins linger around for months and months or longer. >>
Sadly this will never come to fruition because the mint does NOT produce coins for the collector, they produce coins for one reason and one reason only... Profit. It's the sad truth.
<< <i>2.) Household limits should be reexamined. They tend to be too high to be meaningful, particularly since dealers and others can easily get around them by having employees, friends, and family members place orders on their behalf. >>
I think limits are good, not sure what needs to be changed. My fear is the big coin dealers "somehow" manage to purchase the "rights" to a certain item by monopolizing on the product. They then in fact control the after market price (that is if there is a demand for the item).
So let's say there is a 10,000 mint of a certain item, 100 dealers purchase 100 ea... Then what? The dealers determine the aftermarket price? (I know I'm going to get flamed for this one...lol).
Let me say that I understand that supply and demand determine prices, just trying to spark some conversation.
Ray
<< <i>3.) The Mint should advertise and distribute its products more widely. The America the Beautiful silver bullion series was designed as an alternative to American silver eagles, but I have never met a non-collector who has heard of them. When they see them, they are impressed and intrigued. The bullion coins will never be successful unless they reach a broader market. The quarter versions of these coins are so poorly distributed that few non-collectors seem to know about them either. >>
This is to open... At what point do we stop "Advertising"? So basically this is saying that the mint should put an add in every news paper, every channel and every billboard to ensure every person on the planet knows that something is being issued that they may not care about... This would better be said with solutions rather than the... "I identified a problem... you fix it" attitude.
<< <i>4.) I know the Mint’s public affairs staff does its best, but it is very difficult as a numismatic journalist to obtain information from the Mint apart from press releases and sales reports. I would suggest as stronger effort at outreach to the coin media, which would help the Mint get its story out. >>
This does not hold weight, the writer says he knows the staff does their best, then says it's not good enough?
So if they send him/her personal e-mails for the issues over the next 12 months this write is going to complain that they want to know 13 months out... then 14.
<< <i>5.) Bring back fractional burnished and proof American eagles made of gold and platinum. I know this one is not terribly likely since the Mint decided in 2008 to discontinue these products. But they would be very popular with collectors, and issuing such coins only in one ounce sizes is unfair to average collectors, who can’t afford ounces of gold and platinum, especially at current metal prices. >>
I totally agree... but number one would fix this.
<< <i>6.) The quality and artistic level of U.S. coinage has been uneven in recent years. Changing reverses, if not overdone, can be useful devices, but too many coins with less than compelling designs have been issued in the past couple of years. Examples include the new Infantry dollars, a number of the First Spouse gold coins, the presidential dollars, and others. The Mint recently announced the establishment of a new design working group that should help. I know that coin collectors would be delighted by the use of more classic images of Liberty, and not just on numismatic releases, but on circulating coins and bullion too. Doing so would also promote greater interest in coins among the general populace. >>
Yes. What happened to the artists of yesteryear? If we want more collectors, coins should have an artistic resemblance as well as a history. I'm not going to point out any specific series but pretty much pick up anything clad and there could be LOTS of improvement.
(Wow, I'm opinionated today)
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>7.) Many critics say the Mint is becoming too much like the Canadian and other world mints that issue many different collectible coins. That may or may not be the case depending on what one considers the right amount of coins, but what bothers me more is that there are just too many different versions of the same coin. Rather than release multiple products with the same dollar coins or quarters in different types of packaging, I would like to see the Mint and the Federal Reserve do a better job of distributing new circulating coins through banks. That way average collectors and children could build sets from change, coins would not pile up in banks, and require the building of new storage facilities, as has happened with the dollar coins. >>
It would take one person to investigate what happened to comic books, baseball cards, beanie babies and any other collectable from the last 20 years...
The logic is...
1. Hey look, people are buying (Place item here).
2. Logic says that if we produce more (Place item here) we will make more money.
At no time is "Supply and demand" considered in the above math. Nor is the word "Saturation".
I am thankful that they can not go back and make more (Insert any discontinued coin) because the numismatic hobby would disintegrate.
<< <i>8.) Finally, the balance between meeting the needs of collectors, investors, distributors, and dealers should be adjusted. It is not easy to serve the interests of each constituency, but collectors and investors feel they deserve more respect from the Mint. It is ultimately in the Mint’s own interest that it ensure that its products are distributed as widely and as cost effectively as possible by implementing the recommendations in this article. >>
This statement is both selfish and opinion without facts. Again, if there is an issue and you want to complain about it... give us solutions. Otherwise you are part of the problem.
Number 1 will fix the first half of this statement, and to state in a threatening manor that it is in the Mint's own interest... Distribute widely and cost effective... ahhh oxymoron... to implement his/her recommendation...
Why do I feel like I want to punch someone right now?
<< <i>The mint makes what congress tells it to make. I think the mint would be very happy to just make coins for circulation. >>
the Mint is a business just like any other, they have one interest in mind... Profit.
<< <i>The mint makes what congress tells it to make. I think the mint would be very happy to just make coins for circulation. >>
It probably varies by employee. The front lines people I talk with are quite proud of their job and what they sell overall.
<< <i>I'll start:
<< <i>1.) The Mint should use surveys and other outreach to collectors, and perhaps hire a coin market analyst and numismatist, to better estimate demand for its products. AWESOME ideaMaximum authorized mintage levels, which are set by Congress in consultation with the Mint, have been consistently too high for years. It seems like either too many coins are issued, or too few, to meet actual demand, whether for circulating or collector coins. Foreign mints generally have a better track record of projecting how many coins should be minted, and some sell out of collectible products within hours. With the exception of a few special issues, our Mint rarely achieves those kind of results, and coins linger around for months and months or longer. >>
Sadly this will never come to fruition because the mint does NOT produce coins for the collector, they produce coins for one reason and one reason only... Profit. It's the sad truth. >>
they could have made more profit had they realized how popular the 25th set would be. Anyone here, SAE collector or not, could have told them.
I have made this recommendation already directly to the Acting Mint Director. They need a collector's advisory committee, and an industrial manufacturing advisory committee.
<< <i>
<< <i>2.) Household limits should be reexamined. They tend to be too high to be meaningful, particularly since dealers and others can easily get around them by having employees, friends, and family members place orders on their behalf. >>
I think limits are good, not sure what needs to be changed. My fear is the big coin dealers "somehow" manage to purchase the "rights" to a certain item by monopolizing on the product. They then in fact control the after market price (that is if there is a demand for the item).
So let's say there is a 10,000 mint of a certain item, 100 dealers purchase 100 ea... Then what? The dealers determine the aftermarket price? (I know I'm going to get flamed for this one...lol).
Let me say that I understand that supply and demand determine prices, just trying to spark some conversation.
Ray >>
Re-examined?
Will never work as long as the friends and family networks can be made.
They need to plan to "mint to demand" for every issue.
What that means is the product goes on sale and stays on sale and as long as orders are flowing in, they mint coins. If the cut-off is a mintage limit, the end of the year, or ~12 months they just keep minting coins until they hit their stopping point.
Further more, mintage limits should only be dictated by Congress. Otherwise there are no mintage limits (i.e. Commemoratives have Congressional limits with limited exceptions, but don't put one on the next 25th ann set type product.)
Keep minting.
<< <i>
<< <i>3.) The Mint should advertise and distribute its products more widely. The America the Beautiful silver bullion series was designed as an alternative to American silver eagles, but I have never met a non-collector who has heard of them. When they see them, they are impressed and intrigued. The bullion coins will never be successful unless they reach a broader market. The quarter versions of these coins are so poorly distributed that few non-collectors seem to know about them either. >>
This is to open... At what point do we stop "Advertising"? So basically this is saying that the mint should put an add in every news paper, every channel and every billboard to ensure every person on the planet knows that something is being issued that they may not care about... This would better be said with solutions rather than the... "I identified a problem... you fix it" attitude. >>
A Superbowl commercial would go a long way towards spreading the word. (you can buy from us, not just from eBay)
Also, I wouldn't go print anymore. I'd go for online ads.