Petition for US Mint to improve its gold coin lineup

VocalCoinCollectors

Hello everyone,

I'm new here and I have a petition which demands that the US Mint improve their gold coin lineup given the Treasury Secretary's "broad authority" to mint and issue gold coins. This petition calls on the US Mint to reissue classic coin designs.

This petition also calls on the US Mint to issue a 1/20th ounce American Gold Eagle which would make the American Gold Eagle program more affordable and accessible to all. If Canada has a 1/20th ounce Gold Maple Leaf, then why can't the US Mint have a 1/20th ounce American Gold Eagle.

Please sign the petition today at: http://www.gopetition.com/petitions/us-mint-needs-to-improve-its-coin-product-lineup.html

This petition also calls on the US Mint to submit some of the proposed numismatic gold coins produced to NGC and or PCGS directly and to sell some of these coins based on the grades assigned.

Thank you for your support!

Goldbully

That's quite a first post.

Welcome to the coin forum.

MsMorrisine

How would a competitive bid process work on choosing one or two grading companies over other one, like my famous grading company: Plastic Coin Grappling Services (I'm really good and cheap). Or how do they justify to the non-collecting public no-bid choices of pcgs, NGC and Anacs as the services they use. What do they do with unsold graded coins? It's bad enough they have to deal with unsold ungraded coins. Would they incur even more costs unholdering and melting and would those costs be detrimental to prices of ungraded coins, or would those costs only inflate graded coin costs if the crack out costs are solely absorbed there. Further, is it not unfair competition for the mint to cherry pick itself and sell whatever to the rest of the market?

VocalCoinCollectors

<< <i>How would a competitive bid process work on choosing one or two grading companies over other one, like my famous grading company: Plastic Coin Grappling Services (I'm really good and cheap). Or how do they justify to the non-collecting public no-bid choices of pcgs, NGC and Anacs as the services they use. What do they do with unsold graded coins? It's bad enough they have to deal with unsold ungraded coins. Would they incur even more costs unholdering and melting and would those costs be detrimental to prices of ungraded coins, or would those costs only inflate graded coin costs if the crack out costs are solely absorbed there. Further, is it not unfair competition for the mint to cherry pick itself and sell whatever to the rest of the market? >>



Well NGC and PCGS are the two most respected grading services in the hobby.

I do not think it is unfair competition for the mint to cherry pick their coins itself. If anything, it would help the survival rates of OGP because the slab would be incorporated into the OGP. This would eliminate the need for big companies to go and purchase bulk amounts of coins, submit them to NGC or PCGS, and figure out what to do with the coins that didn't grade high.

MsMorrisine

I would recommend no petition
I would separate each part of the petition into separate requests so individuals can pick and choose what to support
Publically signing online petitions is a security risk I won't take


On the other hand, acting mint director peterson's fax number is online and searchable.
I would recommend people address their concerns directly to the Mint instead of having a name publically available online associated with coins.

VocalCoinCollectors

<< <i>I would recommend no petition
I would separate each part of the petition into separate requests so individuals can pick and choose what to support
Publically signing online petitions is a security risk I won't take


On the other hand, acting mint director peterson's fax number is online and searchable.
I would recommend people address their concerns directly to the Mint instead of having a name publically available online associated with coins. >>



Names are not displayed publicly

MsMorrisine

Slab compatible OGP would make all graded and ungraded coins more expensive.

MsMorrisine

I think many here could support most of this and maybe some would consider all ok.

It's tough though. You have to make a good case and they need some reasonable assurance re-issues won't later fall victim to collector fatigue like the ATB quarters have and the Congressionally mandated First Spouse.


Many on this forum decry the latest art quality.

VocalCoinCollectors

<< <i>I think many here could support most of this and maybe some would consider all ok.

It's tough though. You have to make a good case and they need some reasonable assurance re-issues won't later fall victim to collector fatigue like the ATB quarters have and the Congressionally mandated First Spouse.


Many on this forum decry the latest art quality. >>



Well US Mint market studies show that classic designs are popular with collectors.

VocalCoinCollectors

Also not all coins would be certified. You would have a choice of purchasing either a raw version, or a certified version.

CuKevin

I would rather see 2 things:

A) All coins continue to come raw only from the mint.

The US mint should not be reliant on the previous designs. Hopefully they get better at making new and inspired designs.

to the forum!

VocalCoinCollectors

<< <i>I would rather see 2 things:

A) All coins continue to come raw only from the mint.

The US mint should not be reliant on the previous designs. Hopefully they get better at making new and inspired designs.

to the forum! >>



There are many people out there that want a higher quality of the previous designs. Also US Mint market studies show that many people like the classic coin designs too.

Kudbegud

<< <i>I would rather see 2 things:

A) All coins continue to come raw only from the mint.

The US mint should not be reliant on the previous designs. Hopefully they get better at making new and inspired designs.

to the forum! >>



I agree to the above. But the idea of the mint supplying the choicest examples of a coin has some merit.

This is not original to me and has been suggested here before.
The mint to set aside a certain number of coins from each new die pair of commemorative and special issue coins. The number to be determined. At random these coins would be sent to customers who place an order for those coins along with documentation and possibly special packaging. No extra cost, no favoritism, from any time period of the order, not just first day, but till sold out. These could be known as "First Run", "Fresh Die", "Mint Choice" or other suitable name. The customer would be totally surprised when opening their box from the mint.

VocalCoinCollectors

<< <i>

<< <i>I would rather see 2 things:

A) All coins continue to come raw only from the mint.

The US mint should not be reliant on the previous designs. Hopefully they get better at making new and inspired designs.

to the forum! >>



I agree to the above. But the idea of the mint supplying the choicest examples of a coin has some merit.

This is not original to me and has been suggested here before.
The mint to set aside a certain number of coins from each new die pair of commemorative and special issue coins. The number to be determined. At random these coins would be sent to customers who place an order for those coins along with documentation and possibly special packaging. No extra cost, no favoritism, from any time period of the order not just first day till sold out. These could be known as "First Run", "Fresh Die", "Mint Choice" or other suitable name. The customer would be totally surprised when opening their box from the mint. >>



That's not a bad idea

Kudbegud

This could satisfy your graded and slabbed coins from the mint thought with out selecting a TPG. And being randomly exchanged for a regular coin in an order there would be extra excitement and enthusiasm generated. Would this increase sales for the mint? I'm guessing yes. Especially if it was used only for select coins through out the year like commemorative and special releases. Not just gold but other metals too.

johnny9434

welcome to the forums. why is there a special interest on your part for more gold coin to be produced? just wondering is all

VocalCoinCollectors

Well we are interested in getting the numismatic gold coins revamped to make the gold numismatic lineup by the mint more interesting. This is better than having 4 different sizes of the same design as is the case with the numismatic proof AGE's sold by the mint. This would encourage more people to buy gold from the US Mint from its catalog.

Also a 1/20th oz AGE would make buying gold more accessible than the accessibility that exists now. Countries like Australia, Canada, and China already have 1/20th oz gold coins.

ms70

Welcome to the forums! Personally I say keep the Mint and the grading companies separate. It would be a bad mix in my opinion. Certainly a conflict with other grading companies
that will surely sue because they were left out. That would wind up costing taxpayers.

VocalCoinCollectors

<< <i>This could satisfy your graded and slabbed coins from the mint thought with out selecting a TPG. And being randomly exchanged for a regular coin in an order there would be a extra excitement and enthusiasm generated. Would this increase sales for the mint? I'm guessing yes. Especially if it was used only for select coins through out the year like commemorative and special releases. Not just gold but other metals too. >>



Not a bad idea, we need support to get this through though

VocalCoinCollectors

<< <i>Welcome to the forums! Personally I say keep the Mint and the grading companies separate. It would be a bad mix in my opinion. Certainly a conflict with other grading companies
that will surely sue because they were left out. That would wind up costing taxpayers. >>



Well the mint is a coin dealer too, the world's largest actually. Who's stopping them from submitting to NGC or PCGS like the rest of the coin dealers out there. Also not every coin would be sent to NGC or PCGS, only a limited number (i.e. the first strikes from the first dies, etc.).

ms70

<< <i>Well the mint is a coin dealer too, the world's largest actually. Who's stopping them from submitting to NGC or PCGS like the rest of the coin dealers out there. Also not every coin would be sent to NGC or PCGS, only a limited number (i.e. the first strikes from the first dies, etc.). >>



The mint's first and foremost obligation is to provide coins for circulation. The bullion & commems are secondary. As far as submitting to NGC & PCGS like the rest of coin dealers,
well the Mint is not a coin dealer, it is a government entity. There are a plethora of laws the Mint must abide by, the buracracy, contracts, politicians, etc... It's just not that easy.

VocalCoinCollectors

But it wouldn't hurt for them to send the first strikes of the year and have them certified.

OPA

Good luck in having congress approve for the Mint to directly ship their coins for grading to anyone. Not gonna happen.
How about having an option of colorizing the 5 oz hockey pucks? Most of the world Mints are now offering that option for some of their coins and it appears to be very successful.

derryb

you'd have better luck petitioning the FED to quit controlling the markets.

19Lyds

<< <i>Welcome to the forums! Personally I say keep the Mint and the grading companies separate. It would be a bad mix in my opinion. Certainly a conflict with other grading companies
that will surely sue because they were left out. That would wind up costing taxpayers. >>

And defeat the entire purpose of the proposal in that not all MS/PR70 coins in BGC Slabs sell for as much as PCGS and no ANACS or ICG or IGGS or SEGS or SGS slabbed MS/PR70 coins have the same "value" as the two front runners in the TPG industry.

As for "recreating" classic coins on modern presses because folks "liked" the classic designs? Folks "like" the classic designs because they just are not available any longer and there are generations of collectors seeking these out for that very reason. Their "love" is directly related to the "desire" they have which can only be satisfied by "possession" through work and frustration. If everybody can have one, then the "desire" quickly loses its luster.

BTW, welcome to CU...........
And NGC........
And CoinTalk

May your efforts be a rich and rewarding learning experience!

19Lyds

I like this part in your original petition:

"It is recommended that in order to not strain the budgets of US Mint customers that the US Mint discontinue the numismatic versions of American Gold Eagles and American Gold Buffaloes produced. "

So, Proof and Unc collectors of the current bullion products will be forced to end their sets? That's should generate a lot of interest.