It's 2:20am in 8/7/14. At this moment the atmosphere appears subdued. There is still a police presence but absent are the flashing police lights and anarchy. The line is still about 2/3 mile long so if you show up now you definitely won't get a gold Kennedy in the morning. The sidewalk on the eastern side of River Rd. sort of resembles a large homeless encampment.
A coin dealer in his rental car just drove by on River Rd. and trolled the line by yelling out his window for everybody to "go home" because "I've got all the Kennedys".
Follow me on Twitter @wtcgroup Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
<< <i>It's 2:20am in 8/7/14. At this moment the atmosphere appears subdued. There is still a police presence but absent are the flashing police lights and anarchy. The line is still about 2/3 mile long so if you show up now you definitely won't get a gold Kennedy in the morning. The sidewalk on the eastern side of River Rd. sort of resembles a large homeless encampment.
A coin dealer in his rental car just drove by on River Rd. and trolled the line by yelling out his window for everybody to "go home" because "I've got all the Kennedys". >>
Thx illini420 for the pictures of the gold & silver coins. That reverse proof Kennedy really looked nice. Some reason your pictures (taken with a phone?) of the gold Kennedy looked better to me than any of the others I have seen!
I wish I had ordered any UHRs. UHR was released Jan 22, 2009 into a very uncertain US economy. DJIA closed Jan 22, 2009 @ 8122, down from the 13000 level. Market still had a ways to go down to 6547 Mar 9, 2009. Last thing I was thinking about was buying UHRs. I think conditions of the economy influenced ordering / total mintage for the UHR at the time. At least it did for me.
Anyway, I hope your hunch / theories on these proof Kennedys is correct and that the aftermarket for these is robust.
My order is backordered and is expected to ship on 8/5/2014. I didn't realize that the Mint has mastered Time Warp, since it is 8/7/2014 as I type this.
Q: Are You Printing Money? Bernanke: Not Literally
1) US Mint should allow anyone to "enter" a random selected lottery at the show. 2) Randomly select XXX number of tickets and display numbers. 3) Ticket holder must come forward and purchase coin with their own personal credit card or check drawn on their account. They must have photo ID. No cash or ppd cards accepted. (and I know cash should be accepted, but many events do not accept "cash" for security reasons---and this is a way to eliminate cash seeded buyers) 4) One per person per duration of the show. Names are collected upon sale.
Stops the group buyers dead in their tracks. They can buy from people coming off the line - but I guarantee you the lines will be a very orderly process. None of this BS with 99.9% of those online are only paid line sitters - most don't even know what they are buying - and 99.9% could not even afford to buy one on their own.
As far as we know now - The NGC "DC" FDI label will be the lowest population - given the 124 coins left not sold on Aug 5. This assumes all 500 from Denver and Philly get labeled FDI for their respective city.
Any of the FDI labels will be scarcer than the ANA labels. They could only be obtained DAY 1 - from each location and had to be accompanied by a original receipt. They had to be shipped from the city of purchase. Those were the rules.
I think ebay buyers are not buying these pre-sale right now because they remember what happened with the HOF gold coins, the waiting, and those who bought early are probably pretty steamed over what they paid... You know fool me once shame on me Fool me twice......... Maybe when the coins are actually in hand they may sell for more....
If you want a graded one and this is like the HOF, wait until the big dealers flood ebay. Not the first wave, but the second or third waves should have a lower premiums.
This seller is asking $5999.99 for a $1240.00 dollar coin because it has a First Day-Chicago ANA sticker on a the slab? Well, it is a nice coin... if you are not bored to death with the design. Some of those brand new PF70 graded coins may even turn out to not show any hidden spoting over the next 5-10 years. That could be rare. Anybody notice that the label does not say "First coin struck off of the die" , or, "Very Very Early Die State", or, "1 of the first 5 coins struck from the die" ? Naw, it says First Day-Chicago ANA...And the crowd goes crazy. Wow, is this coin collecting, or is this Exonumia?
Ultra rarity! Low mintage determines that....and the demand...we shall see! $1000 for a two piece set that cost $10 from the mint, 100 times what it cost! I don't know, that is kinda extreme to me.
I placed an offer for 1240.00 on it. I just went all in lol
On a side note I cancelled 5 of my 10 orders from the mint. I got my orders in around 12:30. If anyone wants some of the 5 I still got on order shoot me a PM. If worse comes to worse I will send the back to the mint but I hope the FS eligible orders can put a few bucks in my pocket.
<< <i>Well now we know planchets only available for 75000 I'm thinking the number creeps up ever so slowly now If we make it to 75000 we are lucky >>
My guess before the hoopla was 70,000 total minted and I bet it doesn't go over that. We're probably at 50k right now after the cancellations/returns are tallied.
Here is an interestind article pulled from the net at about.com... (Special note from your Guide: This is the first in a series of guest articles by A.C. Dwyer, owner of the Arlington Collection.)
UPDATE: Since this article was written, NGC has had the integrity and courage to step up to the plate and eliminate the "First Strikes" designation from their labels, replacing it with "Early Releases." PCGS, unfortunately, has no plans to stop this deceptive practice. --Coins Guide
UPDATE #2: NGC has agreed to settle a class action lawsuit regarding its use of "First Strikes." Get all the facts about the NGC "First Strikes" settlement and find out what class members can expect to receive. --Coins Guide
I recently received a call from a dealer who offered me a chance to buy the new 24k Gold Buffalo in a “First Strike” holder with a grade of MS70. Although my collection does not include “First Strike” coins, this made me curious to learn more about what “First Strike” really means. Was this some U.S. Mint designation? I was quite surprised when I found out just what kind of misleading designation “First Strike” was.
”First Strike” Marketing Genius – I don’t know who first thought of the “First Strike” concept, but I’d like to congratulate the marketing genius who did. He or she managed to create a perception of value, for an otherwise ordinary coin, based on nothing more than when it was shipped from the U.S. Mint!
Do you remember when all shampoo bottles had the directions “lather, rinse, then repeat”? Do you think some doctor discovered our hair or scalp was better off if we washed it twice? No, some marketer figured out that if you changed the directions to add “then repeat”, people would do it and you would sell twice as much shampoo to those people. Maybe this marketer moved on to one of the third party grading services.
What exactly is a “First Strike?” In general, a third party grading service gives a “First Strike” designation to those coins packaged for shipment from the U.S. Mint within a month of their official release date. For Mint State coins, the cutoff is basically January 31 of each year. Proof coins are based on the announced release date. All coins must be submitted with their original Mint shipment packaging with accompanying documents indicating they were packaged for shipment from the U.S. Mint within the first month of their official release.
The key words here are that the coins must have been packaged for shipment from the U.S. Mint within the first month of their official release. It has nothing to do with the date of striking other than they obviously were struck before they were packaged and shipped, which is, of course, true of all coins!
So, the “First Strike” designation is nothing more than a marketing program based on the principle that collectors have always sought out coins of special significance, and one way that a coin can be distinguished from another is by the date that it was struck. The perception being given by the “First Strike” designation is that somehow these coins were struck first, or at least early, in production.
Some “First Strike” Problems - The problem is that, during production, the U.S. Mint does not keep track of the order in which they mint coins. Also, the U.S. Mint usually begins production several weeks to several months before the coins are officially released. By the release dates for the 2005 and 2006 bullion coins, the U.S. Mint had already minted approximately 50% of the total projected mintage for these coins. The dates on shipping labels and packing slips do not necessarily correlate to the date of manufacture. This is all clearly stated on the U.S. Mint’s website under Consumer Awareness.
I have also heard the argument that the “First Strike” designation somehow implies that the strike of the earlier coins is somehow better than those struck later. This might be true if the Mint only used one set of dies during production. Since dies constantly wear out and are being replaced in an ongoing cycle, this argument goes out the window. Also, from a purely objective standpoint, a coin graded First Strike MS69 is no better than a non-First Strike coin graded MS69, regardless of what day it was minted.
The Value of the “First Strike” Designation – There is no arguing the fact that coins with the “First Strike” designation are commanding a premium over their non-designated counterparts, so there is demand for this designation whether you think it makes sense or not. Third party grading services are profit oriented businesses and not charities set up to benefit the hobby. If there is a demand for this designation from collectors, then it is in their interest to supply that demand. Whether or not this demand stands the test of time is something that we will have to wait and see.
For now, the “First Strike” designation has been a successful marketing campaign. So successful, in fact, that one third party grading service has come up with another designation, “First Day of Release.” Apparently the coins must be packaged and the shipping documents created on the first day of release. It doesn’t matter what day the coins were actually minted, only when they were packaged for shipment. One can only imagine what they may think of next, but at least this designation is an honest one.
Are “First Strike” Coins a Good Investment? If you get a call from a coin dealer offering you a “First Strike” 2006 24k Gold Buffalo graded MS70, you now know that the coin could be any one of those which were minted before or during the first month of the official release date. This could possibly represent anywhere from 30% to 80% of the total mintage for that issue. Do you know how many coins that is? . . . Neither do I. . . But I do have to fess up, I may not have bought a “First Strike” coin, but I do still rinse and repeat.
Sales Halted In Rosemont For New Gold Kennedy Coins!
(Rosemont, Illinois) -- The United States Mint and the American Numismatic Association Board of Governors have jointly announced that sales have been suspended for the John F. Kennedy gold proof half dollars at the World's Fair of MoneySM in Rosemont, Illinois after today, August 7, 2014.
Earlier today, the Mint announced it had suspended sales at its three retail locations in Philadelphia, Denver and Washington, D.C.
In its earlier sales suspension statement the Mint explained: "The Mint made this decision to ensure the safety of those wanting to purchase the coin and the safety of its own employees."
Hundreds of people have lined up outside the Donald E. Stephens Convention Center in Rosemont each night since Monday to purchase the new gold coins that have a dual date, 1964-2014, to commemorate the 50th anniversary of the Kennedy half dollars. Sales of the gold coins at the World's Fair of Money were limited to only 500 coins per day, and only one per customer.
Customers interested in purchasing the gold Kennedy half dollar proof coins are encouraged to visit the Mint's website (www.usmint.gov) or contact the call center (1-800-USA-MINT), where they can purchase up to five coins per household.
The United States Mint will continue offering other Mint products for sale at the World's Fair of Money that is open to the public and continues as scheduled through Saturday afternoon, August 9. Admission to the show on Saturday, August 9, will be free for Free Appraisal Day when the public is invited to bring in their old coins and paper money for complimentary, expert educational appraisals by American Numismatic Association members. Additional information is available online at www.WorldsFairOfMoney.com.
(Special note from your Guide: This is the first in a series of guest articles by A.C. Dwyer, owner of the Arlington Collection.)
UPDATE: Since this article was written, NGC has had the integrity and courage to step up to the plate and eliminate the "First Strikes" designation from their labels, replacing it with "Early Releases." PCGS, unfortunately, has no plans to stop this deceptive practice. --Coins Guide
UPDATE #2: NGC has agreed to settle a class action lawsuit regarding its use of "First Strikes." Get all the facts about the NGC "First Strikes" settlement and find out what class members can expect to receive. --Coins Guide
I recently received a call from a dealer who offered me a chance to buy the new 24k Gold Buffalo in a “First Strike” holder with a grade of MS70. Although my collection does not include “First Strike” coins, this made me curious to learn more about what “First Strike” really means. Was this some U.S. Mint designation? I was quite surprised when I found out just what kind of misleading designation “First Strike” was.
”First Strike” Marketing Genius – I don’t know who first thought of the “First Strike” concept, but I’d like to congratulate the marketing genius who did. He or she managed to create a perception of value, for an otherwise ordinary coin, based on nothing more than when it was shipped from the U.S. Mint!
Do you remember when all shampoo bottles had the directions “lather, rinse, then repeat”? Do you think some doctor discovered our hair or scalp was better off if we washed it twice? No, some marketer figured out that if you changed the directions to add “then repeat”, people would do it and you would sell twice as much shampoo to those people. Maybe this marketer moved on to one of the third party grading services.
What exactly is a “First Strike?” In general, a third party grading service gives a “First Strike” designation to those coins packaged for shipment from the U.S. Mint within a month of their official release date. For Mint State coins, the cutoff is basically January 31 of each year. Proof coins are based on the announced release date. All coins must be submitted with their original Mint shipment packaging with accompanying documents indicating they were packaged for shipment from the U.S. Mint within the first month of their official release.
The key words here are that the coins must have been packaged for shipment from the U.S. Mint within the first month of their official release. It has nothing to do with the date of striking other than they obviously were struck before they were packaged and shipped, which is, of course, true of all coins!
So, the “First Strike” designation is nothing more than a marketing program based on the principle that collectors have always sought out coins of special significance, and one way that a coin can be distinguished from another is by the date that it was struck. The perception being given by the “First Strike” designation is that somehow these coins were struck first, or at least early, in production.
Some “First Strike” Problems - The problem is that, during production, the U.S. Mint does not keep track of the order in which they mint coins. Also, the U.S. Mint usually begins production several weeks to several months before the coins are officially released. By the release dates for the 2005 and 2006 bullion coins, the U.S. Mint had already minted approximately 50% of the total projected mintage for these coins. The dates on shipping labels and packing slips do not necessarily correlate to the date of manufacture. This is all clearly stated on the U.S. Mint’s website under Consumer Awareness.
I have also heard the argument that the “First Strike” designation somehow implies that the strike of the earlier coins is somehow better than those struck later. This might be true if the Mint only used one set of dies during production. Since dies constantly wear out and are being replaced in an ongoing cycle, this argument goes out the window. Also, from a purely objective standpoint, a coin graded First Strike MS69 is no better than a non-First Strike coin graded MS69, regardless of what day it was minted.
Next: Despite all this, find out if First Strikes are worth the money...
The Value of the “First Strike” Designation – There is no arguing the fact that coins with the “First Strike” designation are commanding a premium over their non-designated counterparts, so there is demand for this designation whether you think it makes sense or not. Third party grading services are profit oriented businesses and not charities set up to benefit the hobby. If there is a demand for this designation from collectors, then it is in their interest to supply that demand. Whether or not this demand stands the test of time is something that we will have to wait and see.
For now, the “First Strike” designation has been a successful marketing campaign. So successful, in fact, that one third party grading service has come up with another designation, “First Day of Release.” Apparently the coins must be packaged and the shipping documents created on the first day of release. It doesn’t matter what day the coins were actually minted, only when they were packaged for shipment. One can only imagine what they may think of next, but at least this designation is an honest one.
Are “First Strike” Coins a Good Investment? If you get a call from a coin dealer offering you a “First Strike” 2006 24k Gold Buffalo graded MS70, you now know that the coin could be any one of those which were minted before or during the first month of the official release date. This could possibly represent anywhere from 30% to 80% of the total mintage for that issue. Do you know how many coins that is? . . . Neither do I. . . But I do have to fess up, I may not have bought a “First Strike” coin, but I do still rinse and repeat.
<< <i>Sales Halted In Rosemont For New Gold Kennedy Coins! ....................... Additional information is available online at www.WorldsFairOfMoney.com. >>
Ever hear of First Strike coins? They seem to be everywhere, and they certainly are attracting many coin collectors’ attention.
But what is a First Strike coin, why are they so popular, and are they really worth the money that they cost to buy?
First off, let me tell you this: First Strike coins are by no means rare.
While a coin labeled as a First Strike may seem like the kind of stuff rare U.S. coins are made of, they’re not.
Not at all.
The fact is, First Strike coins are so heavily advertised and sold (often through glossy magazine advertisements or on those television infomercials) that First Strike coins are often sold and collected by the thousands or greater.
With that kind of information, you may be wondering if First Strike coins are really less special and more of a marketing ploy.
What is the significance of a First Strike coin? You may think that a coin with First Strike designation may be the first – or at least one of the first – coins struck, either for that year, of that design, or perhaps from a specific die (the device that actually puts the stamped design on the coin).
You may be surprised to learn, however, that the vast majority of First Strike coins were probably struck days, weeks, and sometimes even months after the coin was first put into production.
So why would 3rd party graders like the Professional Coin Grading Service (PCGS) and – until recently – the Numismatic Guaranty Corporation (NGC) put some coins in First Strike coin slabs?
It seems profit for companies which sell First Strike coins may have something to do with it. After all, some coin collectors – particularly newbies – and uninformed consumers are buying these coins thinking they’re special because of the First Strike designation. These coins have, on average, sold for more than non-First Strike coins even though they’re really worth no more than any other similar coin of similar grade and condition.
So who wins when someone buys a First Strike coin? Likely the company or person that sells these coins often turns a profit in the process. The coin collector winds up with a coin in a coin slab with a fancy label. The coin collector may also make a little extra bit of money if they sell the coin to somebody else. But still, that First Strike coin is held with no more esteem by the general numismatic community than any other coin of a similar design, date, and grade.
Requirements For First Strike Coin Designation
What did the coin grading companies use as requirements when deciding what coins to label as First Strike coins? As it turns out, the primary definition of a First Strike coin is that it must have been shipped within one month of its official release date.
What does that mean?
If X coin is being officially released October 20, 2010, then whatever coins are shipped for sale within a month after that release date can potentially be designated as a First Strike coin. However, coins are often struck well in advance of their official release date. So the coin you have labeled as First Strike might have been made long after the first coins of that date, design, or type were actually produced.
By the way, the U.S. Mint doesn’t actually keep tabs on when certain coins were made. Therefore (and again), the First Strike designation is based on the coins found in shipments made within a month of the official release date.
Why You Might Buy A First Strike Coin Anyway
Because the numismatic community doesn’t really place any special premium in these so-called First Strike coins, the only reasons you might still buy a First Strike coin in a First Strike slab is because you like that particular coin’s:
Surface quality Grade Overall appearance Some other intrinsic quality relating to the coin itself
Otherwise, a First Strike coin doesn’t represent any special value, especially given that you really can’t be sure a First Strike coin was actually one of the first of its type made — or even struck early during the minting time frame to begin with.
<< <i>Sales Halted In Rosemont For New Gold Kennedy Coins! ....................... Additional information is available online at www.WorldsFairOfMoney.com. >>
<< <i>Sales Halted In Rosemont For New Gold Kennedy Coins! ....................... Additional information is available online at www.WorldsFairOfMoney.com. >>
Comments
A coin dealer in his rental car just drove by on River Rd. and trolled the line by yelling out his window for everybody to "go home" because "I've got all the Kennedys".
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
<< <i>It's 2:20am in 8/7/14. At this moment the atmosphere appears subdued. There is still a police presence but absent are the flashing police lights and anarchy. The line is still about 2/3 mile long so if you show up now you definitely won't get a gold Kennedy in the morning. The sidewalk on the eastern side of River Rd. sort of resembles a large homeless encampment.
A coin dealer in his rental car just drove by on River Rd. and trolled the line by yelling out his window for everybody to "go home" because "I've got all the Kennedys". >>
Suckers!
<< <i>Who says coin collecting is dying? It seems very alive to me. It's pretty cool that the Mint can generate this much interest >>
So THIS is "collecting"? All those trolls in line just want one to have one to pass on to the grand kids?
Gimme a break.....it's all about the Benjamins and has zip to do with "collecting"
<< <i>I have one thing to say -
Don't you wish you ordered more UHR's?
Think about it.
>>
I wish I had ordered any UHRs. UHR was released Jan 22, 2009 into a very uncertain US economy. DJIA closed Jan 22, 2009 @ 8122, down from the 13000 level. Market still had a ways to go down to 6547 Mar 9, 2009. Last thing I was thinking about was buying UHRs. I think conditions of the economy influenced ordering / total mintage for the UHR at the time. At least it did for me.
Anyway, I hope your hunch / theories on these proof Kennedys is correct and that the aftermarket for these is robust.
On the Mint site in now says available for shipping 8/5. Here we go again. They are lost without their shipping wheel.
<< <i>The shipping dates are already changing. Several reported their account order tracking already shows changes in shipping dates.
On the Mint site in now says available for shipping 8/5. Here we go again. They are lost without their shipping wheel. >>
They are changing thats for sure. My cancel Boxes are gone and my credit card has been hit for both my 12:03 and 12:07 orders
I knew it would happen.
Next show release.................
1) US Mint should allow anyone to "enter" a random selected lottery at the show.
2) Randomly select XXX number of tickets and display numbers.
3) Ticket holder must come forward and purchase coin with their own personal credit card or check drawn on their account. They must have photo ID. No cash or ppd cards accepted. (and I know cash should be accepted, but many events do not accept "cash" for security reasons---and this is a way to eliminate cash seeded buyers)
4) One per person per duration of the show. Names are collected upon sale.
Stops the group buyers dead in their tracks. They can buy from people coming off the line - but I guarantee you the lines will be a very orderly process. None of this BS with 99.9% of those online are only paid line sitters - most don't even know what they are buying - and 99.9% could not even afford to buy one on their own.
<< <i>My cancel Boxes are gone and my credit card has been hit for both my 12:03 and 12:07 orders >>
My 12:08 order still not hitting CC
Any of the FDI labels will be scarcer than the ANA labels. They could only be obtained DAY 1 - from each location and had to be accompanied by a original receipt. They had to be shipped from the city of purchase. Those were the rules.
dealers aren't paying the huge prices for nothing. Im sure the prices will surprise us all. And im sure they will sell, like always.
<< <i>Next time US Mint - do it right - a LOTTERY
Next show release................. >>
Do it right and DO NOT have a show release of a potentially popular coin
<< <i>These are ultra rarities and worth every dollar of the asking price.
The coins? Nah!
How many diehard collectors can there be for a little piece a paper?
http://www.ebay.com/itm/2014-W-Gold-Kennedy-Half-50-Anniversary-NGC-Proof-70-Chicago-ANA-FIRST-DAY-Box-/311041002970?pt=Coins_US_Individual&hash=item486b7d0dda
This seller is asking $5999.99 for a $1240.00 dollar coin because it has a First Day-Chicago ANA sticker on a the slab?
Well, it is a nice coin... if you are not bored to death with the design.
Some of those brand new PF70 graded coins may even turn out to not show any hidden spoting over the next 5-10 years.
That could be rare.
Anybody notice that the label does not say "First coin struck off of the die" , or, "Very Very Early Die State", or,
"1 of the first 5 coins struck from the die" ?
Naw, it says First Day-Chicago ANA...And the crowd goes crazy.
Wow, is this coin collecting, or is this Exonumia?
<< <i>Good Lord. Look at this...
http://www.ebay.com/itm/2014-W-Gold-Kennedy-Half-50-Anniversary-NGC-Proof-70-Chicago-ANA-FIRST-DAY-Box-/311041002970?pt=Coins_US_Individual&hash=item486b7d0dda
Naw, it says First Day-Chicago ANA...And the crowd goes crazy.
Wow, is this coin collecting, or is this Exonomia? >>
effen stupidity IMO.
link'tin
Coin World coverage of the line and first sale at ANA Chicago. Article Link
AUGUST 7 SALES UPDATE
<< <i>UPDATED SALES INFO
AUGUST 7 SALES UPDATE >>
I wonder if this include cancellations.
<< <i>Guess someone is mad.... >>
Got a laugh from the Q&A section................
I'm thinking the number creeps up ever so slowly now
If we make it to 75000 we are lucky
cancelling
<< <i>Looks like FDI coins starting to show up on ebay at 5000-6000 each. >>
Will be interesting to see where these close.
<< <i>
<< <i>Good Lord. Look at this...
http://www.ebay.com/itm/2014-W-Gold-Kennedy-Half-50-Anniversary-NGC-Proof-70-Chicago-ANA-FIRST-DAY-Box-/311041002970?pt=Coins_US_Individual&hash=item486b7d0dda
Naw, it says First Day-Chicago ANA...And the crowd goes crazy.
Wow, is this coin collecting, or is this Exonomia? >>
effen stupidity IMO.
link'tin >>
I placed an offer for 1240.00 on it. I just went all in lol
On a side note I cancelled 5 of my 10 orders from the mint. I got my orders in around 12:30. If anyone wants some of the 5 I still got on order shoot me a PM. If worse comes to worse I will send the back to the mint but I hope the FS eligible orders can put a few bucks in my pocket.
<< <i>Well now we know planchets only available for 75000
I'm thinking the number creeps up ever so slowly now
If we make it to 75000 we are lucky >>
My guess before the hoopla was 70,000 total minted and I bet it doesn't go over that. We're probably at 50k right now after the cancellations/returns are tallied.
UPDATE: Since this article was written, NGC has had the integrity and courage to step up to the plate and eliminate the "First Strikes" designation from their labels, replacing it with "Early Releases." PCGS, unfortunately, has no plans to stop this deceptive practice. --Coins Guide
UPDATE #2: NGC has agreed to settle a class action lawsuit regarding its use of "First Strikes." Get all the facts about the NGC "First Strikes" settlement and find out what class members can expect to receive. --Coins Guide
I recently received a call from a dealer who offered me a chance to buy the new 24k Gold Buffalo in a “First Strike” holder with a grade of MS70. Although my collection does not include “First Strike” coins, this made me curious to learn more about what “First Strike” really means. Was this some U.S. Mint designation? I was quite surprised when I found out just what kind of misleading designation “First Strike” was.
”First Strike” Marketing Genius – I don’t know who first thought of the “First Strike” concept, but I’d like to congratulate the marketing genius who did. He or she managed to create a perception of value, for an otherwise ordinary coin, based on nothing more than when it was shipped from the U.S. Mint!
Do you remember when all shampoo bottles had the directions “lather, rinse, then repeat”? Do you think some doctor discovered our hair or scalp was better off if we washed it twice? No, some marketer figured out that if you changed the directions to add “then repeat”, people would do it and you would sell twice as much shampoo to those people. Maybe this marketer moved on to one of the third party grading services.
What exactly is a “First Strike?” In general, a third party grading service gives a “First Strike” designation to those coins packaged for shipment from the U.S. Mint within a month of their official release date. For Mint State coins, the cutoff is basically January 31 of each year. Proof coins are based on the announced release date. All coins must be submitted with their original Mint shipment packaging with accompanying documents indicating they were packaged for shipment from the U.S. Mint within the first month of their official release.
The key words here are that the coins must have been packaged for shipment from the U.S. Mint within the first month of their official release. It has nothing to do with the date of striking other than they obviously were struck before they were packaged and shipped, which is, of course, true of all coins!
So, the “First Strike” designation is nothing more than a marketing program based on the principle that collectors have always sought out coins of special significance, and one way that a coin can be distinguished from another is by the date that it was struck. The perception being given by the “First Strike” designation is that somehow these coins were struck first, or at least early, in production.
Some “First Strike” Problems - The problem is that, during production, the U.S. Mint does not keep track of the order in which they mint coins. Also, the U.S. Mint usually begins production several weeks to several months before the coins are officially released. By the release dates for the 2005 and 2006 bullion coins, the U.S. Mint had already minted approximately 50% of the total projected mintage for these coins. The dates on shipping labels and packing slips do not necessarily correlate to the date of manufacture. This is all clearly stated on the U.S. Mint’s website under Consumer Awareness.
I have also heard the argument that the “First Strike” designation somehow implies that the strike of the earlier coins is somehow better than those struck later. This might be true if the Mint only used one set of dies during production. Since dies constantly wear out and are being replaced in an ongoing cycle, this argument goes out the window. Also, from a purely objective standpoint, a coin graded First Strike MS69 is no better than a non-First Strike coin graded MS69, regardless of what day it was minted.
The Value of the “First Strike” Designation – There is no arguing the fact that coins with the “First Strike” designation are commanding a premium over their non-designated counterparts, so there is demand for this designation whether you think it makes sense or not. Third party grading services are profit oriented businesses and not charities set up to benefit the hobby. If there is a demand for this designation from collectors, then it is in their interest to supply that demand. Whether or not this demand stands the test of time is something that we will have to wait and see.
For now, the “First Strike” designation has been a successful marketing campaign. So successful, in fact, that one third party grading service has come up with another designation, “First Day of Release.” Apparently the coins must be packaged and the shipping documents created on the first day of release. It doesn’t matter what day the coins were actually minted, only when they were packaged for shipment. One can only imagine what they may think of next, but at least this designation is an honest one.
Are “First Strike” Coins a Good Investment? If you get a call from a coin dealer offering you a “First Strike” 2006 24k Gold Buffalo graded MS70, you now know that the coin could be any one of those which were minted before or during the first month of the official release date. This could possibly represent anywhere from 30% to 80% of the total mintage for that issue. Do you know how many coins that is? . . . Neither do I. . . But I do have to fess up, I may not have bought a “First Strike” coin, but I do still rinse and repeat.
http://coins.about.com/od/coingrading/a/first_strike_co.htm
(Rosemont, Illinois) -- The United States Mint and the American Numismatic Association Board of Governors have jointly announced that sales have been suspended for the John F. Kennedy gold proof half dollars at the World's Fair of MoneySM in Rosemont, Illinois after today, August 7, 2014.
Earlier today, the Mint announced it had suspended sales at its three retail locations in Philadelphia, Denver and Washington, D.C.
In its earlier sales suspension statement the Mint explained: "The Mint made this decision to ensure the safety of those wanting to purchase the coin and the safety of its own employees."
Hundreds of people have lined up outside the Donald E. Stephens Convention Center in Rosemont each night since Monday to purchase the new gold coins that have a dual date, 1964-2014, to
commemorate the 50th anniversary of the Kennedy half dollars. Sales of the gold coins at the World's Fair of Money were limited to only 500 coins per day, and only one per customer.
Customers interested in purchasing the gold Kennedy half dollar proof coins are encouraged to visit the Mint's website (www.usmint.gov) or contact the call center (1-800-USA-MINT), where they can purchase up to five coins per household.
The United States Mint will continue offering other Mint products for sale at the World's Fair of Money that is open to the public and continues as scheduled through Saturday afternoon, August 9.
Admission to the show on Saturday, August 9, will be free for Free Appraisal Day when the public is invited to bring in their old coins and paper money for complimentary, expert educational appraisals by American Numismatic Association members. Additional information is available online at www.WorldsFairOfMoney.com.
<< <i>some of my online orders changed to "in process" >>
Mine too. 12:14 43704xxx
<< <i>Well now we know planchets only available for 75000
I'm thinking the number creeps up ever so slowly now
If we make it to 75000 we are lucky >>
All of you seem to forget that there'll be a renewed interest in this coin when the silver sets come out.
And don't think the mint isn't trying to source 3/4 ozt planchets right now...
<< <i>The Mint will continue to procure additional raw materials in order to fulfill all demand for this product. >>
(Special note from your Guide: This is the first in a series of guest articles by A.C. Dwyer, owner of the Arlington Collection.)
UPDATE: Since this article was written, NGC has had the integrity and courage to step up to the plate and eliminate the "First Strikes" designation from their labels, replacing it with "Early Releases." PCGS, unfortunately, has no plans to stop this deceptive practice. --Coins Guide
UPDATE #2: NGC has agreed to settle a class action lawsuit regarding its use of "First Strikes." Get all the facts about the NGC "First Strikes" settlement and find out what class members can expect to receive. --Coins Guide
I recently received a call from a dealer who offered me a chance to buy the new 24k Gold Buffalo in a “First Strike” holder with a grade of MS70. Although my collection does not include “First Strike” coins, this made me curious to learn more about what “First Strike” really means. Was this some U.S. Mint designation? I was quite surprised when I found out just what kind of misleading designation “First Strike” was.
”First Strike” Marketing Genius – I don’t know who first thought of the “First Strike” concept, but I’d like to congratulate the marketing genius who did. He or she managed to create a perception of value, for an otherwise ordinary coin, based on nothing more than when it was shipped from the U.S. Mint!
Do you remember when all shampoo bottles had the directions “lather, rinse, then repeat”? Do you think some doctor discovered our hair or scalp was better off if we washed it twice? No, some marketer figured out that if you changed the directions to add “then repeat”, people would do it and you would sell twice as much shampoo to those people. Maybe this marketer moved on to one of the third party grading services.
What exactly is a “First Strike?” In general, a third party grading service gives a “First Strike” designation to those coins packaged for shipment from the U.S. Mint within a month of their official release date. For Mint State coins, the cutoff is basically January 31 of each year. Proof coins are based on the announced release date. All coins must be submitted with their original Mint shipment packaging with accompanying documents indicating they were packaged for shipment from the U.S. Mint within the first month of their official release.
The key words here are that the coins must have been packaged for shipment from the U.S. Mint within the first month of their official release. It has nothing to do with the date of striking other than they obviously were struck before they were packaged and shipped, which is, of course, true of all coins!
So, the “First Strike” designation is nothing more than a marketing program based on the principle that collectors have always sought out coins of special significance, and one way that a coin can be distinguished from another is by the date that it was struck. The perception being given by the “First Strike” designation is that somehow these coins were struck first, or at least early, in production.
Some “First Strike” Problems - The problem is that, during production, the U.S. Mint does not keep track of the order in which they mint coins. Also, the U.S. Mint usually begins production several weeks to several months before the coins are officially released. By the release dates for the 2005 and 2006 bullion coins, the U.S. Mint had already minted approximately 50% of the total projected mintage for these coins. The dates on shipping labels and packing slips do not necessarily correlate to the date of manufacture. This is all clearly stated on the U.S. Mint’s website under Consumer Awareness.
I have also heard the argument that the “First Strike” designation somehow implies that the strike of the earlier coins is somehow better than those struck later. This might be true if the Mint only used one set of dies during production. Since dies constantly wear out and are being replaced in an ongoing cycle, this argument goes out the window. Also, from a purely objective standpoint, a coin graded First Strike MS69 is no better than a non-First Strike coin graded MS69, regardless of what day it was minted.
Next: Despite all this, find out if First Strikes are worth the money...
The Value of the “First Strike” Designation – There is no arguing the fact that coins with the “First Strike” designation are commanding a premium over their non-designated counterparts, so there is demand for this designation whether you think it makes sense or not. Third party grading services are profit oriented businesses and not charities set up to benefit the hobby. If there is a demand for this designation from collectors, then it is in their interest to supply that demand. Whether or not this demand stands the test of time is something that we will have to wait and see.
For now, the “First Strike” designation has been a successful marketing campaign. So successful, in fact, that one third party grading service has come up with another designation, “First Day of Release.” Apparently the coins must be packaged and the shipping documents created on the first day of release. It doesn’t matter what day the coins were actually minted, only when they were packaged for shipment. One can only imagine what they may think of next, but at least this designation is an honest one.
Are “First Strike” Coins a Good Investment? If you get a call from a coin dealer offering you a “First Strike” 2006 24k Gold Buffalo graded MS70, you now know that the coin could be any one of those which were minted before or during the first month of the official release date. This could possibly represent anywhere from 30% to 80% of the total mintage for that issue. Do you know how many coins that is? . . . Neither do I. . . But I do have to fess up, I may not have bought a “First Strike” coin, but I do still rinse and repeat.
http://coins.about.com/od/coingrading/a/first_strike_co.htm
<< <i>credit card billed. any chance they ship in time to bring to ANA for Chi label? >>
The only way to get that label was to be at the show.
And was your credit card hit for the full amount or just a "ping" amount to check the validity of your card?
Edited to include:
Checking my card I see in pending transactions
08/07/14 US MINT COIN SALES-D $1,244.95
So it appears shipment is imminent
<< <i>Sales Halted In Rosemont For New Gold Kennedy Coins! ....................... Additional information is available online at www.WorldsFairOfMoney.com. >>
Yep, that's what's posted. I'll be dog-goned.
link
<< <i>Sales Halted In Rosemont For New Gold Kennedy Coins! >>
Confirmed! (Had to go look to make sure it wasn't a joke...
US Mint Suspends JFK Gold Coin Sales at All Retail Locations
Hold Onto Your Money! A First Strike Coin May Not Be Worth It
first-strike-coin-silver-eagle-photo-by-joshua.JPG
Ever hear of First Strike coins? They seem to be everywhere, and they certainly are attracting many coin collectors’ attention.
But what is a First Strike coin, why are they so popular, and are they really worth the money that they cost to buy?
First off, let me tell you this: First Strike coins are by no means rare.
While a coin labeled as a First Strike may seem like the kind of stuff rare U.S. coins are made of, they’re not.
Not at all.
The fact is, First Strike coins are so heavily advertised and sold (often through glossy magazine advertisements or on those television infomercials) that First Strike coins are often sold and collected by the thousands or greater.
With that kind of information, you may be wondering if First Strike coins are really less special and more of a marketing ploy.
What is the significance of a First Strike coin? You may think that a coin with First Strike designation may be the first – or at least one of the first – coins struck, either for that year, of that design, or perhaps from a specific die (the device that actually puts the stamped design on the coin).
You may be surprised to learn, however, that the vast majority of First Strike coins were probably struck days, weeks, and sometimes even months after the coin was first put into production.
So why would 3rd party graders like the Professional Coin Grading Service (PCGS) and – until recently – the Numismatic Guaranty Corporation (NGC) put some coins in First Strike coin slabs?
It seems profit for companies which sell First Strike coins may have something to do with it. After all, some coin collectors – particularly newbies – and uninformed consumers are buying these coins thinking they’re special because of the First Strike designation. These coins have, on average, sold for more than non-First Strike coins even though they’re really worth no more than any other similar coin of similar grade and condition.
So who wins when someone buys a First Strike coin? Likely the company or person that sells these coins often turns a profit in the process. The coin collector winds up with a coin in a coin slab with a fancy label. The coin collector may also make a little extra bit of money if they sell the coin to somebody else. But still, that First Strike coin is held with no more esteem by the general numismatic community than any other coin of a similar design, date, and grade.
Requirements For First Strike Coin Designation
What did the coin grading companies use as requirements when deciding what coins to label as First Strike coins? As it turns out, the primary definition of a First Strike coin is that it must have been shipped within one month of its official release date.
What does that mean?
If X coin is being officially released October 20, 2010, then whatever coins are shipped for sale within a month after that release date can potentially be designated as a First Strike coin. However, coins are often struck well in advance of their official release date. So the coin you have labeled as First Strike might have been made long after the first coins of that date, design, or type were actually produced.
By the way, the U.S. Mint doesn’t actually keep tabs on when certain coins were made. Therefore (and again), the First Strike designation is based on the coins found in shipments made within a month of the official release date.
Why You Might Buy A First Strike Coin Anyway
Because the numismatic community doesn’t really place any special premium in these so-called First Strike coins, the only reasons you might still buy a First Strike coin in a First Strike slab is because you like that particular coin’s:
Surface quality
Grade
Overall appearance
Some other intrinsic quality relating to the coin itself
Otherwise, a First Strike coin doesn’t represent any special value, especially given that you really can’t be sure a First Strike coin was actually one of the first of its type made — or even struck early during the minting time frame to begin with.
...Full page article... http://coins.thefuntimesguide.com/2010/01/first_strike_coin.php
<< <i>
<< <i>Sales Halted In Rosemont For New Gold Kennedy Coins! ....................... Additional information is available online at www.WorldsFairOfMoney.com. >>
Yep, that's what's posted. I'll be dog-goned.
link >>
Did something happen?
<< <i>
<< <i>credit card billed. any chance they ship in time to bring to ANA for Chi label? >>
The only way to get that label was to be at the show.
And was your credit card hit for the full amount or just a "ping" amount to check the validity of your card?
Edited to include:
Checking my card I see in pending transactions
08/07/14 US MINT COIN SALES-D $1,244.95
So it appears shipment is emanate >>
yes, full amount.
and i know, at the show. so if ships today, maybe can fly to Chi on time for Sat submission.
<< <i>
<< <i>Sales Halted In Rosemont For New Gold Kennedy Coins! ....................... Additional information is available online at www.WorldsFairOfMoney.com. >>
Yep, that's what's posted. I'll be dog-goned.
link >>
Really, they should have taken control about 10:00 am Tuesday but this is a good move by the mint.
To the line standing dealers -