Mass produced Proof sets, gold and silver modern issues.
PNGandANA
Posts: 3 ✭
I'm cutting down on modern mass produce coins. The mint is just like the post office, producing millions of "collectibles" to make huge profits. Where does all that extra money go after they balance their own books?
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Comments
Most of the commemorative issues have surcharge recipients named in the legislation that authorized them. The surcharge is paid only if the mint covers its costs, which it sometimes does not.
Thanks for the information.
They really don't make money on many of these issues.
The sad thing is that the mint is headed toward killing the coin hobby with too many issues just as the Post Office Department killed stamp collecting in the 1960s. There is just too much "stuff" now. Collectors can't afford to keep up with it, and even if you have the money, chances are you have little interest in a lot of it. Some of it is just "stuff" that is made to sell with little or numismatic significance.
We not only have too coins; we also have too many finishes. Now it's business strike. Proof, Reverse Proof, Enhanced Uncirculated, Matte Proof and burnished, each one vying for spots in the Dansco albums. I say “enough!”
I stopped with the mint issues years ago... except for the occasional buy on certain coins of interest. I have a storage box full of mint/proof sets..... another box of 'special' mint sets... I do keep my Philadelphia set (gold and silver) in the safe - that one I got as a bulk buy of special sets... overall, ridiculously cheap. Back to the topic, yes, there are many, many mint products every year.. the list of releases is huge. One can spend a lot of money there and, much like a car, lose money as soon as you own it. Cheers, RickO