How the Mint Could Increase Interest in Numismatics - National Lottery of Mint Errors - Restrikes ?
Pushkin
Posts: 2,029 ✭✭✭
I would love to see a yearly national lottery of major Mint errors or rare coin restrikes. A possible proposal - each year the Mint would issue a small number of significant mint errors and hold a national lottery. The coins would obviously increase in value. The public could buy tickets at reasonable prices and the hobby would receive tremendous publicity. The Mint could also put up for lottery a few restrikes of great rarities (Stellas, Gorbrecht Dollars, you name). Perhaps a total of five or ten coins of a different rarity each year). The restrikes might have a small "R" someplace on the coin to identify it but not so large as to diminish eye appeal. The restrikes would likely not diminish the value of the original coins, and they would give the public, the average collector, a chance to own some very nice, very interesting pieces. There "errors" would need no special mark.
It would be important to keep the number of coins minted small, to mint one only one variety a year, and and to spend some of the proceeds on publicity. There is precedence for this. Remember the mint used to mint restrikes for collectors in the 1800's, but they didn't call them that.
Perhaps interest in numismatics would surge ???
Hope I win a 2017 penny with an upside down seven, or Lincoln facing in the other direction.
$5 a ticket? Where do I purchase mine?
Comments
No, the mint should not sell error coins.
Errors will still happen and get out of the mint.
Low mintages like the NPS coin is a better way to go.
NO, not sell directly. Mint a very small number and hold a lottery. They would be legal and a special, very limited official coin. I don't think 5 errors available by CHANCE to several hundred million people will diminish the value of anything. The proposal has nothing to do with errors getting out and it has a lot to do with publicity, giving he little guy a shot at a rarity, and helping the numismatic community. Just my opinion.
Disagree as the mint has a quality control system and does not want mistakes (errors) to get out.
In fact, they try extremely hard not to let their mistakes get out.
I agree with EoC -
I've talked to various officials of numerous Mints
over the decades (& around the world), and they
are a Production Facility - an NO production
facility is going to advertise or promote their
'mistakes' to keep collectors happy.
It jus won't happen - interesting idea to talk about,
but it will not occur, in my opinion.
I would not be in favor of that. The US Mint does not need publicity---it has a captive market. Each year, the Mint produced a myriad of NCLT issues, and occasionally some of them turn out to have relatively low mintages (but not in single of double digits). These have not generated a lot of collector interest that has translated to coins issued for circulation--the interest has mostly been from people interested in making a quick buck by flipping. Look at what has happened with the Sac mules--essentially all of them are now owned by just one person.
In the nineteenth century, the Mint produced a variety of pieces (mostly patterns) that it sold to wealthy collectors or used as trading material. This did not become common knowledge until almost a century later (although a few advanced and well-connected collectors and dealers knew). This should not happen again.
There are many opportunities to own a legitimately rare numismatic item---think exonumia (tokens, medals, etc..). I have numerous rare pieces of exonumia, and I don't regard them any more highly than a number of my 'regular' coins.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
A really bad idea.
Thanks to all of you for your opinion.
This kind of move could possibly cast a doubt as to the "authenticity" of other US error coins.
Perhaps they too were "made to order?" would be a question that would be floating out there if it isn't already.
Not a good idea.
@Pushkin..... actually, I like the idea....sure, there may be some details or contrary opinions... however, such a national 'lottery' would certainly promote interest in numismatics while providing what could become a significant revenue stream..... also, if ONLY actual process errors were used (not intentional produced errors), a written description of how it occurred could accompany the coin. Imagine the media coverage.... Cheers, RickO
"Manufactured" U.S. Mint errors would be about as interesting as the examples the Gallery Mint made years ago. Any "error" that is intentional simply has no merit so far as I'm concerned. It's an oxymoron and simply something that most collectors will ignore.
One of the crazyest things I have ever heard!
Excellent qualifications to the idea Ricko. The Mint probably destroys many, many errors every year. It could retain a half dozen or so of the very best, most interesting, for the lottery. These would provide the numismatic community with some really interesting coins. Again, the number available for the lottery should be kept low so that the "winners" would win something of potentially great value. Also, your point about the explanation would likely provide great interest to the general public. The interest to the public would increase interest in numismatics, and the lottery a revenue stream.
Re: @DIMEMAN...
I'm crazy, I confess.