US Mint selling backdated gold & silver coins

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taciturn
taciturn Posts: 24 ✭✭
in U.S. Coin Forum

Hello!

I could not find any discussion regarding this topic, that the US Mint sold backdated gold & silver coins (year 2016 & 2017) to dealers.
I have read about it on Coin News: https://coinnews.net/2020/07/01/ngc-certifying-stockpile-of-backdated-u-s-mint-gold-and-silver-coins/

As a collector my trust for the US Mint is at the bottom now. I paid premium for several coins from 2016 and the mintages are obviously higher now. It could be that the US Mint would do it in the future again and again. There is no guarantee for final mintages of coins anymore with this kind of policy.

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  • MilesWaits
    MilesWaits Posts: 5,597 ✭✭✭✭✭
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    Well rest assured those spouse gold coins will remain at spot, for those in the know.

    Now riding the swell in PM's and surf.
  • MedalCollector
    MedalCollector Posts: 2,103 ✭✭✭✭✭
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    I dislike that they will be marketed as “the 2020 West Point Mint Hoard” coins. These are overstocks, the Mint’s leftovers. Nice job making it seem more glamorous....

    It seems strange that they keep back issues for so long too. You’d think they’d melt and make into new issues.

    I have no skin in this game...but an interesting topic nonetheless.

  • TwoSides2aCoin
    TwoSides2aCoin Posts: 45,216 ✭✭✭✭✭
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    Peddlers.

  • Martin
    Martin Posts: 999 ✭✭✭✭✭
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    Wow! Not the first time that has happened. I seem to recall a
    Last chance sale a decade or so ago
    that offered a lot of old issues. I also bet the 70s will be prevalent. Guess it’s not over till it’s over.

    Martin

  • Jimnight
    Jimnight Posts: 10,846 ✭✭✭✭✭
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    :/

  • batumi
    batumi Posts: 936 ✭✭✭✭
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    @MilesWaits said:
    Well rest assured those spouse gold coins will remain at spot, for those in the know.

    Even those are tough to locate at spot as of late!

  • philographer
    philographer Posts: 1,383 ✭✭✭✭✭
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    I remember specifically that remaining 2009 Ultra High Relief double eagles were melted very soon (a year tor two) after the sales period ended. I think that's the right thing to do.

    He who knows he has enough is rich.

  • ricko
    ricko Posts: 98,724 ✭✭✭✭✭
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    I think the title is misleading....They were not 'backdated' - as if they were newly minted in a subsequent year. They were already minted coins in storage... Then released in a later year....Cheers, RickO

  • johnny9434
    johnny9434 Posts: 34,054 ✭✭✭✭✭
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    It's to bad some of it is way over priced. Just saying

  • ShaunBC5
    ShaunBC5 Posts: 1,974 ✭✭✭✭✭
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    The OP says that "the mintages are obviously higher now"...Do they only report what they sell as the mintage, and not what they actually produce? I've never bought from the mint, so it's a real question. I assumed the mintage was reported as what was pumped through the machines.
    Certainly there will be more available on the market, but has the mintage # actually been affected?

  • Goldminers
    Goldminers Posts: 4,414 ✭✭✭✭✭
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    I do not see any additions to the US Mint cumulative sales (mintages) in 2020 as of 6/28/2020 for these on the Mint site. The 16SC 16SD Betty Ford gold spouses do not show a change from the last report on them from 1/1/2018. There is no evidence I can find presented so far, that indicates stated mintages were affected at all.

    My US Mint Commemorative Medal Set

  • ms70
    ms70 Posts: 13,958 ✭✭✭✭✭
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    Melt them.

  • Smudge
    Smudge Posts: 10,001 ✭✭✭✭✭
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    Probably will be for sale on TV soon.

  • JBK
    JBK Posts: 17,860 ✭✭✭✭✭
    edited July 6, 2020 9:44AM
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    The article is a bit of hype.

    They are not "backdated", they are prior years' issues. The "hoard" and "stockpile" designations are hyperbole that helps with the marketing of the coins.

    Also, the article keeps mentioning the pandemic, but I don't see how that is really a factor.

    Yes, it is an unusual scenario, but if final mintages had been reported then this should not impact this.

    Normally issues must either go off sale by the end of the year they were minted in, or are sold until the supply is exhausted - the enabling legislation determines that. I have no idea why it how these were still in inventory. Returns? Miscounted inventory? Cancelled orders?

  • tommy44
    tommy44 Posts: 2,347 ✭✭✭✭✭
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    Almost as controversial as the Treasury silver dollar sales. >:)

    it's crackers to slip a rozzer the dropsy in snide

  • TurtleCat
    TurtleCat Posts: 4,692 ✭✭✭✭✭
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    I have read, though I don’t know how to verify, that the mint is typically required to melt unsold inventory after a short period of time of sales end. That’s what I keep reading about that infuriates a lot of people. It shouldn’t be a surprise either way. The mint has a history of questionable rarities, questionable errors, and things “leaking” out. Most of which people love.

  • AUandAG
    AUandAG Posts: 25,050 ✭✭✭✭✭
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    Probably returns being resold. Mintages will remain the same would be my guess.

    bob

    Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
  • cagcrisp
    cagcrisp Posts: 1,063 ✭✭✭✭✭
    edited July 6, 2020 9:21AM
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    @ShaunBC5 said:
    The OP says that "the mintages are obviously higher now"...Do they only report what they sell as the mintage, and not what they actually produce? I've never bought from the mint, so it's a real question. I assumed the mintage was reported as what was pumped through the machines.
    Certainly there will be more available on the market, but has the mintage # actually been affected?

    The United States Mint only reports sales numbers before they are pulled from the website. Any sales after that point will be reported later once there has been audited numbers.

    Mintage numbers will change once there is an audit.

    Release of audited numbers are becoming more rare from the Mint...

  • ShaunBC5
    ShaunBC5 Posts: 1,974 ✭✭✭✭✭
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    @cagcrisp, thanks for the info. I didn’t realize it worked that way.

  • cagcrisp
    cagcrisp Posts: 1,063 ✭✭✭✭✭
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    @AUandAG said:
    Probably returns being resold. Mintages will remain the same would be my guess.

    bob

    The Mint does not sell returns...

  • TwoSides2aCoin
    TwoSides2aCoin Posts: 45,216 ✭✭✭✭✭
    edited July 6, 2020 12:12PM
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    @ricko said:
    I think the title is misleading....They were not 'backdated' - as if they were newly minted in a subsequent year. They were already minted coins in storage... Then released in a later year....Cheers, RickO

    It's possible the OP meant " the backhanded mint " was selling day old bread at fresh Baked bread prices. :joy:
    Otherwise they'd be "restrikes".

  • Zoins
    Zoins Posts: 34,489 ✭✭✭✭✭
    edited July 6, 2020 12:32PM
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    I'm hoping they will sell the 2000-W Sacagawea dollars :)

    Private Mint News | 2010 Lincoln Reverse Finalists
  • jmlanzaf
    jmlanzaf Posts: 43,047 ✭✭✭✭✭
    edited July 6, 2020 12:34PM
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    @philographer said:
    I remember specifically that remaining 2009 Ultra High Relief double eagles were melted very soon (a year tor two) after the sales period ended. I think that's the right thing to do.

    Bullion coins are treated differently than numismatic coins. Numismatic coins are sometimes available on the Mint site for years after issue. I don't think the Eagle's were still for sale, but I can't say as I had looked for any of those items.

    All comments reflect the opinion of the author, even when irrefutably accurate.

  • AUandAG
    AUandAG Posts: 25,050 ✭✭✭✭✭
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    @cagcrisp said:

    @AUandAG said:
    Probably returns being resold. Mintages will remain the same would be my guess.

    bob

    The Mint does not sell returns...

    Well, the mint doesn't sell backdated coins either, 'eh? Things just might be changing...

    bob :)

    Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
  • jmlanzaf
    jmlanzaf Posts: 43,047 ✭✭✭✭✭
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    @AUandAG said:

    @cagcrisp said:

    @AUandAG said:
    Probably returns being resold. Mintages will remain the same would be my guess.

    bob

    The Mint does not sell returns...

    Well, the mint doesn't sell backdated coins either, 'eh? Things just might be changing...

    bob :)

    The 2016 proof eagles were sold in 2019 not 2020

    All comments reflect the opinion of the author, even when irrefutably accurate.

  • JBK
    JBK Posts: 17,860 ✭✭✭✭✭
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    @AUandAG said:

    @cagcrisp said:

    @AUandAG said:
    Probably returns being resold. Mintages will remain the same would be my guess.

    bob

    The Mint does not sell returns...

    Well, the mint doesn't sell backdated coins either, 'eh? Things just might be changing...

    bob :)

    I recall seeing Bicentennial 3-coin sets for at least a few years after 1976, 1999 SBAs for a couple years, and 2001 Sacs made a comeback in rolls and boxes several years later. Rules? What rules? :*

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