Man I hate the felt interiors of the mint packaging!
As a follow up to my earlier post that I received 3 and am returning one, this is the unfortunate defect on the Eagle.
Sure wish mine would move out of processing and give the shipping number. Heck I ordered one on the 10th and another on the 16th when I saw there might be an issue with the info on the first one. Both are still saying processing.
@Goldminers said:
Looks like 643 are still available. Wonder if the last few will be a little cheaper in several days. Gold has been weak the past week.
If the price adjusts ($50) based on the average spot calc., what day of the week would it happen? Wednesday?
@Goldminers said:
Looks like 643 are still available. Wonder if the last few will be a little cheaper in several days. Gold has been weak the past week.
If the price adjusts ($50) based on the average spot calc., what day of the week would it happen? Wednesday?
I’m glad yours arrived. The first one I ordered on the 10th is showing processing however the one I ordered on the 16th has shipped and has a tracking number. Go figure, I don’t understand 🤷🏻♂️
@Goldminers said:
Looks like 643 are still available. Wonder if the last few will be a little cheaper in several days. Gold has been weak the past week.
If the price adjusts ($50) based on the average spot calc., what day of the week would it happen? Wednesday?
As near as I can tell, the price of gold would have to drop below $1900, per their grid.
I have seen the Pricing-grid but not sure the methodology used for calculating "average" or what spot price is used. So Kitco ended under 1900 for a few days and Friday at 1,890.50-Ask. _Other _gold futures are higher as we see quoted all over the place. It will be interesting to watch price and quantities available over the next few days.
@CXD said:
I have seen the Pricing-grid but not sure the methodology used for calculating "average" or what spot price is used. So Kitco ended under 1900 for a few days and Friday at 1,890.50-Ask. _Other _gold futures are higher as we see quoted all over the place. It will be interesting to watch price and quantities available over the next few days.
I do not have a long history of 'crunching' these figures. My current hypothesis, subject to future confirmation, is that the weekly average starts R-AM, and ends W-PM.
Edited to add:
My hypothesis was incorrect. See this post from @cagcrisp for the correct method to calculate the weekly average.
@CXD said:
I have seen the Pricing-grid but not sure the methodology used for calculating "average" or what spot price is used. So Kitco ended under 1900 for a few days and Friday at 1,890.50-Ask. _Other _gold futures are higher as we see quoted all over the place. It will be interesting to watch price and quantities available over the next few days.
I do not have a long history of 'crunching' these figures. My current hypothesis, subject to future confirmation, is that the weekly average starts R-AM, and ends W-PM.
Starts LBMA AM Fix on Thursday and concludes LBMA Wednesday AM Fix and use’s LBMA Wednesday’s PM Fix as a type of tiebreaker…
The rim problems above are probably bad enough to prevent 70 grades even if the rest of the coin is beautiful. A little bit disappointing to hear that several folks here have found this issue on their coins already. I have not received mine yet.
I just received my coin on a Sunday. Surprised about the early delivery. The coin looks beautiful. No rim damage that I can see. I will keep this one as one of my few long term coins. I made a decision last year to sell most of my coins that I have accumulated over the years. I am down to eight coins that I am keeping.
I will keep this one as one of my few long term coins. I am down to eight coins that I am keeping.
Very admirable! You have chosen the most significant ones...not an easy feat. And this newest addition slides right in. ( You should do two more coins, then you could have a "Top Ten")
With the quality issues and people returning/exchanging these coins to the US Mint .. what actually happens to these returned items? Recirc or melt? I figured someone here would know.
I may have to bite the bullet and keep my flawed coin, and try for a stabbed one in the future. With about 640 coins available, not taking into account how many of those reserved for new orders and returns on their way back to the mint, I might not get a replacement.
Throw a coin enough times, and suppose one day it lands on its edge.
@Goldminers said:
Looks like 643 are still available. Wonder if the last few will be a little cheaper in several days. Gold has been weak the past week.
It now shows the available count as 647.
I'm thinking it will be quite a while to move that final inventory, what with current Mint returns and CC/address fails.
Not to mention the almost $2.9k price tag when gold is sitting in the $1,920 area.
Are the new buyers of this issue depleted?
Big buyers are done it appears.
Will be interesting to follow the journey into the fall.
edited to add: The mintage of this gold coin is 12,500, yet the 2009 UHR gold minted 115,000 coins
Will there ever be a coin like that UHR gold coin?
@CXD said:
With the quality issues and people returning/exchanging these coins to the US Mint .. what actually happens to these returned items? Recirc or melt? I figured someone here would know.
@Onastone said:
They do not get sent back out, they are melted.
I hope so, does it say that somewhere on the mints website.
My reason for asking is that I still have one out there in processing that I ordered on the 10th.
@Onastone said:
They do not get sent back out, they are melted.
I hope so, does it say that somewhere on the mints website.
My reason for asking is that I still have one out there in processing that I ordered on the 10th.
I agree with MtW124. Do we have an explicit statement from the mint stating so?
Every time I've ordered "old" (last year's coins) where there are limited quantities, they always show up with defects. Could just be coincidence, but I think these are returns.
Could it just be the slight angle when taking the photograph? I don’t see the rim deterioration that I saw on another one shown here. I’m probably wrong but I can’t really tell.
@CXD said:
With the quality issues and people returning/exchanging these coins to the US Mint .. what actually happens to these returned items? Recirc or melt? I figured someone here would know.
@Onastone said:
They do not get sent back out, they are melted.
I hope so, does it say that somewhere on the mints website.
My reason for asking is that I still have one out there in processing that I ordered on the 10th.
I agree with MtW124. Do we have an explicit statement from the mint stating so?
@ProofCollection said:
Every time I've ordered "old" (last year's coins) where there are limited quantities, they always show up with defects. Could just be coincidence, but I think these are returns.
I almost think this deserves a new thread, but since we are talking about damaged gold rims I'll share the mint's reply. Here is the transcript from a live chat:
Today
Hi. I have a question about your process of returns.
Live Chat
Chat started
Hi.
Hello, my name is Sharda, thank you for contacting the United States Mint. With whom do I have the pleasure to chat with today?
This is Bill.
I'll be more than happy to assist you with your inquiry about returns, Bill.
How may I assist you?
I'm a member of the PCGS Forums and we are discussing what happens to coins returned to the mint.
Half of us say the damaged coins are melted. The other half think the mint resells them to other customers.
What is the journey of a returned coin? Does it get re-evaluted for sale or marked for destruction?
One moment please while I find the information you are requesting. Please allow me up to two minutes to research.
Thank you so much.
Thanks for waiting.
They get evaluated for sale.
If they are damaged then they are sent back to the mint.
That is all the information I have at this time.
Is there anything else I can assist you with today?
Okay. Thank you very much.
Thank you for shopping with the United States Mint, we’re happy to assist you today and in the future. For additional information on our products please visit our website at www.catalog.usmint.gov. Should you need further assistance from the United States Mint, please feel free to contact us at 1-800-USA-MINT (872-6468). For your convenience, we are available seven days a week between the hours of 8 a.m. to 9 p.m. ET.
The operator has ended the chat. Thanks for contacting us.
@CXD said:
With the quality issues and people returning/exchanging these coins to the US Mint .. what actually happens to these returned items? Recirc or melt? I figured someone here would know.
@Onastone said:
They do not get sent back out, they are melted.
I hope so, does it say that somewhere on the mints website.
My reason for asking is that I still have one out there in processing that I ordered on the 10th.
I agree with MtW124. Do we have an explicit statement from the mint stating so?
@ProofCollection said:
Every time I've ordered "old" (last year's coins) where there are limited quantities, they always show up with defects. Could just be coincidence, but I think these are returns.
I almost think this deserves a new thread, but since we are talking about damaged gold rims I'll share the mint's reply. Here is the transcript from a live chat:
Today
Hi. I have a question about your process of returns.
Live Chat
Chat started
Hi.
Hello, my name is Sharda, thank you for contacting the United States Mint. With whom do I have the pleasure to chat with today?
This is Bill.
I'll be more than happy to assist you with your inquiry about returns, Bill.
How may I assist you?
I'm a member of the PCGS Forums and we are discussing what happens to coins returned to the mint.
Half of us say the damaged coins are melted. The other half think the mint resells them to other customers.
What is the journey of a returned coin? Does it get re-evaluted for sale or marked for destruction?
One moment please while I find the information you are requesting. Please allow me up to two minutes to research.
Thank you so much.
Thanks for waiting.
They get evaluated for sale.
If they are damaged then they are sent back to the mint.
That is all the information I have at this time.
Is there anything else I can assist you with today?
Okay. Thank you very much.
Thank you for shopping with the United States Mint, we’re happy to assist you today and in the future. For additional information on our products please visit our website at www.catalog.usmint.gov. Should you need further assistance from the United States Mint, please feel free to contact us at 1-800-USA-MINT (872-6468). For your convenience, we are available seven days a week between the hours of 8 a.m. to 9 p.m. ET.
The operator has ended the chat. Thanks for contacting us.
Makes sense. If a coin has damage that is obvious to a layman checking returns at the warehouse, it should not be offered for resale.
OTOH, if the return is from a perfectionist returning a 69 because it is not a 70, there is nothing wrong with the product from a retailing perspective, and it would be wasteful to melt it down. In fact, if the Mint was really smart, it would start blacklisting people who return 69s, unless the products are offered by the Mint as 70s.
@CXD said:
With the quality issues and people returning/exchanging these coins to the US Mint .. what actually happens to these returned items? Recirc or melt? I figured someone here would know.
@Onastone said:
They do not get sent back out, they are melted.
I hope so, does it say that somewhere on the mints website.
My reason for asking is that I still have one out there in processing that I ordered on the 10th.
I agree with MtW124. Do we have an explicit statement from the mint stating so?
@ProofCollection said:
Every time I've ordered "old" (last year's coins) where there are limited quantities, they always show up with defects. Could just be coincidence, but I think these are returns.
I almost think this deserves a new thread, but since we are talking about damaged gold rims I'll share the mint's reply. Here is the transcript from a live chat:
Today
Hi. I have a question about your process of returns.
Live Chat
Chat started
Hi.
Hello, my name is Sharda, thank you for contacting the United States Mint. With whom do I have the pleasure to chat with today?
This is Bill.
I'll be more than happy to assist you with your inquiry about returns, Bill.
How may I assist you?
I'm a member of the PCGS Forums and we are discussing what happens to coins returned to the mint.
Half of us say the damaged coins are melted. The other half think the mint resells them to other customers.
What is the journey of a returned coin? Does it get re-evaluted for sale or marked for destruction?
One moment please while I find the information you are requesting. Please allow me up to two minutes to research.
Thank you so much.
Thanks for waiting.
They get evaluated for sale.
If they are damaged then they are sent back to the mint.
That is all the information I have at this time.
Is there anything else I can assist you with today?
Okay. Thank you very much.
Thank you for shopping with the United States Mint, we’re happy to assist you today and in the future. For additional information on our products please visit our website at www.catalog.usmint.gov. Should you need further assistance from the United States Mint, please feel free to contact us at 1-800-USA-MINT (872-6468). For your convenience, we are available seven days a week between the hours of 8 a.m. to 9 p.m. ET.
The operator has ended the chat. Thanks for contacting us.
Makes sense. If a coin has damage that is obvious to a layman checking returns at the warehouse, it should not be offered for resale.
OTOH, if the return is from a perfectionist returning a 69 because it is not a 70, there is nothing wrong with the product from a retailing perspective, and it would be wasteful to melt it down. In fact, if the Mint was really smart, it would start blacklisting people who return 69s, unless the products are offered by the Mint as 70s.
I would argue that the coins in the pictures don't show any marks or defects. Why wouldn't we expect the product to look like the picture?
Unfortunately they know that some of these will be gifts after the return window closes or just thrown in a safe without much scrutiny so they know they have a shot at re-selling most of the returns and people won't notice or return them again.
Comments
In todays mail
INYNWHWeTrust-TexasNationals,ajaan,blu62vette
coinJP, Outhaul ,illini420,MICHAELDIXON, Fade to Black,epcjimi1,19Lyds,SNMAN,JerseyJoe, bigjpst, DMWJR , lordmarcovan, Weiss,Mfriday4962,UtahCoin,Downtown1974,pitboss,RichieURich,Bullsitter,JDsCoins,toyz4geo,jshaulis, mustanggt, SNMAN
Beautiful, I think I will have to get one of the silvers
Man I hate the felt interiors of the mint packaging!
As a follow up to my earlier post that I received 3 and am returning one, this is the unfortunate defect on the Eagle.
You’ve rotated the reverse picture. OCD in me had to let you know 😂
Sure wish mine would move out of processing and give the shipping number. Heck I ordered one on the 10th and another on the 16th when I saw there might be an issue with the info on the first one. Both are still saying processing.
I'll be darned, so I did.
How's this
INYNWHWeTrust-TexasNationals,ajaan,blu62vette
coinJP, Outhaul ,illini420,MICHAELDIXON, Fade to Black,epcjimi1,19Lyds,SNMAN,JerseyJoe, bigjpst, DMWJR , lordmarcovan, Weiss,Mfriday4962,UtahCoin,Downtown1974,pitboss,RichieURich,Bullsitter,JDsCoins,toyz4geo,jshaulis, mustanggt, SNMAN
Looks like 643 are still available. Wonder if the last few will be a little cheaper in several days. Gold has been weak the past week.
National Commemorative Medals of the U.S. Mint:
https://www.pcgs.com/setregistry/u-s-coins/medals-tokens/national-commemorative-medals-united-states-mint-1940-present/alltimeset/195526
If the price adjusts ($50) based on the average spot calc., what day of the week would it happen? Wednesday?
Wednesday PM
Got my Gold coin:
I’m glad yours arrived. The first one I ordered on the 10th is showing processing however the one I ordered on the 16th has shipped and has a tracking number. Go figure, I don’t understand 🤷🏻♂️
Has anybody received a coin that has a full rim all the way around on the reverse of this gold coin? Thanks
As near as I can tell, the price of gold would have to drop below $1900, per their grid.
https://catalog.usmint.gov/on/demandware.static/-/Sites-USM-Library/default/dw2021515f/images/PDFs/2023-Pricing-Grid.pdf
In fact, I thought the price of gold was above $1950 and these should have been priced at $2915 on release day.
I have seen the Pricing-grid but not sure the methodology used for calculating "average" or what spot price is used. So Kitco ended under 1900 for a few days and Friday at 1,890.50-Ask. _Other _gold futures are higher as we see quoted all over the place. It will be interesting to watch price and quantities available over the next few days.
The Mint appears to use the London Fix. Reference
I do not have a long history of 'crunching' these figures. My current hypothesis, subject to future confirmation, is that the weekly average starts R-AM, and ends W-PM.
Edited to add:
My hypothesis was incorrect. See this post from @cagcrisp for the correct method to calculate the weekly average.
Mine doesn't, came in Friday. Post some pics so others can compare similar occurrences.
Throw a coin enough times, and suppose one day it lands on its edge.
Here's my contribution. No full rim on the reverse. Kind of looks like an incomplete bead-blast on the rim of the die.
Throw a coin enough times, and suppose one day it lands on its edge.
That's pretty much what mine had. I sent it back.
I had another delivered, that had a completely intact rim.
Starts LBMA AM Fix on Thursday and concludes LBMA Wednesday AM Fix and use’s LBMA Wednesday’s PM Fix as a type of tiebreaker…
Thank you for this information. I appreciate it.
Wednesday’s PM Fix is the most important Fix of the week. If all the other fixes say it’s a Go and Wednesday PM Fix says it’s a No Go, it’s a No Go…
Last week Every fix for Palladium indicated a One level price Increase. Wednesday PM fix came in within range and there was Not a price Increase.
You never know with 100% certainty until the Wednesday PM Fix has occurred…
Thursday 17th AM fix was $1,893.95 and Friday AM was $1,891.75 LBMA data. I guess we will know Wed PM.
National Commemorative Medals of the U.S. Mint:
https://www.pcgs.com/setregistry/u-s-coins/medals-tokens/national-commemorative-medals-united-states-mint-1940-present/alltimeset/195526
The rim problems above are probably bad enough to prevent 70 grades even if the rest of the coin is beautiful. A little bit disappointing to hear that several folks here have found this issue on their coins already. I have not received mine yet.
National Commemorative Medals of the U.S. Mint:
https://www.pcgs.com/setregistry/u-s-coins/medals-tokens/national-commemorative-medals-united-states-mint-1940-present/alltimeset/195526
These are the fixes that are used for the weekly average:
Thursday AM
Thursday PM
Friday AM
Friday PM
Monday AM
Monday PM
Tuesday AM
Tuesday PM
Wednesday AM
Wednesday PM is used Only as a type of tiebreaker...
I just received my coin on a Sunday. Surprised about the early delivery. The coin looks beautiful. No rim damage that I can see. I will keep this one as one of my few long term coins. I made a decision last year to sell most of my coins that I have accumulated over the years. I am down to eight coins that I am keeping.
EXCELLENT information. Thanks for sharing it.
I will keep this one as one of my few long term coins. I am down to eight coins that I am keeping.
Very admirable! You have chosen the most significant ones...not an easy feat. And this newest addition slides right in. ( You should do two more coins, then you could have a "Top Ten")
With the quality issues and people returning/exchanging these coins to the US Mint .. what actually happens to these returned items? Recirc or melt? I figured someone here would know.
I may have to bite the bullet and keep my flawed coin, and try for a stabbed one in the future. With about 640 coins available, not taking into account how many of those reserved for new orders and returns on their way back to the mint, I might not get a replacement.
Throw a coin enough times, and suppose one day it lands on its edge.
Here is my first attempt ever to post pictures on this forum.
Not great pictures but you can see the rim of the coin is intact.
Very nice I can only hope. Mine is supposed to arrive tomorrow.
Beautiful gold coin. Congrats to all.
Successful BST with BustDMs , Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino (CBH's - 37 Die Marriage's)
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
I thought he was referring to the inconsistency is the size or centering of the rim. Several on here show a decent skew.
It now shows the available count as 647.
I'm thinking it will be quite a while to move that final inventory, what with current Mint returns and CC/address fails.
Not to mention the almost $2.9k price tag when gold is sitting in the $1,920 area.
Are the new buyers of this issue depleted?
Big buyers are done it appears.
Will be interesting to follow the journey into the fall.
edited to add: The mintage of this gold coin is 12,500, yet the 2009 UHR gold minted 115,000 coins
Will there ever be a coin like that UHR gold coin?
Gold is at $1889 maybe people are waiting for Wednesday to see if the price drops.
They do not get sent back out, they are melted.
I hope so, does it say that somewhere on the mints website.
My reason for asking is that I still have one out there in processing that I ordered on the 10th.
I agree with MtW124. Do we have an explicit statement from the mint stating so?
Every time I've ordered "old" (last year's coins) where there are limited quantities, they always show up with defects. Could just be coincidence, but I think these are returns.
The rim in the picture does not look full to me.
Could it just be the slight angle when taking the photograph? I don’t see the rim deterioration that I saw on another one shown here. I’m probably wrong but I can’t really tell.
That's a shadow from the coin capsule.
Throw a coin enough times, and suppose one day it lands on its edge.
I almost think this deserves a new thread, but since we are talking about damaged gold rims I'll share the mint's reply. Here is the transcript from a live chat:
Today
Hi. I have a question about your process of returns.
Live Chat
Chat started
Hi.
Hello, my name is Sharda, thank you for contacting the United States Mint. With whom do I have the pleasure to chat with today?
This is Bill.
I'll be more than happy to assist you with your inquiry about returns, Bill.
How may I assist you?
I'm a member of the PCGS Forums and we are discussing what happens to coins returned to the mint.
Half of us say the damaged coins are melted. The other half think the mint resells them to other customers.
What is the journey of a returned coin? Does it get re-evaluted for sale or marked for destruction?
One moment please while I find the information you are requesting. Please allow me up to two minutes to research.
Thank you so much.
Thanks for waiting.
They get evaluated for sale.
If they are damaged then they are sent back to the mint.
That is all the information I have at this time.
Is there anything else I can assist you with today?
Okay. Thank you very much.
Thank you for shopping with the United States Mint, we’re happy to assist you today and in the future. For additional information on our products please visit our website at www.catalog.usmint.gov. Should you need further assistance from the United States Mint, please feel free to contact us at 1-800-USA-MINT (872-6468). For your convenience, we are available seven days a week between the hours of 8 a.m. to 9 p.m. ET.
The operator has ended the chat. Thanks for contacting us.
Makes sense. If a coin has damage that is obvious to a layman checking returns at the warehouse, it should not be offered for resale.
OTOH, if the return is from a perfectionist returning a 69 because it is not a 70, there is nothing wrong with the product from a retailing perspective, and it would be wasteful to melt it down. In fact, if the Mint was really smart, it would start blacklisting people who return 69s, unless the products are offered by the Mint as 70s.
I would argue that the coins in the pictures don't show any marks or defects. Why wouldn't we expect the product to look like the picture?
Unfortunately they know that some of these will be gifts after the return window closes or just thrown in a safe without much scrutiny so they know they have a shot at re-selling most of the returns and people won't notice or return them again.
I tried a second time to take pictures that eliminate shadows. To me, the rim looks fine on this coin.
I tried my best to capture the images of the coin.
The capsule will often distort your pictures. If you really want to know for sure, you're going to have to take it out.
As long as it looks fine to you that's all that matters.
It looks nicer in silver but gold is only 50% over spot vs 300% for silver, plus the 12.5k mintage vs 75k, so I got the gold yesterday.