Surprise! 20th anniversary sets unfairly hyped?

tychojoe · September 15, 2006 7:39AM

"New Uncirculated American Eagles" -- US Mint press release, http://www.usmint.gov/pressroom/index.cfm?action=press_release&ID=712, tells how the burnished planchets and "W" mintmark for the uncirculated AGE will be available singly, and expanded to the 1/2, 1/4, and 1/10 oz gold coins. The 20th anniversary ASE uncirc will also be available singly.

Maybe I wasn't alone in thinking that the uncirc's I was getting in my 20th anniversary sets weren't going to be available any other way.

Surprise! from the Mint. What's going on?

Gemineye · September 15, 2006 7:43AM

Link

Connecticoin · September 15, 2006 7:48AM

The Mint is grubbing for more money. There must be bonuses tied to gross sales.

However the increased profits will reduce the public debt by 0.0000000000000000001%!! Oh joy!

Rarity · September 15, 2006 7:48AM

If this is the case, more buyers will cancel the AE Gold set since the Mint hasn't delivered

keez · September 15, 2006 7:53AM

That leaves the reverse proof (silver and gold) as the only collectible. The 2006 uncirculated "coins" as they call them will become commonplace.

Smittys · September 15, 2006 7:53AM

I just canceled my two piece gold and silver set.
Wow glad I learned in time this crap was going on.

toreador74 · September 15, 2006 7:56AM

I read the press release you referenced in the second post...

I have to admit that I read it four times because the gold and silver eagle paragraphs were quite confusing (maybe that's what the Mint had in mind), but after reading them over and over, I believe that most if not all coins offered in the Anniversary sets are unique. The "W" mintmark alone, plus the burnished dies.

I think the Mint just tried to cram too much info into a small space, resulting in confused readers.

anoldgoat · September 15, 2006 8:03AM

<< I read the press release you referenced in the second post...

I have to admit that I read it four times because the gold and silver eagle paragraphs were quite confusing (maybe that's what the Mint had in mind), but after reading them over and over, I believe that most if not all coins offered in the Anniversary sets are unique. The "W" mintmark alone, plus the burnished dies.

I think the Mint just tried to cram too much info into a small space, resulting in confused readers. >>

That is what I was wondering. The uncs in the 20th Anniversary sets are not advertized as burnished.

tychojoe · September 15, 2006 8:06AM

Well, I obviously errored by intrepreting "strictly limited to 10,000 sets" and "limited to 20,000 sets" to mean the AGE uncirc would be limited to 30,000 minted. Either they will mint more of the coin, or they will break up unsold 2-coin uncirc sets, I guess.

Note for false advertising: limiting a coin to a number of "sets" does not imply the coin itself will be limited to that number. Easy thing to miss when the set is the 1st appearance of the coin.

Now this has been added to the Gold set page: "As with all of our products, the United States Mint reserves the right to accept or reject orders in any combination or options it determines to be in its best interest."

new AGE disclaimer

If I understand that right, those of you who've been saying the Mint might change an order after-the-fact are right after all! And here I've been thinking, "naw, they have to honor the orders they received under the original terms."

Rarity · September 15, 2006 8:08AM

New Uncirculated American Eagles Available September 28
in United States Mint 2006 Holiday Collection

WASHINGTON Ãƒ??? The United States MintÃƒ???s annual catalog Ãƒ??? the 2006 Holiday Collection Ãƒ??? not only celebrates history with the American Buffalo Proof Coin, the 20th Anniversary Eagle Sets, and the San Francisco Old Mint Commemorative Coins, *** but also makes history with the introduction of American Eagle Uncirculated Coins in silver, gold and platinum***.

Struck on specially burnished blanks, the American Eagle Uncirculated Coins feature a finish similar to their bullion counterparts, but carry the "W" mint mark reflecting their striking at the United States Mint at West Point. Each coin is encapsulated in plastic and accompanied by a Certificate of Authenticity.

Priced at the relative mid-point between the American Eagle Proof Coins and the American Eagle Bullion Coins, the one-ounce American Eagle Gold Uncirculated Coins sell for $720.00; the 1/2-ounce for $375.00; the 1/4-ounce for $190.00; the 1/10-ounce for $85.00; and the four-coin gold uncirculated set for $1,350.
.
.
.

It is no doubt the Mint will issue AE Gold Uncirculated 4-coin set and AE Gold Uncirculated 1oz single. This Unc has to be the same as the one used in 20th AE Anniversary set because "the price of the 1 oz AE gold unc will be between bullion and proof version"

keez · September 15, 2006 8:11AM

In my view, this is the Mint's way of getting in on the sales $$ of uncirc gold, silver and platinum. Up until now, they have only sold Proof strikes of these and one had to go to a bullion dealer to get the uncircs.

tychojoe · September 15, 2006 8:11AM

I understood that the uncirc's in the sets were special for both reasons: burnished planchets and "W" mint marks.

See this quote in the original Aug 21 press release: "Specifically, the planchets used for American Eagle Uncirculated Coins are burnished, while those used for American Eagle Bullion Coins are not. "

burnished

anoldgoat · September 15, 2006 8:21AM

So all the uncs are burnished.

I am not sure how much this will hurt the short term value of the three coin sets. It seems as if most folks were going for the reverse proof, if they were going for the unc then why not the two coin set. The regular proof in the set wouldn't carry a premium.

Mike

keez · September 15, 2006 8:23AM

Right they are special in that way -- burnished W-mintmark. The problem is they will be sold separately as well by the US Mint according to that press release. We will be able to buy them from the web site. They call them american eagle coins, not bullion. Am I misreading it?

keez · September 15, 2006 8:24AM

I was looking forward to the special burnished planchet with the W-mintmark. But if the Mint sells them separately, then they just become common.

Rarity · September 15, 2006 8:25AM

keez,

You're correct. That is how I read it from the Mint website.

keez · September 15, 2006 8:26AM

Then the only "special" coin in the sets will be the Reverse Proofs.

tychojoe · September 15, 2006 8:28AM

Reading the Aug 21 press release more carefully in hindsight, the Mint was signaling this all along. While saying the reverse proofs will ONLY be available in the sets, they don't use that language about the Unc, instead saying only that the Unc's are being "introduced" in 2006.

Guess you have to read like a lawyer. Still, not saying flat out, "more unc's are coming later this year" is misleading, isn't it? Hard to believe they didn't know that on Aug 21.

Aug 21 release

keez · September 15, 2006 8:29AM

Ah-Ha !!! Product schedule on the mint site has been updated as well

September 28 American Eagle Silver Uncirculated Coin
September 28 American Eagle Gold Uncirculated Coins
September 28 American Eagle Platinum Uncirculated Coins

tychojoe · September 15, 2006 8:31AM

Keez is right. Especially since the Mint language is clear about the reverse proofs.

TwoSides2aCoin · September 15, 2006 8:32AM

It isn't Supply and Demand anymore.
It's Demand and Supply !

this is not rocket science, folks.
Create a stir, get the public to wait in line. Fill the void and if there is still a line, make more.
Demand and SUPPLY.
AND let's not forget to adjust the price of gold on a daily basis

if need be.
Some government folks better take heed, quick !

2001 Kennedy Halves for sale
2005 Nickels for sale
OBSOLETE CANVAS BAGS for sale
STAMPS for sale
INTEGRITY and HONOR-------------------------- SOLD OUT !

clevegreg · September 15, 2006 8:35AM

Hmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm

keez · September 15, 2006 8:38AM

Schedule of Products

TWQG · September 15, 2006 8:43AM

Don't let Bear see this.

mcheath · September 15, 2006 8:46AM

hmmmmmmmmmmm is right, i might cancel my order. im not sure if the reverse proof alone can carry the silver set. only time will tell but i might have to jump ff that bandwagon.

TwoSides2aCoin · September 15, 2006 8:48AM

<< Schedule of Products >>

bags and rolls five years later

One year old nickels for sale here

what do you do with your old bags ?

clevegreg · September 15, 2006 8:48AM

It does appear that only one coin in each set will be "special". I will also be thinking about this over the weekend.

anoldgoat · September 15, 2006 8:51AM

<< hmmmmmmmmmmm is right, i might cancel my order. im not sure if the reverse proof alone can carry the silver set. only time will tell but i might have to jump ff that bandwagon. >>

The 1994 Proof Silver Eagle is running $190 on Ebay
The 1995 Proof Silver Eagle is running $170 on Ebay

Both of these over 350,000 minted. I don't see why the 3 piece silver shouldn't hold thier value.

Mike

GAT · September 15, 2006 8:55AM

It's obvious now why the haven't announced sellouts of the two remaining sets. They know there will be many cancellations. None of the 3 sets seem worth the asking price.

Gemineye · September 15, 2006 8:58AM

The term "burnished" seems to be creating quite a stir.The mint specially treats its proof planchets to a special process before minting.

tychojoe · September 15, 2006 9:01AM

That's right, GAT. Pity the poor folks who have already bought their 20th's on re-sale at E-bay. And all those folks who ordered a bunch to sell, in order to pay for one or two to keep, will need to re-evaluate as well!

Rarity · September 15, 2006 9:07AM

This is awful. Let calculate how much I'm paying for each AE gold coin

AE Proof = $800 (price is kinda high)
AE Unc = $720

AE Reverse Proof = $1090 [$2610 - ($800 + $720)]

The AE Reverse Proof now is outragously expensive

GAT · September 15, 2006 9:10AM

Someone at the Mint needs to brush up on their math. If they are asking $720 for the gold Eagle means they are valuing the uncirculated silver coin in the gold/silver set at $130 including the box. That is absolute nonsense.

keez · September 15, 2006 9:15AM

Silver American Eagle set, breakdown:

uncirc - $ 19.95
proof - $ 27.95
sub total $ 47.90
rev proof $ 52.10
total $100.00

thecointrader · September 15, 2006 9:40AM

Based on keez' breakdown, I think the set will still holds it's value.

I'm going to keep my 10 sets on order.

thecointrader

tychojoe · September 15, 2006 9:58AM

Good breakdowns, Rarity and Keez. If the reverse proof is truly a once-in-a-blue-moon, then the outrageous premiums might become worth it. Should be good-looking sets anyway.

But GAT makes a telling point about the 2-coin set. 720+20 = $740, means the mint wants $110 for the anniversary 2-coin box!

--John

Oops, GAT, I see you made that point 20 min. earlier on the other thread. Anyway, an optimist can hope that someone at the Mint is noticing that ridiculous pricing and planning to fix it!

toreador74 · September 15, 2006 10:04AM

Seems like something is "fishy" here after all now that uncirculated coins will be available at the end of the month. I think we need to sit back, take a deep breath, and contact the Mint to insist on a clarification of whether these new coin offerings are just singles of the uncirculateds offered in the Anniversary sets. Hmmmm indeed.

66Tbird · September 15, 2006 10:34AM

So it looks like the gold coin in the two piece set may have a mintage of more that 30,00. Well I guess that set is a joke $ wise.

DieClash · September 15, 2006 10:44AM

<< So it looks like the gold coin in the two piece set may have a mintage of more that 30,00. Well I guess that set is a joke $ wise. >>

I can understand the disappointment expressed by everyone with regards to the Unc. burnished W-mint GAE anniversary coin being offered as a single in the holiday catalog. And I agree that this diminishes its upsell market potential in the 3-coin GAE Anniversary set since it's no longer limited to 30,000. But, I bought the 3-pc. set for the 10,000 limited edition reverse proof. Reading the Aug. 21st Mint Press release

"These coins are only available in the three-coin sets that celebrate the 20th anniversary of the American Eagle Programs. "

I was hoping for the extra bang from the 30,000 limited edtion burnished Uncs. But I still have to believe the real value of this set is the 10,000 mintage of the reverse proof. If you bought the 3-pc. Anniversary GAE set, then why would you still want to cancel your mint order?

Hyperion · September 15, 2006 10:46AM

<< This is awful. Let calculate how much I'm paying for each AE gold coin

AE Proof = $800 (price is kinda high)
AE Unc = $720

AE Reverse Proof = $1090 [$2610 - ($800 + $720)]

The AE Reverse Proof now is outragously expensive >>

everyone with a registry set to complete will just HAVE to have one

Weather11am · September 15, 2006 10:47AM

I want the platinum!!!!!!!!!!

WheatFanatic · September 15, 2006 10:51AM

You guys have a point about the 2-piece set. I totally disagree about the 3-piece sets though. The 3-piece gold set has the rare single coin, and the only way to get it is to buy the set or buy an expensive slabbed one on eBay after they come out, just like the 1995 set.

I see nothing here that would hurt either 3-piece because they are still unique. The 2-piece, sadly, is probably toast from this announcement, excepting people wanting to collect the set itself, which is limited to 20,000.

WF

keez · September 15, 2006 10:53AM

The 2-coin gold/silver uncirc set doesn't make sense. Why are they even offering it. I agree some clarification is needed about the uncircs in the american eagle sets. The info on the 20th anniv set said burnished planchet with W mintmark. The info on the singles said burnished with W mintmark. From what I've read on the press releases, they sound the same.

As far as the 3-coin silver set, I'm keeping it as that is the only way to get the reverse proof.

zkcoins · September 15, 2006 11:04AM

Regardless off what language they used....I just cancelled $4400 worth of products. I am not buying any of the gold/silver unc sets (I had 4) and I just calcelled 10 of the 3 piece silver sets ( I had 20 ordered). Looks like the mint is the big loser here. Could have had a lot more sales from me and now poof!!

Zach

Edit for spelling

GAT · September 15, 2006 11:04AM

I am holding off cancelling my 2 coin gold/silver sets and would advise everyone to do the same. Hopefully the Mint will clarified the situation early next week and there's plenty of time to make a decision.

jamakin · September 15, 2006 11:06AM

yep they don't ship until the 6th of OCT so canceling might be hasty.

anoldgoat · September 15, 2006 11:08AM

I'm giving it a little time also on the 2 piece sets. I still think the 3 piece is a keeper.

Rarity · September 15, 2006 11:08AM

If a lot of people start cancelling their Unc sets, eventually the Unc pieces would be scare.

DieClash · September 15, 2006 11:17AM

<< I'm giving it a little time also on the 2 piece sets. I still think the 3 piece is a keeper. >>

Mint still taking orders for the GAE 3-coin 20th Anniversary set.

It's my theory that they are still accepting orders so as to guage demand for the coins in this set. Certainly demand far outweighs the 10,000 that will be sold. So, why not offer the burnished Unc. W-mint as a single? The mint makes more sales and some of the pent-up demand for the 3-pc. set is diminished because the Unc. GAE is no longer a 30,000 coin produciton run.

If you're a speculator, it sucks. But the Mint can pretty much do what they want as long as it's within the boundries of the authorizing legislation.

keez · September 15, 2006 11:19AM

<< If a lot of people start cancelling their Unc sets, eventually the Unc pieces would be scare. >>

How can they become scarce when they can be purchased as a single

DieClash · September 15, 2006 11:22AM

<< yep they don't ship until the 6th of OCT so canceling might be hasty. >>

Yeah. TTT. But I have received, unexpectedly and to my great delight!

several orders from the mint shipped and delivered long before the "Product will be available for shipping" date! While I agree that there may be some time left to cancel, I am also fairly confident that the Unc. burnished W-mint SAEs and GAEs being offered in the Fall Catalog are indeed the same as those packaged in the 2 and 3-coin mint sets.

Edited for spelling

Surprise! 20th anniversary sets unfairly hyped?

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