Why does the mint sell bags of coins?

mrpaseo · January 29, 2007 7:16AM

What is the purpose? There is a premium, they are all dinged up.... Why bags?

Thanks,
Ray

MadMarty · January 29, 2007 7:22AM

Maybe it's cheaper than putting them in rolls

fastrudy · January 29, 2007 7:23AM

Error coins (off center and clipped planchet) used to be more apt to be found in bags

BECOKA · January 29, 2007 7:25AM

I wonder the same thing.

Although I have a tough time getting stuff from my bank so bags could be a good alternative.

Cladiator · January 29, 2007 7:27AM

<< Why does the mint sell bags of coins? >>

Because they can.

shirohniichan · January 29, 2007 7:44AM

Why does the mint sell bags of coins?

Because their best customer (the Federal Reserve) stopped buying Sac bucks.

mrpaseo · January 29, 2007 7:51AM

<< Error coins (off center and clipped planchet) used to be more apt to be found in bags >>

This is the only reason I could think of, but isn't it a goal of the US Mint to not have ANY errors? Why would they sell something that "Might" contain errors? Or do they do this on purpose and add a few errors to keep the market going?

Hold on there are three men dressed in black with shades on approaching my door... They seem to be holding their ear and talking into their wrist... let me see what they want.

Manorcourtman · January 29, 2007 8:49AM

Believe it or not some freaks actually go through mint bags and look for GEM coins. Believe it or not not everything from the Mint grades 69 or 70. In some cases modern crap from a Mint bag in 66 is a cool find. That's what someone told me anyway.

planetsteve · January 29, 2007 11:14AM

Are coins in Mint rolls really any likely to look better than coins in Mint bags? I'm wondering if the large majority of hits on MS coins are suffered before they're sealed in the roll or the bag....

BECOKA · January 29, 2007 3:41PM

I would actually like to know if the majority of MS67+ coinage comes from Mint Sets, Bags, Rolls or from new rolls that end up at the bank.

clackamas · January 29, 2007 4:44PM

<< Believe it or not some freaks actually go through mint bags and look for GEM coins. Believe it or not not everything from the Mint grades 69 or 70. In some cases modern crap from a Mint bag in 66 is a cool find. That's what someone told me anyway. >>

I have heard the same thing. Who are those fools?

clackamas · January 29, 2007 4:47PM

<< Are coins in Mint rolls really any likely to look better than coins in Mint bags? I'm wondering if the large majority of hits on MS coins are suffered before they're sealed in the roll or the bag.... >>

No, the bag coins are stacked and if you are carful you can get them out in nice little stacks. I will say that some of the top coins that I have found were found in rolls, not bags, including some POP 1/0's and 2/0's.

basestealer · January 29, 2007 8:49PM

If you know someone who works in a bank, why not get the bags that way, with no markup?

morgansforever · January 29, 2007 9:22PM

Why, because they are the largest coin dealer in the world.

planetsteve · January 29, 2007 10:22PM

<< 

<< Are coins in Mint rolls really any likely to look better than coins in Mint bags? I'm wondering if the large majority of hits on MS coins are suffered before they're sealed in the roll or the bag.... >>

No, the bag coins are stacked and if you are carful you can get them out in nice little stacks. I will say that some of the top coins that I have found were found in rolls, not bags, including some POP 1/0's and 2/0's. >>

Thanks Clackamas. I am looking to buy a Kennedy bag, and quintuple my chances of finding something really nice (and pay a lower markup, too). I don't think that banks offer 2007 Kens in rolls... or do they?.... so here I am paying a 35% markup to look through new Kennedys. (With the rolls, it's 78%.)

jmski52 · January 29, 2007 11:29PM

I've gone through some of the Kennedy bags each year, and I find that there is a wide variation of quality from bag to bag, and from year to year. One year, I found some very good strikes and the coins surfaces were clean and almost proof-like.

In another instance, I found coins that had screwed-up fields due to die grease. It was like a "die grease strike-through" phenomenon. Other times, I find that the coins are poorly struck and have a dirty film on them that simply doesn't come off, like they had come from a third world machine shop.

Mint bags are a crapshoot. So, if the Mint can sell them at 35% over face to collectors, why would they spend money on marketing and force them out through the banking system at face? Especially when they don't circulate anyway?

ziggy29 · January 29, 2007 11:55PM

As long as something can be sold at a premium -- read "additional profit" -- and people still buy them, why stop?

19Lyds · January 30, 2007 1:06AM

<< If you know someone who works in a bank, why not get the bags that way, with no markup? >>

Banks do not sell coins by the bag, thats why! They purchase coins from companies that do nothing but roll coins and sell them to banks! The key here, is to find someone that works at one of those companies!

I have a co-worker here where I work whose spouse works at Wells Fargo where they roll coins. When the new state quarters come in, all the employees can purchase as many rolls as they wish but they have to do it on their own time.

What I would like, is to be able to just scoop up a bag before they hit the rollers but that ain't gonna happen. I have no doubts in my mind that any clips or other significant errors are pulled out and sold to coin dealers. There is a market for this stuff and the people that work at these places a well aware of it. Just like the creative mint press operators of yesteryear!

Lionel · January 30, 2007 10:16AM

What I'd like to know is why they sell empty bags. Anyone buy these?

basestealer · January 30, 2007 10:31AM

I like the canvas bags. They're great for toning coins.

fcloud · January 30, 2007 10:32AM

I bought one bag of nickels. I think they sweep the coins they dropped on the floor and toss them into the bags. My bag was awful!

66Tbird · January 30, 2007 10:59AM

For the SQ bags, some good, some bad, lots average and a few greats. In the end I can do a mess of complete albums all in BU. Who knows, might even break even. Of course I will still have that twenty pound album of cherries and errors to deal with.

Why does the mint sell bags of coins?

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