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The big melt of 2008-----Coin World article front page
2manycoins2fewfunds
Posts: 3,081 ✭✭✭
New CoinWorld has headline article discussing the big melt going on in First Spouse and other modern commemoratives/bullion coins.
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Comments
<< <i>I hope they melt 19,900 of each First Spouse coin. >>
The odds of that are very little. On average there are about six hundred that were graded a PCGS 70.
Let's lower that number to 19,500 :-)
<< <i>I read an article afew weeks ago and posted a thread about this. One dealer in particular has melted over 700 Mint State Jamestown Commems. I was under the impression these already had a smaller mintage. >>
Booky I remember when you hit 1,000 posts in December or early Jan. you have surpassed 3k now, boy booky you have alot to say.
<< <i>
<< <i>I read an article afew weeks ago and posted a thread about this. One dealer in particular has melted over 700 Mint State Jamestown Commems. I was under the impression these already had a smaller mintage. >>
Booky I remember when you hit 1,000 posts in December or early Jan. you have surpassed 3k now, boy booky you have alot to say. >>
This must be RUSS' protege........
TC71
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>Am I the only one that is disturbed to hear of the mass melting of undamaged commemorative coins? >>
No you sure aren't the only one. It's very disturbing.
<< <i>Am I the only one that is disturbed to hear of the mass melting of undamaged commemorative coins? >>
It's not like they suddenly become more valuable if they're melted down.
60 years into this hobby and I'm still working on my Lincoln set!
Yes I have alot to say. Sometimes its to just laugh or poke someone with a stick. I like it here and like all you guys. Your my buddz.
<< <i>no, but it does eventually. I would think anyway.
Yes I have alot to say. Sometimes its to just laugh or poke someone with a stick. I like it here and like all you guys. Your my buddz. >>
Minnie Minoso Master and Basic
1967 Topps PSA 8+
1960's Topps run Mega Set
"For me, playing baseball has been like a war and I was defending the uniform I wore, Every time I put on the uniform I respected it like the American flag. I wore it like I was representing every Latin country."--Minnie Minoso
I think all of the 2006/7-W gold bullion coins not resting in MS70 holders are at risk.
Same thing for the 2005 MS and regular PR 10th Anniversary gold 1 ounce coins.
He also stated SilverTowne has also melted between 2,000 and 3,000 of the 2006-W San Francisco Old Mint gold $5 half eagles combined in Proof and Uncirculated versions and roughly 5,000 to 7,000 2007-W Jamestown commemoratives.
<< <i>The article said SilverTowne president David Hendrickson stated as of Februrary 19th, between 5,000 and 7,000 Martha Washington and Abigail Adams First Spouse Uncirculated and Proof coins combined have been melted by them. They have also melted an undetermined number of Thomas Jefferson and Dolley Madison First Spouse coins.
He stated SilverTowne has also melted between 2,000 and 3,000 of the 2006-W San Francisco Old Mint gold $5 half eagles combined in Proof and Uncirculated versions and roughly 5,000 to 7,000 2007-W Jamestown commemoratives. >>
Thanks for reporting those numbers. Looks like we might get some real rarities after all.
For those who doubt they will be melted consider that the buyer bit*hed because they were hard to get out of the plastic holders.
I saw them all go tumbling naked into a box to be sent off to the smelter.
I mean WHY MELT?
Are bars that much easier to store? I suppose they are harder to steal.
(Priest) BLASPHEMY he said it again, did you hear him?
<< <i>What are the chances some are "claiming" to melt these coins, but are sticking them in a vault, to be "found" later.
I mean WHY MELT?
Are bars that much easier to store? I suppose they are harder to steal. >>
In the case of Platinum they are being melted to meet industrial demand.
There are very, very limited above ground stocks of Platinum.
In the case of Gold the amount held by individuals is small compared to holdings of central banks, IMF and now ETFs.
If ETFs want to add to their holdings they buy kilo bars not FS gold coins.
While small deals can be made using coins of known weight/purity the big deals are done in bars not mixed coins.
Thanks for the info. The more they melt the better I like my 1, 20th anni, AGE set.
(Priest) BLASPHEMY he said it again, did you hear him?
<< <i>Thanks for the info. The more they melt the better I like my 1, 20th anni, AGE set. >>
Those probably aren't getting melted. Imagine if more coins of that type become more rare than then 20th Anniversary set?
<< <i>Oh,
Thanks for the info. The more they melt the better I like my 1, 20th anni, AGE set.
I doubt any of those are being melted.
GO AHEAD STEP ON MY DREAMS!!!!
(Priest) BLASPHEMY he said it again, did you hear him?
<< <i>I found looking thru threads here the mintages for SF Mint and Jametown gold were both between 60,000 and 65,000 each. I don't think a melt of a few thousand will make these more desirable and worth more. If gold keeps going up and they keep melting, then maybe in the future they will trade with a premium. >>
San Fran Gold: The mintage for uncirculated coins was<SPAN style="FONT-WEIGHT: bold"><SPAN style="FONT-WEIGHT: bold"> </SPAN></SPAN>approximately 17500and the mintage for proof coins was 44147.
Jamestown gold: The mintage for uncirculated coins was approximately 18623and the mintage for proof coins was approximately 47123
<< <i>If you know off hand, what were the mintages of the Jamestown and SF mint coins? >>
The last updated figures from NN:
Wont that still increase the value of my set?
(Priest) BLASPHEMY he said it again, did you hear him?
if you are are only interested in bullion value you should be happy as well?
it may be sad to see some worn barbers or SLQ's going into the pot, but not recently minted commemorative gold and silver bullion.
those copper spouse medals...they will be next!
How did they get all these with a mintage limit of 5 per household. I can't imagine that large of a network acquiring them. As far as I know the mint was not selling these direct to dealers. Were they paying premiums to acquire these? Those are insane numbers. Just find it hard to believe.
Box of 20
<< <i>The article said SilverTowne president David Hendrickson stated as of Februrary 19th, between 5,000 and 7,000 Martha Washington and Abigail Adams First Spouse Uncirculated and Proof coins combined have been melted by them. They have also melted an undetermined number of Thomas Jefferson and Dolley Madison First Spouse coins.
How did they get all these with a mintage limit of 5 per household. I can't imagine that large of a network acquiring them. As far as I know the mint was not selling these direct to dealers. Were they paying premiums to acquire these? Those are insane numbers. Just find it hard to believe. >>
I believe the 5,000-7,000 First Spouse coins were part of FLBuffaloHunter's hoard.
by Joseph Bakes/The Star-Ledger
Saturday March 08, 2008, 1:10 AM
With the price of gold approaching $1,000 an ounce, the temptation increases to sell gold coins to be melted down.
Coin World reports this week that thousands of the first three First Spouse gold coins, which sold out quickly last year when they were offered by the U.S. Mint, have been melted down by a private concern. Gold was hovering at just over $600 an ounce when those half-ounce coins were sold for between $410.95 and $429.95.
Collectors who are holding the coins may be calculating whether to cash in on the gold value while it is high or to hold on to their stashes in the hope that the value of the remaining coins will increase due to their rarity.
The mint also has suspended sales on some platinum coins due to a spike in the cost of the precious metal.
It is in this atmosphere that the first 2008 First Spouse coin arrives, honoring Elizabeth Monroe, wife of James Monroe. The half-ounce, 24-karat $10 coin is being offered at $619.95 for the proof version and $599.95 for uncirculated. Unlike the previous issues, which were divided evenly between the two versions, demand will dictate how many of each is minted within the 40,000 limit for both.
Bronze-medal facsimiles also are available for $3.50.
As of this writing the mint still was taking orders for the final First Spouse coin of 2007, Dolley Madison, for $529.95 for the proof version.
For more information, go to the mint's website, usmint.gov, or call (800) 872-6468.
Tour at Princeton: Alan Stahl, Princeton University's curator of numismatics (that's coin collecting, for those who don't know), will give a free tour of the exhibit "Numismatics in the Renaissance" on March 16 at 3 p.m. The exhibit is in Firestone Library at the university. For further information, e-mail astahl@princeton.edu.
The For Collectors column appears weekly in Abode, alternating between stamps and coins. You may reach Joseph Bakes at jbakes@starledger.com or (973) 392-1685.
Linky
<< <i>The article said SilverTowne president David Hendrickson stated as of Februrary 19th, between 5,000 and 7,000 Martha Washington and Abigail Adams First Spouse Uncirculated and Proof coins combined have been melted by them. They have also melted an undetermined number of Thomas Jefferson and Dolley Madison First Spouse coins.
He also stated SilverTowne has also melted between 2,000 and 3,000 of the 2006-W San Francisco Old Mint gold $5 half eagles combined in Proof and Uncirculated versions and roughly 5,000 to 7,000 2007-W Jamestown commemoratives. >>
How do we know that this isn't pure marketing BS. Maybe that haven't melted squat and are just saying that they did in order to drive the modern commem market. Sorta like one of those Well Managed Promotions™.
Collector of Early 20th Century U.S. Coinage.
ANA Member R-3147111
Last night, you should have seen the look on a couple of the old folks in the coin club, when somebody put a lot of commem's and GW halves up for auction. I was high bidder at 9x face value and literally broke them all out and tossed then in the melt bag right in front off every body. They just dont get it!!
Jim