What is PCGS going to do for First Strike labeled 2008 Presidential Proofs?

Kaelasdad · February 26, 2008 6:13AM

I like the First Strike labels, they look great, and I know that the label is a marketing tool, and there are restrictions for obtaining it. PCGS has stood up to opposition and stood by their definition of First Strike--they obviously also like the label and would seem to be behind the restrictions.

So, the 2008 presidential proof sets came out publically on January 29th, 2008. Everybody has their subscriptions and their orders in, and then a tornado strikes the mint distribution center. Very few people have their small shipments, and i see none of the usual big players selling any graded sets on Ebay, so maybe nobody has any yet, or those that have some just dont have them in hand back from grading. There could very well be a glitch making First Strike labeled 2008 proofs very hard to come by.

Should PCGS extend the acceptance date for First Strike to accomodate the collectors and dealers affected by the mints tornado problem, or should they stand by their stated restrictions and whoever gets the coins in on time gets a label thats hard to come by? Why should the mints problem be something PCGS need worry about?

Personally I like restrictions and rules--you know where you stand and everybody has an equal playing field. I think PCGS would place their entire First Strike program at risk if they didnt stand by their own stated rules--ignoring the restrictions already accepted and in place basically takes the teeth out of all the rules in place.

I hope the restrictions stand, and there is no extension--whats your opinion?

pf70collector · February 26, 2008 6:17AM

Although I have a subscription, I could not wait and ordered 2 sets last week. They are shipped and on their way. So they will make the first strike designation if I decide to send them in later on if I don't open them. I still have 50 unopened FS eligible presidential proof sets from 07. I will sit back and see how these will do in the future. But I don't have any big expectations from them. PCGS still has them as TBD for First Strike. So when was the first official ship date after the Jan. 29 release date?

Kaelasdad · February 26, 2008 6:44AM

Its never actually been an official ship date program, its been a publically available program--its just the mint was never this slow in shipping that it has become obvious there is a lag between available date and shipping date--and these were first sold pubmically on January 29th--one of the forum members actually posted on that day noting his purchase.

57loaded · February 26, 2008 6:51AM

this was happening with some Dolley Madison's as well, so we shall see.

Silverstate · February 26, 2008 8:03AM

So it looks like we have until 2/29 to get our sets postmarked or they will not be First strikes.

FROM PCGS Website:
Here's how PCGS identifies the coins submitted for First Strike® designation.
Beginning in 2005, PCGS began designating coins packaged and delivered by the U.S. Mint in the 30 day period following the initial sales date of a new product as First Strike®. For instance, new American Silver Eagles typically go on sale each January 1st, thus any coin packaged or delivered and submitted to PCGS for certification between January 1 and January 31 qualifies for the First Strike® designation.

What's to understand more than that?

Drop dead date is then Feb 29th. Yes, it's leap year!

BECOKA · February 26, 2008 8:38AM

I did it last year but I did not see much if any premium for the FS sets vs. non FS sets on these. If you do it in bulk PCGS gets $2 per label and $10 for non bulk. That's a lot of money for label with a flag on it for little or no premium. I think it only makes sense on Bullion coins.

FLBuffaloHunter · February 26, 2008 10:19AM

Indeed last years Presidential Proof First StrikeSM cutoff was one month from the original online availability June 21st. In the first month of sales, 800,000 potentialy First StrikeSM eligible sets were sold last year out of which less than 1% have been submitted for the First StrikeSM designation. The premiums on the 70 graded coins were very subtantial, around $5,000 for a complete 70 set. The only problem was less 3% came back 70's. This year I expect far fewer sets will be eligible for the First Strike designation due to the shipping problems that have occured and the poulation could be significantly fewer than it was last year.

FloridaBill · February 26, 2008 5:14PM

I ordered 200 sets the day after they were were listed on the mint website. I intend to submit them for FS grading. As of yet they have not shipped, and I have not seen any evidence that any have shipped. The 30 day window, as I understand it, starts from the first shipment date.

FloridaBill

Silverstate · February 27, 2008 12:51AM

The mint may end up wondering why everyone is shipping there sets BACK next month!

TwoSides2aCoin · February 27, 2008 12:59AM

For me , it's always been about the coin.... I can go back 45 years and it's still the same thing to me.

I don't wear designer clothes and I don't need a Japanese car to feel special.

19Lyds · February 27, 2008 1:00AM

Mine were ordered on 2/1 and shipped on 2/13.

Perhaps someone has an earlier ship date and presumably, the sets start shipping on the release date which I believe is what PCGS goes by. Perhaps this question should go to the Q & A Board?

pf70collector · February 27, 2008 1:06AM

ordered 200 sets the day after they were were listed on the mint website. I intend to submit them for FS grading. As of yet they have not shipped, and I have not seen any evidence that any have shipped. The 30 day window, as I understand it, starts from the first shipment date.

Florida Bill, the mint is not going by when you first placed an order. I placed an order last week for 2 sets- not doing bulk on these- and they are already shipped and on their way by snail mail.

The 30 day window, as I understand it, starts from the first shipment date.

That is what I thought determined the FS designation, not the release date.

Silverstate · February 27, 2008 1:23AM

I just checked on my subscription orders.

They show my SUBSCRIPTION - 2008 Pres proof sets backordered and expected ship date of 3/13/08 !!!

I guess I'm out.....

claychaser · February 27, 2008 1:27AM

So what is the cost to grade 100 sets for first strike?

What is the value of a "70" coin?

Is there any return on this lottery?

Gemineye · February 27, 2008 1:30AM

According to the POP report there is only 1 George Washington First Strike™ in Proof 64....

....I guess that makes it a Rarity.....!!!

pf70collector · February 27, 2008 1:32AM

I thought bulk was $12 per coin which includes FS designation. 100x12=$1200.00. Stephanie in bulk can help you with the pricing. Don't take this as fact. One 70 set could pay for the grading fees alone. Its a gamble especially on unopened sealed boxes.

BECOKA · February 27, 2008 2:03AM

<< <i>Indeed last years Presidential Proof First StrikeSM cutoff was one month from the original online availability June 21st. In the first month of sales, 800,000 potentialy First StrikeSM eligible sets were sold last year out of which less than 1% have been submitted for the First StrikeSM designation. The premiums on the 70 graded coins were very subtantial, around $5,000 for a complete 70 set. The only problem was less 3% came back 70's. This year I expect far fewer sets will be eligible for the First Strike designation due to the shipping problems that have occured and the poulation could be significantly fewer than it was last year.

>>

If you find me a buyer for my 70 set at 5K you will make me a believer on FS for this series..

pf70collector · February 27, 2008 2:20AM

I agree $5000 is a lot of money for these. I believe one of the first NGC 70 sets went for around $4000 on ebay last year. The Collectors Corner on CSN is selling these same 70 sets for $300 just the other night.

FLBuffaloHunter · February 27, 2008 2:23AM

<< <i>If you find me a buyer for my 70 set at 5K you will make me a believer on FS for this series.. >>

That is what they were going for initially, current pricing is around $1,200 for a complete 70 First Strike set. A 69 set goes for around $50.

What is PCGS going to do for First Strike labeled 2008 Presidential Proofs?

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