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Topic Title: US Mint Press Release on First Strike coins
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Created On: 8/24/2006 7:35 AM
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 8/24/2006 7:35 AM
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clevegreg
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From their website:

"First Strike"

The United States Mint has received inquiries from consumers regarding use of the term "first strike." The term has appeared in connection with the advertising and grading of 2005 and 2006 silver, gold, and platinum proof and bullion American Eagle Coins, and the new 2006 24-karat proof and bullion American Buffalo Gold Coins. Currently, there is no widely-accepted and standardized numismatic industry definition of "first strike." Coin dealers and grading services may use this term in varying ways. Some base its use on dates appearing on United States Mint product packaging or packing slips, or on the dates of product releases or ceremonial coin strike events. Consumers should carefully review the following information along with each dealer’s or grading service’s definition of "first strike" when considering a purchase of coins with this designation.

The United States Mint has not designated any 2005 or 2006 American Eagle Coins or 2006 American Buffalo Coins as "first strikes," nor do we track the order in which we mint such coins during their production. The United States Mint held a launch ceremony for the 2006 American Buffalo Gold Coin on June 20, 2006, two days before its release on June 22, at which two proof coins and two uncirculated coins were ceremonially struck. However, those coins were not individually identified and were put in regular inventory after the ceremony. The United States Mint did not hold any striking ceremonies for the 2005 or 2006 American Eagle Coins.

The United States Mint strives to produce coins of consistently high quality throughout the course of production. Our strict quality controls assure that coins of this caliber are produced from each die set throughout its useful life. Our manufacturing facilities use a die set as long as the quality of resulting coins meets United States Mint standards, and then replace the dies, continually changing sets throughout the production process. For bullion American Eagle and American Buffalo Coins, the United States Mint makes an average of about 6,000 coins from one die set. For proof versions of the 2006 American Buffalo Coins, the yield is an average of about 1,500 coins per die set. For proof versions of the American Eagle Coins, the yield is an average of about 300-500 coins per die set. This means that coins may be minted from new die sets at any point and at multiple times while production of a coin is ongoing, not just the first day or at the beginning of production. To put this in context, in 2005 the United States Mint produced approximately 356,500 one-ounce gold, 8,891,000 silver, and 6,300 one-ounce platinum American Eagle Bullion Coins.

American Eagle and American Buffalo Coins are not individually numbered and the United States Mint does not keep track of the order or date of minting of individual bullion or proof coins. The United States Mint begins production several weeks before these coins are scheduled to be released. By the release dates for 2005 and 2006 bullion coins, the United States Mint had already minted approximately 50% of the projected sales numbers for these coins.
Any dates on shipping boxes containing uncirculated bullion coins sent to Authorized Purchasers are strictly for quality control and accounting purposes at the United States Mint at West Point. The date on the box represents the date that the box was packed, verified as 500 ounces and sealed, and the date of packaging does not necessarily correlate with the date of manufacture. The date on shipping labels and packing slips for proof coins, which are sent directly to United States Mint customers from our fulfillment center, is the date the item was packed and shipped by the fulfillment center. The other numbers on the shipping label and packing slip are used to track the order and for quality control

bold added
 8/24/2006 7:38 AM
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lsica
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Some finger wagging directed at the TPG's from the Mint


-------------------------
Philately will get you nowhere...

 8/24/2006 7:39 AM
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coinmickey
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The date on the box represents the date that the box was packed, verified as 500 ounces and sealed, and the date of packaging does not necessarily correlate with the date of manufacture. The date on shipping labels and packing slips for proof coins, which are sent directly to United States Mint customers from our fulfillment center, is the date the item was packed and shipped by the fulfillment center.

That about sums it up....

One wonders how much of a premium a "1st strike" will now bring...

-------------------------
Rufus T. Firefly: How would you like a job in the mint?

Chicolini: Mint? No, no, I no like a mint. Uh - what other flavor you got?



 8/24/2006 7:41 AM
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FatMan
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Thanks for the post.

To summarize for those who don't want to take the time...US Mint says the use of First Strike by the TPGs is meaningless and bunk.


edited to add: I am impressed with the low mintage per die set for all of these bullion coins.

edited to add (2): The TPGs should be ashamed of themselves. They have crossed the line from being a protector of collectors to used car salesman.

-------------------------
Just Say NO! ...to Dipping

The Findley Ridge Collection-Dirty Dahlonega Types
Fatman's Original Gem Commems

 8/24/2006 7:42 AM
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mrearlygold
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-------------------------

Coin's for sale/trade.


Tom Pilitowski
US Rare Coin Investments
800-624-1870

 8/24/2006 7:53 AM
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FatMan
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<< Consumers should carefully review the following information along with each dealer’s or grading service’s definition of "first strike" when considering a purchase of coins with this designation. >>

Where do I go again to find PCGS's definition?

-------------------------
Just Say NO! ...to Dipping

The Findley Ridge Collection-Dirty Dahlonega Types
Fatman's Original Gem Commems

 8/24/2006 7:54 AM
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Manorcourtman
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Another interpretation: "Don't waste your money on foolish TPG contrived schemes"
 8/24/2006 7:58 AM
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robertpr
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My prediction: no coinguy1 reply to this thread
 8/24/2006 7:59 AM
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coinguy1
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<< My prediction: no coinguy1 reply to this thread >>

So much for your predictions, buster.

-------------------------
Mark Feld
 8/24/2006 8:00 AM
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USCGCraig
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Can't wait to hear the TPGs response to this.

-------------------------
Coast Guard Craig

Looking for gem 1929 FRBNs and FRBN Stars in decent grades. Please offer.
 8/24/2006 8:01 AM
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lsica
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<< My prediction: no coinguy1 reply to this thread >>



I wonder if the food was good at the TPG "re-education camp"

;-)


-------------------------
Philately will get you nowhere...

 8/24/2006 8:12 AM
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MacCrimmon
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<<

<< My prediction: no coinguy1 reply to this thread >>



I wonder if the food was good at the TPG "re-education camp"

;-)
>>



 8/24/2006 8:13 AM
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goose3
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<< Can't wait to hear the TPGs response to this. >>




you won't.
 8/24/2006 8:15 AM
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Gemineye
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It seems to me the F...™ word comes into play........

-------------------------
......Larry........
 8/24/2006 8:18 AM
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ER
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<< From their website:

..........AND THE DATE OF PACKAGING DOES NOT NECESSARILY CORRELATE WITH THE DATE OF MANUFACTURE................
bold and CAPITAL added
>>





-------------------------
 8/24/2006 8:18 AM
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robertpr
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<<

<< My prediction: no coinguy1 reply to this thread >>

So much for your predictions, buster.
>>



 8/24/2006 8:20 AM
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lsica
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Do I get in trouble if I call this all Mierda™?

-------------------------
Philately will get you nowhere...

 8/24/2006 8:25 AM
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coindeuce
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First Strike=Smoke & Mirrors Strike.

-------------------------

"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.americanlegacycoins.com

 8/24/2006 8:27 AM
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pf70collector
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Large premiums are already being paid on these, especially for MS ASE's.

-------------------------
Montana State Quarter Die Clash

Box of 20
 8/24/2006 8:31 AM
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cladking
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It's great to see the mint release accurate and detailed accounting of their activity now. This
is a huge improvement from the days when one department didn't know what the others were
doing.

This is hardly new or surprising information however and much of it was widely known.

-------------------------
Tempus fugit.
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