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Price Increases for 2010 US Mint Annual Sets

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TheForce
Pillar Of The Community

USA
2380 Posts

Posted 03/10/2010 12:54 pm

http://mintnewsblog.blogspot.com/

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eaglefoot
Pillar Of The Community

USA
5030 Posts

Posted 03/10/2010 3:12 pm

Not surprised.....

Coin collecting isn't always just about the money !

Eaglefoot

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scott3270
Pillar Of The Community

USA
1099 Posts

Posted 03/10/2010 3:30 pm

jeez is it ever going to end years from now I don't want to be dropping 50 bucks on a mint set

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eaglefoot
Pillar Of The Community

USA
5030 Posts

Posted 03/10/2010 3:54 pm

Well....if they end up "losing" sales because their products are too high.....then they REALLY won't meet their "profit margin" ! ....

Especially if the post purchase future premium value trend doesn't hold up to what we have to pay for them !
It already doesn't on many Sets....if they want to secure that for all of the Sets and other products.....by all means......they should keep doing what they are doing ! ...

They should cut production, thereby cutting their costs, lower their prices, and stop coming up with so many "new" things, and end "bad idea" coins, get rid of the F.R.N.'s and the Cent....
And then maybe we'd have some products that would actually retain some value and even grow in value !

Coin collecting isn't always just about the money !

Eaglefoot

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Scooby Due
Pillar Of The Community

Coin Community Supporter Supporter!

United States
1674 Posts

Posted 03/10/2010 4:28 pm

Man, I thought last years mint sets were a little salty. Anybody heard of a release date? (Sorry if it was in that article, but I don't recall seeing it mentioned).

Success is not the result of spontaneous combustion. You must first set yourself on fire!

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Neil
Valued Member

United States
252 Posts

Posted 03/10/2010 4:56 pm

Release date: June/July. The Mint set had the biggest % increase.

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southerngent
Valued Member

United States
256 Posts

Posted 03/12/2010 1:31 pm

It sucks that they continue to raise the costs while providing less value for the cost. It has become all about the profit for the fed and not about the collectors. As much as I would like to boycott the mint, I want the sets for myself and my grandson.

An awful lot of people can't afford to purchase their offerings the way that they would like to. It's a shame that they don't mark things for a fair profit while allowing the everyday collector to see a value like they used to way back when. No one likes to be gouged!

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AMFCook
Valued Member

United States
312 Posts

Posted 03/12/2010 2:16 pm

But if the Mint's production costs have increased, wouldn't it stand to reason they have to increase their prices to remain in the black? I can remember Proof Sets issued at $4.00 a set.

We are the examples, children learn from.

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Bryan1315
Moderator

Coin Community Supporter Supporter!

USA
7750 Posts

Posted 03/12/2010 7:16 pm

I think its crazy the mint sets will now cost the same as the clad proof sets

My Dansco7070

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eaglefoot
Pillar Of The Community

USA
5030 Posts

Posted 03/14/2010 10:48 am

My dad can remember when ciggerettes where a Nickel a pack.....
Gas was 10 Cents a gallon......
It's the nature of the beast I guess !

Coin collecting isn't always just about the money !

Eaglefoot

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RobertBidniuk
Valued Member

United States
84 Posts

Posted 03/14/2010 11:01 am

That's crazy, they were already too expensive, this is just ridiculous.

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daviscfad
Pillar Of The Community

USA
2965 Posts

Posted 03/14/2010 11:03 am

man I think my proof collecting days are over. This is not for me

inquiring minds want to know!

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AMFCook
Valued Member

United States
312 Posts

Posted 03/14/2010 11:46 am

However; if future proof sets from the mint appreciate like the 2008 amd 2009 proofs, it's still a good investment. Case in point, the 2008 Presidential proofs coins are now booked at $10.00 per.

We are the examples, children learn from.

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Parklane64
Pillar Of The Community

Coin Community Supporter Supporter!

USA
1457 Posts

Posted 03/14/2010 8:23 pm

But, but according to the governmental Social Security Administration there is no inflation this year.

How do they justify a price increase?

And chocolate coins. If I ever get past that one problem, I'll collect them, too.

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AMFCook
Valued Member

United States
312 Posts

Posted 03/14/2010 8:32 pm

Quote:
But, but according to the governmental Social Security Administration there is no inflation this year.

How do they justify a price increase?

When did the SSA have influence over what the cost for materials, used by the US Mint for coin production, is?

We are the examples, children learn from.

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coretj
Valued Member
United States
436 Posts

Posted 03/14/2010 9:35 pm

It is weird to think that last year the face value of the mint set was


 8 - 1  Cent coins
 2 - 5  Cent coins
 2 - 10 Cent coins
12 - 25 Cent coins
 2 - 50 Cent coins
10 - 1 Dollar coins

For a total face value of $14.38 and a sales price of $27.95 or 197% of the face value.

This Year 
 2 - 1  Cent coins
 2 - 5  Cent coins
 2 - 10 Cent coins
10 - 25 Cent coins
 2 - 50 Cent coins
10 - 1 Dollar coins


For a total face value of $13.82 and a sales price of $31.95 or 277% of the face value.

So we get an 80% price increase on an annual set. That's just great They haven't even sold out of the 2009 sets yet. I'm thinking that in 2011 they will probably still have some 2009 sets available on their site.

My big question now concerns their own memo:

Quote:
Gross cost made up a greater portion of numismatic sales revenue, reducing the net margin to 9.3% in FY 209 from 14.8% in FY 2008... The reduced margin means that the United States Mint offered numismatic products to customers at lower sales prices than sufficient to achieve the standard 15% margin

If they want a profit margin of 15% then why are they over charging SO MUCH!?

If they want to increase profitability then they should do a few things:


-Get rid of the "Satin" minting process. 
    (no one likes it, it is expensive, and only used for annual sets)

-Get rid of the 50 cent piece.  
    (most cash register jockeys today don't even know it exists anyway)

-Lower the amount of annual sets they produce. 
    (increase demand by limiting supply)

-Stop with the theme sets.
    (there has to be an extreme cost associated with these)

-Quarter the production numbers for 1-5 years.
    (There are more than enough coins in circulation to cover this action. Furthermore This will do a few good
     things.  
        1. It will lower production costs. 
        2. It will increase the value of the dollar by reducing the amount of currency in circulation.
        3. It will lower the cost of the base metals for the coins, allowing for more savings when full        
           production is resumed. 

-Limit Commemorative coinage to one design per year and half the mintage numbers.

Edited by coretj - 03/14/2010 9:42 pm

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