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Replies: 419 / Views: 35,213 |
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Pillar of the Community
United States
7621 Posts |
Johnson assumed the Presidency upon Kennedy's death at 1pm on 11/22/63. His swearing in ceremony occured on Nov 22, 1963 on the tarmac at Dallas Love Field later that afternoon. He was sworn in by Federal Judge Sarah Hughes. He then served out the remaining period of Kennedy's term. He was never "inaugurated" (pomp, parties, etc) until he was elected to his own term.
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Pillar of the Community
United States
562 Posts |
Regardless if Johnson's swearing in on Nov. 22, 1963 is considered an inauguration or not, the set refers to a date which doesn't appear on the medal.
Which makes you wonder: was the Mint originally considering having his 1965 inauguration medal in this set, but couldn't for some reason or was this a simple error when designing the set packaging?
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Pillar of the Community
United States
7390 Posts |
Oh great atlas. Do you know what the mere thought of that is going to do to jbuck 
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Moderator
 United States
188770 Posts |
 Regardless of how/what/when/where/why, the statement on printed the folder is in error.
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Pillar of the Community
United States
2764 Posts |
Atlas, may be you can reach out to the Mint for the answer to your question. It's a very interesting thought. If it's true then that will add uniqueness to this set. I love to know the answer too.
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Pillar of the Community
United States
562 Posts |
I'll drop a line to my friends at the Mint and see what's up. This may just be a curiosity at most, but it does raise questions.
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Pillar of the Community
United States
4901 Posts |
...and I hope they do not hold up delivery to correct the packaging 
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Moderator
 United States
188770 Posts |
I doubt it. My order status has changed to shipped! I have a tracking number. 
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Pillar of the Community
United States
562 Posts |
I'm just imagining hundreds of interns placing stickers with the corrected dates on the sets before shipment. 
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Moderator
 United States
188770 Posts |
Yuck! 
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New Member
United States
47 Posts |
I think mintages, sell out times and ebay resale price for the four Presidential Reverse Proof offerings provide good economic data on price elasticity of demand and other supply/demand issues. There definitely seems to be a sweet spot for having a mintage between 20,000 and 30,000. Truman and Ike showed that 17,000 was too little, but Kennedy showed 50,000 was too much. Even a four hour sell out suggests that mintages could have been a little higher. At the end of the day, how many people in the US really want one of these coins? Assume: 350 million people in the US. One in every 1,000 Americans collects coins. That leaves 3.5 million "collectors." Of those, perhaps 10% would actually want one of these coins in their collection (big money collectors aren't into these modern commemoratives). That leaves 35,000 roughly who would want one of these coins. Obviously now way to ever know for sure, but I think this is a fair approximation. In a perfect wold, the mint would have mintages that correspond to actual present collector demand. Then in the future when new collectors enter the market, they will have to pay a "premium" to buy a coin from another collector--thus increasing its value. This breaks down when mintages are above actual present demand and dealers can sit on inventory. It keeps the true end user supply/demand from working. Quick synopsis: I think the mint should only be making ~30,000 coins in any unique coin offering. Any more and the quantity of coins sitting in dealer inventory will equal the amount in end users' collection and there will be little to no appreciation in value.
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Pillar of the Community
United States
1277 Posts |
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Pillar of the Community
United States
1913 Posts |
Quote: Assume: 350 million people in the US. One in every 1,000 Americans collects coins. That leaves 3.5 million "collectors." Your math isn't correct. 1 in 1,000 being collectors would mean 350,000 collectors. 10% of those would mean 35,000 Presidential dollar collectors. Just goes to show, sometimes two wrongs does make a right.
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New Member
United States
47 Posts |
Yes, I typed in wrong on the computer. In playing on my calculator I had originally estimate 1 in 100 americans collects coins, but realized that was probably too high. Point is, there isn't more than 35,000 people in the country that want one of these coins for their collection. Truth be told, that number is probably more like 10,000-15,000. Take out the dealers buying the Truman for their inventory and the real collector demand would not have caused a sell out like it did. But we already know all of this, and it explains why you can buy proof and mint sets from the 70's and 90's for little over face 30-40 years later. Got to buy because you like something--not because you think it will ever gain in value.
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Bedrock of the Community
 United States
12840 Posts |
Shipped here as well.  Sorry to kear about your little one, Mister Kairu. Hope all is now well. Great catch on that packaging error, Atlas. I have to imagine the booklet has it correct, but I guess we'll find out!
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Replies: 419 / Views: 35,213 |