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Impact Of Stockpile Of Backdated US Mint Gold And Silver Coin

 
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 Posted 07/01/2020  12:19 pm Show Profile   Bookmark this topic Add Hidalgo to your friends list Get a Link to this Message

I just read an article that the US Mint sold to bulk buyers, 2016 and 2017-dated American Silver Eagles, American Gold Eagles, First Spouse gold coins and silver medals.

I am wondering how selling 1,000s of these US Mint coins will impact secondary market prices. What do you think?

https://www.coinnews.net/2020/07/01...ilver-coins/
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 Posted 07/01/2020  12:35 pm  Show Profile   Bookmark this reply Add Earle42 to your friends list Get a Link to this Reply
I have to wonder if the bulk buyers might not include HSN who will inflate the prices?
- When I value " being right" more than what IS right, I am then right...a fool.
- How much squash could a Sasquatch squash if a Sasquatch would squash squash?
- Prosp long and liver.
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 Posted 07/01/2020  1:12 pm  Show Profile   Bookmark this reply Add fplagge to your friends list Get a Link to this Reply
Not that I care, but why not HSN (Home Shopping Network)? They have every right to make a profit off of foolish consumers, just like anyone else.
I consider HSN to be right down there with those "19.99 + P&H" ads. (But wait! we will double you order, just pay a separate fee!)

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 Posted 07/01/2020  1:41 pm  Show Profile   Bookmark this reply Add captaincoffee to your friends list Get a Link to this Reply
Not sure how it was determined who would be able to purchase these coins. Government agencies shouldn't be picking economic winners and losers. If it was publicly available information and anyone could have bid to purchase these, then I'm fine with it. If it was a special deal available to only a few, then that's unacceptable. The majority of people complaining seem to be those that bought coins just to turn a profit. In that case, I don't think the mint has any responsibility to help maintain a false sense of scarcity to prop up values.
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 Posted 07/01/2020  1:55 pm  Show Profile   Bookmark this reply Add keith12 to your friends list Get a Link to this Reply

Quote:
(But wait! we will double you order, just pay a separate fee!)
But wait there's more. Maybe a Frying pan also
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United States
1156 Posts
 Posted 07/01/2020  8:21 pm  Show Profile   Bookmark this reply Add CollegeBarbers to your friends list Get a Link to this Reply

Quote:
I am wondering how selling 1,000s of these US Mint coins will impact secondary market prices. What do you think?

I think it depends on the product. There's not much demand for either the First Spouse coins or the 225th medals, so if anything the extra coins might depress their markets further. There's always a demand for ASEs though, so I'm not sure it'll make much of an impact.

What's most surprising to me is that the Mint held onto these coins in the first place. I expected that leftover items are melted after they go off sale.
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 Posted 07/01/2020  8:57 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply

Quote:
What's most surprising to me is that the Mint held onto these coins in the first place. I expected that leftover items are melted after they go off sale.


I was at the Philadelphia mint late last year and they have old coins (pre 2019, some as old as 2004) for sale. I guess if they make more than needed why not have them at the gift shop. The funny part was that ASE are priced yearly and the gift shop has them at the price they were sold at so the 2018 was cheaper than the 2019 but a few years were actually more than 2019.
Edited by hfjacinto
07/01/2020 8:57 pm
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 Posted 07/02/2020  09:51 am  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply

Quote:
Not sure how it was determined who would be able to purchase these coins.

More than likely they were simply offered to the firms that are already the authorized distributors for the bullion coins. They know who they are, they are large wholesalers, they purchase LARGE quantities on a regular basis, their credit is already established, and the have the financial resources to buy all of the product and do so quickly.


Quote:
I was at the Philadelphia mint late last year and they have old coins (pre 2019, some as old as 2004) for sale.

That was in the gift shop right? The gift shop is a private concession and is not part of the US Mint. The fact that THEY had older coins does not mean the mint has older coins.
Gary Schmidt
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 Posted 07/13/2020  08:40 am  Show Profile   Bookmark this reply Add CollegeBarbers to your friends list Get a Link to this Reply
According to this Coin World article, the following products were sold at auction:

AMERICAN EAGLE 2016 ONE OUNCE SILVER PROOF COIN
192,607

AMERICAN EAGLE 2016 ONE OUNCE GOLD PROOF COIN
2,017

AMERICAN EAGLE 2016 ONE-HALF OUNCE GOLD PROOF COIN
601

AMERICAN EAGLE 2016 ONE OUNCE SILVER UNCIRCULATED COIN
200

AMERICAN EAGLE 2016 ONE OUNCE PLATINUM PROOF COIN
36

BETTY FORD 2016 FIRST SPOUSE SERIES ONE-HALF OUNCE GOLD UNC.
41

AMERICAN EAGLE 2017 ONE OUNCE SILVER PROOF COIN
151,447

AMERICAN EAGLE 2017 ONE OUNCE GOLD PROOF COIN
4,656

AMERICAN EAGLE 2017 ONE-HALF OUNCE GOLD PROOF COIN
1,843

AMERICAN EAGLE 2017 ONE-QUARTER OUNCE GOLD PROOF COIN
43

AMERICAN LIBERTY 225TH ANNIVERSARY SILVER FOUR-MEDAL SET
16,586

AMERICAN EAGLE 2018 ONE-HALF OUNCE GOLD PROOF COIN
32

AMERICAN EAGLE 2018 ONE-QUARTER OUNCE GOLD PROOF COIN
78

AMERICAN EAGLE 2018 ONE-TENTH OUNCE GOLD PROOF COIN
79

AMERICAN EAGLE 2018 ONE OUNCE SILVER UNCIRCULATED COIN
485

AMERICAN BUFFALO 2018 ONE OUNCE GOLD PROOF COIN
44

AMERICAN EAGLE 2018 ONE OUNCE SILVER PROOF COIN
42
Edited by CollegeBarbers
07/13/2020 08:41 am
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26897 Posts
 Posted 07/13/2020  09:54 am  Show Profile   Check nss-52's eBay Listings Bookmark this reply Add nss-52 to your friends list Get a Link to this Reply
How much money did they bring in?
--"We will not disclose this information," Todd Martin, the U.S. Mint's acting director for corporate communications.

Someone needs to file a FOIA request.
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 Posted 07/13/2020  10:41 pm  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply
Sold at auction? That sounds like they were probably disposed of through a GSA auction of surplus government property (I've attended a couple). Those are open to anyone, but finding out about them is not something most people know about. There are some publications or places where they get listed, but in general only people who already know about them and follow the sales know about them.
Gary Schmidt
Edited by Conder101
07/13/2020 10:41 pm
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 Posted 07/15/2020  07:07 am  Show Profile   Bookmark this reply Add CollegeBarbers to your friends list Get a Link to this Reply

Quote:
That sounds like they were probably disposed of through a GSA auction of surplus government property

From the Coin World article linked above, it sounds like the auction was conducted by the Mint, probably with the same authorized dealers who purchase bullion:

Quote:
[T]he bureau offered tens of thousands of gold and silver coins by sealed-bid auction to select bulk dealers.
Valued Member
United States
111 Posts
 Posted 07/16/2020  12:12 am  Show Profile   Bookmark this reply Add oldno7 to your friends list Get a Link to this Reply
NGC has announced that they will have a special label for these coins.
The "West Point Mint Hoard"
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