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 Replies: 12 / Views: 638 |
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Valued Member
United States
88 Posts |
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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Pillar of the Community
United States
6413 Posts |
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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Valued Member
United States
312 Posts |
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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Valued Member
United States
150 Posts |
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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Pillar of the Community
United States
2192 Posts |
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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Pillar of the Community
United States
1156 Posts |
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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Pillar of the Community
United States
2140 Posts |
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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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Bedrock of the Community
United States
16775 Posts |
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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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Pillar of the Community
United States
1156 Posts |
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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Moderator
United States
26897 Posts |
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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Bedrock of the Community
United States
16775 Posts |
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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Pillar of the Community
United States
1156 Posts |
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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.
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Valued Member
United States
111 Posts |
NGC has announced that they will have a special label for these coins. The "West Point Mint Hoard"
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Replies: 12 / Views: 638 |
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Posted 07/01/2020 12:19 pm
