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First Strike And First Day Issued Labels

 
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Author Previous TopicReplies: 13 / Views: 603Next Topic  
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 Posted 08/01/2022  2:11 pm Show Profile   Bookmark this topic Add Rick-99 to your friends list Get a Link to this Message
Can someone clear something up for me when it comes to First Strike and First Day Issued labels. It's my understanding that you can get these labels if you send in the coins within the first 30 days. You can also send them in anytime after that as long as there still in the original US mint packing box and not opened. If this is the case doesn't that mean any coin minted could get these labels. You could have the very last coin of the series struck and have a First Strike label. I'm I missing something here. It seems like a real scam on the grading of these coins. It's bad enough that they charge the extra $15 for the label but I'm seeing coins going for $200 to $300 more just for the labels. If this is all true there's a real lack of common sense out there. I've always been told to buy the coin, not the label. And I my be off base on this. Any help setting me straight would be greatly appreciated. Thanks.

*** Moved by Staff to a more appropriate forum. ***
Bedrock of the Community
United States
46666 Posts
 Posted 08/01/2022  2:16 pm  Show Profile   Bookmark this reply Add John1 to your friends list Get a Link to this Reply
The whole thing is a scam unless you collect labels. A MS or PF 70 coin whether or not it is labeled 1st day or 1st strike is still a MS or PF 70 coin. IMHO of course. I collect coins not labels.
John1
( I'm no pro, it's just my humble opinion )
Searched 6.5 +/- Million Cents Since 1971
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United States
339 Posts
 Posted 08/01/2022  2:16 pm  Show Profile   Bookmark this reply Add Eagle4Life to your friends list Get a Link to this Reply
It is a scam that some people pay extra for.

I've gotten coins graded with the first strike label because I assume it will command more money if it gets resold. As a buyer the label doesn't matter much to me.
Edited by Eagle4Life
08/01/2022 3:33 pm
Pillar of the Community
United States
5276 Posts
 Posted 08/01/2022  3:01 pm  Show Profile   Bookmark this reply Add macmercury to your friends list Get a Link to this Reply
I agree the same with early release and first release, if the coin is a 70, then what is the difference except the date when minted.

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Current project: US Dansco 7070 Album
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Valued Member
United States
91 Posts
 Posted 08/01/2022  4:22 pm  Show Profile   Bookmark this reply Add Rick-99 to your friends list Get a Link to this Reply
But is it true that any coin in a series could get those labels the way the grading companies do it? If they minted say 50,000 coins and sent them all out within the first 30 days wouldn't they all be eligible for these labels. I could see if the mint actually numbered the coins as they were struck and then you'd have some kind of idea as to the order. It just doesn't make any sense to me.The labels are very misleading if not a flat out lie.
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 Posted 08/01/2022  5:08 pm  Show Profile   Bookmark this reply Add Cujohn to your friends list Get a Link to this Reply
I agree. Take the 2021 Morgan and Peace dollars. I'm sure they made all 175,000 and 200,000 thousand of them in 1 or 2 days. So that makes every one of them 1st strike and first release. I'm not going to pay more for something that means absolutely nothing. Buy the coin not the holder.
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 Posted 08/01/2022  5:17 pm  Show Profile   Bookmark this reply Add Bump111 to your friends list Get a Link to this Reply

Quote:
If they minted say 50,000 coins and sent them all out within the first 30 days wouldn't they all be eligible for these labels.


That's correct - and why some of these labels mean very little...
"Nummi rari mira sunt, si sumptus ferre potes." - Christophorus filius Scotiae
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91 Posts
 Posted 08/01/2022  7:08 pm  Show Profile   Bookmark this reply Add Rick-99 to your friends list Get a Link to this Reply
Thanks everyone for confirming my beliefs. It amazes me how many people buy into this.
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 Posted 08/01/2022  8:03 pm  Show Profile   Bookmark this reply Add John1 to your friends list Get a Link to this Reply
Buy the coin not the holder is different than buy the coin not the label.
John1
( I'm no pro, it's just my humble opinion )
Searched 6.5 +/- Million Cents Since 1971
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 Posted 08/01/2022  8:08 pm  Show Profile   Bookmark this reply Add Cujohn to your friends list Get a Link to this Reply
Why same thing.
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 Posted 08/01/2022  8:49 pm  Show Profile   Bookmark this reply Add hokiefan_82 to your friends list Get a Link to this Reply
These special labels mean nothing to me, and I wouldn't pay a premium for a "First Day of Issue" or any of the numerous variations. I can see paying a bit of a premium for a coin attributed to a famous collection (a subject that's come up in other topics), but that would be about it...

For my modern commemorative set, which I've recently disposed of, I did have several examples with these labels. However, in each case I shopped around and bought the cheapest example of the type and grade I wanted at the time; if they had a special label that was fine, but it wasn't something I was looking for.
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Bedrock of the Community
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 Posted 08/02/2022  04:25 am  Show Profile   Bookmark this reply Add John1 to your friends list Get a Link to this Reply

Quote:
Why same thing.

Because,when we say buy the coin not the holder we are referring to only buy holders from PCGS-NGC-ANACS. Buy the coin not the label we are saying MS70 is MS70 no matter if it is 1st day or 1st strike or from a known collectors' collection or a famous ship wreck etc.
John1
( I'm no pro, it's just my humble opinion )
Searched 6.5 +/- Million Cents Since 1971
Edited by John1
08/02/2022 04:25 am
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 Posted 08/02/2022  10:58 am  Show Profile   Bookmark this reply Add Kopper Ken to your friends list Get a Link to this Reply
Take the coin out of the holder and you still have a coin...also a label. You'll get more for the coin than the label.

KK
New Member
United States
5 Posts
 Posted 08/18/2022  11:12 am  Show Profile   Bookmark this reply Add Via Goito to your friends list Get a Link to this Reply
Marketing balderdash, nothing more!
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