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 Replies: 25 / Views: 3,696 |
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Pillar of the Community
United States
717 Posts |
From time to time I see folks making the claim that the mint is releasing products with the intent of making money off of collectors. What if this was true and they decided to go all in. The mint (hypothetically) decides to release a Lincoln Head penny. The penny is dated 2020 with a special "W" mintmark (they're going to be made at West Point). The coins are made of the standard current penny composition (so little intrinsic value). They're going to make 1,000 of them and the cost per coin is $2,500. t will only be on sale for a day, or until it sells out. It comes in a lovely leatherette presentation box. Would you buy one? Do you think it would sellout? How much do you think it would be worth a week after the sale?
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Pillar of the Community
United States
7613 Posts |
Don't give the mint any more ideas!
Seriously, I would not buy one. I would imagine the tv telemarketers would go "all in" as a product like this is a match made in heaven for them. The value would initially jump but as the hype and novelty died down so would the price.
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Pillar of the Community
 Canada
9862 Posts |
The Royal Canadian Mint does this all the time,prices aren't quite $2500,but they certainly are excessive. "Dipping" is not considered cleaning...
-from PCGS website
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Pillar of the Community
United States
3090 Posts |
I wouldn't touch it.... Just me....
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Pillar of the Community
United States
509 Posts |
I am always a day late on everything the mint does so I am safe. But really, No I would not buy one.
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Pillar of the Community
United States
2023 Posts |
I wouldn't buy one and I doubt it would sell out. Even the TV shills would have a hard time pushing this one.
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Pillar of the Community
Canada
5239 Posts |
Of course the US mint is trying to make money off collectors, just like the RCM. They would probably make more sales by selling 10,000 for $250 each. Maybe make a set of all the types ever issued, dated 2020: A 2020S VDB, maybe even an aluminum one. I'll bet the package would sell. |
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Moderator
 United States
187702 Posts |
The idea was plausible until you set an unrealistic price tag.  |
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Pillar of the Community
United States
5825 Posts |
Long ago I got fed up with the Mint's products (except for daily change).
I consider what they're doing to be a legal scam.
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Bedrock of the Community
United States
10034 Posts |
As has been said, the RCM does this already. Carousel coins, glow in the dark etc. The RCM has made a glut of collectables such that I think, as can be verified with what is said on our Canadian forum, has devalued RCM issues overall. Except for a very few, waiting a few months will allow most to be purchased on ebay for a very reduced price. I think the only thing stopping the US mint from following the pattern is that, unlike in Canada, congressional/government approval is needed in the US (thank God!). On the RCM website, you can find a listing of their products takes twenty-four pages of twenty items each!  |
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Pillar of the Community
 United States
717 Posts |
I wonder what would happen if someone used athat helmet-shaped coin at the local Quik-E-Mart in Saskatchewan and tried to buy a slushy.
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Rest in Peace
United States
18456 Posts |
I haven't bought anything from the U.S. mint since the early 60's , when sets were well affordable . Now forget it you need to take out a loan to buy a few modern sets of coins .  |
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Bedrock of the Community
13014 Posts |
Quote:The RCM has made a glut of collectables such that I think, as can be verified with what is said on our Canadian forum, has devalued RCM issues overall. Except for a very few, waiting a few months will allow most to be purchased on ebay for a very reduced price. I don't believe it's as much the glut of offerings as it is just the extreme premiums that get charged at first. Even when most of them lose say half their value they still have a pretty healthy premium. A lot of things they sell they're basically trying to get something like a 100 CAD an ounce for silver. I know they're numismatic, but very few things can sustain those types of premiums for a raw ungraded thing over time. The foreign mints are also known for giving discounts and private contracts ect to big purchasers so you can see a big seller selling under issue price immediately and be making a profit. Quote:
I wonder what would happen if someone used athat helmet-shaped coin at the local Quik-E-Mart in Saskatchewan and tried to buy a slushy. They'd either reject it or if they were smart they'd realize it's worth much more than the $25 face value and accept it. But the crown countries things don't necessarily have legal tender status even if its on the coin. Look up the $20 for $20 stuff |
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Pillar of the Community
5464 Posts |
Forget it. Not no but heck no! Collectors have been gouged from day-one under all scenario. The day we are no longer being gouged by the Mint, is the day the Mint starts issuing face value silver and gold coins into general circulation again.
Edited by USSID18
10/15/2018 7:57 pm
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Pillar of the Community
United States
717 Posts |
If the coin sells for $2,500 (or whatever), and a month later it's selling (and being bought) on ebay for 3X as much, have they really been gouged. In the scenario I originally described, I think the coin would sell out in about 2 minutes and be going for 2 to 3 times the initial offering price by the end of the day. You have a unique coin, with a very limited population, in a very popular series. I'd try to buy one. |
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Pillar of the Community
Canada
999 Posts |
Quote:If the coin sells for $2,500 (or whatever), and a month later it's selling (and being bought) on ebay for 3X as much, have they really been gouged. In the scenario I originally described, I think the coin would sell out in about 2 minutes and be going for 2 to 3 times the initial offering price by the end of the day. You have a unique coin, with a very limited population, in a very popular series. I'd try to buy one. Maybe. If that were to happen, the Mint would start getting greedy and issue more and more "special issue" coins. This will flood the market causing prices to plummet in the secondary market. |
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Replies: 25 / Views: 3,696 |
Posted 10/15/2018 10:06 am
