Double Prosperity Set- A Good Buy?
I've only written about the 8-8-08 Double Prosperity Set once, just before it was released. At the time, I highlighted the fact that the two coins in the set could be purchased individually for $193.05 less than the price of the set. So basically, you were paying nearly $200 for a custom wooden box. Since that post, circumstances have changed and the Double Prosperity Set now looks like a good buy.
The Double Prosperity Set contains two coins: the one-half ounce 2008-W American Gold Eagle and the one-half ounce 2008-W American Gold Buffalo.
To highlight a point, the coins do contain the "W" mint marked coins. This is significant because it means that these are the collectible versions of the coins, which are minted in much lower quantities than the bullion versions.
Many readers have sent me questions about this set, since the US Mint's product page makes no mention of the "W" mint mark. Reports from (other) readers, as well as the US Mint's initial press release found here, confirm that the coins do have the "W" mint mark. From the press release:
"Both coins in the 8-8-08 Double Prosperity Set are legal tender with a nominal face value designation of $25. But their gold metal content and artistry make them worth far more. Inscriptions on the coins include the "W" mint mark for the United States Mint at West Point, the date, the fineness and the weight."Since the coins went on sale, three circumstances have aligned, which make the set now look like a good buy.
First, the premium above the prices of the individual coins has declined. This happened when the US Mint had a massive re-pricing of nearly all of their gold and platinum products in mid-November. The prices for the individual coins were re-priced $15 and $56 lower, while the Double Prosperity Set was re-priced $150 lower. This served to eliminate some of the excessive premium for the set.
Second, the one-half ounce 2008-W Gold Buffalo coin sold out in November and secondary market prices have risen. From the data in my recent post examining prices for sold out US Mint products, this coin has been selling for prices in the $650 to $720 range.
The Double Prosperity Set is currently priced at $1,078.88. If the Gold Buffalo coin is worth $650, then you are getting the Gold Eagle for $428.88. This is nearly $80 less than the US Mint's individual price, and actually less than the value of the gold content of the coin. Additionally, both coins seem to have some potential for further price appreciation down the line.
Third, the most recent Mint Stats published on Numismaster show that only 4,563 sets have been sold. This is the first time the sales figure for the set has been published, and it is much lower than I would have expected.
The number is low enough so that the value of the Gold Buffalo coin should not be diluted, and it may also eventually create a premium for the Double Prosperity Set as packaged. As I have examined previously, sometimes specially packaged sets derive premiums far above the values of the individual coins.
When you put these three factors together, the Double Prosperity Set might actually live up to its name.
Labels: Gold Buffalo, Gold Eagles
posted by Mint News Blog @ 1:24 PM
23 Comments:
Hi Mike, please stop encouraging people to buy this set. You are killing my collection, haha!
LOL, sorry about that!
Another way to think about it- the Mint is definitely done producing the sets, so the faster the remaining inventory sells out, the sooner the prices can start rising.
". . . these are the collectible versions of the coins, which are minted in much lower quantities than the bullion versions."
Last I checked, the mintage for the bullion version of the 2008 half-ounce $25 Buffalo was zero. :-)
yes, that's true. The statement applies to the $25 Gold Eagle, or any other "W" mint marked coin where a bullion version exists.
If you add in the prosperity set 1/2 oz buffalo sales the total 1/2 buffalo mint coins would be near 15000 which apparently is not included in the sales figures. Likewise the 1/2 oz. gold eagle nos. would increase.
Mike:
Now that the 2007 American Eagle 10th Anniversary Platinum Coin Set is no longer available from the Mint, when do you think the mintage figures will be released? I own a set and am looking toward a big price appreciation in '09.
The 10th anniversary Platinum set sales number as of Dec 21 was 19,257. The final number can be much higher than that.
I am not sure whether they are gone for good or repricing, will try to confirm next week.
Fyi: I ordered a double prosperity set last Tuesday and just got email from mint saying it was backordered with ship date est. of 1/14. Its up in the air whether or not its available. Some backorders ship and some end up being cancelled by the mint. Anyway if you really want it I wouldn't delay in trying.
I just ordered one of these sets, and the summary said that it was in stock and would be shipped on the 21st.
I'm thinking about ordering the Double Prosperity set this weekend before the new pricing takes effect on Jan. 12, which would up the price from the current $1078.88 to $1175.00 (based on gold being between $850-899.99)
I placed my order back in December for this set (maybe I should have bought more, buyers remorse) and they have changed the shipping date like 5 or 6 times since then. I called and the lady I talked to chuckled and said something like...Oooh I can understand how upset you are. Oh my...lions and tigers and bears...Big help. I refuse to cancel my order. They haven't charged me yet so what the hey? Waiting to see how this all plays out anyway. I also placed my order based on the relative value of 1/2 ounce Buffalos and Eagles. Buffalo 1/2 ounces have gone nuts and moving into the 800 dollar range at times. No brainer. I should be a couple hundred dollars ahead of the game if I ever get to actually receive the darn things. Gotta luv the gubment. What bothers me is that they still advertise them on their site. It's 2009 if I remember right. Seems like they are milking it now that the wind has changed in their favor. I just want my stuff. Hopefully they don't make a gazillion more sets into 2010 with the 2008 date on them. Just call me Ben Dover. No kisses either. Not sure if I am allowed to publish this link but it has been a big help for me. the moderator can delete it if he/she wants to.
http://www.24hgold.com/english/buy_sell_gold_coins.aspx?co_id=0
Amazing mint. I ordered 2 sets along with 3 1/4 oz. eagles. Got the 2 sets in a few days (overnite shipping I didn't pay for).
I ordered a DP set during the last week in Dec. It finally arrived this week and it is great looking. The packaging alone looks to be worth $100. The mint should have promoted this set more and maybe done it in proof as well as this ms "W" marked set. This set was still available as of yesterday but price went up to about where it was last summer.
Ordered one Double Prosperity 8-08-08 GAE/GB set on 12/31/08 and another on 1/06/09.
Received them in order. The first order arrived on 2/11/09 (yesterday) and the second on 2/12/09 (today). The first was ordered with several other items (all of which arrived a long ago with the notable exception of the 1/4 Proof GAE that went from in stock and reserved, to backordered to Sorry Your S.O.L.), the second was ordered by itself.
If you ordered shortly after this hopefully yours are coming.
order mine tonight after a review of the commnts-still in stock but depleting quickly according to the lady that took my order.
Was hoping that the coins would be proofs, but looks like they are not. delivery in 2-3 weeks? how long does it take to process an order??? Hope they are "w" mint.
I just received a set that I ordered over a month ago. The coins do have the "W" mint mark.
ordered my double prosperity set tonight. the lady said there were less than 1000 left. that's all she could comment on the stock that is available. said will be shipped around 3/5/09
The set just sold out yesterday. I ordered one at the $1078 price last month and got it last week. Nice set. Probably the best box I've seen, though the 2008 buffalo boxes are also very nice. I'd still prefer the mint offered the same sets with less expensive (and more space-efficient) packaging, like the uncirculated gold and silver eagle packaging: low cost but still nice and good enough, and still with the same plastic coin holder. The first spouse coin packaging is also too big and expensive.
nothing left at the mint except the 1/2 oz au uncirculated. I now have 6 orders in-house, but no ship dates on any of them. the high point is that the lack of delivery gives me a little more time to save money to buy more should they come back on line. Anybody know anything about the broken search function at the mint's web site?
I made the post on January 19th. I did receive my set finally but I was very peeved that the Buffalo was not in its plastic shell inside the mahogany box. Just rattling around inside. I'm not going to return it but it did tick me off. I paid the $1078 for it and now they are running around $1500 more or less so I guess I did ok. Not bad for a three month investment. I doubt if the price will go down much below 1078 unless times get really hard for everyone. I ain't letting go if I can help it.
If I split up the set and sold it on E-bay I would still come out way ahead. (Last I looked, the average is about 646.16 for the GE and 905 for the GB) Of course that could change, hopefully for the better. The box and paperwork is worth around $50 for the nefariously inclined but I would never sell them since the Chinese are making fakes now and I wouldn't want to hurt some other buyer. I like to buy from reliable and trusted sources only. Only buy from ppl you can easily sue, beat the poop out of or sully their name if they screw you. Again, check out the site http://www.24hgold.com/english/buy_sell_gold_coins.aspx?co_id=0 to see what the E-bay world is buying gold coins for or http://www.24hgold.com/english/buy_sell_silver_coins.aspx?co_id=0 for silver coins. Just a good thermometer for me anyway.
it appears that it takes approximately 6 to 8 weeks to receive the DP set since placing the order. i placed my in the middle of 2/09 and have not received it. the last contact from the mint was an email suggesting an "expected ship date 3/20/09". the day has come and passed and no news. all i can hope is that they do not cancel the order.
Mike, Thanks for your efforts and enjoying the sites. I wanted to ask if you think the prosperity set at the $1225 is worth the money. Since both coins will no longer be available do you feel the set wil increase in value? I have seen prices from $1500 up to $1745 on E-bay.
To me I feel that since the Buffalo coin was a one year coin and that both coins will no longer be produced might mean it would go up in value. At these hard economic times the price may be suffering.
Also if gold should fall, would it create a situation like pricing did with the 2007 Anniversary Platinum Set or due to the lack of the coins will always they bring a premium? Thanks. Have a great 2009!
I'm very happy with my Double Prosperity buy. Bought mine at $1078 end of '08 and today looked on E-Bay and last sale was at $2500 and some are asking for more. Can't complain for a year appreciation of around 1400 dollars. I expect it to go up a lot more but my opinion. Do your own research and take the plunge if it feels right to you. One thing I have thought about is that whatever anyone pays for the double prosperity, it will be unlikely that they will sell for less than they bought it for unless things really go to hell at some point. I don't plan on selling ever really but who knows what the future holds? If buyers are purchasing at the 2500 dollar level or higher then it seems to suggest to me that they are richer buyers and can afford to hold onto their investment which should increase the scarcity. To me this will support the price over the long term. My opinion again. Buy from a reputable source of course.
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