Mint News Blog

News, Information, and Commentary on US Mint Products

Saturday, August 15, 2009

2009 Lincoln Bicentennial One Cent Proof Set

The US Mint has posted the product page and further information on the separate 2009 Lincoln Cent Proof Set that will be offered on August 26, 2009 at 12:00 Noon ET.

As expected, the set will contain the four different 2009 Proof Lincoln Cents, with designs representing Lincoln's Birthplace, Formative Years, Professional Life, and Presidency. The coins will have the special composition of 95% copper and 5% tin and zinc that has been used for the Lincoln Cents included in the US Mint's 2009 annual sets.

It appears that the lens containing the proof cents will have the same background insert design featuring an American flag. Based on how they have treated other separate denomination proof sets, I would expect that the outer cardboard box will feature a custom design. (The product page currently shows the 2009 Proof Set box for some reason.)

The sets are priced at $7.95 each and carry a surprising ordering limit of 5 sets per household. Even though the sets will go on sale in less than two weeks, they apparently won't begin shipping until late November 2009. Here is the US Mint's product page.

This separate proof set was perhaps brought on by the strong secondary market demand exhibited for separate 2009 Proof Lincoln Cent Sets. Countless 2009 Proof Sets have already been broken up for the purpose of selling the 2009 Lincoln Cent lens separately. On eBay, sales of these separate sets continues to be robust with the sets still selling around the $15 price level.

On a related note, the US Mint has also updated the entry on their product schedule for the 2009 Lincoln Coin and Chronicles Set from "Fall" to "October". This set will contain one 2009 Proof Lincoln Commemorative Silver Dollar and the four 2009 Proof Lincoln Cents with a production limit of 50,000 units.



At August 15, 2009 at 6:56 PM , Anonymous Anonymous said...

The James K. Polk presidential dollar collector rolls are released august 20! Considering the extremely limited mintages, you don't hear a lot of talk about them... then, BAM, they'll sellout from the mint in less than a week and that's all she wrote!

At August 15, 2009 at 7:16 PM , Anonymous Anonymous said...

Regarding the James K. Polk rolls selling out quickly: Even if they do, will anyone really care? We all saw what happened to the John Tyler rolls.

I've heard two separate arguments about why the William Henry Harrison scenario did not repeat itself with John Tyler, despite the identical mintage of rolls. The first is the brief "second round" of sales held by the Mint to re-sell rolls sold the first time around that did not pan out due to cancellations or bad credit cards. That argument does not hold water because the same thing happened with the Harrison rolls, and that situation did not hurt their value at all. Both designs still had an even 30,000 rolls sold for each Mint.

The second argument is the "surprise" factor in Harrison's quick sellout. They say that not as many rolls were kept in unopened white boxes for Harrison as there were for Tyler, hence explaining the price difference. However, that argument does not hold water either. The reason is that on eBay the prices paid for rolls out of the white box are almost as high as prices paid for those still sealed in the white boxes.

Let's face it: Poor Tyler is being snubbed for no ascertainable reason whatsoever! It just goes to reinforce the timeless tradition in collecting: PERCEIVED scarcity is a more powerful factor in determining an item's value than ACTUAL scarcity! Just give up trying to understand what goes in in people's heads!

At August 15, 2009 at 7:47 PM , Anonymous Anonymous said...

Once the Abraham Lincoln presidential dollars are released next year, people are going to really get into collecting the presidential dollars a lot more... and these rolls with their 30,000 mintage limit will be cared about then, especially when people want to back collect the series.

After that, other well known presidents will be released and the Presidential Dollars will be atleast as big a deal, if not bigger, than the state quarters series. Mark my words!

At August 16, 2009 at 4:46 AM , Anonymous Anonymous said...

Ageed. On the same note. Mary Todd Lincoln should rekindle some interest in the First Spouse series.
As to the percieved scarcity, just take a look at the 2001 Silver Buffalo commem. The full limit of 500,000 coins was sold. Based on previous mintages, there are only about 30,000 serious commem collectors. If there are that many Buffalo fans that are still willing to pay $100 each for these, why didn't they sell 500,000 1/10 ounce gold Buffalos last year? The issue prices were only $130 and $160 for the Unc and Proof.

At August 16, 2009 at 6:54 AM , Blogger joe said...

How many think that more then 1/3 of the proof sets sold have been broken for the proof lincolns?

Has anybody heard if the US Mint may come out with a (8) coin proof/uncirculated lincoln set?

At August 16, 2009 at 7:05 AM , Anonymous Anonymous said...

I'm almost sure that NGC will have a (8) coin proof/uncirculated lincoln set holder. Should be interesting...

At August 16, 2009 at 7:08 AM , Anonymous Anonymous said...

That should be:

1 Ag $ Pf
1 Ag $ Unc
4 Cu c Pf
8 Cu c Satin

So 14 coins total...

or perhaps more

8 Cu c Unc

At August 16, 2009 at 7:45 AM , Blogger joe said...

It would nice if the US Mint made the Lincoln Chronicles Set with all (16 different lincoln cents P/D/S) and both silver dollar lincolns.

At August 16, 2009 at 7:51 AM , Anonymous Anonymous said...

That's a cool idea, but the only way the Mint could do it would be to reduce the total number of Chronicles sets to 25,000. There are only 50,000 Lincoln Silver Dollars left out of the 500,000 maximum issuance, so to include both finishes in the set would require the 50,000 to be split between them.

Also, there would be an outcry if there were suddenly 25,000 more Lincoln Uncirculated Silver Dollars issued, so long after sell-out. But, with their recent track record, does the Mint really care about public outcries? It would not seem so.

At August 16, 2009 at 8:24 AM , Blogger joe said...

How about just the (16)coin lincoln set P/D/S? You know the mint still has so many P/D's stored some where.

What about direct buy for the lincoln P/D's? I know my bank hasn't gotten the second lincoln penny yet. Now that the third lincoln penny is out.

At August 16, 2009 at 10:43 AM , Anonymous Anonymous said...

"If there are that many Buffalo fans that are still willing to pay $100 each for these, why didn't they sell 500,000 1/10 ounce gold Buffalos last year? The issue prices were only $130 and $160 for the Unc and Proof."

They actually sold over 300,000 2008 gold buffalo coins but mostly the bullion one ounce.

Since most people went for that it left the higher priced over spot fractional coins with low mintages.

At August 16, 2009 at 12:08 PM , Anonymous Anonymous said...

Bullion doesn't count. The mint sells between 200,000 and 400,000 one ounce bullion eagles each year. The 300,000 Buffalos is on par with that. When it comes to collector coins, both the Eagle and the Buffalo drop below 50,000 for the one ounce versions.
It is obvious that the 2001 silver was horded, and is one of the reasons that there are now ordering limits on new stuff. Take a look at ebay. There have been nearly 100 silvers available each day for eight years at rediculously high prices, whereas a 2008-W $50 gold search will yield just a couple dozen after just right months.
If the collective of collectors out there stopped buying the silvers for two months, everybody who wants one could get one below the original offer price.

At August 16, 2009 at 12:10 PM , Anonymous Anonymous said...

Oops. That was eight months, not right months. Time to buy a new keyboard, the letters are worn.

At August 16, 2009 at 3:02 PM , Blogger Lasloo said...

As to the "surprise" theory concerning the William Henry Harrison increase in value versus the Tyler, it could still be valid theory. However, you just have to modify the claim to say that less Mint-wrapped rolls are still in circulation (including the ones still sealed in the white Mint boxes AND the ones taken out of the boxes).

I personally didn't start realizing the value of re-selling the Presidential coins in their original Mint wrappers (whether still in the box or not) until the William Henry Harrison incident. Before that, I would open up the coins to look for varieties and then store them in $25 plastic tubes. I could care less about the actual Mint wrapper. It certainly wasn't worth that much more of a premium to me at the time. I figure that the same was the case for a lot of other collectors. They got their boxes, opened them, opened the wrappers and stored the ones that weren't interesting. All the while thinking that they COULD buy more for investment reasons and keep them in their boxes or keep them in their wrappers because the past Presidential coins were still being sold with mintages WAY over 30,000. When the WHH sold out SO quickly, that was a complete shock to the system for most collectors, I believe. I truly believe the number of unopened Mint wrapped WHH coins is very LOW compared to Tyler. And that's why they are still going for so much.

But then again, you can't really tell with the collecting market. I agree absolutely that PERCEPTION matters more than REALITY. Its the same with the stock market. But we still ache to find some level of order to the chaos. And to some degree there usually is, but not necessarily something you can easily predict.

At August 16, 2009 at 6:09 PM , Anonymous Anonymous said...

You could be right regarding the theory that some of the WHH rolls in special Mint wrappers were taken out of the paper. I didn't really think about that possibility. My thinking has always been that there was no point in buying the rolls wrapped in Mint paper in the first place unless you intended to LEAVE them in the special paper. When I wanted to open rolls to look for errors, I just got rolls from local banks for face value. If I was going to spend $10.95 per roll above face value where the only difference was special paper, I would for certain leave the coins in that $10.95 paper!

At August 16, 2009 at 6:37 PM , Anonymous Anonymous said...

While we are tangentially on the subject of Buffaloes does anyone know the mintages for the Proof vs uncirculated? Also how many of these ended up as 70s on PCGS and NGC. Would be interesting to know...

At August 26, 2009 at 9:19 AM , Anonymous Dude said...

Order #: 3271**** @ 12:04 pm.
Qty 5 @ $7.95 -

Backordered 11/30/09


At August 26, 2009 at 2:21 PM , Blogger Lasloo said...

If they won't ship until late November, why did they put them on sale now?


And on the same catalog home page, they state, "The United States Mint has resolved the order fulfillment delays it experienced over the last several months and has returned to its standard policy of 1 to 2 weeks to process and ship orders to customers."

Since people were getting the "late November" thing from the get-go, it can't be a sudden lack of supply thing... sounds like they always planned to wait three months?

Are they trying to figure out demand before figuring out exactly how many to make?

At September 6, 2009 at 8:25 PM , Anonymous Anonymous said...

The Indian Head / Buffalo design on the 2001-D 1$ is so iconic that it is being collected not just by people who collect commems but many thousands of people who've enjoyed the design on the nickle all thier lives, and with at least 100 million new coin enthusiasts because of the State Quarter program I'm thinking the 2001-D situation is the real deal.

At September 9, 2009 at 2:46 PM , Blogger Lasloo said...

Why does the previous post sound like you're trying to sell me something? :-)

Anyone know why the Mint produced that commemorative coin from the Denver mint? Aren't silver commemoratives usually a San Francisco or West Point job?

At September 22, 2009 at 12:49 PM , Anonymous Anonymous said...

4-P and 4-D regular mint
4-S Copper proof
4-P and 4-D Copper Satin finish Unc
Out of the 20 Lincoln Pennies minted I think that the 8 Unc Satin finish pennies will be the most important pennies to collect. They will be the copper varity with a satin finish.


Post a Comment

Subscribe to Post Comments [Atom]

<< Home