2010 Lincoln Cent Two Roll Set
The US Mint has released the product details for the 2010 "Preservation of the Union" Lincoln Cent Two Roll Set. The product had previously been announced, but pricing and ordering information were not available until today.
Each 2010 Lincoln Cent Two Roll Set will include one 50-coin roll from the Philadelphia Mint and one 50-coin roll from the Denver Mint of the newly designed Lincoln Cents. The rolls will be packaged in special paper wrappers depicting the new Union Shield design and indicating the mint of origin and face value of the contents.
The two roll sets will go on sale April 8, 2010 at 12:00 Noon ET, priced at $8.95 each. There are no household ordering limits indicated.
The product release comes nearly two months after the official launch ceremony for the 2010 Lincoln Cent, which took place on February 11, 2010. It's also almost three months since the first 2010 Lincoln Cents entered the channels of circulation (in Puerto Rico) in mid-January 2010. In some ways, it seems like the US Mint has missed the boat with this offering, with the initial excitement and roll prices having already peaked and subsided.
Last year, the US Mint had offered two roll sets for each of the four different 2009 Lincoln Cent designs. The sets for the "Birthplace" design had sold out after two weeks and sales of 96,000 sets. The "Formative Years" design sold out after three months and sales of 300,000 sets. The "Professional Life" and "Presidency" designs remain available and have sold 280,667 and 243,815 sets, respectively.
The 2009 Lincoln Cent Two Roll Sets were each initially offered with an ordering limit of five sets per household. The ordering limit has been removed for the remaining available "Professional Life" and "Presidency" sets.
Coin Update News: March 2010 US Mint Gold and Silver Eagle Sales
Labels: 2009 Lincoln Cents
posted by Mint News Blog @ 11:26 AM
37 Comments:
The Mint might have "missed the boat" with this one, but they'll still sell a crapload of them to the same gluttons for punishment who bought the 2009's. I don't regret buying 11 sets of LP4's after the low mintages were announced (yet, anyway), but the LP2 and LP3 sets are real secondary market losers. I'm glad I don't have any of those.
With all of that said, watch these LP5 sets be cut off at only 50,000-75,000 sets, and a repeat of the LP1 scenario. Since I don't plan to buy any, it seems like that is what will happen!
Wow , looks like they are already starting up on Ebay as presales .For a mere 25 bucks ya can own a set ,lol.I just wonder if anyone will buy them.
Probably a few will sell on those auctions. After all, a fool and his (or her) money are soon parted.
If the Mint cuts them off early and unexpectedly, expect at least a short-term frenzy that would drive prices up very sharply and quickly. The $25 we're making fun of now would quickly turn into a bargain! I'm not holding my breath, though. These will probably languish in the Mint's catalog until June 30, 2011.
I will concur with the poster @ April 5, 2010 12:51 PM . I'm think most already have their fill . Short term maybe , long term HIGHLY DOUBTFUL.But then again the Mint does work in mysterious ways.
I'm in for a set just to complete what I've already started:(
As a collector, here we go again as is the case in most other coins and products comment section. I will buy to own, not to sell, for quite a few folks that post here, it is all about profit. This is what causes so many to wonder why our country is in the shape it is in. Hardly any discussions about a coin and it's uniqueness, but plenty about the "once was almighty dollar". Michael thanks for your posts! Maybe a new one is needed for the profiteers only. I enjoy all of the 2009's. Not just the low mintage ones.
"for quite a few folks that post here, it is all about profit."
$1 worth of pennies is priced $8.95+ shipping.Who is making a profit on the first place?I buy to own as well,but this is a way overpriced,especially if you consider the quality of the coins inside.Some of them were MS62 quality (or even lower) in the rolls I opened last year and these were UNCIRCULATED COINS.
Ho Hum Copper clad cents!! Thanks Michael for the heads up, but I'll roll over and go back to sleep. Wake me up if any eagles are spotted! Glad to see the Pt and Au are steadily climbing maybe the melt value will rise to the point that we paid for the 07 two coin platinum set-1950+.
Why spend $8.95 + s/h or $25.00 from the (auction site) mentioned earlier add for $25.00 for the same quality of coins i can obtain from my bank for face value? Oh wait I know now , it's the box and wrappers that the mint makes profit on not the coins inside!!
Those who bought the LP1's from the Mint made quite a handsome profit, despite the high price over face.
That scenario made a little more sense than the one regarding the William Henry Harrison Mint rolls last year. At least the pennies are highly collected and it was the first of four unique designs. The Harrison rolls were simply cut off early and unexpectedly. It seems that just because of that, the price went straight to the moon! Tyler had the exact same number of rolls made, but since the sellout was expected that time it seemed to have no impact on prices. Those of us who bought them are now either sitting on them hoping to recover our investment someday, or have since cut our losses and broken the coins out to spend at face. At least the rolls do have a built-in "stop loss" of $50!
I do remember hearing a handful of collectors who claimed that they were either going to spend the Tylers or they had already. I have to believe that there are no longer 30,000 rolls of Tylers circulating on the secondary market. Of course, there were probably some Harrison rolls broken up before the sellout occurred, so there aren't 30,000 of them left intact either.
I bought some Polk rolls that will most likely be broken up, too. I learned my lesson after that one, though. No Taylors or Fillmores ever graced my house.
However, did you notice the drastic decline in Fillmore rolls on last week's Mint Sales Report? I found myself wondering if it was due to cancellations by the Mint to end sales of the rolls early again. But, I'm still not buying any.
I am having second thoughts on the LP5 as there is no limit per household in place. There is nothing stopping the mint from selling a ton of these at a hefty 7.95 premium over face value. Why buy from the mint when I can get em for face value at my bank. No thanks dudes!
To the prior post, "April 5, 2010 2:17 PM". All banks in my area still do not have any 2009 rolls of pennies of any design. Yes we are still being gouged by the mint (lowercase intentional), however, I would rather it be the mint (lowercase intentional) than the dealers, flippers, ebayers, et.
"they'll still sell a crapload of them to the same gluttons for punishment who bought the 2009's."
GOOD GRIEF, WHAT A COMMENT. I don't know of anyone forced to but anything from the Mint !!!!!!
Most are just collectors who don't deserve a "crapload" of negative opinions.
Michael, please don't let the negativity of some to cause you to stop your blog. You can't help what people post. There are some of us who do enjoy many aspects to our coinage without the need to make a buck. Great news on your new little one. God Bless You and the Whole Family. Tim
Oh, I'll bet those of you who posted comments like the two above this one have posted your own negative-toned comments from time to time. Don't sound so "holier than thou" to someone who is obviously frustrated with the Mint's unpredictability.
Hmm, $8.95 and shipping for a dollars worth of cents? Oh my goodness...
Don't sound so "holier than thou" to someone who is obviously frustrated with the Mint's unpredictability.
April 5, 2010 5:35 PM
What are you talking about in the post above yours? It mainly refers to Michael's great job on this blog and his new bundle of joy. I hope the Mint will do something to make you very happy this year, and I mean it. We all hope things will get better with them.
On a completely different subject, does anybody live near the Hot Springs National Park? I can send some of the first day cover envelopes I'm creating your way. On the 19th, you can get the local Hot Springs post office to cancel them. And I think the ceremony on the 20th will have its own special stamp/postmark as well... so, maybe you can add that to the FDCCs. Otherwise, I'm just going to get them postmarked here in DC.
oh yeah, btw to email me just send it to my gmail account. Same name.
Speaking of the America the Beautiful quarters. Is the U S National Park Service going to do anything special with the new quarters?
I personally 'boycotted' all 2009 cent rolls pushed out by the Mint, and don't regret it at all. I fully intend to do the same with the new 2010 cents. I might very well be the solitary no buyer in the crowd, but I refuse to be gouged and price insulted by a poorly functioning Governmental agency. I saved money and sleep very well. One day far in the distant future, there will barely be a trickle of numismatic purchases and a clueless bean counter will ask why......the obvious will never be obvious. One of my personal sayings is that the eye is blind when the mind is absent. ~Grandpa
This is the new trick by the mint, they keep the 2009 and 2010 coins locked up in vaults so people have to pay inflated prices like this $8.95 roll set of one dollar in pennies.
Once they sell all they want then they will release the locked up coins and flood the market.
L@@K Super Rare 2010 Pennies LP5 Hot Hot Hot Buy it Now $8.50 1 of 500 available
Is it foolish ??? for me to think that if I buy and hold a 2010 cent 2 roll set. That because the "P" cents are NOT "p" coin stamped that the "p" rolls with mint mark "p" on the roll will make them more valueble down the road ???
The only possible way to stop or at any rate halt the absurd overcharging for common pennies is to simply refuse to purchase any.
The Mint has punched out and fancy wrapped a quantity they hope to entice you to buy. The more frustrated collectors that bend over and pay outrageous prices, the more the pricing takes on an aire of "acceptable - the market will pay" rate.
I say stop buying them, and when someone with half a brain cell examines the tarnishing stock and lack of sales.....they just might lower the sales price to anything approaching sanity. And if they don't, let them tarnish away. The Mint has gone way over the edge, don't encourage more absurdity. Enough is enough and you know it.
Amen to that!
So many questions...
1. If a coin is returned to the Mint for a blemish, does the Mint resell the coin to the next order or is it destroyed?
2. How often does the mint replace the dies for proof coins.
3. Is there a limit to the time from when the Mint produces a coin that it must be placed in circulation?
4.How many coins are produced at one time? For a run of 40,000 gold coins, do they actually make the entire run at one time or produce the coins in interval production runs?
Goldfingers
Goldfingers,
Answers:
1. I would wager a great sum of money that the Mint does indeed resell returned inventory to a future order. They probably figure that not all buyers are so picky or will even go to the trouble to return the coin. Unless the coin is a COMPLETE screw-up, I can't see the Mint destroying it. Very few collector coins are produced in a condition less than an MS or PF 69 anyway, so they most likely figure someone will keep it with no questions asked.
2. I've heard that proof dies are replaced after just a few thousand strikes. I don't remember how many, but it seems like it was around 6,000-8,000 coins.
3. I've never heard of any limit between the time of striking coins and the time they must be placed in circulation. If there is such a time limit, it is certain to have expired for the 2009-D nickels and dimes by now!
4. There are several production runs of collectible coins in nearly every case I would suspect. There may be extremely rare circumstances when the Mint is confident enough in a product's potential that they produce the entire stated run at once, but again that situation would be VERY rare. The Mint does not want to go to the time and trouble to melt down coins that have already been struck. That mentality just lends further credibility to my answer to question #1.
I dont know exactly what the Mint's overhead is... but I bet material-wise, 2 rolls of pennies probably actually costs close to $1.50 to actually make. Then you need to pay for packaging and labor and customer service overhead. Then add a 15% safety net, and price-wise you might be getting up there. Maybe not $8.50 a set, but it still feels that the production costs and overhead would at least get you to $5 or $6 dollars.
I'm just thinking about the expenses Ebay sellers end up dealing with... both from Ebay and Paypal fees and the time and labor to get the coins and package it. If you want to then include S&H, it goes up even more. Realize, that when a roll of 50 BU pennies is being sold on Ebay w/ free shipping for $4.50, that's only about 50 cents profit for the seller and that's only if he/she got it at cost.
Yeah, eBay has gotten VERY "seller unfriendly" lately. I don't even sell much there anymore. I wish the Webstore site would get more popular, because there you don't have to pay any listing or final value fees. I don't mind the PayPal fee at all when that is the only fee I'm paying.
I had an auction for the Elizabeth Monroe and Louisa Adams Uncirculated gold coins a few weeks ago on eBay that got no bidders, then two different people contacted me right after ("watchers", no doubt) asking me to relist them and they would buy them this time. However, I had already listed them on Webstore by then and both of them refused to buy them on that site. Then a few days later, someone else bought them on Webstore so I ended up making the sale without having to pay a final value fee. Every little bit helps!
I heard that the 2009 pennies are falling apart in circulation. Any confirmation?
"I dont know exactly what the Mint's overhead is... but I bet material-wise, 2 rolls of pennies probably actually costs close to $1.50 to actually make. Then you need to pay for packaging and labor and customer service overhead. Then add a 15% safety net, and price-wise you might be getting up there. Maybe not $8.50 a set, but it still feels that the production costs and overhead would at least get you to $5 or $6 dollars."
Wow you are definitely the Mints #1 PR man if you believe that. You are close with the materials and manufacturing cost which is about $0.017 right now. But I would disagree with the wrapping cost. They dump them into a machine and that wraps them. If they were paying $2.00 a roll to wrap them, heck they can hire me to do it by hand with my 50 cent scoop. I'd make over $100 an hour. And that would still leave them their 15% (30 cents) collectibles "profit" plus $3.48 per 2 rolls to ship it to their distribution center. Maybe they buy a new truck and trailer each time they make a new cent. We are talking over 100,000 of these not 100. The more they make the more they take.
Remember the nickels rolls in 2004-2005? The last 2 rolls costs $8.95. Now if you want to convince me that costs have gone up 400% in 5 years, I'll show you so folks on fixed SS payments that must be way behind on their COLA.
Truth is these are the exact same cents that are sent to the FED, yet somehow you don't pay an 895% premium + SH charges when you go to the bank. Who pays the cost of a cent traveling though the Federal Reserve? You do. Other coins cost less than their material/production cost (except the nickel which pop above and below from time to time), so is offset. Maybe that is why they make so many brass dollars.
I'm not against a premium...for something special (and by special I don't mean a paper wrapper) IE struck carefully, handled carefully. Make no doubt about it, when it comes to collectors, the US Mint is a "for profit" government entity.
Don't forget the nifty white box that has to be glued and labeled
and plastic roll holder
Because of recession the mintages will get lower and lower. We do not need all these coins in circ. That way the mint can make more and more money, every year!!! Every year make less coins. But then YOU get SCREWED. Finally, in 2019 you say, WOW!! only 25 million Loncoln cents made, I will buy the rolls!! But the next year, 2020 (If I'm still alive gracing this planet as we know it.) They will make only 2,000,000 coins!!! But then the rolls are worth nothing because in 2021 they will make only 900,000 (close to the 31-S!!!) As a result, 2020 coins will only be worth a thrupence!! The Key , and I say KEY date is just to but old coins!!!!!
Because of recession the mintages will get lower and lower. We do not need all these coins in circ. That way the mint can make more and more money, every year!!! Every year make less coins. But then YOU get "YOU KNOW WHAT!!!". Finally, in 2019 you say, WOW!! only 25 million Loncoln cents made, I will buy the rolls!! But the next year, 2020 (If I'm still alive gracing this planet as we know it.) They will make only 2,000,000 coins!!! But then the rolls are worth nothing because in 2021 they will make only 900,000 (close to the 31-S!!!) As a result, 2020 coins will only be worth a thrupence!! The Key , and I say KEY date is just to buy old coins!!!!!
The rolls are over priced cause it's Obama's secret plan to finance healthcare!
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