United States Mint Circulating Coin Bulk Purchase Program
Back in June, the United States Mint announced the America the Beautiful Quarters Bulk Purchase Program. Recently, the Mint has added bulk purchase options for Presidential Dollars and Native American Dollars.
The America the Beautiful Quarters have been available in bulk bags of 200,000 coins ($50,000 face value). These bulk bags come on steel pallets measuring 41.5 inches long, 27.5 inches wide, and 19.5 inches high, with a weight of 2,615 pounds for the coins and pallet. The cost of the bulk bag is the face value of $50,000 plus a 3% handling charge of $1,500. Additionally, the purchaser must arrange for pick up at either the Philadelphia or Denver Mint by a properly licensed carrier.Orders for bulk bags of new releases can be placed up to one week before the circulation release date. Orders may also be placed for previously released quarters to be fulfilled with available inventory. The US Mint may also restart production of previous designs from the current year, if time and resources permit. The latest coin production figures showed that the US Mint did restart production of the Hot Springs Quarter, with 5 million more coins struck at the Philadelphia and Denver Mints.
Presidential Dollars and Native American Dollars are available through the Bulk Purchase Program in bags of 140,000 coins ($140,000 face value). The cost is face value plus a 1% handling charge of $1,400. The pallets and bags have the same measurement and weight as for the quarters.
For Presidential Dollars, only prior year coins are available for ordering. Specific designs are not mentioned. For Native American Dollars, current year dated coins are available from the first business day of the year.
A Q&A document from the US Mint states the purpose of the program (specifically for the quarters) as follows: "Recent economic conditions have led to an oversupply of prior year-dated quarters in the banking system. As a result, businesses relying solely on the banking system may be unable to obtain large quantities of America the Beautiful Quarters coins on a regular basis. This program provides an option to those interested in obtaining America the Beautiful Quarters in volume."
More information on the bulk purchase program can be found on the US Mint's website here.
The dollar value for the bulk bags puts them out of reach for nearly all collectors and individuals. To me, it seems that the ones most able to utilize the program would be mass marketers reselling America the Beautiful Quarters to the public, large coin dealers, and possibly businesses seeking the coins for promotional purposes.
Collectors are left with only a few options for buying relatively small numbers of America the Beautiful Quarters at much higher premiums. Current products with circulation strike quarters include 100-coin bags ($25 face value) priced at $35.95, two roll sets ($20 face value) priced at $32.95, and the circulating coin set ($2.50 face value) priced at $9.95. These products represent premiums to face value of 43.80%, 64.75%, and 298.00%. This does not take into account shipping and handling charges.
If the US Mint is going to accommodate mass marketers with a special program, shouldn't they offer better options for collectors and average individuals?
Coin Update News: Previewing America the Beautiful Silver Bullion Coins
Labels: US Mint
posted by Mint News Blog @ 7:07 AM
54 Comments:
Just curious, who is buying these bulk items? Do banks pick these up or big coin shops lite Littleton Coin? How many have been sold? I sure don't see any ATB quarters in circulation so they're either being sucked up by collectors and or are not making to banks. Thanks, great blog, keep up the great stuff!
Oh yeah - I'm going to just jump all over this one. Will need to build a shed out back to hold my coins...
They put the coins in a baby's crib, how cute.
The large telemarketers have contacts at the banks that can order the coins for face value so they don't even pay the mint 3% over face.
Can I send to NGC for an ER label?
i would participate if it was for 2009 nickels and dimes...
Baby crib!
Just what I was thinking.
"If the US Mint is going to accommodate mass marketers with a special program, shouldn't they offer better options for collectors and average individuals?"
You ask a great question indeed. As far as I'm concerned these programs do nothing to put these coins in the hands of the average collector. Many of us have called banks directly asking for them to no avail and no I don't have $51,700 for a boatload of quarters nor do I need that many.
I and others like me are once again overlooked and out of luck since I made a decision I was not going to pay the outrageous markups on these coins offered through the Mint.
So worse come to worse I will not collect the state park quarters.
Besides a casino who the heck is gonna want one of these???
Just Stupid...
Yeah it's just the kinda program collectors were waiting for all along.
I would hope it would come with genuine US Mint forklift too.
No it's not April 1st.
I think the world just got a little weirder with this one.
I say the Mint can keep them in any quantity. How outrageous.....$50,000 indeed, and for garbage? Maybe we are all dreaming this stupidity and will wake up one day. Perhaps when american collectors join forces with the average screwed citizen and dump Obama in 2 years, we can dump Moy at the same time. Both useless.
WOW, 50 thousand ounces of tin plated brass. Is this a special for scrap metal dealers? What gooberment wizard come up with this friggin' idea? Did the mint have an internal contest to see who could come up with the goofiest product?
"Perhaps when american collectors join forces with the average screwed citizen and dump Obama in 2 years, we can dump Moy at the same time. Both useless."
How is blaming Obama for the Bush screw up of this country going to help coin collectors?
Too much capital to lay out for such a big loser. Also, I think it is time to stop buying the roll sets. I see a Tsunami on the horizon.
Just what an ATB roll collector does not what to see. After Mt. Hood - I'm out.
Here we go again, not one, but two shallow bloggers hoping to blame somebody else for their own personal problems. I wonder what things would look like if "everyone" including Presidents and you two blamers took total responsibility for their own actions, decisions, and behavior ? Yes, it would look different.
Now, let's get back to collecting !
Those attractive low mintage quarters just got real ugly.
I think that the US Military could make better use of the metal.
Corporations and their government (telemarketers & the mint). One hand washes the other while the ordinary citizen (collector) drowns in the bath.
First they offer shady mintages of quarters "always subject to change" this year. That cut off my purchases of rolls.
Now since these coins don't technicaly circulate nor would they in the real world for several years they are offering suckers a part of their inventory space.
For the most part I still don't see 2009 quarters, and the rare occasional 2010 quarter, all Hot Springs.
We all need to realize the mint is simply pushing out all their crap just to make a paper profit. There is no demand for the quarter and dollar coins at all.
I thought the bags were plenty; but this is way over the top. Over the entire life of the ATB program - that is a little over three million dollars revenue from each telemarketing customer and a net of 2.77 million dollars per each telemarketing customer for the mint. They're going for the mother lode - fishing for whales. We can expect to see a lot of complete BU albums available in about 9 years.
what's the rope on top gonna do if that eyesore tips over???? and how am i gonna get that through the door at the bank????
Obviously these will be available for pick up at Costco. It will fit on the palate style shopping cart along with 50 gallon drum of condensed soup.
Pop! Pop! Pop! goes my back when I try to move this thing dudes!
As a side note I received my first Tim Geithner Series 2009 dollar bill yesterday. Oddly it was from district 12 and I live in district 1.
The Tim Geithner bill is certain to decrease in value.
along with the rest of our currency
Yes, the Geithner & Bernanke 2 dollar sheet will come in what they call at Walmart double rolls. You'll find them in the same aisle with Scott, Northern, and Charmin. I don't know who those two think they are foolin' other than themselves. If someone could talk an economy into improving then BS would be extremely valuable and those two would be the richest in America. To keep this comment more coin related their likeness should be on a coin. Maybe the ones the mint makes out of potmetal in coming years.
In Search of Water, NASA pacecraft to Hit the Moon - that was in the news 1 yearsr ago. Interestingly , they found among other things Silver but not Gold.
Holy morly! This is the best joke of today!
A boat load of quaters... I call this genius.
I LOVE the idea. Considering I live right outside of Detroit, I can line the walls with these, it will help bulletproof my home.
This has to rank #1 in the mints stupidity category.
Yes indeed, the MINT has reached a new plateau in stupidity, thank God collectors have free choice. Boycott the crap, and spend your money where it's treated best. That sure isn't at the Mint. How God-awful of an idea.
Have to agree with BS remark for Geithner...
Apparently, Geithner can't tell the difference between Horse Sh_t and Bull Sh_t...
Any farmer will tell you that a person can step in
Horse Sh_t... Bull Sh_t on the other hand is more prevalent but is much harder to step in.
Let's see, if 1000 readers of this blog would put up just $50 each plus shipping, Michael could get one and split it among us! He could keep the steel baby crib for his trouble.
It looks like I was right about the Mint cutting off the 2009 Silver Quarter Proof sets at around 300,000 units. It sold out today, finally.
Too bad the '10 sets will be on sale until '12.
I think the "quarters only" silver proof set will be a winner, considering that there are less than 1 million total sets minted across both options (full or quarters only) in 2009. Is that number the lowest from 1999-2009? I can't remember how many total silver quarter sets were minted in 1999.
1999 Silver Proof 9 Piece Set mintage - 804,565 (2010 Red Book, Pg. 333)
I have been trying to find the actual silver content in the 2009 silver proof territorial quarters. the legislation doesn't appear to specify weight, just 90% silver/ 10% copper content.
so what is the actual silver weight per quarter?
A 90% silver quarter contains .1808 troy ounces of silver. The 2009 proof set has 6 quarters, so there is a total silver weight of 1.0848 troy ounces in the set. At the current market price ($23.84), the silver in the set is worth $25.86.
The set itself is one of the lowest-minted ones from 1999 to the present, I believe second only to the 1999 silver quarters set. That should bode well for it's future prospects, especially if the silver price stays high.
@ 10:58
Thanks! i was looking thru the legislation, and couldn't find where the weight was specified.
Its 5pm Eastern and still no mint sales update?
I'm so glad I made the decision NOT to buy any of the Mint rolls and bags of the ATB quarters after learning of the Mint producing more quarters as needed. It certainly takes away any surprise low mintages or quick sellouts of certain issues. Luckily I've been able to get bank rolls of all the Philadelphia releases and have been able to find Denver rolls quite reasonable on eBay. So far each release has cost me $22.50 for a set of P&D bank rolls, much better than the outrageous $32.95 Mint price. If you keep looking, you'll find them.
I pretty much come up empty on ATB quarter rolls at the banks around here (Southern Illinois). However, I really don't care anymore as I've gotten pretty much bored with the whole thing. I'm not going to spend any extra money to get them, and I'm not even going to bother saving any of the ones I might find.
I DO want some of the 5 oz. silver versions though, if they EVER show up! I hope too that the premium on them is reasonable, no more than $12 per coin. That allows for the $2 per ounce premium like the Eagles, with an extra $2 per coin built in. That should be MORE than enough, but I'll bet it's not. :(
Does anyone know a link for this weeks sales update? I also thought this usually is put on this blog by Tuesday afternoon.
I'm interested in the recent proof AGE sales (or lack thereof).
The new sales update hasn't been posted yet. Either it hasn't yet been provided, or maybe something came up that Michael had to take some time off for. I don't think he's been around the past couple of days, as he's been pretty silent.
Does the Mint have a link to a published weekly sales update? You'd think Michael would get his data from a public site...?
I am trying to confirm some of the numbers- will have the report posted soon.
I don't think it's from a public site, I think you have to be on a special e-mailing list to get it. Michael ranks up there with Dave Harper at Numismatic News!
The new report is posted here:
http://news.coinupdate.com/us-mint-sales-gold-coin-buyers-more-cautious-0509/
I am in the process of confirming the numbers for the Buchanan's Liberty and Proof Gold Buffalo, but didn't want to hold up the article any longer.
Wow, zero for the proof buffalo and and proof buchanans, negative for the uncirculated buchanans. Lets keep those mintages low!
It has to be a mistake. No way did those coins fail to sell a single one in a week's time!
Just got some updated numbers. Gold Buffalo is 485. Unc Buchanan is 7.
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