Survey Results: Biggest Diappointment, Most Anticipated 2011 US Mint Product
Almost 700 Mint News Blog readers responded to a year-end survey on United States Mint products and coins. The second post covering the survey results will discuss the biggest disappointment of 2010, the most anticipated product of 2011, and the American Palladium Eagle.
What was the biggest disappointment or frustration of 2010?
|Difficulty obtaining America the Beautiful 5 oz. Silver Bullion Coins||38.08%|
|Higher prices for US Mint annual sets and other products||21.37%|
|Cancellation of 2010-W Uncirculated Gold and Silver Eagles||16.13%|
|Design Selections for new or upcoming coins||10.03%|
|Difficulty finding America the Beautiful Quarters from banks/circulation||8.72%|
With 38.08% of the vote, the top response was the difficulty obtaining the America the Beautiful 5 oz. Silver Bullion Coins.
For much of the year, anticipation had been running high for this new US Mint bullion product. After a series of delays, the US Mint finally announced that they would begin accepting orders from authorized purchasers on December 6, 2009. Rather than the previously indicated mintage of 100,000 coins per design, the mintage would be a scant 33,000 coins per design.
Ahead of the release date, the prices charged by one of the US Mint's authorized purchasers resulted in widespread complaints. The US Mint responded by halting the program and later relaunching with a set of specific terms and conditions for authorized purchasers. Among other things, the AP's would be limited to a mark up of 10% above acquisition cost, would need to enforce a one per household ordering limit, and would need to make all coins that they acquired available for sale to the public.
Nine out of eleven of the AP's agreed to the terms and ordered their allocations. Unfortunately, despite the steps taken by the Mint, frustration about the situation has continued. Some secondary market sources have managed to acquire dozens or hundreds of the ATB silver bullion coins, raising questions about the distribution. Some AP's are still sitting on their allocations while they either scramble to set up retail sales operations or for other unknown reasons. One AP has indicated that they won't begin sales until the second quarter. The few AP's who have offered their coins for sale have experienced an avalanche of orders, riddled with attempts to get around the household limits.
Coin Update News contributor Louis Golino has just written an article summarizing the current situation and providing his thoughts on the implications. You can read his article here.
The survey option which gathered the second highest number of votes was the higher pricing for US Mint annual sets and other products, with 21.37% of responses. Unfortunately (again), this situation is not getting any better. The US Mint subsequently announced price increases across nearly all product categories for 2011.
The write-in responses from readers who selected "other" included: too many coins being issued, quality of coins within US Mint products, lack of Platinum Eagle bullion coins, the proliferation of derivative products, lack of US Mint communication, the incorrectly sent 2010 Proof Silver Eagle cancellation email, responses indicating "none," and various combinations of the listed options.
Of the scheduled or anticipated US Mint numismatic products to be released in 2011, what are you looking forward to the most?
|Numismatic versions of America the Beautiful 5 oz. Silver Coins||37.70%|
|2011 Proof Silver Eagle||17.47%|
|2011 Medal of Honor Commemorative Coins||9.32%|
|2011 U.S. Army Commemorative Coins||8.59%|
|September 11th Commemorative Silver Medal||6.99%|
|2011-W Uncirculated Gold Eagle||4.51%|
|2011 Proof Platinum Eagle||4.37%|
|2011 Proof Gold Eagles||2.77%|
Based on survey responses, the most anticipated numismatic product of this year is the numismatic versions of the America the Beautiful 5 oz. Silver Coins. The 2010 coins will carry even lower mintages than the bullion versions at just 27,000 per design. Since they are numismatic products, they will be sold directly by the United States Mint.
Previously, the Mint indicated that sales would begin in the first quarter of 2011. So far, exact dates have not yet been provided, nor has the US Mint announced specific procedures for sales. All of the 2010 and 2011 designs are listed individually on the US Mint's product schedule, suggesting that the coins will be offered individually rather than in sets.
The next most anticipated products were the 2011 Proof Silver Eagle with 17.47% of the vote, followed by the year's two commemorative coin programs featuring the U.S. Army and the Medal of Honor.
The write-in responses for readers who indicated "other" included 2011 America the Beautiful Quarters or related products, 2011 Proof Set, 2011 Mint Set, American Palladium Eagles (these may or may not be issued in 2011), 2011 Proof Gold Buffalo, 2011-W Uncirculated Silver Eagle (the possibility of this product remains uncertain), and responses indicating "nothing."
Do you plan to buy the American Palladium Eagles?
|It will depend on the price of palladium or other factors||37.34%|
|I will not buy either version||30.97%|
|I plan to buy the numismatic version||15.77%|
|I plan to buy both the numismatic and bullion version||13.46%|
|I plan to buy the bullion version||2.46%|
Near the end of 2010, a bill was signed into law which will likely result in the issuance of a new one ounce .9995 fine palladium bullion and collector coin.
The American Palladium Eagle would feature the obverse design of the Mercury Dime and the reverse design of the 1907 American Institute of Architects Medal. Both designs by Adolph A. Weinman would be rendered in high relief.
The release date of the coins remains unknown. A marketing study is required to be performed to ensure that adequate demand exists for palladium bullion coins produced by the United States Mint. Within not more than one year after the submission of the study, the coins are required to be issued.
Altogether 31.69% of readers indicated that they intend to buy the bullion and/or numismatic version of the coin. Roughly the same percentage indicated that they would not buy either version of the coin. The remaining 37.34% of readers remain on the fence until pricing or other factors about the coins become known.