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% |
| Other | 5.67% |
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% |
| Other | 8.30% |
| 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.
Labels: Survey
posted by Mint News Blog @ 1:19 PM
50 Comments:
Great article as always, I am addicted to these articles !!!!!!!!!
All seven hundred of us appreciate your efforts.
2011 is the first year I've decided to slash my subcription options and I am close to doing what I did to my old hobby of collecting from the RCM (Royal Circus Mint) over 10 years ago......stop wasting my $ on this overpriced garbage!
Yes, a plethora of cancelled subscriptions should get the point accross to the Mint real quick: If they don't stop raising prices, eventually sales will dwindle away to nothing!
And then those coins that don't sell well will become collectors items in demand that command high secondary market prices. Funny how it all works.
Nor I am happy that the Uncirculated Prez set is still not showing up and may not. Great teaching tool and something to pass on to Grandchildren along with the high priced stuff.
Regardless of the results of this survey, the only thing I can conclude is "Buy Precious Metals." This is the only thing that the US Mint is good for. All I can see for the future of the American People is financial decline. It is all about the new 100M middle classers in China and the abrupt decline of the Middle Class in America. The new middle classers in China and India do not have SS numbers or the means to buy and sell stocks. So, the only thing they can do is accumulate precious metals. This is the future. Buy the Yuan and precious metals to minimize the loss of your American Dream. Welcome to the new America. If you are 55 or older - don't let the joke be on you. HaHa MF's. Cheers from Goldman Sacs.
I agree, Forget the coin, forget the holder, forget the mint. Just buy the metal. It is a cruel and non-aesthetic world we now live in.
The greatest gift to receive in life is beauty and only those who have taste can receive that beauty. Enjoyment is the result when pleasure arises from aesthetic sensation. Judgments of aesthetic value clearly rely on our ability to discriminate at a sensory level. Throughout time, history’s greatest philosophers have tried to ever so passionately come to a universal agreement on a definition for the term “art” and the human emotions that are produced by the presence of an “artwork.” Unfortunately, to this day, a standard has never been achieved and no two theories are alike. Yet, with the coins of today, a nation's effort or techne', has become enshrouded in matters of money. Such a shame things have become. The beautification of a nation's history in coinage now bastardized by commercialism.
I would buy silver coins from 1964 and before. they are sure to keep rising in price. how high will silver go? any thoughts?
The question isn't how high silver will go. The question is how high will silver go before demand is affected. The effect of the ATBs surely gave some great insight on this.
The amount of middle class populations all over the world clearly will not be able to afford silver if silver ever reaches highs like the ATBs. I really believe silver may see 50.00 an ounce. But, I can tell you that even at 30.00 an ounce,silver demand has been affected.
For all those who believe silver will hit 100.00 an ounce. Be careful what you wish for. Prices this high would only mean that prices of everything will be higher.
We are entering an age of certain increase in all goods and services. An equal balance of all to maintain security in wealth is the answer.
Hyperinflation is a reality that this nation needs to combat. Using our servicing skills to maintain our economy will simply destroy our nation.
A clear and decisive approach to the needs of the world with supply to those needs will be what brings us out of our hyper inflated direction.
It is time for innovation to take command and equal the current advances of our world competitors. It has been proven in the past that all empires eventually fall. The question is how bad do we want our nation to not be that empire?
The Authorized Purchaser (AP) program was intended as a bullion distribution network to move millions of non-limited edition coins.
Limited edition bullion coins such as the First Spouse coins and the America the Beautiful 5 Oz coins should be distributed directly from the Mint, not the AP network.
(bʊl'yən) pronunciation
n.
1.
1. Gold or silver considered with respect to quantity rather than value.
2. Gold or silver in the form of bars, ingots, or plates.
2. A heavy lace trimming made of twisted gold or silver threads.
[Middle English, ingot of precious metal, from Anglo-Norman, from Old French billon (from bille, stick; see billon) and from Old French bouillon, bubble on the surface of boiling liquid (from boilir, to boil; see boil1).
WOW !!! How has this definition been twisted to suit the rich in Washington. Take simple bullion and make it rare by producing limited amounts to increase it's value. Doesn't this detract from the actual term "Bullion" when made in quantities to NOT meet demand. being played for a fool should be the new definition for "Bullion"
The 1933 Double Eagle was "bullion" back in the day too.
Check your Red Book.
Supply & Demand is always in play, Bullion or not, if it is desired, it will be obtained.
I have some rare Tulip Bulbs if your interested. Nuff said.
At least there was no attempt to make the 1933 worth more than bullion at the time. NUFF SAID !!
I'm sure your tulip bulbs have a set price due to fair trade and equal opportunity. NUFF SAID !!!
To the owner of rare tulip bulbs : wouldn't by chance be the Markgraaf van Baden variety , circa 1750 would they ? If not I'm not interested .Had to ask .
12:13pm, if there was NUFF SAID after your first statement, why did you say more with a second?
I'm guessing he/she didn't have rare tulip bulbs after all!!
That reverse would look cool in plain old silver. Wondering if the Mint is also thinking of silver equivalents.
By the time we see a US palladium coin, the price of palladium will be over $1000/ounce.
Silver spot at 27.47. Ouch !!!. Those ATBs are looking like a great investment now LOL. NOT.
Has anyone ever noticed that the flavor of the month always seems to rise in price along with the hype. Then when all flavors are tasted and bought. The price drops. If anyone thinks that this is not a planned marketing approach to maximize profits off of the believers. Then you might want to look at the history of metal prices and the flavor of the month by the US Mint. Palladium happens to be the flavor of the year and this hype will be going on until the sale and rise in price meets maximum profits. What a complete book to be read when looking at the US Mint and their hype driven co conspirators called the APs, TPGs, and Scum like HSN. This is no longer a hobby. It is a profit driven business designed to take from the poor and give to the rich.
Wow, the US Mint drives the price of metals???? Are people this paranoid?
Actually NO. It's the CFTC and congress and companies like JP Morgan and Comex that control the prices.It is the US Mint, APs, TPGs, and scum like HSN that are their marketing agents.
Collusion:
In the study of economics and market competition, collusion takes place within an industry when rival companies cooperate for their mutual benefit. Collusion most often takes place within the market structure of oligopoly, where the decision of a few firms to collude can significantly impact the market as a whole. Cartels are a special case of explicit collusion. Collusion which is not overt, on the other hand, is known as tacit collusion.
Collusion is an agreement between two or more persons, sometimes illegal and therefore secretive, to limit open competition by deceiving, misleading, or defrauding others of their legal rights, or to obtain an objective forbidden by law typically by defrauding or gaining an unfair advantage.It is an agreement among firms to divide the market, set prices, or limit production. It can involve wage fixing, kickbacks, or misrepresenting the independence of the relationship between the colluding parties.
I think that the mint should as a matter of principle be well above collusion of any kind. At some level though they seem not to be too concerned about collectors given their 2011 pricing schedule. Collusion to profit is a very big business which affects us all. Everything is linked now that computers are commonplace. For example I recently changed insurance carriers for my home. I was surprised to find out that they are linked very strongly to the home maintenance industry - folks came in shiny new SUVs to inspect my place! I drive a 20-year old car. Guess what we are paying for. Money at all costs for fleeting gains!
I can't believe it My order went through. I know this is off topic, but did anybody else get an order through? I realize a lot of people are against these puck size coins, but I have to admit I am excited to get this issue. I think these coins are going to look great except for the fact that fidelitrade made it perfectly care that they are going to handle these coins like bullion with no special care in fact the coins could have fingerprints on them.
Order Acceptance--
Thank you for your order of America the Beautiful Coins. Your order has been accepted and is now being processed.
Please allow up to four weeks for your coins to arrive.
The coins will be shipped to the address on your purchase order, via FedEx Express Saver Service.
Again, thank you for your business.
FideliTrade Incorporated
When did Fidelitrade sell the coins?
I don't see any competitors colluding here. However, I do see a highly functional supply chain that is in sync. Synchronization is attained through cooperation and planning between each entity within the supply chain.
"Synchronization is attained through cooperation and planning between each entity within the supply chain."
Sounds like collusion to me. Either way I just don't care or even want these ugly pucks and would never even consider paying the high prices for them even if they were only 779.99. Just doesn't seem like anything I would want or be willing to be involved with. I'll keep my honest way of living and sleep just fine tonight.
fidelitrade initially sent out an e-mail to it's clients on 1/5 and then the public on 1/6. I over nighted a check on 1/6. I believe by 1/7 they were sold out. My check arrived at 10:47 am on the 7th. I also tried to make a purchase on the www.buyatb.com site from amark but the site was down every time I tried. I have read on blogs of at least two people who somehow managed to buy them. What is cool about buying from amark is that they already had the coins slabbed as bu so at least the coins would be in better shape than from fidelitrade. Amark must of sent the coins in before the mint put a price limit on them. I believe it is 25 per coin to get slabbed, they must of really been pissed off by the mint because they could not recoup their slab fees.
ROFLMAO Here is something worth laughing about. It seems that the self proclaimed illustrious PCGS has ATB First Strikes out now. LOL. What a joke coin collecting has become. Ok, so now even after these were delayed by the US Mint with no US Mint packaging to show the so called first strike dating. Even PCGS has produced a scam First Strike slab. I'm still laughing as there are clearly a bunch of idiots who actually believe in First Strike after viewing this ebay auction #280618138492
"I'll keep my honest way of living and sleep just fine tonight."
Good for you. I feel the same way too !!! I got into coin collecting as a passive and enjoyable hobby. I always retreat to my coins when I want to pull away from all the nonsense of life and simply relax.
PCGS will eventually fall flat. They already have for several of us. I will not do business with them.
I know some of you are angry at PCGS since you purchased raw coins off of Ebay or from your local dealer, sent them in and found out they were cleaned, fake or altered and would not be slabbed.
It isn't PCGS's fault you did that, but sleep well anyways, lol.
I was on fidelitrade's email list for the ATB coins - but I was never contacted at all - by the time I heard they were sold out, it was too late of course... I guess they typo'd my email address or some other convenient mistake.
To this poster.
"I know some of you are angry at PCGS since you purchased raw coins off of Ebay or from your local dealer, sent them in and found out they were cleaned, fake or altered and would not be slabbed.
It isn't PCGS's fault you did that, but sleep well anyways, lol."
January 20, 2011 8:27 PM
I sleep very well knowing that I am educated enough about coins then to have to rely on a service that is involved in exploitation of sanctimonious creations.
I prefer to use my brain to collect coins. You know, gain knowledge and know what I am buying through that knowledge. I really want no parts of a company that has been proven to be wrong in grading and also known to accept one cleaned coin from the in the loop crowd and not another cleaned coin from the out side everyday collector.
Far be it for me to have anyone buy a PCGS slab and even know if it is real or a counterfeit slab these days.
If paying over rated high prices is your thing. Perhaps you can sleep better knowing you didn't even have to use your brain to collect coins. Because PCGS obviously has you brain washed.
I enjoy my money and spend it where it is treated best. And PCGS is not one of those places that treats my money the best. Enjoy your expensive follow the leader registry set. Until of course when you go to sell it. Then you'll be in for a rude awakening.
But, as is life, that is your choice to make. Sleep well, I know I will. LOL !!
I have a feeling you buy coins that are worth $25 or less each, and take the risk on those not being PCGS graded. That is fine but if you ever have to step up to the plate on a real coin that is very expensive, I am afraid your brain may let you down on that purchase.
You also sound angry you had some coins returned as cleaned like I suspected, it's not PCGS's fault you bought those, Lol.
"I have a feeling you buy coins that are worth $25 or less each, and take the risk on those not being PCGS graded."
With a proper education in coins there is no need to take risks or be a follower of a company that is fast becoming known for scams and counterfeited slabs and slabs full of doctored coins. That does not look good for the future of your slabbed coins.
I thought it was rather funny when PCGS started suing the coin doctors that used to be their buddies. Only because they were caught in the act of slabbing their buddies coins after more then 20 years.
My collection can be inspected carefully and properly weighed and calibrated and admired for sound peace of mind authenticity. Try that with you encapsulated over priced maybe slabs.
So tell me if you might have paid for one of those coin doctored slabs or counterfeit coins yet? obviously you probably have no clue as you fully trust any coin in a PCGS slab. Good luck with your registry sets.LOL
Check out PCGSs new shield slab demonstration video. It shows how the person in the video is handling a coin with his bare hands. It also shows a box that looks like it was bought from walmart that puts a finger print image on a coin. I wonder if his finger prints are also part of that image.
I can tell you that PCGS obviously doesn't even know to wear gloves when properly handling a coin. Maybe the guy had hot dogs for lunch and put hot dog grease all over your coin.
Thanks but no thanks. I can't trust in a company that doesn't know how to properly handle a precious expensive coin.
Sure it is now secure plus and full of some idiots hand oils or hot dog grease or sweat. I guess this explains why I have two coins in PCGS slabs that have edge damage on them that look like they occurred from improper handling.
I thought uncirculated also meant that it had never been touched by human hands and holds no chance for impurities from such hands to cause damage later.
Somehow, I just don't feel very secure and the hand oils or sweat or someone lunch are not a plus when encapsulated with my coins.
Looks like just another gimmick to have all the PCGS followers over pay for improper reslabbing of coins that should have been properly slabbed to begin with.
Looks like to little to late for PCGS to recover from obvious allowance of 20 years worth of doctored graded coins. Think of just how many coins are out there in PCGS slabs that have been graded over a more than 20 year history. Not a good thing for sure.
" Thanks but no thanks. I can't trust in a company that doesn't know how to properly handle a precious expensive coin. "
This is the very reason I checked out of the PCGS TPG scam after only 6 mos of membership. First I sent in a 1938-S MS65 FS Nickel which was mislabeled as a 1938 MS65 FS Nickel (no "S") and then downgraded their own coin to a MS64 FS after correcting the mintmark error on the label. Then several of my gold coins sent in for grading were returned to me in slabs with heavy lacquer coating. When I complained, they took a long time to respond and then asked to see the coins. I also sent them before and after photographs to show them their problems. Meanwhile they were doing searches on my name using Google, and came up with some personal professional information (I have a professional occupation) to verify my honesty. Next they simply etched the coins in an ultrasonic cleaner and returned them to me CLEANED / DOCTORED. More complaints from me were met with "They meet PCGS grading standards". Moral of the story: don't expect your original mint issued coins sent to PCGS to be returned to you in their original mint state. Secondly, and more important PCGS believes that their procedures and standards supersede the minting process. So in principle they can take a '69 coin, doctor it and give it a '70 and the grade is valid.
Be very careful of the crooks at PCGS!
Here is an interesting look into this companies history on FIRST STRIKE. looks like a pay off that simply disappeared to me.
http://www.biddlesbank.com/page13.html
I specially like the foresight given to these companies continuing to spit out Bullion first strikes. Looks like that prediction was right on the money.
Silver spot at 27.47. Ouch !!!. Those ATBs are looking like a great investment now LOL. NOT.
Ugh, I regret having bought my ATB set from an AP. Who will take these off my hands? I hope someone will buy them from me for $930. LOL.
The ATBs are proof positive that scamming is an intricate part of the APs, dealers, flippers, and TPGs who dared to put First Strike on their ATB slabs. Just another nail in the coffin of trust and honesty in the coin collecting world. First Strike on bullion coins is the biggest slap in the face to this hobby and all who fall for it deserve your losses.
More problematic than it being bullion coin, how can it be first strike when all the coins were already produced before any were released? The coin labeled first strike could very well have been the last coin produced.
The only value of the First Strike label is that it provides assurance that the coin was never broken out and submitted for regrade. I think that's why it commands a premium, but I don't know that for sure.
I have concluded that PCGS, its grading standards, and its monikers like first strike and secure plus are all self serving nonsense. I plan to keep my wallet Secure Plus and disallow any First Strike at its contents. I spend money only on coins not on plastic slugs with paper labels.
Want a hearty laugh? The two clowns on HSN hawking coins the other night were doing a deal on the clad proof sets just released. The offer was for slabbed MS 70's. You know the drill. Then they talked about how these items were "limited", blah, blah. The spiel went on to say how the grading service was providing their professional numismatic knowlege to grade them, etc.
Really? LOL. Are we to believe professionals broke these coins from plastic issue lenses from the mint and then after carefully inspecting them (LOL), passed each coin thru 3 or more "professional graders" to ascribe a MS70 grade? Wow, how fortunate. They managed to do all that work and "only" come up with a few THOUSAND pefect MS70 coins in every denomination. Thank GOD, now they can price them and share the booty with customers.
LOL, who's kidding who? They hire 10 high school kids sitting around a dusty table in some loft who work for peanuts. There's your professional graders. That's what I think happens. If you buy certain sets on HSN, you get a certificate to submit 4 of your personal coins for grading. Wanna guess what the grade will be?
PT Barnum said it years ago. A fool and his money is soon parted.
It's a lot like going shopping for a candy bar, and then buying the candy only to keep the wrapper and throw away the bar. Even little kids aren't that foolish!
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