Andrew Johnson Presidential $1 Coin Cover
Sales of the Andrew Johnson Presidential Dollar Coin Cover will begin at the United States Mint on March 31 ,2011 at 12:00 Noon ET. This will represent the 17th release in the ongoing American Presidency $1 Coin Cover series.
The basic format of the product remains the same with the inclusion of two 2011 Andrew Johnson Presidential Dollars from the first day of mintage at the Philadelphia and Denver Mints. The coins are mounted on an illustrated display card with a stamp and postmark cancellation from the official circulation release date. In this case, the post mark is February 17, 2011, Greeneville, TN.As mentioned in a previous post, the US Mint has changed the design of the envelope to reflect their new branding. A black bar appears at the bottom of the envelope with the US Mint and Treasury Department logos. The portrait of the President appears in smaller size next to the coins.
Pricing for the product has been increased to $19.95 for each cover, plus shipping and handling. Last year, the Presidential Dollar First Day Covers were priced at $15.95 each.
The maximum production limit for the covers has been decreased to 22,000 units. Since the introduction of the series, the US Mint has reduced the product limit in line with the declining sales. The 2007 issues began with limits of 50,000 units, which achieved sell outs for the first three issues. The limit was lowered to 40,000 for the 2009 covers, and 32,000 for the 2008 covers, with the exception of the Abraham Lincoln Coin Cover set at 37,000 units.
Can the Andrew Johnson cover achieve a sell out with the lower production limit? The first 2010 cover featuring Millard Fillmore has already sold 22,171 units, supporting the possibility. However, the continuing attrition for the series, price increase, and possibly the packaging redesign might serve to weigh on sales.
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Labels: Coin Covers, Presidential Dollars
posted by Mint News Blog @ 2:59 PM
17 Comments:
Little picture is stupid US Mint, nobody I know changes a horse in mid-stream.
Yes, BIG mistake on the re-design. A black box in the lower right corner would have sufficed. To shrink the portrait down like that on cover #17 is STUPID. The covers should MATCH!!!
why didn't they just make the whole cover black with the president's face on the stamp!!
I am Out..... stupid re-design
I don't think I can swallow $20 for a cover with two $1 coins. I have a feeling they will sell for much less on the secondary market. It's too bad since I have the first 16 covers all unopened and was hoping to continue on. Maybe I would have if the re-design wasn't just as bad as the price increase. Thank you Mint for another disappointment!
Yet another tale of a collector (much like myself) who has had it with the Mint's price gouging and has simply decided to end collecting a series rather than get suckered into paying whatever ridiculous amount they want.
Way to go pal!
I'll keep an eye on the sales numbers, since if the price increase/re-design doesn't scare away too many collectors, the cover might sell out in a few months. If that happens, lower secondary market prices might not happen, at least for a while. I would hate to have to pay more for this one should I decide later to continue the series. Chances are it will NOT sell out though. Times are not like they used to be, when the Presidential Dollar covers could sell about 22,000 units within the first few weeks of being released.
Even if the Mint hears the complaints about the re-design and acts on them, the series is still messed up since we know that Andrew Johnson won't match the others. Chances are that all of the 2011's will at be this way at a mininum. Even if they go back to the old design for 2012, the series still won't match.
I don't know who thought that using this new design would be a good idea, but I sure wish someone had stopped it.
How about those 5 ounce ATB coins! Those prices are still staying strong on eBay compared to the selling prices from the APs.
I feel a bit sorry to those good folks who started on the Cover series, then felt disappointed with the Mint's assinine re-branding look. The puzzle for them is whether to suck it in, or stop buying and chuck the first group. Hard to say or advise. Not even going to say whether it's anywhere sane to spend good money for what you actually get. That's up to the buyer. For me, I would sell them off to anyone who may have missed catching a few covers along the way and want to fill in any holes.
More importantly, it seems clear as a bell to me.....the Mint is being directed or advised by a useless Madison Ave. marketing firm who is clueless as to the expectations, needs, and interest of collectors. Pricing is a whole other issue. Really a shame.
How about those 5 ounce ATB coins! Those prices are still staying strong on eBay compared to the selling prices from the APs.
Flippers are absolutely ruining the hobby of coin collecting.
Well with the new high mint prices there will be a lot less flippers. So time will tell if the flippers are hurting the hobby. I actually think they provide a valuable service. Without flippers mintage numbers would be much lower and products would be in much stronger hands, just think how difficult it would be to buy something down the road from a collector.
That's why prices on these covers later might not be much lower. Unless the original buyers are really strapped for cash, they won't want to unload these for very much less than they originally paid. The number being offered for sale might be pretty small.
"Flippers are absolutely ruining the hobby of coin collecting."
And why is that?
When stocks have an IPO and those lucky enough to get in the the ground floor sell their shares a week later...that is flipping too and it doesn't ruin the stock market.
Dude, let's face it, coins/precious metals etc are commodities that are bought and sold to make a profit as well for just collecting. The market dictates the value.
I like to both invest AND collect coins. I love the 5 oz ATB's and have acquired a nice set of PCGS MS69 PL/DMPL coins...I did this by buying from the AP's and submitting them for grading. I've bought 5 sets...I'm keeping one of each ATB coin in the highest grade...selling 3 sets that didn't grade as high(at what the market deems the value is)and also keeping a raw set bought at $930 because of the bullion value alone.
How is this ruining coin collecting?
When the Mint releases the first 2011 ATB bullion coin (Gettysburg) with a mintage of 125,000 (the Mint has said all the 2011 ATB 5 oz coins will have at least this mintage)...what do you think this will do to the value of the 2010's?
When you are trying to put provide for your family, making a quick buck by "flipping" makes me feel think I'm not by-passing opportunities to make money...but again, I don't sell everything, as I like to collect also!
I'm a sucker for most mint products, heck I even bought all three of the three coin ATB sets released thus far.
But this is one product that I will not be ordering, or am even interested in even a little bit!
Actually the series is just in version 2.0. The first 16 covers were series 1.0 and are now "a sold out, never to be restruck, limited edition series". Now all you collectors out there can close the book on the 1.0 series, and start collecting the 2.0 series ... and the 3.0 series when this rebranding fails and they switch it again.
Are the enclosed coins eligible for "First Strike" or "Early Release" designation?
Yeah, NGC grades the coins in those covers as "First Day" coins, or something like that. Only 22,000 for each Mint out of the millions struck would qualify for Andrew Johnson. People don't seem to care too much, though.
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