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Longstrider's Blog

08 Jul 2016

2016 GOLD MERCURY DIME QUESTION

Coins | Longstrider

 I was one of the lucky few people who were able to order the Gold Mercury Dime from the mint. I bought this as a gift for my wife who is a Mercury Dime collector. I had no desire to have this coin graded at the time nor do I now. I have seen some ads for different graded dimes that got me thinking. This led to a question I am hoping all you fellow numismatists can answer. This coin, as you all know, sold out in lets be generous and say an hour. Given this fact, how is it that NGC and PCGS have offered Early Release type labels on some of their slabbed coins? For example, NGC has set a cut off date for this label as May 23, 2016. Since ALL these coins sold out in an hour, shouldn't all the slabbed coins get this designation? Why should one pay extra for the "early" label given these facts? As of today, Coin World states that nearly 9,000 of these coins are still unsold as they were returned for some reason. It seems to me these should be the only gold dimes that don't get the designation, if and when they are ever sold. I hope someone can answer my question. I know it seems trite but I would like an answer without calling NGC or PCGS. That's too easy..


Comments

user_7180

Level 5

Early Release labels are supposedly only available for coins received by the grading services in the first 30 days after official release. The coins returned to the US Mint if submitted to grading services will in all likelihood receive Early Release designation as all coins were officially released for sale in 30 days let alone in the first day. Which brings up another point these coins should all actually be eligible for First Day of Issue labels too. I do not collect labels. I collect coins!

Pliny The Elder

Level 5

I am sorry I do not have an answer. But I still wanted to say this is a very pretty coin. Great gift for someone who collects Mercury dimes, too.

user_9073

Level 5

From what you are saying, You are not buying the hype of special fancy labels. But some people do buy the hype and the third party grading companies' marketing fills those people's needs. Remember that third party grading companies objective is to sell their services. Their objective is not to "Promote the Hobby" or "Protect the Coin Buyer" or many of the other presumed objectives. At coin club meeting I often hear it said the "Grading companies are unbiased." I usually respond with "No, they have the bias of a third party." Specifically to your issue of what is a "Early Release?" The implication is that the coin labelled "Early Release" was struck in the coin press earlier than the others. This obviously can not be known at delivery to the buyer or grading company. Following striking the coin, it is encapsulated, packaged, inventoried and shipped and the US Mint and it contractors have no first-in/first-out policies or requirements. The very last piece make could be the first piece shipped just as the 9000 remaining could contain the very first piece struck.

Kepi

Level 6

The coin is beautiful! With or without being slabbed... however I feel it should be given the status of Early Release since that's what they all were.

Mike

Level 7

I'm not familiar with there rules. But many great men have said it's what's on the label but what's in the slab. You bought your wife a beautiful coin. It seems the big companies get all the special labels. If I were the mint I would melt them and strike them again. This way the would not be breaking the law on the mintage of the coin. I not sure if they can do that. Take care mike

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