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Longstrider's Blog

12 Aug 2021

MY OPINION. I COULD BE WRONG

Coins-United States | Longstrider

After I read the excellent blog by I.R. Bama about the artist of the reverse on the new Type 2 gold eagle I kind of fell in love with the design. That being said I went ahead and bought a one ounce coin. I chose the one ounce option to get the largest visual of the eagle. I considered sending it into NGC for grading and protection. Really in this case it was mostly for protection and authentication of it being gold and not a counterfeit. I considered getting a signed label by Jennie Norris as the designer. I checked out NGC's site to see how much extra that is. To my surprise I found out it is impossible for me to get that option???

I called NGC and was told that is ONLY an option for the big retailers. That rolled me back on my heels. Not only that, but on most of the signed label choices was a list of what retailers one could buy the coin from. Guys like Gov Mint and Modern Coin Mart. If you are still wondering who the US Mint works for you can stop wondering. Live and in living color, it's the wholesalers.

We learned this year that they get early access to order and discounted prices. Apparently the mint also advertises for them. This is really "In You Face". Most of us collectors thought the mint worked for the people. We are and have been fools in this case. Here is why the mint is making its own rarities and very low mintages. It's so the wholesaler can cash in.

Personally I already felt this to be true as do many of you. What I don't understand is why? The coin could be sold to the general public and the mint would make more money. No discount means more money to them. This is unacceptable for us "little guys". We all need to write in to the mint and voice our displeasure. Although well meaning a boycott does no good if you purchase the coin form someone, anyone, else. The mint still made the sale.

So we should all do what Mike B. has been saying for years: email or even better write a letter to the mint. Tell them how you feel. I admit it will likely do nothing but it's something. Also write your government reps. This treasury run organization needs to be returned to The People, us. Who knows change could take place. Stranger things have happened, I think. What do you all think about this? Thanks for reading my rant.

P.S. If one is inclined to buy this coin with a signed label form a "Select Retailer" it will cost you approx. an additional $1000.00 above the price of an unsigned slabbed coin.

P.P.S. I usually don't care about the label. This is an exception.

SOURCES:

Me

NGC

Comments

Mike

Level 7

The grading companies are in this with the mint! How you say? They only give special labels to bulk sellers.. Sound familiar bulk buyers. They have to stop this.

CoinHunter

Level 5

Nice blog!

Long Beard

Level 5

While the problem originates from the U.S. Mint, as collectors who buy on the secondary at such high markup's is on us. Ask yourself, do you need that Morgan dollar right at this moment? Personally, I will wait until the fad wears off when the next shiny object arrives. There are, however, exceptions with extremely limited products. The current market as a whole it's driven by hyped-up popularity. Take that away and the dealers back off on bulk buying to adjust. So I personally continue buying truly rare coinage while I wait for the opportunity on a modern coin which is over valued. The perfect example to this philosophy is the 1999 silver proof set. For years near the two-hundred dollar mark, now not much over issue.

Mike

Level 7

The 2012 set is still selling for 250 to 350.00 . The 2016 Congradulations set is still selling anywhere from the hundreds to the thousands. Some coins just don't go down. If you don't try to buy one of the Morgan's for 85.00 how bad do you want it? I rather enjoy the coin now for that price than waite 7 years for the CC Morgan to go down. Look at the Morgan's in the set .100,000 dollars some coins do not go down. I like a coin I buy it . We have said that here for years . We buy what we like.

Longstrider

Level 6

Nicely said. The problem lies in new issues. My favorite is Bowers, who I greatly respect and admire, says buy the coin and not the label. BUT he has his own label. Funny.

Mokie

Level 6

Tis a shame but the big retailers will always have their edge over us little guys. I see Ms. Norris has a website, I would write her through the website and see if she is going to sell and signed prints of her Eagle artwork. Sounds like a great opportunity for her to further monetize her art. https://jennienorris.net/

Longstrider

Level 6

I did that Mokie. She is very nice but that's a big no. She signed a contract with NGC. Great web site as well as an Instagram site. Thanks for the hint though.

I. R. Bama

Level 5

A lot of this stuff is just glitzy markup. A coin is a coin is a coin. I collect for the coin and all that glitz makes it more unaffordable and if you have to/ want to sell, you're gonna take a bath. And a cold one at that. It's really sad how they can take something that would be nice to have and ruin it. I'd love to have a signed label, but I'd never make my money back. After all, I can't take it with me. So I have to be pragmatic

CheerioCoins

Level 3

Nice Blog! I also love that design! That pesky mint when will they learn to respect us collectors :(

Mike

Level 7

Think for a minute. If everyone who got a coin wants them graded along with the West Point Proof and the San Fran. Proof. That's over a million coins. The Morgan's And Peace are 855,000 alone. Add the San Fran that's 200.000 more.Now think of the time. It's Christmas coming up.. We won't get our coins till 2022. Even If you split them between PCGS and NGC..

Kepi

Level 6

Thanks for a great blog Longstrider! Our Mint remains a joke indeed. I couldn't agree more with my fellow members comments. ; )

Golfer

Level 5

Signed labels are kind of interesting. I dont think a signed slab is worth a lot. But some must pay the premium. 300,000 coins seems like plenty to give us all a shot at one piece? Bulk sales should only happen, after the individual sales are over.

I. R. Bama

Level 5

Besides, the government should only be breaking even on coin sales. The government's role is not to be in business, it's role is to govern. Nothing more or less.

Kevin Leab

Level 4

Agreed....the Mint only ever cares about serving the big retailers. It's not about the average collector.....it hasn't been for a very long time. The days are gone when you could buy a Silver American Eagle at your local bank.....I remember when they sold them. I think they were $20 dollars each. The collector should be a priority with the mint ...giving kids and every day collectors a chance first...any left over or unsold then can be sold to dealers. ...but that would end up crooked also as dealers would hire buyers (like they do now) and we'd be back in the same situation. It's a "no win" with the Mint regardless of any effort to change it. It's sad.

"SUN"

Level 6

This does not surprise me. The big guys and mints just your money, not your happiness.

I. R. Bama

Level 5

Now there is the answer in your blog. Stop waisting your time writing the mint. They do not care because they are working for the government. But upset legislators the mint do care about. As for me I don't buy mint. Now what about NGC? That is very slimy. Hmmmm Blackstone ....

Mike

Level 7

Concerning the label . This is so wrong. I remember when you could pick a label. It was on the form.. It's wrong so wrong between the mint and NGC they will drive people away.. Why not have your own label. They have a bunch of them. . The autographed ones you pay for those. . These people don't just sign a thousand slabs for nothing. And then it's passed on to you.Longstrider should get the label he wants. And so should everyone else!

Mike

Level 7

Well this time I just might get arrested. Well out at 12;13 p.m. My order says 12:10. Right after that I checked at 12;13 gone. Back to old tricks. As soon as I signed on it said back order. Got kicked of again. Yes I got my coin by luck. They don't care. Again nothing for the kids.. Since Ryder took over its been the worse two years the mint has had.. Like I said in the forum my friend Mokie said the mintage should be 500,000 the mint should not be creating rarities. If I don't sign on tomorrow they came for me. So the fix is in. What fix?

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