Problems.With the Mint
Well the problem with the mint it did not start with the sale of the Morgan Dollar. It started years ago. Years when some of you have not been here.. We have a saying buy what you like. I have done that with the mint simply because I only buy the sets for my books. I had been collecting a wonderful set called The Presidential Coin and chronicles set. This set stared with Benjamin Franklin. I know he want President . . Then Abraham Lincoln. These sets were great. Till the mint made one of Truman with a reverse proof coin.
..What happened they lowered the mintage to 17,500.and made one of than Coins a reverse proof. These sets were not selling out. Till the mint pulled that trick. it was gone in 12 minutes. People.who never even knew of the set wanted this. So it became the man made rarity. The problem I believe started there. The Mint could sell out there products fast . It continues from then. There were more the 2016 Congradulations set mintage 5000. It still calls for high prices today.
Then came the emergency sets.This I will never understand. They had another mint and make 250,000. What I would like to know how come there are still for.sale.? Then during the American Eagle set came rare Eagles.please give me a break. I know covid had allot to do with the emergency sets. But I get the feeling more were made than what they said. Now they can't be trusted. I believe Ryder has created his last mess. How about all those sets for kids were did they go? Well one set had a "problem" and the adults bought them. ? Really were that dumb. Don't forget the famous letter the one that said the above ground silver is low. If that was true silver would be 100 a ounce. Letter sent by Ryder!
.Now I have mentioned just a few . Forget the bullion gold one tenth ounce. The mintage were nuts and still are. So what is the problem. For one people had programmed there computers to order getting many more than allowed. I had two bots ordering I am not a robot. Ten percent to the 18 bulk buyers.. That's nothing. . If the mintage is five thousand thats five hundred.. Five hundred we won't see.
So to sum it up my friend Mokie put it very simple. You make these special coins make five hundred thousand. Get rid of bulk buyers all 18 of them. That stops the high prices in the secondary market. All this said more people were able to get there coins then ever before. But what about the San Francisco proof. 200,000 mintage . Sold out in 15 minutes. I got mine at 12: 13. No one said a word about that. And it was the next day. The fix was in !! Your absolutely right. They went back to there old tricks. Buy what you need for your sets and books they don't sell out. But I think the mint has been caught . Ryder will have to answer allot of questions before congress! I did not list all the mints tricks there are to many. I noticed the two and a half ounce medal is still for sale for160.00. How many do you want?
Comments
thatcoinguy
Level 5
Agree with @CoinHunter. The proof sets go down in value if you wait anyways.
ZanzibarCoins
Level 4
Amen sir, speak the truth! It's really sad how it's been going, thank you for presenting all of this so well!
It's Mokie
Level 6
The Mint will do what the bulk buyers most desire, the collectors be damned.
CoinCollector7777
Level 5
Everybody should read this.
Mike
Level 7
On I think they will. He has had his day..Ryder.
I. R. Bama
Level 5
Doing a Google search, I don't see any negative news reports about Ryder. I'm not seeing any indication that he is in any hot water at all from where it counts
Big Nub Numismatics
Level 5
They are having the Inspector general of the Treasury "inspect" the mint now. Hopefully this will change things for the better.
Longstrider
Level 6
The article says the "may" investigate the mint.
Kepi
Level 6
Great blog Mike! You said it all that's for sure. I usually don't buy from our Mint. They play too many games and are definitely a government agency. ; )
coinsbygary
Level 5
I got my Peace Dollar, so I'm happy about that. However, not without a certain amount of grief. Now I got all I want from the Mint. If it weren't for the Morgan and Peace Dollars, I would have saved myself a lot of trouble.
Long Beard
Level 5
To offer a take from Bama on another blog, to continue doing the same thing repeatedly while expecting a different result is foolish. To boycott the mint would require commitment and not fall for the next shiny object or hyped up "rarity" created in the secondary. Like quite a growing number, I also complain. Yet as stated months ago, I have not bought from the United States Mint since the Mayflower debacle- my last straw with them. Obviously few learn from history, in that the current product volume is reminiscent of the early commemorative programs.
Mike
Level 7
You know what I buy from the mint . The sets to keep my books going. I buy a burnished coin one ever year. I'm not collecting the eagle set because I'm to old. So I bought one. I just once once wanted to have a nice coin like the others who bought them On this site. Yes others got there coins. That makes me insane. I don't think so. You get tired of being left out. It's upsetting. But at my age I don't want any other coins don't need them. I wanted one nice coin. And remember I have condemned the mint over all the B.S.. This makes me crazy. I don't think so
Longstrider
Level 6
As Sonny and Cher used to sing: "And The beat goes on". I should say, "And the Beat Down Goes On". American Eagle 2021 One Ounce Silver Reverse Proof Two-Coin Set Designer Edition Mintage Limit: 125,000 Product Limit: 125,000 Household Order Limit: 1 $175.00 This product will be available for sale on August 24, 2021, at 12 noon (ET).
Mike
Level 7
Of the next four coins and set they come to 349,500. Not even a half a million. And the beat goes on!!
Longstrider
Level 6
All we can do is suck it up and not buy from the mint or its wholesalers. I'm back to the classics.
CoinHunter
Level 5
I am not going to be buying from the mint for a long, long time.
"SUN"
Level 6
Very good take on the mint. I pretty much given up on the mint.
Golfer
Level 5
Well said. It's a shame the mint can't do what is right. They want there money and apparently get it. To bad certain numismatic organizations can't do what is right either. Money and politics rule the day.
CheerioCoins
Level 5
Wow nice blog and amazing information! The mint should really care more about collectors than their money :(. Also good luck on the The Presidential Coin and Chronicles sets! Will we be getting some pictures of those?