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user_7180's Blog

03 Jun 2017

Is this why no 2017-P Lincoln Cents have shown in circulation yet

Coins | user_7180

A friend told me about seeing a recent episode of the Coin Vault in which they BRAGGED they bought 100 Million of the 2017-P mint-marked Lincoln Cents, so they could sell them for a profit.  Is this why we cannot find them in circulation?  If private companies are intercepting new US Mint coins before they go to banks or maybe even earlier than that (before they go to the Federal Reserve Banks) should that not be considered illegal?  What gives?

Comments

Mokie

Level 6

Seems like a silly thing to do, cornering the market on modern cents.

Mike

Level 7

I have friends in this hobby. I checked with them. What you said was basically a conspiracy. They said you were lucky the vault didn't see it. It was regular business because of an anniversary. All companies do it. These friends are very well know authors. You should consider yourself lucky is what they said. I tend to agree. You made some statements saying that the vault made a deal with an armored car driver. You just can't say that. Your accusing people of illegal acts with no proof and you printed it. I'm glad you skated by. If you looked around everyone was doing the same thing nothing illegal took place. I'm sorry you felt like that but the comments even state they were available. Im just glad you didn't get in trouble. By the way the cents were delivered by an armored car from the National Reserve Bank. Glad it worked out. Mike

CoinLady

Level 6

Why would anyone buy a 2017 cent for more than face value?

Sir GrantsAlot

Level 3

In many boxes of pennies I only found 1 2017-P

user_7180

Level 5

Hard to believe. We have not yet still found a single 2017-P cent in the central midwest. Half way through September already!

Longstrider

Level 6

It's not illegal. Good business I guess. Maybe, if it angers you, don't do business with them!

user_7180

Level 5

What I question is their statement about getting the rolls from an armored car service. An armored car service is responsible for transporting from bank to bank. I just find it appalling that my grandson cannot find a single 2017 coin in circulation nearly 6 months into the year, but private companies seem to have no problem getting truck loads. I have never done business with the coin vault and when something smells rotten like this situation I never will.

I can't see the value in chasing a freshly minted cent, but if there's anybody who can milk it for a buck, it would be Coin Vault.

user_7180

Level 5

I question this situation for my grandson and all children who cannot find the coins in circulation, but private business can seem to acquire them. The next generation of collector's have a hard enough time.

Quux

Level 2

A coin collector complaining about coin hoarding prepares his own demise.

user_7180

Level 5

When a business gets shall we say preferential treatment from more than likely a government entity what would you think?

CoinLady

Level 6

Wait a while. You will find many in circulation. It's a very common coin.

user_7180

Level 5

Any time now would be good. Every day goes by and my grandson is just demoralized.

Conan Barbarian

Level 5

well i have found a few in circulation just be patient and don't buy any online unless it is MS-70! one will show up eventually

user_7180

Level 5

Thanks for the encouragement. My grandson really has a problem with waiting... he is getting discouraged - not good for keeping him interested.

"SUN"

Level 6

There will billions of the 2017-P Cent, so their valve won't amount to any thing.

user_7180

Level 5

We are not worried about value. My grandson needs to fill those album holes and is quite discouraged at this point.

user_9073

Level 5

I have found P and D rolls at my bank and I have gotten them in change. I think it is hype by the Coin Vault. They will sell them for a profit if they can. And if they can't they will get rid of them at face value resulting in breaking even.

user_7180

Level 5

We have asked all the local banks and not a one has 2017 rolls of any kind. Consider yourself lucky that your bank had some. Seeing my grandson's face with day after day of no new coins makes me feel helpless.

I'm not sure how it works, but I'm pretty sure they're not breaking any laws.

user_7180

Level 5

The optics certainly make me believe that there is more to the story than meets the eye. The US Mint claims to have produced 1 Billion 2017-P Lincoln Cents thus far. Then the Coin Vault says they purchased 100 Million 2017-P Lincoln Cents from an "Armored Car Service". So if 9 other private businesses did the same thing it is easily conceivable that lack of circulation coins can be attributed to the possibility. Not illegal by any standard except morally.

Mike

Level 7

That would be theft. They would also be up on charges. They get them where I get them from banks. They get them from the Federal Reserve Bank. They didn't buy them they exchanged money for money. It's done every day. Stores do it companies do it. The Numismatic News reported that the mint was behind in production. This is a free economy. I got mine from the mint. They do it with special coins. T he mint has a deal with the secondary market. Only a few of us have written blogs on it. How else do you think they sell out in ten minutes. Collectors don't have a chance. But no one complains. I asked for an investigation no one else did. Why doesn't your friend call and ask how they got them. I'm sure they will tell you. I doubt if anything criminal took place. They have been selling fifty five gallon drums of wheats for over twenty five years. Where did they get them?. Everything was good until after they said they bought them. After that is accusations.

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