The US MINT- Inflation Out the Wazoo
To add complaints about the US Mint, tag your future article Complaints Department- US MINT.
Well, well, well. Several days ago the less than 10,000 set mintage gold four-coin set came out (too expensive for our britches). But that is not the reason we are here.
The reason we are here is to throw stuff at one aspect of the US Mint- inflation...
In 2020, the prices began to rise to new highs. The proof set prices went upwards to compete with Littleton's sky-high prices. Silver sets rose and went up and down as the market flucated during the shutdown. Not bad. Most collectors could deal with the inflation. Many of us went onto the ANA site to complain. The most notable rise was the 3-inch copper medal price hike, with a rise from $30 to a grand total of $120. Calculating percentage, the price went up 400%, while other items at the mint lingered around a 50% price hike. Bronze isn't that valuable. So what is it?
In 2021, the US Mint punished unruly collectors (I have the feeling the US Mint runs through our blogs) by, surprise, hiking the sky-high prices once again. The Tuskegee Airmen NHS quarter 5-oz silver rose from just under 200 to 220. The Silver proof set reached all new ridiculousness. The set retained its 2020 price. However, there was less silver, due only one ATB design, and the Crossing the Delaware design. Less Silver should mean lower price. Were did less silver become inversely related with cost? IDK. And yet, what continues to bewilder me is that EVERYTHING is bound to sell out. These new folks with no experience in actual collecting should have been shopping in 2019 with us, when the prices were much more reasonable.
One theory could be that the US Mint is trying to take advantage of the new "collectors" that have entered the world of Numismatics for investment. The US Mint's first target for inflation was the American Gold and Silver Eagles. Then that same crowd got interested in precious metal medals. And the US Mint realized they weren't making money off the old prices. In one roll, WHOOMP. Prices went up 400% on the medals.
Another theory I am circulating is that this is a strategy to lower the national debt, which, despite both parties' efforts, is going nowhere but up at an exponential rate. The current nation debt is $28, 062, 352, 900, 126 (which will be over 49 trillion in 4 years at current rates). And the US is only collecting 3 trillion in tax revenue right now. With the raised prices, this could be were the money used right now is going, to lower the national debt. Then again, the gold in Fort Knox was spent years ago to lower the debt. So that could explain the lower mintage/limit numbers on certain products.
What do ya'll think, let me know below! Thanks, and see you later!
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Guess the Song Lyrics- Last Week: Don't Stop Believin'- Journey
Almost heaven, ...
Blue Ridge Mountains, Shenandoah River
Life is old there, older than the trees
Younger than the mountains, growin' like a breeze
All my memories gather
Miner's lady, stranger to blue water
Dark and dusty, painted on the sky
Misty taste of moonshine, teardrop in my eye
I hear her voice in the
mornin' hour, she calls me
The radio reminds me of my home far away
Drivin' down the road, I get a feelin'
That I should've been home yesterday, yesterday
160 for a bronze medal?! wow that is insane. lets hope the 2021 morgan and peace dollars are not $1000
Sure priced me right out of affording anything.
Yeah, I am crossing my fingers that the mint wont screw up the 2021 dollars We shall see. Thanks!
I'm not a fan of our Mint. Too expensive and always sold out... You know what I mean. Although eBay and big coin companies can always get access. Good blog! ; )
We knew these were coming. And it won't stop. Wait till you see the prices on special coins. Not for me!!
Not a mint fan. Not our mint anyway. Nothing good to say so I will remain silent.
I. R. Bama
Well, if you have noticed, it isn't just the mint raising prices. Energy prices are going way up. Keep in mind, corporations never pay taxes (yes they are taxed, but they pass that cost of doing business on to the consumer). When energy prices are driven up, EVERYTHING is more expensive. Also you are dealing with the government, so things always are more expensive than they are.
Oh great. Now that songs in my head. Anyhow, a while back I brought up the very issue mentioned on this site or another in reply to a post. At the time I theorized that with only two quarters the U.S. Mint had three options dealing with the price. One, include the Innovation Dollars as the third encapsulation case. Two, lower the price, which obviously a reality, and three retain the same price with less product and infuriate the collector market. Not to side with the Mint, if we look at last years silver set price based on a market spot of around $15 compared to hovering in the $27 range the markup is actually less not more despite being short three coins. Country roads, take me home. To the place where I belong........
...Lower Prices! Good God Please, take me home, overpriced Mint!
I am just back from another surgery, I feel like a long tailed cat in a room full of rocking chairs and I don't dare say what I am thinking about the mint. Nice blog!
The mint could do so much better. Its such a shame.
I have found, no matter what the mint charges, that most of their issues eventually appear cheaper on Ebay, etc. So patience might be a virtue in combating Mint price inflation.
Maybe not the V75 gold eagle for DARN sure, mate.
I was perusing the US Mint's website only yesterday and noticed the medals' listed price because I had purchased several of the three-inch medals just last year. My jaw literally fell when I saw the prices. There were a few I wanted to buy this year but now? Oh well, at $160.00, I don't need them for my collection that bad.
Some of the medals have been on the mint catalog for years, like the Army Bicentennial medal I own, I wonder if those overpriced medals can be found much cheaper in the real world.