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Stumpy's Blog

05 Jan 2021

Bronze Medals, Value for your Buck...Not!

Exonumia | Stumpy

On 1 Jan 2021, the United States Mint followed through on a promise to raise their prices on 3-inch Bronze Medals from $39.95 to $160.00, a 400 percent price increase.

Following is a direct quote from a Coin-World article of Sep 28, 2020, by William T. Gibbs,

“There is a guaranteed way to kill a U.S. Mint program: raise prices by 400 percent.”

This for a coin with no precious metal content & no mintage limits. The price is less than $19.00 difference from the 3-inch 5-ounce .999 fine silver quarter dollar from the ATB program. Where is the logic in that?

The official Mint position is that they are losing money on the program and have been for some time. The price increase is to ensure that costs for this and other programs are met, since the Mint must pay their way, the operating costs cannot come out of tax-payers pockets.

I completely understand the reasoning behind raising prices, especially when the Mint must pay its way, without tax payers support, but raising the 3-inch Bronze Medal 400 percent in cost while the 1.5-inch Bronze Medal with the same design sells for $20.00…really? These decisions have to be made by someone who is just looking at the revenue stream, not the reason for it (a sold coin or token), without realizing that without the sales there is no revenue stream, much less an increase.

The key to the above mint logic is in the wording, they mentioned that they needed to raise the Medal prices “to ensure that costs for this and other programs are met”. They are going to make the Bronze 3-inch Medals pay for the programs that are not meeting costs.

Newsflash to whom ever wrote this into law, this “ID 10 T” management style will not work. Rather than increasing revenue, they are going to kill it. Then they will have to look else where for their costs covering. At the same time, they are going to have a bunch of 3-inch Medals that don’t sell to melt down also.

In a nutshell, look at the management of the U.S. Mint and the laws written and passed by congress, without consulting The Citizens Coinage Advisory Committee, Major Sellers, or even a sampling of average collectors. This committee already advises the Mint on coin and medal designs and future programs. They could warn the proponents of this action of the probable reaction to this price increase, especially at the levels set, 400% increase, are they crazy?

In closing I want to show you again the obvious management style of the current Mint, Congress, and anyone else associated with this price increase, “IDI0T” Management.

Please thank you for allowing me to publish this opinion on our Medal program since I doubt, I will ever purchase another one. Nuff Said!


Photo 1 & 2; Examples of Bronze 3-Inch Medals released lately

Comments

Stumpy

Level 5

Sad but true Golfer, the increase to $160.00 for the 3-inch and $20.00 for the 1.5-inch went into effect on 1 Jan 2021.

Golfer

Level 5

Your kidding me ! I thought the 39 dollar price was the new higher price ! Your saying it's 160 dollars? I was wondering why the 1.5 inch was so less expensive then the 3 inch. I recently bought my nephew a 3 inch Civil Air Patrol medal for Christmas at the 39 dollars was it? I thought that was pricey, since the 1.5 was like 10 dollars I think? I need to read up on these medals again.

coinfodder

Level 5

What a joy...the mint is getting more and more greedy. This inflation, if the US Mint was its own nation, would be higher than Venezuela's inflation rate. Also victim to the inflation at the mint- the 5 oz silver coins. Why not pay more for a better metal in the long run? Bronze is almost worthless. Speaking of the CVN-65 (USS Enterprise) the navy is about push out into production the USS Doris Roberts, the lowest ranked sailor (other than the presidents who were not in the army or navy, and LT. JFK) that is getting a carrier named after him (Roberts was a cook, who fought at Pearl Harbor).

Stumpy

Level 5

The current leadership has a lot to do with the lack of QC, and other issues, Mr Ryder is not solely responsible, but he is the man in charge and his management style plays a large part in the attitude of the mint workers. I so hate being a broken record... Wait, I don't because it's true! Thanks Makeco for the response.

I don't know who thought this was a good idea, and I hope no one buys these for such an absurd price. One could proabbly commision their own medal for that price, lol.

Makeco

Level 3

Agreed! Well said! I'm thankful they waited for the end of the America the Beautiful Quarters before going crazy with the prices. I'll only have one more Silver proof set to purchase. BTW, went through my roll of GHW Bush P mint dollars today, I've seen much better rolls of UNC $1 coins from the bank! Only 2 coins free of MAJOR hit marks, scratches, etc. out of 25 coins. It was hard to get enough nice coins to complete sets for my grandkids! So not only has the Mint increased prices, in some cases, crazily, they seem to have lost a tick or two on the quality side of things.

"SUN"

Level 5

Mint is getting more and more greedy

RuralRon

Level 3

2004 Nickels, 2009 cents, 50 states quarters , ATB quarters, and all the commemoratives in recent years! Too many different coins makes the production cost go up and dilute the actual numbers of people collecting the specific products. Then they have to up the price until it is not reasonable. Not a way to run a business or encourage new collectors!

Longstrider

Level 6

Wow!! They never cease to amaze me. Well, I have decided to be optimistic, at least they are very consistent. Thanks.

Mokie

Level 6

Definitely a very bad decision, better to kill the program entirely than to price it into its own oblivion. BTW, virtually all these medals can be bought on the secondary market for much less, many of them have been available for YEARS. I have my Dad's Army Bicentennial medal, which they still make, which he bought in the 70's. I might be able to get $30 if I am very lucky on Ebay, that is the high end of the SOLD specimens currently listed.

Stumpy

Level 5

Bama I'm not so sure, if the goal was to "Inadvertently" kill the program I think they would have vastly increased the price of the 1.5 inch coins as well. It is still selling for $20.00, maybe selectively killing the 3-inch coin alone? Either way classic ID IO T Management!

I. R. Bama

Level 5

Seems like it is pretty clear from their statements they want to end the program. What better way than a 4oo% increase. Too bad. I dont know why they couldn't set a break even price point, so that's why I think they want to end the program. Cool medal. A submarine, a carrier and a battleship all one one medal. That would be had to top!

Long Beard

Level 5

Ah, The USS Enterprise (CVN-65) and battle group, Long Beach and Corry. What can I say? I know my boats.

Mike

Level 7

I bought the one with the two gun fans and the carrier. 39.00. And that's overppriced. Should be 29.95. I get fantastic medals in ebay classic tokens for 60.00. I will not be buying any medals. From ebay yes. Not from the mint. Thanks!!!

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