As the title implies, one which has exploded across the coin forums, coin websites, podcasts and publications, the subject was originally intended as a blog post for this week. After much thought, and reflecting on the subject matter of previous posts, somehow that does not seem appropriate. First, how would one convey the numerous complains in a manner reflective of both sides? On one side there are those who feel left out, angry for the crashes and the general way in which the United States Mint handled their releases. On the other, one also must look at the situation from the mint's perspective.
As a collector, I am also a realist. No matter what series of coinage collected, as collector's we strive to add the key and semi-key dates with both pride and joy upon obtaining them. Almost always these coins are of a low mintage. So, over the course of two weeks the mint has released one coin and one program with multiple coins which have all reached instant sellout status. Of all the complaints I've read over the same period of time, a high percentage seems to point at these low mintage figures. Without taking a side, for the mint to produce a key date intentionally is not a bad thing. Like so many, the highest percentage of complaints, the frustrations over the glitches and ultimate crash left me without one. I'm referring to the 75th Anniversary ASE as I did not bother with the Mayflower which I also hoped to add to my collection.
Once again, taking neither side on the subject, the whole debacle created ultimately rests on we, the collector. The vast majority point the blame on dealers acquiring these limited edition offerings for huge profit. while overlooking the individual intent on reaping the same on sites such as EBAY. However, the sole blame lies on the collector eager to buy them at such tremendous markup. Why? Because most lack patience for the secondary market to stabilize. A case of "I have to have it" if you will. I think back to the years following the Statehood quarter program when proof sets were selling at three to four times issue price. Now, they are slightly half over issue. The point and reality is take away the market and less will be ordered in quantity. Not to the point of eliminating a sellout, but at least to a level where mint stock remains for a day rather than minutes.
On the subject, and pertaining to those questioning mintage limits, which should put things in clear perspective. I collect the Australian Wedge-tailed Silver Eagles. A bullion coin bearing the design by John Mercanti, famed ASE designer and former U.S. Mint Chief Engraver. Most issues have a mintage limit of 5,000-10,000 with none over 50,000. Lacking only four, none of my MS/PF 70 specimens cost more than $199.00, most around $80-100. Far less than 1997, 2019, 2020 ASE selling for thousands. Why? Popularity. So refer back to the previous paragraph.
Thanks for reading and have an outstanding day!8 days ago