A question that is driving me nut's

[harvey8542]

Why are the 2008 reverse of 2007 silver eagles prices going through the roof? While the Washington dollar with missing edge lettering never reached any where near these prices and is just as rare?

[TomB]

I would imagine it is because the MEL dollars are error coins while the '08 reverse of '07 ASEs represents a die variety.

[WoodenJefferson]

The Washington dollar with missing lettered edge was mixed in with the millions of others intended for circulation. There maybe perhaps untold thousands of error coins waiting to be discovered, whereas the Silver Eagle bullion minting appears to have a finite amount available. People, well, I should say collectors, are attempting to capitalize on that amount, there-by escalating the prices beyond what they will eventually level off to in the future.

 

As well you can remember, the price quickly rose on the missing lettered edge coins as the cat was catching the mouse, once the mouse was caught the prices fell off as more and more examples surfaced.

 

I suspect the same will happen with the Bullion variety.

 

Also, there is no bounty to be awarded for the next generation variety Silver Eagle.

 

 

[Revenant]

Yeah. I heard the first MEL Washington was bought be a guy for (from what I heard) $600. Don't you know he felt stupid afterwards?

[jackson64]

all about demand...tons of SAE collectors but I think the Prez dollars aren't immensely popular

[Jeffrey Cardona]

all about demand...tons of SAE collectors but I think the Prez dollars aren't immensely popular

 

Quite correct! SAE are hugely popular!! I believe the most popular type of coin collected today. That will definately push the price up.

[Doogy]

 

a good deal of immediate demand, but TONS of hype.

[Revenant]

People are also hoarding the coin and keeping (in some cases) dozens of them for resale later. This is helping to 1) Drive up price since they're willing to pay almost anything, 2) Create an artificial shortage by removing so many coins from the market, and 3) Drive up price through an artificial shortage.

 

Eventually the hoarders will sell and then the market is going to get flooded by the release of coins. This is going to hurt the price.

 

[cpm9ball]

Why are the 2008 reverse of 2007 silver eagles prices going through the roof? While the Washington dollar with missing edge lettering never reached any where near these prices and is just as rare?

 

The SAE program is far more popular than the Prez program, and they are made in silver. Personally, I think the incuse edge lettering on the Prez looks tacky. Maybe it would have been different if it were raised.

 

Another point to ponder is the fact that, eventually, the program will catch up to one of the former Presidents still living. What will the Mint do then? Will they halt the program until that person has died? What will happen when they have caught up to a current (future) administration. Will they suspend the program for 4-8 years just to add one more Presidential $ to the program?

 

Chris

[Conder101]

Another point to ponder is the fact that, eventually, the program will catch up to one of the former Presidents still living. What will the Mint do then? Will they halt the program until that person has died?

No, the law is set up so that when it runs out of eligible dead presidents the series ends and it would take new legislation to restart it.

 

The question is whether or not they would skip over a live president to issue a coin for an eligible dead president. For example would they skip Carter to do the Reagan coin. The way the law is written it is unclear and could be interpreted either way. Currently the Mint is reading it to mean that as soon as they reach a live president the series ends. It used to be that they only listed the years for each presidents release up through Nixon. Then when Ford died they added him to the list. But they DON'T list Reagan even though he was dead before Ford died.

[Dcoin]

Why are the 2008 reverse of 2007 silver eagles prices going through the roof? While the Washington dollar with missing edge lettering never reached any where near these prices and is just as rare?

 

One was intentional the other was not.

[BillJones]

Ten years from now chances are nobody will give a rat's tail about most this stuff. There will probably be 10 years' worth of new modern anomalies that will have come and gone to get collectors' money. There are just too many modern varieties period.

 

Most people don't agree with me, but I think that a lot these new varieties are just marketing games the mint is playing to drum up business. Mint officials saw some crooked mint employees make money from them, and now the mint as caught on that it is a great way to generate publicity and sales.

 

[DC Dawg]

Why are the 2008 reverse of 2007 silver eagles prices going through the roof? While the Washington dollar with missing edge lettering never reached any where near these prices and is just as rare?

This is the basic law of supply and demand. There is a perceived low supply and the demand is high.

 

BTW... there were sales of plain edge Washington Dollars approaching $500. Those prices backed off once more dollars were found.

 

Scott

[DC Dawg]

Another point to ponder is the fact that, eventually, the program will catch up to one of the former Presidents still living. What will the Mint do then? Will they halt the program until that person has died?

No, the law is set up so that when it runs out of eligible dead presidents the series ends and it would take new legislation to restart it.

This is correct under Section 5112 of Title 31 of the United States Code under paragraph (n)(8).

 

The question is whether or not they would skip over a live president to issue a coin for an eligible dead president. For example would they skip Carter to do the Reagan coin. The way the law is written it is unclear and could be interpreted either way. Currently the Mint is reading it to mean that as soon as they reach a live president the series ends. It used to be that they only listed the years for each presidents release up through Nixon. Then when Ford died they added him to the list. But they DON'T list Reagan even though he was dead before Ford died.

I would not take what the Mint does on the schedule as the gospel. There is evidence that the current Mint/Treasury administration are providing pedantic readings of the law. I am willing to go out on a limb and say that by this time next year, a new Director and Mint administration will have different views.

 

There are two paragraphs under 31 U.S.C. Sect. 5112 that govern this program. First, the aforementioned paragraph (n)(8) says:

 

"TERMINATION OF PROGRAM- The issuance of coins under this subsection shall terminate when each President has been so honored, subject to paragraph (2)(E), and may not be resumed except by an Act of Congress." (emphasis added)

 

Paragraph (2)(E) says:

"LIMITATION IN SERIES TO DECEASED PRESIDENTS- No coin issued under this subsection may bear the image of a living former or current President, or of any deceased former President during the 2-year period following the date of the death of that President."

 

If we go by the way this is written and if the current ex-presidents survive by 2013, the program would stop with Ronald Reagan in 2016.

 

In 2016, Jimmy Carter and George H.W. Bush will be 92. In order for Carter to appear on his own coin, he would have to die in 2013. If Carter does not die first, George H.W. Bush would have to die by 2013. If Carter does die first, the Bush dollar would appear in 2017 allowing him to live until 2014. (are we getting morbid enough? )

 

If something should happen, Bill Clinton and George W. Bush would be honored in 2017. In 2017, Clinton and Bush will be 71.

 

I will NOT speculate on any future president since whomever is sworn in on January 20, 2009 could still be in office by 2016.

 

Scott

[Conder101]

I would not take what the Mint does on the schedule as the gospel. There is evidence that the current Mint/Treasury administration are providing pedantic readings of the law.

That's why I said "currently".