Petition for US Mint to change its gold coin lineup

[VCC-migration]

Hello everyone,

 

I'm new here and I have a petition which demands that the US Mint improve their gold coin lineup given the Treasury Secretary's "broad authority" to mint and issue gold coins. This petition calls on the US Mint to reissue classic coin designs.

 

This petition also calls on the US Mint to issue a 1/20th ounce American Gold Eagle which would make the American Gold Eagle program more affordable and accessible to all. If Canada has a 1/20th ounce Gold Maple Leaf, then why can't the US Mint have a 1/20th ounce American Gold Eagle.

 

Please sign the petition today at: http://www.gopetition.com/petitions/us-mint-needs-to-improve-its-coin-product-lineup.html

 

This petition also calls on the US Mint to submit some of the proposed numismatic gold coins produced to NGC and or PCGS directly and to sell some of these coins based on the grades assigned by NGC and or PCGS.

 

Thank you for your support!

[RWB]

Sorry - I don't agree either with further commercializing the gold bullion by the fallacy of "grading," nor with reissuing old, obsolete designs. Lastly, the small gold pieces are nearly all used in jewelry and other trifles; in effect the government is already making parts for the jewelry trade. (As were 19th century gold dollars.)

[A.Phillips]

Sorry - I don't agree either with further commercializing the gold bullion by the fallacy of "grading," nor with reissuing old, obsolete designs. Lastly, the small gold pieces are nearly all used in jewelry and other trifles; in effect the government is already making parts for the jewelry trade. (As were 19th century gold dollars.)

 

+1

[bsshog40]

+2

[VCC-migration]

There would be a choice of raw and certified under this proposal. Also many people would prefer a 1/20th ounce gold coin because of the high price of gold. You could get a 1/20th ounce gold coin at the same price you used to get a 1/10th ounce gold coin.

[bsshog40]

I really don't think the mint could get involved with certified coins. The gold bullion coins are high enough already without having the mint to add expenditures for certification. I think this would affect the market prices extremely compared to what they are already also.

[VCC-migration]

There would be a choice of raw and certified coins of the same coin on their catalog. This would not affect the bullion coins and would only impact collector coins sold directly to the public.

[bsshog40]

There would be a choice of raw and certified coins of the same coin on their catalog. This would not affect the bullion coins and would only impact collector coins sold directly to the public.

And then they would decide on what TPG these would be put in to? There's too many issues and conflicts of interest for the gov't to get themselves involved with. Don't think it would ever happen.

[VCC-migration]

What conflicts of interest? I don't see any

[Conder101]

If you want to buy the bullion coins certified, just buy them from the dealers in the aftermarket. It would probably be cheaper than buying them from the government. Or are you hoping for yet another special label? "Yes these are both PCGS MS-69, but this one is in a US Mint labeled slab."

[VCC-migration]

Not the buillion coins certified. The bullion coins WILL NOT change in this proposal except for the new 1/20th ounce AGE being introduced.

 

The only things that would come certified in a US Mint submitted slab would be the proof, burnished, reverse proof, or any other COLLECTOR intended coins that are collector coins which are sold on the US Mint's catalog. These would be the classic gold coins that are proposed in this petition.

[RWB]

Nope.

[VCC-migration]

What do you mean by nope

[Conder101]

OK so not the bullion, doesn't change any of my earlier comments. Would probably still be cheaper buying in the aftermarket, and it's still just another special label.

[VCC-migration]

But with that special label you could now be able to know what coins actually were the first strikes from the mint compared to the first strike criteria now

[VCC-migration]

People would buy them regardless. Proof sets are also cheaper in the aftermarket, much cheaper, but many people still buy them from the mint.

[RWB]

"What do you mean by nope"

 

Sorry, I was not clear. Should have quoted Gen. Anthony McAuliffe at the battle of Bastogne: "Nutz!"

 

[L1ncolnF4n]

1/20 oz AGE's would probably go for $100 a pop regardless of gold spot. Manufacturing costs are higher and they don't already have a supplier of planchets.

[VCC-migration]

Then how come Canada is able to pull it off

[VCC-migration]

Numismatic News coverage:

 

http://www.numismaticnews.net/buzz/cascade-of-gold

 

[bsshog40]

How come your sight doesn't allow to view how many others support your petition? You use WE very strongly in your comment/article but there isn't one person here, that agrees with you.

[VCC-migration]

That is pretty insulting. We have our supporters.

[bsshog40]

That is pretty insulting. We have our supporters.

Not trying to insult you. Just asking a question.

[VCC-migration]

Didn't look like a question to me. Regardless, we have our supporters.

[bsshog40]

Didn't look like a question to me. Regardless, we have our supporters.

Odd, when I look at my post, I see a ? right after my statement. That usually indicates a question to me. Which you haven't answered but instead got defensive. Good day!!

[VCC-migration]

Not all questions are actual questions, some are rhetorical questions, I thought that was a rhetorical question. Still we have our supporters.

[jpcienkus]

I also think it's a bad idea for the mint to get in the grading business. This would be a slippery slope as inventories pile up for "unwanted" coins. Would those just be reholdered and sold in the "hot" grade? If the market for PF/MS 70 is strong and grades below that sell poorly, would you expect the mint to melt the excess coins and start the process all over again? Who absorbs that cost? Eventually, the cost of minting coins go up and for colletors who don't care whether they get a 70 or 69, they're price is now more expensive.

 

Currently, a 1/10 oz. proof GSE is only $180 + s/h. If they reduced the gold content to 1/20, the coin will still share the cost of minting, the depreciation of equipment, full S,G & A and would likely not be signigicantly cheaper. Therefore, people would likely save another month or two and buy the 1/10 oz. because they are getting gold for a cheaper price per oz..

 

If it's gold you're after, there are gold bars that are assayed by very reputable companies available in 1/2 gram increments.

 

 

[bsshog40]

And to add, can you imagine how small the 1/20th would be? Wouldn't even be worth having as you would have to have a magnifying glass to see it. Your ideas are worth reading but are really not feasible. As mentioned, the costs for the mint to have these certified, pick a TPG without discriminating against another, and then hoping that they sell them all or have to dispose of them and lose certification fees, just isn't feasible in my opinion. It would only raise the cost of all other coins to make up the difference.

[cpm9ball]

How come your sight doesn't allow to view how many others support your petition? You use WE very strongly in your comment/article but there isn't one person here, that agrees with you.

 

Bobby,

He's giving you the typical song-and-dance that someone usually resorts to when a direct answer will make him look foolish.

 

Yeah, I think it's a great idea for the Mint to submit the coins directly to one of the grading services. Of course, they can't just select whichever service they choose. It will have to be put out for bid.

 

Just imagine what it will be like. The Mint submits 100,000 coins of varying denominations and expects to have them back in 21 working days. Of course, all of the other customers will have to be put off. For them 12 business day turn-around becomes 24 business days. 21 business day turn-around becomes 45 day turn-around. Except for the Mint contract, the company starts to lose customers who opt for the other grading service! Then, the Mint decides to cancel the contract. Go ahead and sue us!

 

FWIW, the OP posted this same thread two days in a row ATC on two different forums. When he met with interference and was questioned about it, he played dumb, just like he did with you, Bobby.

 

Chris

[cpm9ball]

And to add, can you imagine how small the 1/20th would be? Wouldn't even be worth having as you would have to have a magnifying glass to see it.

 

Whddayamean? It would be perfect for a collar button.

 

Chris