Insanity at the Mints

[ilLOminatus]

How crazy are the mints?

 

This journal is posted with the context of modern silver bullion coin issues

 

Not content with just a regular version of the normal coin, I am calling out the mints by the amount and varieties of bullion coins they make in a given year.

 

1. BU (brilliant uncirculated) or MS (Mint State) or business strikes

2. Proof strikes

3. Privy Marks

4. Burnished

5. Reverse Proof

6. Hologram

7. Colored

8. Gilded

9. Micro Engraved

10. Non-round shaped coins

11. 3-D shaped addition

12. non-silver attachment (opals, meteorites)

13. Glow in the dark

 

Any more?

 

When they make just 3 versions, I call them boring. When they make 4-6, I call them creative. When they make 7-9, I call them really creative. When they make more than 10, then I call them desperate for sales

 

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[RWB]

It's about cranking out products to sell.

[Nutmeg Coin]

Fragmentation. I agree; they are confusing collectors with all the new products; the same could be said of Danbury mint and all the "mints" that pander to base instincts and tastes. It's the race to the bottom. Probably an inevitable results of wealthy interests without serious watchdogs countering tasteless trends.

[Lucky One]

I was hoping someone would bring up the subject. Who could possibly afford to chase every one of them down, let alone compete mercilessly for the top graded specimens? And why when we all know that even though there are only 10 slabbed in MS70 there are still 25,000 or 2,000,000 or whatever number produced socked away in safe deposit boxes, sock drawers and closets that are also still in perfect condition too? Don't these buyers understand that more WILL be graded as demand for them increases, until the numbers graded eventually bloat and the market crashes in on them.

 

In the end, numismatics is numismatics and the mass produced bullion coins are just bullion. In my 51 years in the hobby I have never seen a purposely produced low mintage 'coin' from any mint become 'rare' enough to be considered by a serious numismatist because they really aren't 'coins'. They make really nice trinkets and interesting gifts but they don't circulate and will never deteriorate or reduce in numbers by anything significant so I'm confused as to why someone would pay more than issue price no matter what grade the pro slabbers put on the label- they all look the same. If you like collecting them, why care anyway as long as you have a nice looking one in your collection? Speculators of common mass produced bullion coins get burnt regularly but I hardly ever see serious rare coin collectors take a bath on a carefully selected set of high quality classic coins whether they are circulated or gem bu. To each his own but I'll go with history rather than the modern flashy 'parrot trinkets' the mints produce these days- fads always die the hard way...

[Durham Collection]

I got out of bullion for this very reason. When I first started collecting my coin of choice was US Silver Eagles. I competed in the years and varieties category and it just got to be too much. Struck at West Point (no mint mark) vs. West Point with mint mark. 4 or 5 coins per year just to stay current and not to mention the MS70 vs. more affordable 69's.

 

I then had a top ranked Proof Gold Buffalo set (all PF70). Buying one gold coin per year not so bad. Buying two (reverse proofs, etc.) starts pushing you. Then you ask, when the hell is this series going to end. Will I be buying proof Buffalos forever???

 

All of that got sold! and rather than spend say $2,500 or $3,000 on a gold coin, I would rather buy a beautiful lower grade Draped Bust Dollar. Now that (in my opinion) is numismatic treasure. All of this colorized, themed, added signature on the slab with special label, minted at XYZ limited production "stuff"...I don't buy. Go test the waters with your coin. Go try and sell it after 3 years and see if you get what you got for it? You will be surprised. Dealers ignore the grade on that label when you are trying to wheel and deal. They call it bullion and give you spot pricing for it.

 

To each his/her own. I acknowledge the joy in collecting Modern. It's just not for me.

 

 

[Augustus 70]

I buy moderns and enjoy it, but the Royal Canadian Mint products are way out of control. I think you have to have very deep pockets to compete in these sets.

[JTO]

My opinion, for what it is worth, is that the "Royal" Canadian Mint is out of control and abusing the collecting public.

 

Rarity does not always confer value.

 

There may only be 20 or 50 of some of the subject coins, but again my opinion, they are going to be a prolonged flash in the pan.

 

That said, do what you like. But with modern coins be careful about expecting to get a return on your investment in the long run.

 

Just one opinion,

 

John

[RWB]

RCM is a private business. The Canadian government should be embarrassed to have legal tender coins made there. But---it generates revenue.