US Mint historical questions 1 1

[Conder101]

18 hours ago, RWB said:

I've never seen anything explaining why this was done. we were mostly a backwater, imitative bunch in the 18th century. Maybe David Rittenhouse liked another country's coin....? Actually, more likely that Henry Voigt, who had European coining experience, did it the same way as in the past.

I would like to think (no evidence though) that it was because the coins of the country whose rule we had just so recently thrown off were struck in medal alignment and we reversed it to be different from the "home country"

[VKurtB]

1 hour ago, Conder101 said:

I would like to think (no evidence though) that it was because the coins of the country whose rule we had just so recently thrown off were struck in medal alignment and we reversed it to be different from the "home country"

Has Switzerland yet stopped using BOTH alignments, depending on denomination, as they had done for many years?

Edited July 1, 2021 by VKurtB

[Henri Charriere]

On 6/27/2021 at 10:58 AM, GoldFinger1969 said:

Not sure why it hasn't though your explanation does offer some valid reasons. 

The  Federal Government, and its tentacles by whatever name known, m-o-v-e-s  w-i-t-h  t-h-e  c-o-n-s-i-s-t-e-n-c-y  o-f  m-o-l-a-s-s-e-s.  I don't know if you have ever had the opportunity to examine the Federal Budget but Fiscal Year appropriations are planned years in advance. 

The prices of products comprised of precious metals, when I last visited their site, were always time-sensitive and accompanied by a notice to check the latest price elsewhere.

[Woods020]

1 hour ago, GoldFinger1969 said:

But there are lots of other silver substitutes for ASEs....the ASEs are NOT the only way to get an ounce of silver or even to buy a silver coin.

No one is arguing that. The topic was why is the premium so high for ASEs. The answer is because people will still buy them from dealers. 
 

Then the question was why doesn’t the mint increase their price to dealers and cut into their premium. The answer is because they can’t because they have pricing regulations. 
 

And yes lots of forms of silver can be bought. Some generic silver rounds usually have $2-$3 premium over spot. Some items have premiums much much higher for artistic pieces or even sculptures from pure silver. But again the responses are all related to the discussion on ASEs and their premium. 

[Woods020]

1 hour ago, Conder101 said:

I would like to think (no evidence though) that it was because the coins of the country whose rule we had just so recently thrown off were struck in medal alignment and we reversed it to be different from the "home country"

Seems as logical as any reason 

Edited July 1, 2021 by Woods020

[Woods020]

I think the point you are making @GoldFinger1969 is a good one though. Which is why a lot of people ASEs are overpriced and not a good item to buy. Business strikes in bulk purchase may one day show a return (maybe) but buying slabbed ASEs seems illogical. Now I can’t say it’s wrong because clearly there is a market for them and people buy them. But what started out as a bullion piece with the backing of the US mint has turned into a quasi numismatic item. Does that silver in an ASE have more intrinsic value? Nope not at all. It’s still an ounce of silver. But as long as people continue a market for them they will remain inflated. But most collectibles have small intrinsic value and the cost is based on collector demand. 

[DWLange]

In the early 1970s Bowers & Ruddy Galleries was purchased by General Mills. That was the era of corporations buying companies about whose products and services they knew almost nothing. It was not a good match, and QDB later bought it back in partnership with former associate Ray Merena (they had worked together at the old Empire Coin Company in the early 1960s).

[GoldFinger1969]

4 hours ago, DWLange said:

In the early 1970s Bowers & Ruddy Galleries was purchased by General Mills. That was the era of corporations buying companies about whose products and services they knew almost nothing. It was not a good match, and QDB later bought it back in partnership with former associate Ray Merena (they had worked together at the old Empire Coin Company in the early 1960s).

I couldn't believe that when I read it -- I know all about conglomerates, but a food processor/cereal maker buying a COIN business ?  That's like an oil company buying pet stores.

I wonder if someone at GM knew either Bowers or Ruddy and was able to make the deal or convince the board to do it.  I wonder what The WSJ or other publications at the time said about it.  The deal makes no sense. 

Conglomerates existed because the diversification of business lines supposedly smoothed out earnings (it didn't)....and you could grow (or "bootstrap") earnings if you had a high P/E stock currency and used it to buy cheaper P/E businesses.  But B&R had to have such small revenues relative to GM that they couldn't possibly move the needle.

Would love to ask QDB about it. 

 

Edited July 2, 2021 by GoldFinger1969

[VKurtB]

4 hours ago, DWLange said:

In the early 1970s Bowers & Ruddy Galleries was purchased by General Mills. That was the era of corporations buying companies about whose products and services they knew almost nothing. It was not a good match, and QDB later bought it back in partnership with former associate Ray Merena (they had worked together at the old Empire Coin Company in the early 1960s).

Proving once again, as if it needed to be, that corporate management is, was, and always will be the inspiration for movies like Idiocracy.

[GoldFinger1969]

4 hours ago, DWLange said:

In the early 1970s Bowers & Ruddy Galleries was purchased by General Mills.

Well, this didn't age well:

"...General Mills in 1973 acquired Boston-based H.E. Harris & Co., the world's leading mail-order stamp dealer. Why did General Mills, with $2 billion a year in sales, decide to play around with stamps?

According to Fletcher C. Waller, Jr., director of business development and market planning, "This is a business of inherent stability coupled with appeal to conditions on the rise in the future: extended time to pursue hobbies thru early retirement, a shorter work week, rising discretionary income, and smaller families which offer more capability of indulging individual interests. Stamps have good long term growth potential…even faster growth than our traditional businesses."

In 1974 General Mills also acquired Bowers & Ruddy, one of the largest coin auctioneers and mail-order firms. Waller wouldn't disclose earnings for the stamp and coin divisions, but he conceded that "both are profitable…and in fact more profitable on return than the average of General Mills."

 

[VKurtB]

5 minutes ago, GoldFinger1969 said:

Well, this didn't age well:

"...General Mills in 1973 acquired Boston-based H.E. Harris & Co., the world's leading mail-order stamp dealer. Why did General Mills, with $2 billion a year in sales, decide to play around with stamps?

According to Fletcher C. Waller, Jr., director of business development and market planning, "This is a business of inherent stability coupled with appeal to conditions on the rise in the future: extended time to pursue hobbies thru early retirement, a shorter work week, rising discretionary income, and smaller families which offer more capability of indulging individual interests. Stamps have good long term growth potential…even faster growth than our traditional businesses."

In 1974 General Mills also acquired Bowers & Ruddy, one of the largest coin auctioneers and mail-order firms. Waller wouldn't disclose earnings for the stamp and coin divisions, but he conceded that "both are profitable…and in fact more profitable on return than the average of General Mills."

 

I guess the buzz phrase “core competencies” hadn’t been sucked out of some Wharton School weenie’s thumb yet. Management theory still hasn’t realized it’s something that doesn’t really need to exist.

Edited July 2, 2021 by VKurtB