To First Strike or Not First Strike is the question

[Lem]

I’m pretty new to the coin world, stepping out of the U.S. stamp world and I’m trying to learn something here. Now I’m sure this topic has been discussed before but this has been bugging me since I started collecting coins last year. Now I was wandering if it really means that much to the collector that he or she has to have a first strike or early release coin in the particular grade they are looking for versus a coin just graded without that designation on it. I mean does it really matter to the coin collector that they have the first coin off the presses or the last one if they both grade a 70, what’s the difference??? It is still the same coin, right! If I’m missing something here please fill me in, because at this point I’d rather pay for the one without the designation “first strike” for a little lower price, than pay the premium. Now I do not mean to offend anyone that is hell bent on getting that first strike coin, by all means go for it, I just don’t understand the whole concept. Was this something that the coin collectors wanted or is this something that the grading services just decided to start?? Thanks in advance for any input!!!

[Zoins]

Lem,

 

It gets even better. The First Strike(s) are not even the first ones off the presses. They are the first ones packaged/shipped by the US Mint (there's a difference). The US Mint considers First Strike(s) and Early Releases scams in their Consumer Awareness alerts. First Strike(s) are not the first coins struck. For Early Releases, the US Mint is saying that no one gets releases early from the US Mint. This depends on how you interpret "Early Releases". I never thought of it this way before but I'm guessing some people are saying these were obtained earlier than the official release date. So Early Releases are released early but not earlier than the official release date.

 

The other thing is that there is no physical difference between coins labeled First Strike(s) and Early Releases as the US Mint can make an entire production run or large percentage of it before the official release. They also rotate dies over the course of the striking period so you will get early die life coins throughout the striking period.

 

One reason people like First Strikes and Early Releases is to get Registry points. Registries are websites where people log their TPG certified coins and "compete" with each other to build the sets with the most points. I believe FS/ER designated coins get more points in these systems.

 

Generally if you want to be involved in First Strike(s) and Early Releases, it is best to buy from the Mint and then get them certified as FS/ER yourself. Then you can decide whether to hold on to them or sell them. For some coins there is a market premium for the FS/ER labels, for others there really isn't.

[WaxonWaxov]

Let's not forget anout the step-child of First Strikes: First day of issue.

 

If you get some Washington Dollar Coins tomorrow and FedEx then to NGC tomorrow so they get them on Friday, they will have "First Day of Issue" designation. If you're bank sucks *spoon* like mine does and won't have any until Friday, you're screwed.

[NoTwilight]

The good thing about first day of issue is that there is not controversy over it. It either is the first day or it's not. No questions about the strike order.

[just-john]

But with 300million struck and since they will issue /release most on the same day nation wide

Whats The Point/Must be about speed of getting them graded ? Looks to me they all graded B-UNC.Bet in a week or two you will see the First Day Of Issue MS70 on TV saying the rarest washington ever?

[Lem]

Zoins,

I think you just maybe on to something, how about a First Strike for each die change. !!!

[WaxonWaxov]

...since they will issue /release most on the same day nation wide

 

Actually many banks are saying they will not have them until tomorrow or the middle of next week, depending on their cash delivery schedule.

[Beijim]

You are not missing anything. The whole First Strikes / Early Releases designation is a distinction without a difference. From a quality perspective you're just as likely to get a high quality coin in an Early Releases holder as in a regular holder. In the NGC Registry at least, there's no point difference for First Strikes or Early Releases examples as compared to regular labeled coins.

 

Beijim