The US Mint explains its' cancellation of the 4 coin Spouse Gold Coin Set!

[comicAL]

Hi, Everyone

 

Just received this email from the US Mint!

The interesting aspect for me is that the US Mint is going to keep the total amount made of each Spouse Gold coin at the originally announced 40,000 across all produce options!

 

AAJ

 

 

To: United States Mint Subscription Customer

 

From: United States Mint Sales and Marketing Group

 

Subject: 2007 United States Mint First Spouse Four-Coin Set

Subscription Enrollments

 

Date: May 10, 2007

 

United States Mint Customer:

 

We are contacting you regarding your recent subscription enrollment for either the 2007 First Spouse Gold Proof Four-Coin Set or the First Spouse Gold Uncirculated Four-Coin Set. In an effort to provide the most equal and fair access to the individual 2007 First Spouse Gold Coins to all United States Mint customers, we will not be offering four-coin sets in 2007.

 

Following a review of the program, and to ensure consistency with the Presidential $1 Coin Act, the United States Mint has decided it will release the First Spouse Gold Coins sequentially in a timeframe that follows, as closely as practicable, the release of the circulating Presidential $1 Coins. As a result, the United States Mint has decided not to make available four-coin sets for the First Spouse Gold Coin Program in 2007, thus also eliminating this subscription program.

 

This is a notification of cancellation of your subscription. You have not been charged for this product, so no further action is required.

 

You will be able to purchase First Spouse Gold Coins individually when they become available for sale using normal product ordering channels.The Martha Washington and Abigail Adams Gold Proof and Uncirculated Coins in single-product options will be available beginning June 19, 2007, at 12:00 noon (ET). "Jefferson's Liberty" and the Dolley Madison Gold Proof and Uncirculated Coins are tentatively scheduled for release on August 16 and November 15, respectively.

 

The mintage limit will remain at 40,000 coins per design across all product options. Order limits for the individual proof and uncirculated options have been set at five (5) per household for each product.

 

Please monitor the United States Mint's website, www.usmint.gov, for more information as the United States Mint is evaluating the possibility of offering a 2008 First Spouse Gold Coin Subscription Program that would be available as a single-coin option and would include the complimentary 46-coin custom box.

 

We apologize for any inconvenience this matter may have caused. We look forward to serving your numismatic needs in the future.

[MunkyMan95]

WTF??

 

Guess they found out that they were leaving money on the table by offering them all right now, and having them sell out.

 

This is our government at its finest...

[vtrockin]

WTF??

 

Guess they found out that they were leaving money on the table by offering them all right now, and having them sell out.

 

This is our government at its finest...

 

I wonder if it's a matter of leaving money on the table or just the apperance of being unfair by having ALL the spouses sold out via subscription. Or maybe they figured they'd drum up more interest by spreading them out the first year.

 

Too bad they didn't think this through...though I'm happy I can focus on the Jeffererson now without getting the ugly chicks

[camarasa-migration]

Well now this is strange - still 40,000 coins - still 10 max (although now you're limited to 5 of each), and the only difference is that they aren't giving you a nice wooden box...

[DC Dawg]

Then there is the problem that the US Mint, the largest coinage manufacturer in the world, is running too close to capacity in order to produce these sets. Just like the fractional Buffalo gold coins... too many coins, not enough capacity.

 

Scott

[gmarguli]

I highly doubt that they are running close to capacity. This is an organization that produces BILLIONS of coins a year and has 4 facilities to choose from in striking coins. 160K coins for this program could probably be minted in a few hours if they wanted to.

 

As I understand it, they don't have the authority to mint the fractional Buffalos, so it is not a capacity problem, but a legal problem.

[Houston Investor]

It makes more sense for them to sell these coins individually. These are expensive, big ticket coins.

[Lem]

Here's the real story. What happened was the Shop at Home network bought them all, so they could sell them for, I don't know ten times the price. The mint realized this, so to try to make it a little more fair, decided to release them individually!!!! Which isn't really going to help, because they (SAH) will still buy them up! Good luck on getting some.

[Keleum]

The mint reserves the right to cancel a subscription at any time, and to adjust limits. So I don't know why they would change the program for shop-at-home or any other company.

[Zoins]

Here's the real story. What happened was the Shop at Home network bought them all, so they could sell them for, I don't know ten times the price. The mint realized this, so to try to make it a little more fair, decided to release them individually!!!! Which isn't really going to help, because they (SAH) will still buy them up! Good luck on getting some.

Craziness!

[Lem]

Keleum,

I was just being funny, I know and understand what the mint can do.

[Architecht]

These look kind of cool. How much are they going to cost?

[comicAL]

Hi, Architecht

 

From the US Mint website:

 

The price of the individual First Spouse Proof Coin for Martha Washington or Abigail Adams will be $429.95. The price of the First Spouse Uncirculated Coin for Martha Washington or Abigail Adams will be $410.95.

 

There will be a mintage limit of 40,000 across both product options and a household limit of five for each option. The United States Mint has decided not to offer four-coin sets of these products, either for order or by subscription.

 

AAJ