I noticed in my new coin management program they are calling some recent proof series "S" coins first strikes. Is there a set of proof coins that are considered first strikes and then a set of same series that are proofs, but not first strikes? I have not seen this before.
Its just another marketing gimmick. The mint can always go back to the master and make a new die. :smile
First Strike has been a term that's been bandied about for a very long time. Usually, it was in reference to Cameo and Deep Cameo Proofs from the 50's through the early 60's. It's believed that these Cameo Proofs were coins first struck from freshly prepared Proof Dies (ref thread: http://www.cointalk.com/t215708/ ). In 2005, both NGC and PCGS dreamed up a "special label" which generated some big money marketing opportunities for submitters called the First Strike™ Program. Under this program, any coin (primarily bullion Eagles but later expanded to include any Proof Coin in 2010) submitted within 30 Days of its release from the US Mint would "qualify" for these First Strike™ slab labels. Of course, the submitter had to include a "fee" for these First Strike™ Slab labels which I believed started out at $10 each. Since then the price has risen to $18 at PCGS. From a controversial Standpoint, which was brought up during a lawsuit filed against NGC who has since changed their First Strike Program to an Early Release Program, any bullion coin released in that 30 Day window, which was typically January 2st through January 31st would qualify for the label. Owners of 500 coin boxes discovered that when the government inspected these boxes prior to sealing them, the inspector dropped in a dated Inspection Slip. As such, this opened the door for coins that were produced prior to 2005, to qualify for the Label. The US Mint issued a statement around 2009 that basically stated that no recrods are kept of which coin gets produced from any die pair and as such, labeling or calling them First Strike (as in First off the die set) was simply not possible. Putting a "time frame" around whats called First Strike and what is not gets clouded since dies are routinely changed out during the production of millions of coins. Regardless, the First Strike™ and Early Release™ programs have been hugely successful with the TPG's and readily embraced by certain collectors since its inception. Most dedicated and knowledgeable Numismatists and collectors fully understand that the label is nothing of any numismatic value and have labeled the program as a marketing sham. Personally, I feel that folks are entitled to collect whatever they want whether its bullion, coins, or simply slab labels. I collected First Strike's and had a nice set but got somewhat discouraged since, foir each coin I purchased, I would inevitably lose money on it as prices dropped. I've since sold those coins never to take that up again. I do have a collection of each different type of slab label that silver eagles appeared in. This is quite challenging and get rather expensive BUT, it was my idea and my collection AND I'm not literally tied into purchasing every First Strike Silver Eagle that the TPG's turn out. I do find it somewhat upsetting that the TPG's have chosen to include regular Proof Coins in this program as the possibility that folks actually believe, regardless of what they're told, that these are first off the die sets, does exist. Many have forked over some big premiums with this belief and will get sorely disappointed when their investment goes south. Did I answer your question? If not, in 2010, PCGS expanded it's First Strike™ Program to include Regular Issue Proof Coins (i.e. Presidential, Native American, Kennedy, Washington, Roosevelt, Jefferson, and Lincoln) submitted within 30 Days of thier release from the US Mint. The coins achieve First Strike™ Slab Status based upon "when they were submitted" ant NOT by when they were produced as there is absolutely no way of determining when the coins were produced as the US Mint does NOT keep these types of records.
If your question infers whether you should collect both? I would say no. Just find the coin or set you think looks best at the price you can afford because when it is all over, it is what the coin really looks like and not any designation giving it the appearance of being special or of special grade.
19LYDS, thank yo so much. That really explains it well. I can see whay a premium may be deemed worthwhile, but is there a difference to the average collector? I doubt it. Again I learned something new on this forum, but had to also push some other brain cells out and I hope it's not my drive home from work
Agreed. Whatever you do, avoid paying premiums for First Strike™ at this point in time cause if you do, you'll feel compelled to pick up all the back issues which may or may not be inexpensive. The First Strike label adds zero "numismatic" premium to a coin but it May add a collectible premium for certain collectors. As I stated, I used to collect the First Strike SAE's but have simply quit chasing that dog. Why? It was to questionable and could get VERY expensive for pre-2005 Issues. http://www.teletrade.com/coins/lot.asp?auction=2123&lot=1654 Sale Price $450 http://www.teletrade.com/coins/lot.asp?auction=2839&lot=3223 Sale Price $60 http://www.teletrade.com/coins/lot.asp?auction=2836&lot=2872 Sale Price $320 http://www.teletrade.com/coins/lot.asp?auction=3155&lot=2186 Sale Price $190 Then there's this one: http://www.teletrade.com/coins/lot.asp?auction=2467&lot=2301 Sale Price $1350
