Petition for US Mint to change their gold coin lineup

You can aspire to own a classic gold coin. If they just start making them cheaply so that anyone can have one it damages the market for the originals at their current owners' expense.

I am against the government marketing knockoffs of cherished old coins just so that everyone can get their hands on one.

They should cut back on the offerings, not expand them. There are private mints that can sell you small fractional gold rounds. Support private enterprise and stop looking to the government to take care of your every need.

 

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Well how do you think it would damage the market for the originals at the current owners expense.

If the government is going back to a series that it once produced, how is that a knockoff.

Besides I think the US Mint should expands its offering and market them more aggressively to reach more people.

I would not buy small fractional gold rounds that are privately manufactured. There are people out there like myself who want COINS, not rounds. Besides, when the government tells you how much metal content is in a coin, they are accurate and reliable. Not so much with private enterprise.

 

Also I could have argued my point better than I did, I don't think I made my point clear. My mistake. I understand your point made.

Regardless, this petition is a grassroots effort to make us have a greater say in US Mint affairs which would be good for ALL hobbyists. This is why it is important to support this petition as this means more than the specific proposals outlined.

If anyone wants to sign here's the link ELETED

 

I think it is best to stop arguing. If you are not willing to spend a few hundred on one coin and want the us mint to reproduce old designs just so that you could be able to buy one cheap then you are not a collector.

Collectors are willing to spend good money on the coins they can't find. They do not want reproductions of old coins because as stated several times it hurts the market for the classic coins. If you want a ST Guaden's Double Eagle save your money and spend about $2,000 and buy one.

 

Huh? (and this has probably already been addressed)

IIRC, someone at the US Mint decided to make up 22 kt Gold Sacagawea Dollars in the year 2000 but the authority to do so came under question. Of the 39 that were minted (which they had planned on selling as a regular offering to the public), 27 were melted leaving 12 that were flown into space and then squirrelled away to Fort Knox.

http://www.pcgscoinfacts.com/Coin/Detail/508062

The Treasury Department certainly has the authority to "change" a coins design after 25 years of use but it just is not going to happen in this day and age and certainly not toward older established designs. Even the 2009 Ultra High Relief was "different" than the original or any of the other Saint Gaudens $20 coins.

Additionally, the production of gold coins of a specific size, weight, and legal tender value was most assuredly authorized by Congress in the Gold Bullion Act of 1985.

http://www.usmint.gov/pressroom/legislation/Public_Law_99-185.pdf

Deviating from those specification would be considered "against the law". As such, there is no authorizing legislation governing a 1/20 ounce Gold Coin whether the Secretary of the Treasury (an appointed office) want's one or not.

Proof and uncirculated versions of "existing and authorized" coins of the two bullion acts of 1985 are made at the discretion of the Secretary of the Treasury and are not required by law. An example of this occurred in 2009 when no Proof 2009 Silver Eagle was produced.

I would advise a little more research into what can and cannot be done before authoring a petition which meets only your needs.

 

Why don't you explain the 24k gold kennedy half that the mint is looking to make this year. From what I heard, they don't need congressional approval for that.

 

.05 ounces= 1.4 grams
If you want 1/20 oz of gold buy a 1 gram gold bar for $50

 

I'm not arguing. Debate is very good and very healthy. Everyone is a collector in their own way, there's no such thing as a "real" collector here. If I spent $2,000 for a St. Gaudens double eagle, I would get a MS65 coin that is probably a 1924 or 1928. If they went back and made them today, I could get a MS 69 or 70 for much less. Not every collector is going to save a ton of money to get a higher grade coin. Plus market studies show the popularity of classic coin designs with US Mint customers AND when the US Mint released the 2009 UHF, it was very popular.

 

That's a very good question that I do not have an answer for at this point in time since, plans have been made, but the coin has yet to be produced.

 

I trust when a government tells me how much gold is in a coin. Not some private manufacturer.

 

If it turns out that the US Mint can make coins without Congressional approval and the US Mint actually goes back to making the classic coins as proposed, I'm sure a lot of you who disagree with me would buy it.

 

There are tons of reputable bullion dealers out there.
Once you get the bar you can test the bar yourself

 

But would it really hurt you or anyone else personally to support us.

 

But, the point of many of us would be an MS65 St Gaudens today would be worth much more IF NOT for the mint already restriking this design. The mint STOLE MONEY from existing collectors when they restruck the coin. Same with the UHF coin, it took demand away from the originals. Now, there is no easy way to quantify the amount of the damage, but its there.

Now you are wanting to do the same with something like a Coronet head eagle. Don't you realize if they restrike these, (to please those who want one but do not want to pay the going price today), that the prices of the originals will decline? I am not ok with saying we should intentionally steal money from the owners of coronet head eagles just so some modern collectors can buy them cheaply. For full disclosure, I do not own one so I am not speaking selfishly.

What would be next? Should the mint restrike Chain cents and artificially patinate them for us as well? I sure would like to own a nice chocolate brown AU Chain cent for $100 or less.

 

I'll explain. It wouldn't be any third party grading company because NGC and PCGS are the most respected grading firms in the hobby. At least with the mint sending coins directly, you could be able to know what coins are actually the first strikes, you could also incorporate the slab into the OGP and not have to choose between a slabbed coin or one in OGP.

The straining budget portion of the petition is that we are recommending that they don't have collector versions of the AGE and the AGB and then the classical gold coins all sold together. That would tax people's budgets.

 

I don't think the US Mint is stealing money from anybody. With the UHF coin, how many collectors could afford to buy one in the first place? How many collectors can afford to buy the regular high relief in the first place?

There would always be people who want the pre 1933 issues regardless of whatever modern revival happens.

 

Volatilecoincollector, why don't you find a real issue with American coinage to protest about instead of p**ing on the same fire hydrant over and over again?

I think all the Buffalo manifestations on our coinage are ridiculous, the commemorative silver dollar, the gold coins. Yes it was a nice design, but why rehash it over and over again? It is not like buffalo nickels are egregiously expensive, good grief I even occasionally find the little varmints in roll searches.

 

The US mint products sure haven't put any strain on my budget. It has been a long time since I even purchased anything from the US mint, like early 2009 to be exact and that was the Lincoln coin and chronicles thing. Otherwise I avoid them like the Royal Canadian Mint and all their drivel.

 

But some people buy all (or as much as they could) of what the US Mint releases. I'm sure some the same people upset over the 24k gold kennedy half would buy it if push came to shove.

 

who is us? I think it is just you. I have never heard of anyone not trusting any major bullion dealer and wants the government to make gold coins he can afford.

The whole idea is idiotic to me. Just buy Gold bars from apmex or any other major dealer. If you can't afford gold don't buy it. Buy silver eagles instead.