Or maybe it's just me... This sign is posted on the bill changer machine in the gift shop. It is currently dispensing the new Yellowstone park quarters. "The coins from this machine are circulating coins. Although they have never entered circulation, they are NOT by numismatic definition 'uncirculated.' A true uncirculated coin is stamped at a higher tonnage, has a slightly taller edge, and has different handling steps within the US Mint."
Interesting, but what would you like to bet that if you submitted one of them to NGC or PCGS, it would grade MS! Chris
By Numismatic Definition - an uncirculated coin is a coin with no wear. The mint sign might be trying to differentiate the SMS coins from the normal circulating coins?
That's not completely true. What about all those satin finish mint sets. One could consider those SMS coins.
I can't figure out what the sign is trying to differentiate. Yes, my understanding is that the numismatic definition of Uncirculated is no sign of wear. But the sign seems to indicate there are two types of circulating coinage.
Those are not Special Mint Sets, and technically, neither is the 1998-S Kennedy, but that is the designation given to it by the grading services. The 98-S Kennedy was issued with the Robert Kennedy Commem $. I'm not sure how PCGS designates the satin finish coins, but NGC's abbreviation for them is SF, not SMS. Chris
SMS is Special Mint Set. The finish is different from the 60's era coins, but you cannot deny that they are specially prepared coins which come in the mint sets. Therefore, in my book, they are indeed SMS coins.
"The coins from this machine are circulating coins. Although they have never entered circulation, they are NOT by numismatic definition 'uncirculated.' A true uncirculated coin is stamped at a higher tonnage, has a slightly taller edge, and has different handling steps within the US Mint." The way this reads, someone is obviously confused here...although the definition is not exact, it appears to be referencing "proof" coinage, as in, "this is not a proof coin"
I posted this elsewhere, the US Mint uses different terms internally than what the numismatic hobby does. What they call Proof, we call Proof. When they say Uncirculated, they mean non- proof coins intended for special collector sets. We call those coins Uncirculated an may modify that if they have a special finish. The run of the mill coins made for everyday use they call circulated coins (past tense). We call them uncirculated. The only "numismatic definition" under which they are not truly uncirculated is their own, not the hobby/industry's.
To be perfectly honest, Jason, I think the satin finish coins are probably handled with greater care than was given the SMS coins. Look at how many 69's & 70's have come out of the Mint Sets since 2005. What I wouldn't give to have my 65-67 SMS Kennedy's grade 69! Chris
Yep, the mint has started using a different definition of uncirculated than numismatists use. Uncirculated to the mint means the satin finish coins in the uncirculated sets. Leave it to the government to confuse things more than they have to, I guess in a marketing attempt to make the public believe they have to get uncirculated coins from them at a premium. What the mint is attempting to do has caused confusion in the industry by redefining the definitions already defined by the industry. Now we'll have uncirculated, uncirculated coins and uncirculated business strikes, rather than what the industry has defined as SMS or SP coins (satins) and uncirculated business strikes. Of course, from 2005 to 2009, the mint also defined coins as the industry did - but, they changed all that in 2010.
OK, then, I've written what the sign should say: "The coins from this machine are circulating coins. Although they have never entered circulation, they are NOT by U.S. Mint definition 'uncirculated.' Our uncirculated coins have a satin finish, are stamped at a higher tonnage, have a slightly taller edge, and have different handling steps within the US Mint."
So how many exactly did you get out the door with? -- with all the detail you offered, satin finish, taller edge, - I would think these are on the special side. That would make sense. Offer a limited lovely to a bunch of bus tourist who have no idea what they are getting - it would drive the collectors nuts!..:goofer:...shame on them :mouth:. Have fun!
