Hey guys, So I have a question, I was watching HSN and they are selling the 2012 American Silver Eagle already. I read in another users post (here or another forum) that coins can only be minted in the year they are set to be issued, so the Mint cant just go and make 1999 quarters again in 2011. Is it normal for them to mint these silver dollars before the year they are supposed to be minted in? Or was I misinformed about the dating of coins? See below: Not spamming just as evidence. Thank you! http://www.hsn.com/todays-special_xh.aspx?ocm=todspc&cm_re=billboard-_-TS-_-Coins_background
Haha, I am aware about them being overpriced...the proof sets with a gift 2008 Silver in place of the clad. Not to go off topic, is there that much a difference in price with silver and clad.
The one on the HSN site, which here is the link directly to the item: http://www.hsn.com/collectibles/201...=shopping_grid*element_2_product*ByDepartment is an alleged bullion not a proof. Not sure how they, or ANACS for that matter, have something that has yet to be released, atleast according to the U.S. Mint's website anyway.
Well, yeah. Silver is considered a precious metal, clad coins consist of less desirable metals. But don't go by HSN prices, they're beyond reality. My suggestion, stop watching HSN, don't even watch it for fun, it will make you dumber watching it. It's for old ladies who can't even make it to the bathroom on their own. (no pun if there's any old ladies on the forum who can't get to the restroom on their own).
Holy cow, 139.95 for a 2012 silver eagle! Are they even released to the dealers yet? I thought that they weren't supposed to be delivered until January 7th.
The law says that the coins must bear the year in which they were struck. The mint DOES start minting them ahead of time and claims that this is OK because they are not RELEASED until the year shown on the coins. That's not what the law says, it is quite clear, it says STRUCK! but anyway, the Mint has not released them yet. If you are able to get a good close view of the slab and coin they are showing you will find that it is a mockup from a slab they have carefully cracked open and swapped the label with one they have made up. The coin is actually a 2011 ASE. They don't usually let you get a close look at these slabs on TV. This bit them back in 2006 when ANACS had announce their new slab design but hadn't shown it yet. HSN was showing an ANACS 2006 First Strike ASE at the end of Dec 2005 with a new fancy label. But ANACS delayed the introduction of their new slabs until February, and their First Strike labels looked nothing like those shown on HSN.
Attached is an excerpt from the Liberty Coin Act of 1985 which defines the Silver Eagle Program. In that act, it specifically states: "(4) have inscriptions of the year of minting or issuance" This tells me that, for Silver Eagles, minting can begin in December 2011 for coins to be released (issued) in 2012. There is no other way that deliveries can start on January 1st or 2nd unless the US Mint began minting in December. Keeping in mind that, even though these are considered "Legal Tender", these are not bound by the same minting rules which apply to Circulating coinage that is legal tender.
I don't know how reliable this source is (I believe half of what I see, and none of what I hear) but I remember Robert Chambers (showing alleged proof) stating that the ASE production for that particular year had started in July of the year previous. This was maybe six or seven years ago, way before the demand for these things went haywire.
I noticed that too on HSN. They had a 2011 ASE in a 2012 slab. There was a few times they briefly showed the whole slab w/ coin without cutting off the date. They shouldn't be allowed to do that. They were selling them for a one-time-only fee of $99.99 "special sale price." Also I think those Star Wars "coins" are a waste also.
OK they put "or issuance" in the Bullion coin legislation to exempt them from the law. Thanks for pointing that out. Got a similar loophole for the rest of the coinage they strike early? Because they don't just stockpile the bullion coins to have supplies of new coins at the start of the year.
I have no idea about circulating coinage but do know that it's several months into the year before I ever see any. Whether thats related to the Federal Reserve System or not, I don;t know.
don't know if they start that early but if you get a monster box of ASEs they have a paper tape inside with the coin count, the signature of two counters and the date the box was checked/packed. some years they go back to sept. that I know of. but none get released before the turn of the year.
