U.S. Mint's Weekly Sales & Production Reports

Discussion in 'US Coins Forum' started by statequarterguy, Jan 15, 2014.

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  1. statequarterguy

    statequarterguy Love Pucks

    Anyone interested in discussing the U.S. Mint's weekly sales & production reports, consider posting here. Here's a link to the reports:
    http://www.usmint.gov/about_the_mint/?action=coin_production

    I'll start it off. It's late again! Oh well, it's the mint, what do we expect.

    Still no reconciliation of the production numbers for several coins produced in collector only rolls to the actual sales. Many of these coins, over the years, show higher production than actual sales. So, what happened to the unsold "collector only" issues?
     
    statequarterguy, Jan 15, 2014
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  3. Rare-Tim

    Rare-Tim Active Member

    Can I ask a question?
     
    Rare-Tim, Jan 15, 2014
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  4. statequarterguy

    statequarterguy Love Pucks

    NO! LOL, just kidding!
     
    statequarterguy, Jan 15, 2014
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  5. Rare-Tim

    Rare-Tim Active Member

    Thx. Is this a 1998 close AM? 20140115_072309.jpg
     
    Rare-Tim, Jan 15, 2014
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  6. Rare-Tim

    Rare-Tim Active Member

    FG is kinda dark.
     
    Rare-Tim, Jan 15, 2014
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  7. statequarterguy

    statequarterguy Love Pucks

    Guess I was right when I said NO. This thread is about the mint's reports. There are threads about AM Cents, I'd suggest posting your question there. It sure looks close to me, but I'm no expert on these.
     
    Last edited: Jan 15, 2014
    statequarterguy, Jan 15, 2014
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  8. Rare-Tim

    Rare-Tim Active Member

    Ok. Thanks again.
     
    Rare-Tim, Jan 15, 2014
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  9. GDJMSP

    GDJMSP Numismatist Moderator

    If they stay unsold, they get destroyed.
     
    GDJMSP, Jan 15, 2014
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  10. Rassi

    Rassi #GoCubs #FlyTheW #WeAreGood

    Could it be that there are many more coins in storage than are claimed? Dunno if it's true, but the "lobbying" group pushing for wider use of the dollar coin put out the graphic below the other day - certainly interesting. Not sure if it is true or not.

    test.jpg
     
    Rassi, Jan 15, 2014
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  11. statequarterguy

    statequarterguy Love Pucks

    Yes, that's the way it once was and the mint actually stated so. In more recent years the mint doesn't comment on it. I called Michael Whites office about a month ago, about the 2012 Native American dollars, which sold about half of the stated mintage - they're supposed to call me back. Trying to avoid a situation like the CC Dollars, where years down the road the mint finds these coins in its vault and floods the market with them.
     
    statequarterguy, Jan 15, 2014
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  12. statequarterguy

    statequarterguy Love Pucks

    Another question many are asking, with no response from the mint is what's going on with the 2013 Kennedy Halves. The mint about doubled the previously stated mintage a couple months ago. Even though they're still for sale, they haven't sold the original mintage. So, why the need to double the mintage? The mint says they don't know!
     
    Last edited: Jan 15, 2014
    statequarterguy, Jan 15, 2014
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  13. Rassi

    Rassi #GoCubs #FlyTheW #WeAreGood

    Is there any chance some local administrator could have just made a decision to start minting them again? I really don't know.
     
    Rassi, Jan 15, 2014
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  14. GDJMSP

    GDJMSP Numismatist Moderator

    The US Mint and the Federal Reserve are two different entities. And the Fed only has coins struck for circulation in their vaults. They have no collector coins at all, never do, and that's what the OP was asking about, collector coins. Also, the Fed always has large numbers of coins in their vaults, they have to, because that's the only way they can they can service the banks. And those coins are going out (from the Fed) to the banks all the time, and they are replaced by new coins delivered from the mint all the time. Over the course of a year all of the coins in the Fed's vaults are sent out and replaced by new ones.

    The one exception is the dollar coins. No more are ever ordered by the Fed and the billion they have may well sit there forever.

    Every year, the Fed places an order with the mint for the number of coins and in the denominations that the Fed anticipates it will need for circulation the following year. That order is what determines how many coins for circulation that the mint will produce that following year.


    I rather think it depends on who you are talking to at the mint to answer that question as to what they know or don't know. Every year when the mint is putting together their production schedule for the following year they determine how many and what coins they will be producing at any given time during that following year. And when it comes to collector coins they produce them in one of two ways. They either follow the mintage limits set by the law that ordered the coins minted, like with commems and such. Or they produce them based on anticipated and estimated orders from the public, in other words it's a guess. But they do this a year in advance and they set their schedule for given presses to be producing given coins during a given time frame and in given numbers.

    So that doubling your asking about, the plan to do that was set in place last year. They are merely following the established plan.

    As to what happens to left over collector coins that do not get sold to the public, it depends on what the coins are. Unsold commems and bullion coins are typically destroyed before the following year's coins can go on sale. That is determined by law. Unsold Proof Sets and Mint Sets used to be destroyed, but in recent years the mint has changed their policy and they sometimes hang on to those for a while and offer them up for sale in specials. Unsold collector coins like rolls or bags of halves and quarters, those may be destroyed or saved for later sale in specials. And I suspect that decision is made at the whim of some administrator.

    Bottom line, all of this is done by the mint trying to anticipate or guess in advance the orders made by the public.
     
    GDJMSP, Jan 16, 2014
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  15. ROLLJUNKIE

    ROLLJUNKIE Active Member

    Here is my opinion. The price of silver shot to almost $50 an ounce. Coin roll hunting took off like crazy. People ordering up to fifty boxes a week trying to pull silver out of circulation have put the velocity numbers through the roof for half dollars. The government does dumb stuff so thinks these numbers translate into the coin becoming popular again. Double mintage.
     
    ROLLJUNKIE, Jan 16, 2014
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  16. statequarterguy

    statequarterguy Love Pucks

    So, it's actually not true when the mint posts that the 2012 Native American Dollars are Sold Out after selling approximately 1.7m D's & 1.7M P's, when at the same time they post they made approximately 3M P's & 3M D's. This example, on top of a history of misleading collectors, especially over the last two years, sure makes it tough to spend my hard earned dollars on mint products. Anyone know when the current mint director is getting the axe?
     
    statequarterguy, Jan 16, 2014
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  17. GDJMSP

    GDJMSP Numismatist Moderator

    Wouldn't change anything. In past years they used to be much worse than they are now when it comes to secrecy, confusion, and misleading statements. That has been consistent for as long as anyone can remember.

    It used to be that the mint abhorred the idea of creating a rarity and they would do anything they could to prevent it, and prevent anyone from finding out about it if it happened by accident. But in today's world it sometimes seems that they are trying to be misleading in the opposite direction to help boost sales.

    But there are no rarities in today's world and haven't been any for decades. There are some scarcities however, but they are few and far between. The last one I can remember was the $5 Capitol Visitor Center in 2001. That ended up being the 2nd lowest mintage $5 commem there was.

    Back then I had had hopes that it would take first so I bought several of the Proofs and Uncs. Had to settle for second ;)
     
    GDJMSP, Jan 17, 2014
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  18. statequarterguy

    statequarterguy Love Pucks

    I know what you mean; I got caught up in the 1974-s cent debacle. I was sitting on many boxes when the mint director, Mary Brookes, stated she was appalled at the speculation and ordered a full run of the cent after production had stopped.

    Just a side note, with the mint flooding the market these days, new scarcities are created annually. The 5 Star General $5 unc just eclipsed the $5 CapitalVisitorCenter as the 2nd lowest - the proof came in low too, but not sure where. We were watching it toward the end because it looked like it might beat out Jackie Robinson, but it came in 2nd. Either way, there are some low mintage uncirculated modern commems out there, so I don't mind collecting the series.
     
    Last edited: Jan 17, 2014
    statequarterguy, Jan 17, 2014
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  19. Conder101

    Conder101 Numismatist

    They did that once several years ago but got so many complaints and returns of spotted sets that they stopped the sale and destroyed the rest of the sets on hand.

    The 1.7m figure is probably for the roll sets and boxes. Part of the rest of the 3m figure is coins for the mint sets.
     
    Conder101, Jan 17, 2014
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  20. statequarterguy

    statequarterguy Love Pucks

    It's not suppose to include the mint sets - just circulating coins as it states and as it has in the past.
     
    statequarterguy, Jan 17, 2014
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  21. GDJMSP

    GDJMSP Numismatist Moderator

    I think this is what Conder is trying to explain -

    From the mint site where production numbers are reported -

    Products are classified by program category. This is for general classification purposes only, as some products may contain multiple coins that could fall under various categories.

    That is what explains the differences in reported numbers.
     
    GDJMSP, Jan 17, 2014
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