Question about US mint Product limit.

Regarding the new gold walking liberty half, I am curious as to the meaning of the posted note of product limit; None.

Item Number: 16XA
Mintage Limit: 70,000
Product Limit: None
Household Order Limit: 3

Does this mean after they mint 70,000 they can produce more coins?

Dave

 

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That's the way it read it Dave.

 

Me, too! Personally, I think the Mint should continue this policy for all "Limited Edition" items. It prevents some of the deep-pocket dealers from having all of their employees, friends and relatives buying up everything within hours of their release. If it looks like this will happen, the Mint can just initiate another production run and undermine the dealers attempts to corner the market.

Chris

 

Between the lines, I read it as "we will keep making them as long as people keep buying them" (after 70,000, that is).

 

The US Mint is pretty much greedy and just our government which they both are same. They don't care about us the collectors.

 

Only 70,000 will be minted.
Product limit refers to how many ways they can be offered, if that makes sense.
Such as just the coin itself, or the coin contained in a larger set, etc.

 

I never thought of "product limit" in that way before. Hmm. Makes sense, I suppose.
Thanks!

 

It's not the fault of the Mint when certain dealers attempt to buy everything in sight so they can charge outrageous prices to the collector.

Chris

 

I wondered the same thing so I reached out to the mint directly...talk about a run around...I did it via chat...the following is what they relayed to me:

• usmint-support@catalog.usmint.gov
  
• Nov 18 at 5:27 PM

To

• stonestrength@yahoo.com

Message body
General Info
Chat Start Time: 11/18/2016 03:44:52 PM
Chat End Time: 11/18/2016 04:26:11 PM
Chat URL: http://catalog.usmint.gov/limited-edition-silver-proof-set-2016-16RC.html?cgid=product-schedule
Referer URL: http://catalog.usmint.gov/limited-edition-silver-proof-set-2016-16RC.html?cgid=product-schedule
Name: Visitor
Email: stonestrength@yahoo.com
Phone:
Initial Question:
Operator Chat Name: Kimberly D.


Chat Transcript
15:45:02 [Kimberly D.] Hello, my name is Kimberly D., thank you for contacting the United States Mint. May I ask with whom I am chatting?
15:45:20 [Visitor]
15:46:03 [Kimberly D.] Hi, How may I help you today?
15:46:18 [Visitor] Hi Kimberly
15:46:30 [Kimberly D.] Hi!
15:46:47 [Visitor] my question is what's the diff between mintage limit and product limit
15:47:03 [Visitor] Number: 16RC
Mintage Limit: None
Product Limit: 50,000
15:48:22 [Kimberly D.] I will be happy to help you with the difference between the mintage limit and product limit! Please allow me a moment to research the information.
15:48:38 [Visitor] Sure
15:49:40 [Kimberly D.] I appreciate your patience while I was researching. Mintage limit is the total quantity of coins minted at a given mint in a given time period, usually one year. Product limit the total quantity of coins available at the time of release.
15:51:28 [Visitor] When it sez Prod limit it's not really telling me there is a Limit...it's telling me that a specific # are ready to ship?
15:53:48 [Kimberly D.] For the 2016 United States Mint Limited Edition Silver Proof Set, the product limit is 50,000. This is the amount of coins we will have available and ready to ship.
15:54:38 [Visitor] And if more are ordered are more minted?
15:55:25 [Kimberly D.] No, this is the final product available at the moment. We do not have updates for more mintage's.
15:56:53 [Visitor] Kimberly that sounds the same as mintage...mintage limit none would indicate to me that there will be a certain # of a specific coin made but
15:57:15 [Kimberly D.] The definition of the information is above.
15:57:40 [Visitor] Product limit sounds like the same thing
15:57:46 [Kimberly D.] Product limit is the amount of coins in inventory.
15:58:42 [Kimberly D.] Mintage limit does not have a set of amount available at the time of release for inventory.
15:59:57 [Visitor] I'll have to chew on this for a while
16:00:53 [Kimberly D.] For item 16RC, if 50,000 people place orders, then we will ship the 50,000, because that is the amount listed for product limit.
16:02:13 [Kimberly D.] If we had a mintage limit of 50,000 and no product limit, and 20,000 customers placed orders, it is a possibility the item may go on back order due to inventory.
16:04:29 [Visitor] If 30,000 fewer people order than are minted there wouldn't be a back order...the mint would have 30,000 too many sets
16:04:48 [Kimberly D.] No set amount is listed for inventory regards to mintage limit.
16:06:48 [Kimberly D.] Are you still with me? I have not heard from you for a few minutes.
16:07:20 [Visitor] Well I'm here I just don't get the math you propose
16:07:54 [Kimberly D.] Product limit is ready to ship.
16:08:23 [Visitor] if 50K is the limit and 20K are ordered there is no backorder status you have 30k left in inventory
16:09:18 [Kimberly D.] Mintage limit is the amount we will mint, but not at the time of release.
16:09:37 [Visitor] product limit is ready to ship ok...now you have orders for 10,000 more orders what happens?3.
16:12:41 [Visitor] are you there Kimberly?
16:14:40 [Kimberly D.] The item you are inquiring about we will be ready to ship, because we will have all the product in inventory.
16:15:36 [Visitor] so product limit really isn't a "limit" it's merely the # ready to roll out the door?
16:16:10 [Kimberly D.] The number is listed as 50,000, which is the amount we will have in our inventory.
16:16:29 [Visitor] ready to roll out the door right this mnute...but if more sets are needed they will be produced?
16:16:56 [Kimberly D.] No, unfortunately, we will not mint any more sets.
16:18:51 [Visitor] So then what this really means is that there will be only 50K sets of 16RC but the mintage limit isn't noted because there were "OTHER" silver proof coins which will be sold in a variety of ways....am I getting it?
16:20:23 [Kimberly D.] No, that is incorrect. Product limit is the total quantity of coins available at the time of release. This item will not have an mintage limit.
16:22:07 [Visitor] Kimberly you just said "we will not mint any more sets"
16:22:53 [Kimberly D.] Product Limit: 50,000 for the 2016 United States Mint Limited Edition Silver Proof Set. After this amount, no more will be produced.
16:23:22 [Kimberly D.] This item has a product limit and not a mintage limit.
16:25:28 [Kimberly D.] Are you still with me? I have not heard from you for a few minutes.
16:26:04 [Visitor] Well I'm totally confused...but thank you for your attempt at clarification I appreciate your time.
16:26:10 [Kimberly D.] Thank you for shopping with the United States Mint, we’re happy to assist you today and in the future. For additional information on our products please visit our website at www.catalog.usmint.gov. Should you need further assistance from the United States Mint, please feel free to contact us at 1-800-USA-MINT (872-6468). For your convenience, we are available seven days a week between the hours of 8:00 A.M. and 12 midnight, Eastern Standard Time.

Wellll I know I can be really thick at times but this conversation was as clear as Mud!!

 

my head hurts

 

My understanding of this is that there will be a maximum mintage of 70,00 coins and the product limit is the amount you can order when buying the coin. The law authorizing the mint to produce these coins set the maximum mintage at 70,000. Only Congress can authorize the minting of more of these specific coins. If this is incorrect, I more than welcome any correction.

 

I have to correct myself in that Congress would have had to authorize the minting of Silver versions of this coin but the mint has the authority to issue them in gold. The only thing I'm sure of is 70,000 is the maximum mintage. I don't recall the mint ever producing any coin after they announced a maximum mintage. Bullion coins are minted according to demand.

 

Household order limit is the amount you can order

 

Thank you for the info.

 

"Mintage limit" refers to the maximum number of individual units of a particular coin that can legally be struck; on the other hand, "product limit" refers to how many units of that limited number of coins will end up in a variety of sales formats and not to how many different sales formats there will be.

 

Isn't household limit usually reserved for late night TV commercials where if you buy one you get another one free provided you do it within the next 11 minutes?

 

But wait, there's more!

 

I bought the Copper Miracle Socks just for the melt value...

 

I don't agree with many here regarding there should be a limit on how much you can buy. To me it is like a lottery and there shouldn't a limit on how much you can buy. So if there are deep pocket. This way it will be sell out in no time. It is not like the past where not many who got into limited sets or coins, then we are able to buy as much as you want without limited. Now Yes it is everyone's chance to buy or Not to buy. This way it will sell out fast. So yes stop the whinnying about you aren't able to get any and let it go. If you really needs to buy them, then get up early and get into the game. That is how I feel about it.

 

Except, if there is no buying limit the major coin and bullion dealers will be sure to scoop up all the specially-minted numismatic-quality coins for themselves exclusively and all at once. As a result, the individual collectors for whom those coins, medals and other numismatic items are actually produced in the first place and who quite understandably want to buy them directly from the mint will then inevitably end up having to purchase these mint-issued products from considerably higher-priced secondary sources and/or markets.