I have heard and seen a lot of promotion on First Strikes. I assume that these are special stikes or first off the line, but I have yet to understand what determends or authenticates a first strike. I just received my 2008 uncirculated Silver Eagle in a case, but it says nothing about being a first strike. I guess I must have missed out.
this is taken directly from pcgs: [FONT=arial, helvetica][FONT=arial, helvetica]First Strike (TM) Beginning in 2004, PCGS began designating coins delivered by the U.S. Mint in the 30 day period following the initial sales date of a new product as "First Strike". For instance, new American Silver Eagles typically go on sale each January 1st, thus any coins delivered between January 1 and January 31 qualify for the First Strike (TM) designation. [/FONT] (AKA: marketing gimic) [/FONT]
This (IMO) was a massive scam perpetrated by the grading companies to get additional grading fees. The theory, as pointed out in the previous post is that coins that could be proved to have been delivered within 30 days of release were assumed to be the first coins off the production line. The Mint vehemently denies this is possible and disapproved of this practice and was on record as saying that a coin delivered during the 1st 30 days of release could have been the first our last produced. The thinking was that if the coin was one of the first delivered, it was the first produced and therefore would have a better strike than coins produced at a later date. These coins designated with First Strike sold at much higher premiums on Ebay than other similarly graded coins when IMO are no different.
(AKA: marketing gimic) The Mint vehemently denies this is possible and disapproved of this practice Boy ! Do I agree with you guys. This is nothing more than a marketing scam. I was watching the Coin Dealers on TV the other night and they were selling these so called first strikes at 350.00 a pop. Thet claimed they only had about 650 of these slabed coins in stock so get e'm while there hot. Funny thing is the sale count was rolling faster than a roller coaster and they sold (so they said) all they had in less than an hour.
You're right, it is a scam. Not just because it can't be proven whether a given coin is a "first strike" or not... but also because even if it is, the designation is meaningless. The Mint changes dies constantly... the millionth coin is no more or less likely to be well struck as the first one... the coins minted by earlier die states are more likely to have better strikes, but because of the constant changing of dies, those well struck coins can be minted ant any point in the production, whether it be the first, millionth, or billionth strike. Paying extra for a coin slabbed with a "first strike" designation is just a stupid waste of money in my firm opinion.
I came across an interesting article here on this site....scroll down to the header "FIRST STRIKE". http://www.usmint.gov/consumer/index.cfm?flash=yes&action=hotitems Its nothing more than a tactic by the grading companies to get inexperienced consumers to pay far more for a coin than its worth. There's no way the U.S. Mint can determine when any certain coin is first off the presses. The dates on the boxes is only a packaging date and may have been packaged months before the coins release date.
Those who "buy the coin, not the slab" have no interest in First Strikes. The coin is evaluated on its own merits. They're pretty much all 69s anyway. Just pick the "best" one and go.
