Is it just me or does anyone else find it interesting that the same day Palladium takes a $53/oz jump the mint decided to push back the release date a week? Also, they're making 30,000 and not the standard 15,000 they have the last two years. I really wanted this coin, but now I'm starting to rethink the purchase. Any thoughts?
As an ancients collector, I was confused about this thread's title! To us, the Palladium was the statue of Pallas Athena in the temple of Vesta in the Roman Forum. Vesta is therefore often depicted holding the Palladium, typically on the reverse of a coin issued for an empress. Vesta holding the Palladium: Faustina I, AD 138-141. Roman AR denarius, 3.40 g, 18.0 mm, 7 h. Rome, AD 147-161. Obv: DIVA FAVSTINA, bare-headed and draped bust, right. Rev: VESTA, Vesta standing left, holding Palladium and scepter. Refs: RIC 400; BMCRE 485; RSC/Cohen 291; RCV 4601; CRE 152; ERIC II 136. According to legend, the Palladium was brought from Troy to Rome by Aeneas himself. This dime-sized coin of Julius Caesar (too expensive for my collecting budget) in the British Museum depicts Aeneas carrying the Palladium in one hand and his aged and infirm father, Anchises, in the other:
It's frustrating because last week I sold one of my 2017 First Strike MS70 Palladium coins with the anticipation I'd buy this year's reverse proof to add to my collection. However, with them delaying the sale plus the double mintage, I'm probably going to pass and buy some old gold coins instead. I'm not going to pay over $2,000 for a coin that will most likely lower in value over the next few years. I can get more value with older coins. The mint really disappointed me with this.
Well the mint can’t do much about the metal price influencing the issue price. But yeah the mintage was a big mess up. However, due to the issue price and high mintage maybe a lot of people won’t buy it and it could turn key or something.
Well, they can use the original issue date and use the average price for last week instead of conveniently pushing back the release after the metal jumps an astounding $53/oz. It just seems like they're once again screwing the people. We shall see I suppose.
I couldn't believe what my MS70 First Strike sold for, given that people are clearly willing to pay more for the First Strike designation. But it was well over what I was planning on buying the 2019 Reverse Proof for. Now, I'm not so sure. I think it'll be at least $2,000 from the mint given the palladium spot price.
Assuming the previous weekly average palladium price is $1500-$1550, the Eagle will be $1937.50 and will move $50 +/- for every $50 in weekly average range. I got the bullion 2017 and proof 2018 when they were first released, and I do really like them despite not having high confidence in Palladium long term. The subsequent value jumps were nice too. But this one... will I like enough to be ok with myself when palladium drops back down...?
That's the thing I'm thinking about. If palladium isn't going to hold, will the 30,000 minted be enough to make up for the loss of the metal value? I'm not sure it will be given they've doubled the mintage limits and the price is going to be fairly high. I'll wait and see what the price is going to be next week and make my decision then. I'm leaning towards not getting it and just buying some rarer older gold and silver. We'll see what happens, but I'm really not pleased.
