THE U.S. Mint, joke, ripoff artist, or just greedy

The mint is killing the hobby as we know it. At least from a collectors standpoint. I mean it used to be possible to work on a modern set an be able to finish it. It used to be possible to buy one of everything from the mint and only spend a few bucks. Now lets look at what the mint wants us to spend to get a complete set of their wares for 2008. First spouse coins, 8, 4 in proof, 4 in unc. all 1/2 oz gold, ranging from 509 to 619. We'll call it ave 575, thats $4600. We'll skip the presidential dollars, and go to the buffalos, ignoring the 1oz 2008 celebration coin at 1188, we can buy the 4 coin sets of proof and unc for 2220 and 1960 respectively, thats only another 4180. the 4 coin american proofs 2200, the unc 2040, the silver dolars at 32 and 26 (finally some sanity). Now for only 4590 and 4290 we can purchase the platinum sets in proof and uncirculated. that takes us to proof sets, between quarters, silver quarters, proof sets, presidential dollars, and silver proof sets we get a total of 123. Thats not too bad. That just leave this years commemoratives to get a complete set of coins from the mint for 2008. The bald eagle commems, gold in proof and unc, silver in proof and unc and a clad half in proof and unc that makes 732. All together a grand total of $22,813.00. Huh what do you know, thats about 1/2 of what I bring home in a year. Who can afford all that, and what happens if the mints quality control isn't quite up to standard on the day you receive your coins and they're spotted and scratched or etc. then you incur more money sending them back to be exchanged. But really, who is the mint kidding, they have become a joke, a legal parody of the franklin mint, when it was cranking out so much crap every year. And coin clubs, orgs and others around the country wonder why it is so hard to find and keep people that are interested in collecting. The mint is busy courting those that can spent 20+ grand a year on coins. Maybe if the mint would focus on the smaller set. Say the collector that can spend a few hundred dollars, they would help the hobby. But then again, the mint isn't into promoting the hobby, much like any other organization they are into promoting themselves. for that much, they can keep it.

 

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If everyone could easily get every coin, there wouldn't be much purpose to collecting them. More variety = more to collect. I'd say the mint is doing everything they possibly could to encourage coin collectors.

 

While the gravy's flowing I expect them to want to be right there with their kisser under the faucet.

 

Not just the American public, but with stuff like "Prosperity" sets etc. they are also trying to appeal to the Asian public also.

http://www.usmint.gov/pressroom/index.cfm?flash=yes&action=press_release&ID=924

 

The U.S. Mint is the only, repeat ONLY, federally run/regulated program that does not use taxpayer money to continue functioning. Let's try not to condemn them so quickly for trying to stay that way.

 

I vote greedy.

 

I would have liked to see things kept more simple also. The state quarters program is a bit much for me. I don't collect them,except to cash them in at the bank. Then we had to have the silver sets. Then multiple types of nickels. Now dollars.

I think you just have to collect what you like, ignore the rest, and not feel bad about it. I really liked the eagle commemorate set this year so I collected that. I thought about collecting the dollar coins at one time. Then kind of lost interest. May regret it later, but have enough on my plate as it is. Plus plenty of time and no shortage of dollar coins.

 

Hi BQ,
Yep, I agree 100% that the mint doesn't really want to sell to individuals like us.
I agree 100% that the mint does not appear to care about the quality of the smaller denomination coins such as the Clad Proof set, or even the Silver Proof set.
As far as the real silver, gold, platinum 'bullion coins' I will not buy them for investment.
I did get my ASE in proof and uncirculated because I like the coin so much.
I get the Silver proof, clad proof and uncirculated mint sets for my albums.

The last clad proof set was just as you say... gouged, scratched, dented, spotty, and missing some cladding layers. I sent them all back and asked for replacements for the lousy things. I might get lucky and they will send a nice set.

Oh my, that sounds like the auction place... get lucky and the seller will send a nice coin instead of a dud which is very much unlike the picture?

We should not have to gamble on what the mint produces.

jk

 

Isn't this a bit overly harsh ?

Killing the hobby ? The hobby appears to be thriving.

The mint is providing products someone wants. That's not greedy... it's just a reasonable thing to do.

 

its no gamble when you buy what you like. Buy what you want, and you want it all... capitalism isnt made for everyone to have everything, thats communism... and who wants that!!!

 

Hmmmm....quickknight...
Funny, but I am a taxpayer and they take my money for the coins.
I just wish they would improve their quality control and quit selling our precious metals to other countries at such bargain rates as they do.
I don't know who the 14 customers are who get such a deal. Anyone know the answer to this?
jk

 

The last time that I bought from the mint was in 1986.
For the Washington commem.

It was the last time, and will stay that way.

 

Whoa...'bout a nine on the tension scale Frank. I sense some hostility here....

 

The US Mint's online store is like any other store... they cater to the yoke of commercialism. I'm not sure why this surprises anyone. The mint has some neat stuff, and people want it, otherwise they wouldn't care what the prices were.
I have talked to a lot of people that are very thankful for the state quarter program.... State Quarters and other mint products are like a gateway drug into the realm of "coin collecting". Once people decide they like coins, and that quarters, nickels, presidential dollars can be collected pretty easily, then they move on to American Silver Eagles, maybe some gold coins, and they they discover the beauties of the past... They are hooked, addicted, and hopelessly engrossed into a never-ending money bucket of blissful euphoria.
The Mint serves it's purpose in my opinion.... I mean take the US mint completely out of the situation and see how the topic evolves... The mint is the life-blood of the hobby for those into moderns, and all the mint collectibles, et cetera.
Sure they have a lot of stuff because they have to please a lot of people. If you are one of those guys that has to have 1 of everything, I feel sorry for you, because you are going to spend most of you life ****ed off at somebody.

 

It is a double edge sword. I am pretty confident that this glut of expensive coins will create some real rarities (especially with the fluctuating gold prices). Also it brings in people who have an overlapping interest (for instance if they do the Native American women dollars it may create a lot of interest among Native American collectors).

Still though your observations are legit.

 

It makes me angry on a collectors level. Which is to say, its not keeping me up at nights nor am I spending every waking minute knashing [sic?] my teeth. I just find it hard to beleive that the mint needs to rake gluttonous profits off materials aimed at us, the collectors, year after year after year to stay afloat. Granted, they are trying to appeal to a worldwide market, and I understand that, I just think they are crushing the smaller collectors. I buy what I like and what I can afford. Although, it would be nice to get gold for 10% over spot instead of 35% over spot. It would be nice to see the platinum designs, which are beautiful, in a metal much more affordable instead, say palladium maybe. Just some observations.

 

Is there anything congress shouldn't take the blame for in the last oh 50 years?