Man, Oh Man We's Gettin' Hosed By The U. S. Mint

Discussion in 'Coin Chat' started by green18, Oct 10, 2020.

  1. Mike Davis

    Mike Davis Well-Known Member

    All of this just does wonders for promoting the hobby. Poor kids can't begin to even try to have anything nice the mint produces.

    Wh6st really irks me is the price increase is so inconsistent across all products. Then they sell it to dealers in volumes and they cherrypick through it and the average customer doesn't have a chance to get a nice specimen IF they don't buy from the mint.
     
  2. Avatar

    Guest User Guest



    to hide this ad.
  3. Santinidollar

    Santinidollar Supporter! Supporter

    New issues from the Mint can be a route in for a new collector. These price hikes are likely cutting quite a few from the equation, especially during these days. Can the Mint spell recession you suppose?
     
  4. LakeEffect

    LakeEffect Average Circulated Supporter

    “In order for the United States Mint to cover rising costs, meet its fiduciary responsibility to operate at no net cost to taxpayers, and return money to the Treasury General Fund, re-setting silver prices is necessary.”

    Perhaps, but is the price increase going to offset the inevitable decline in sales?
     
  5. baseball21

    baseball21 Well-Known Member

    Something doesn't have to be silver to be "nice", there are still plenty of inexpensive items.

    Are the dealers destroying all the nice specimens? Even now you have a better chance picking out a nice one on the after market than blindly ordering from the mint.

    While it sucks, they're really just following thew model that all the international mints have been doing for years. GB, Australia, France, Canada etc the silver products were generally more expensive and sometimes much more expensive than the US mint ones. Granted many of those foreign designs were a lot better, but they've basically been moving towards the same model for a year or two now
     
  6. Brian Calvert

    Brian Calvert Active Member

    Silver Proof set was $63.25, will rise to $105.

    2019 Silver Proof set, released at $54.95, increases to $105. Quite an increase worth the investment ? Nope... 20 grams of silver
     
  7. John Burgess

    John Burgess Well-Known Member

    "In order for the United States Mint to cover rising costs"
    meaning, sick leave and overtime costs to keep production up.
    in other words, they are making the collectors pay for what they have to do.

    2019 Silver proof set was $54.95, 2020 was $63.25. Now increase it to $105,I'm not going to do the math but that's a lot of markup, and not just for the silver increase.

    Silver content is 1.65 oz. (46.89 g) (these sets are 99.9, half, dime, 5 quarters)

    Silver price today is, I dunno, $25.00 or so an oz. even if we go to $30 an oz. it's $49.50 melt for the silver.
    We'd need something like $50.00 and oz. melt for the sale price to fall into "reasonable" again with $22.50 for the cent, nickel, and dollar coin, and packaging plus profit of like $10-$15.

    never gonna happen, and if it does, the actual dollar is gonna be in trouble as well as the economy, much worse than it is now.



     
    Terrifrompa likes this.
  8. harrync

    harrync Well-Known Member

    Another way to look at it is that silver is up about $10/oz, so an increase to $80 would have been enough to cover the silver cost. If you figure that silver in the $63 set cost about $28, + or -, then they are saying overtime and sick leave, etc., has increased production costs from about $35 to $60. Hard to believe they are paying that much overtime.
     
  9. Maxfli

    Maxfli Well-Known Member

    This, this, this!

    Conquering my fixation on sets (especially date/mint mark sets) breathed new life into a hobby that had grown stale for me and I was on the verge of abandoning.

    I still enjoy some broad themes in my collecting (British Empire, for example), but overcoming the compulsion to fill holes was a transformative experience.
     
    green18, NSP, baseball21 and 3 others like this.
  10. Lawrence "Dutch" Keen

    Lawrence "Dutch" Keen Active Member

    Gosh, all this negativity about "mint" sets, makes me glad I haven't delved into that facet of collecting, and just save what I discover.
     
  11. kanga

    kanga 65 Year Collector

    I gave up on Mint products in 1981.
    More and more items costing more and more money.
    I can now get proof sets from that time for less than their original buying price.
    I give them to my wife to use as gifts when she travels.
     
    Terrifrompa likes this.
  12. whopper64

    whopper64 Well-Known Member

    Supposedly the Mint takes better care of the unc "circulating" ATB quarters as they are not put in bags or rolls. Personally, I thought about that (no puns please) and I include the Mint direct unc "circulated" coins along with the bags and rolls unc coins, keeping them in a separate dansco album. Note that one cannot get the "S" unc from the Mint. I find (IMHO) that the quarters that I get directly from the Mint seem to have far fewer nicks, dings, and scratches as those coming from bags and rolls.
     
    Inspector43 likes this.
  13. PlanoSteve

    PlanoSteve Well-Known Member

    So (my highlighting)...

    “In order for the United States Mint to cover rising costs, meet its fiduciary responsibility to operate at no net cost to taxpayers, and return money to the Treasury General Fund, re-setting silver prices is necessary.” o_O

    The new pricing will affect prices for silver products already on sale (including prior year) :greedy::meh::sour:

    41 percent increase???? :shifty::vomit:...so, in other words, they've been trying all along to operate like the Post Office???? :nailbiting: :(

    And it starts (retroactively) tomorrow (10/13) :p

    I'm like 7-Up: never had it, never will! (Only old people will get that reference :joyful:)
    (Read: Never bought Mint products directly from the Mint, & never will.)

    JMO
     
    John Burgess and green18 like this.
  14. Jeffjay

    Jeffjay Well-Known Member

    I imagine this will make the price of Silver Eagles go up across the board.
     
  15. Ray Jackson

    Ray Jackson Member

    The 13th is tomorrow, ill wait until then to see if the nightmare comes true. At this moment, no change.
     
  16. Cheech9712

    Cheech9712 Every thing is a guess

    Well said. Oh to be young again
     
  17. Cheech9712

    Cheech9712 Every thing is a guess

    Don’t think my daughter will be sending me mint sets ever again. Do people in South Africa get a discount?
     
  18. Cheech9712

    Cheech9712 Every thing is a guess

    I think she might be moving back to the US of A for her new State Dept. job. She works for the UN now. Am I off topic. Pray for me
     
  19. Cheech9712

    Cheech9712 Every thing is a guess

    green18 likes this.
  20. bsshog40

    bsshog40 Senior Member

    Untitled-1.jpg
    If you had subscriptions, you could click on the item and it would show the new prices already for the next issue!
     
  21. coin dog

    coin dog Well-Known Member

    Before the price increases, I snagged a 2020 silver proof set from the mint today. No way I would ever pay $105. for one.
     
    LakeEffect likes this.
Draft saved Draft deleted

Share This Page