Time for the Mint to Change — From Coin Week

https://coinweek.com/us-mint-news/enough-is-enough-the-u-s-mint-needs-to-change/

 

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I have been preaching this for a long time now. All too many have have implied that I am just sore. No, the U S Mint and the USPS are in it for profit. And, they do a good job of making a profit for themselves and those who massage the products and talk you into buying them.

Only the collector can change the direction. Stop recognizing the low mint specials as part of a series.

I have collected stamps and coins for over 70 years and have called it quits (stamps in 2002 and coins in 2018).

 

Um, stop being beholden to "series"?

US collectors are funny. I was one for a few decades, so I feel I can say that. It is simply BEATEN into them the moment they start collecting that the "goal" is to collect what the RedBook says is part of a "series". Even if its a poorly made coin, (55 DD, 22 "P"), fantasy piece, (1894 dollar, 1913 LHN), etc. If someone says its part of the series, by golly it must be had.

Imagine how freeing it is to collect ancients! No one on earth can collect them all, even something like all Roman Imperial coins, let alone all ancients. Therefore, buy whatever strikes your fancy and to heck with whatever anyone else thinks.

Its a tiny little privy mark. Ignore it, and let the modern dealers whom I am sure paid THOUSANDS of people to be on the phone so as to get the most of these coins to be able to turn around and price gouge the modern collectors, sit on these coins. Swim against the tide, ignore the Redbook says I "need" it philosophy.

TBH, I always thought the mint was missing a MASSIVE opportunity with these limited edition coins. DO NOT let the general public buy them day one. ONLY sell them to their best retail customers, those men and women who year in/year out order their proof and commemoratives from the mint and are the bread and butter of the mint's profit. BENEFIT THEM. They are given the special status by nature of number of years and total purchase, and once they get that status, they have the ability to buy any of these things one full day before anyone else. I was able to create an account and buy 5 ASE sets in 2011. That was STUPID on the mint's part. I was never a customer before. I should have never had the right to buy them instead of the guy who has bought proof ASE's from the mint for 15 years. He is whom is important to the mint, reward HIM and not me, or the vast swarm of paid trolls employed by MCM and others. This way, if MCM wants these coins, they either have to pay premiums to real coin collectors, or buy tens of thousands of dollars at retail other mint coins for years for the right.

 

The irony of that article is that it is complaining about the fact that the Mint did change.

For years, mint sales were in decline. Nobody bought proof sets or mint sets. Commemorative coins rarely came close to selling out. We collectors could have bought anything we wanted from them with no trouble but we really weren't too interested.

So the Mint - charged with being profitable - started experimenting with ways to improve sales. Add a bonus West Point coin to the set? Mint a ridiculously low number? Offer ump-teen different versions of proof, reverse-proof, satin, burnished, etc, etc?

Suddenly, everybody wanted that manufactured rarity. Sales went up. The mint was selling product - fulfilling their mission.

I'm a simple collector who has largely given up on U.S Mint offerings for all of the reasons you have. But I recognize that you either get readily available offerings that few people are interested in, or you get in-demand offerings that you have to compete for. You can't have it both ways.

 

Maybe NOT announce the mintage ???

 

That requires thinking for one’s self, and the majority of Americans have shown themselves incapable of doing just that. How many people collect Morgans or Lincoln Cents because “that is what everyone collects”? How many people buy the Red Book and think they need nothing else because that is the only thing they are told to buy? How many people only buy certified coins (or better yet, only PCGS/CAC coins) because God forbid that they learn how to evaluate a coin for themselves?

The album makers are fanning the flames of the problem.

 

On the surface, I like this idea. But history has shown this doesn't generate interest, and probably reduces it. Plus, it's a burden on manufacturing.

 

This humble narrator believes the only reason we heard anything from the Mint director this time — instead of the usual deafening silence — is because a new administration is on the way in Washington.

We know the problems as well as the Mint director does — maybe better. Now, what is the Mint going to do about them, other than restate what they are?

I’m not holding my breath. At least Coin Week is applying some pressure. That’s a refreshing change from the usual “how nice” numismatic articles we get about these Mint-sponsored circle jerks. Whether it does any good remains to be seen.

 

I'm not the only Coin Talk member that thinks the only fair way to sell those lower mintage items is to have a lottery system. One entry per person/household. Allow 24-72 hour entry period so their site doesn't crash. (A longer amount of time if it's still crashing after 3 days).

 

I don't know allot about the Mint and thought the way they sell the products were fair to all. Then I read this and see there are perhaps better ways, points taken.. What do they send out questionnaire on about suggestions improvements, ideas.ect..

 

If there were microscopic SNs you could see who was selling theirs for a quick profit and flipping.

 

Funny part is I bet you could find articles on that same site from a few years ago (maybe even the same author) about how collectors are sick of stale over manufactured products whose prices immediately decline etc. it’s basically like saying I wish the mint went back to being super boring where no one really wanted their stuff and they were rarely talked about.

People will complain no matter what, might as well have them complaining because a small percentage of products a year generate a ton of excitement that everyone wants, than complaining that no one wants what’s being offered

 

Here’s another idea: If one wants a high interest item from the Mint, try for it when the sale opens. If you wind up with nothing as I did trying for the ASE, blow it off.

In short, let the dealers and the flippers choke on their treasures. Probably not practical, but it sure would be effective if we stuck to our guns.

 

Exactly. You could have a $200 dollar a head breakfast for free and someone would complain about the offerings or how its cooked.

I get the magazines and stuff are looking for clicks and to fan the flames to get subscribers, but I for one am happy to have an exciting mint again finally

 

Stop buying all their stuff then ...

There's a base price for the metals, then the administration, design, engineering and manufacturing (minting) that costs need to cover. Then a profit. And aren't they also driven by Congressional requirements?
It is what it is ...

 

I agree it is great they are making new and interesting products now. I remember the days in the 70's and 80's that all there was offered were stale proof and mint sets, (going down in mintage every year), and in the 80's some overpriced, overproduced commems. 100% agree today is better. I still wish they would take my advice and offer these specials to those on their mailing list first who have been customers a long time, rewarding them for their patronage. That would reward long time customers AND remove most complaining about firms gaming the system by paying people to log in and only buy this. Btw, for clarity, I am not one of these, nor do I know anyone who is. I am not advocating for myself, but for those who have been loyal customers of the mint for decades, they should be the ones getting the exciting products as a reward.