The 2009 Lincoln Type I (Cabin) is Dead

Posted this in a different thread, but I think it needs a thread on it's own:

There's a chance the mint may never release any more. I'm sure they have some supply, but when there's no need, why release them? Their view is the mint has a special program for collectors and that's where (of course) they prefer we buy them. $$$$$$$ Another bonus for them, withhold the 1:1 biz strikes (where they lose money) and make a "mint" by selling into a huge demand by collectors (at a hefty profit). You can't tell me none of the smart guys running the mint haven't thouight about this. Times are tough, they gotta make money too.

Technically, the mint has fulfilled it's legal obligation to congress. They created the necessary coin and released it, albeit in limited quantities, but they did make it and release it per law.

What do you think?

 

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http://mintnewsblog.blogspot.com/2009/03/2009-lincoln-cent-rolls-from-us-mint.html

Looks like they may sell to collectors

 

It wouldn't surprise me but I really hope that's not true.

 

As a general rule the Mint abhors the idea of making a rare circulation coin. (They don't mind a rarity they can sell to th collectors at a profit, but not one released just at face value.) I think they will produce them in large quantity even if they don't release them until next year.

 

This topic sure didn't provoke as much discussion as I'd hoped for. Anyone else?

 

I got one in circulation the other day.

 

I'll que up at the Mint to buy nice unc's and proofs. Haven't seen anything on their web site yet. Probably end up just buying mint and proof sets to get what I want.

 

I agree, I think Im going to just buy from the Mint. Im sure as h*ll not going to pay those rediculous prices on ebay. My banks are saying most likely they wont get the new cents until Summer at the earliest as they only get a box of pennies once a week from the Fed. And the Fed is wanting to use all the pennies they get back daily and put them back into circulation. I would like to know if those pennies being sold on ebay from KY are the 95% copper or the zinc versions, and will the Mint sell the 95% copper rolls? The US Mint website isnt real specific when it comes to that sort of information. My UNC. Lincoln dollar isnt scheduled to ship either until 3/20 according to the email they sent me.

 

They'll get out and around in circulation. Think about it....how long was it last year until you started seeing 2008 cents, nickels and dimes in circulation? I never saw a dime until October. Cents...I'm just now seeing, but I'm seeing a lot. There is such a glut of cents sitting in banks with no demand on them that it will, like always, take more than a few weeks for them to get in our pockets. If it weren't for a new design, nobody would have even noticed for another six months.
Guy~

 

........you're right coleguy. this article explains why.

http://coins.about.com/b/2009/02/05/new-penny-circulation-will-be-delayed.htm?nl=1

 

Hope

I just hope I can get the other 7 I need.
Mt Vernon coin has the new Dansco page for 8 2009 P&D also

 

This quote from that article only reinforces my claim:

 

This part of that story got me thinking about something. We all know banks order money from the Fed to supply their needs at a cost slightly more than the sum ordered. So, do these same banks, when their inventory is too great, sell back to the Fed the money that is not needed? I never thought about this before. I wonder if they charge the Fed the same markup they had to pay to originally get the money? Interesting.
Guy~

 

............no need to fear, doug, they can always get bailed out if they want!!

 

hahahah hahahahahh hahahahaa

poor GD forgot all about the bailouts. this is rich

 

The Mint will be selling P D rollsets on the 13th. If you're counting on getting these at face from banks, I think you're going to end up with NONE. I'm equating this whole thing with the 1931-S release. The type 2 is coming soon and I believe it will also be scarce.

 

This whole thing has been handled poorly.

 

I needed a 2 gang outlet box for my remodeling so I wandered into Lowe's and got one and it came to 1.55. I had no change so gave $2 and when the drawer opened ths glare from the cents was outstanding. I leaned over and ...YES, they were the new 2009 type 1 log cabin! I quickly asked if she would sell them to me. She said she could all but 10, so I now have 40 of them. I may go back tonight for something else and try another register.

Good Karma!

Jim