2009 cent hoarders. Is this hurting the potential growth of the hobby?

YES!! If the banks have then they are out their. I have gotten 2. I do buy 10 rolls every time the back has some I have found a lot of Errors. Good die brakes most makes it to ebay..

 

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I have yet to see a 2009 Lincoln. In fact, except for a single DC quarter, I have yet to see any coins dated this year, and it's already April.

 

Well, the theory that everybody and their brother is espousing is that in times of economic depression or recession, there is a backflow of coins going into the banks . . . and so it will take much longer for any 2009 coins to make it into circulation than usual.

I, too, have not seen a single 2009 coin of any type in person . . . except for a single 2009-D cent that an eBay coin dealer threw in as a surprise freebie (on a rather small order of mine, no less!)

But if you follow the conversations here, a few people have seen them in pocket change. It's just a matter of time . . . . (too long for us impatient ones, but it'll come)

 

They will get out but,.

They will get out just wait - it was 11 months last year before I got the 08-D's by the box for face value and 5 months for the P's.
The mint (the way I understand it) does not send coin to anybody other than the 12 Fed Banks - that's the only way coin is monetized. It is not technically a coin until one of the Fed Banks pay the United States Mint (government) the one cent to complete the action. Then one of those 12 Fed Banks contracts with Loumis, Well Fargo, Brinks etc. maybe even before they ever take possession - they actually may not have to take physical possession has we know it. Then it trickles down to all banks as the need arises.
What we are seeing in modern times is Coin Star dumping tons of coin back through those same distributors so there is a glut of cents in the market. But rest assured, peoples habits do not change much - the cent is a "one time use coin". People get it as change carry it home and put it in a jar or whatever then in two or three years take all the accumulated change to somewhere and get their money back.
The only rare ones that may hold an extra value would be the ones released at the 4 ceremonies that are certified as such, maybe.
One more point - I'm not sure after saying all this how they (the cents) are monetized when the mint sells them at these ceremonies but I'm sure they have finagled a way.
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1. I'm not sure who you heard it from that the plan was to release these coins in an effort to spark new collectors. The actual effort by the Mint was to take the cheapest coin to make and way overprice it to collectors to make a ton of money. End of story.

2. It is often three to five months before cents start really showing up in circulation. Considering we are one month into its release, I would think it be normal for them to not show up in any quantity until late May through mid June. Just be patient.

3. Anyone who spends more than 50 cents per roll for the 2009 cents is spending too much. They will be readily available at the banks soon enough, and for the record, banks are not allowed to sell 50 cent rolls of cents for more than 50 cents. So the idea that you've never 'seen them do that before' means you've never seen them selling statehood quarter rolls at $10?

4. There will be some issues of the new Lincoln cents that will always be in low supply and high demand - but the ones you are going to find in change are NOT the ones that will bring nice profits. Some time somewhere the mint will come out with a special mint set with brass composition cents that will go largely missed by collectors, and THOSE will steal the show for value later on. The ones you find in change will remain pocket change worth one cent per coin for a number of years to come.

5. I attended a show this past weekend and saw for myself the wholesale lack of understanding among the collectors eagerly giving $5-$8 per roll for 2009 cents, thinking there was some 'rarity' to them. Made me sick, actually. I saw over 100 rolls sell for these outlandish prices. I even heard a dealer or two claim that the coins are going to be limited and not to expect to see them in circulation at all. It's fun being who I am sometimes - people don't recognize me by face alone, so they tell me just about any crap story any flat beginner collector would believe...until I tell them who I am and what I have done with the last 30 years of my life...then their stories instantly change.

 

If you're referring to my statement that I had never seen that before in your #3, I obviously meant that it was the first I had heard of banks having the 2009 Lincoln cents. Not that I had never seen them give out cents at face value.

 

Copper - for point #1 I never said it was the mints "Plan" for collectors to take-up the hobby, it is just an opportunity created by the release of these cents.

As to whether they will be prevalent, I will have to trust you as I am a fairly inexperienced collector. I do think that they will be getable by any collector that wants them...I am talking about little Sally: "Daddy look at this neat penny I got"...and the ensuing album filling of said youngster.

In terms of the value of the 2009s I also did not mean to imply that these would be valuable - more "neat" to get people into the hobby and that if those people take-up collecting Lincolns that could drive some of the key dates, etc....drive the whole series not the 09s.

Fun discussion non-the-less.

I hope they show-up in mass.....

 

The drive for the series will be its never-ending popularity and the fact that it continues to be a favorite series to collect for millions of collectors. Additionally, as each and every year goes by, the number of cents in red BU condition decreases, especially the older ones. People realize this and are out there trying to snap up all they can for whatever price they can get them for.

It really doesn't have anything to do with some recent cooked-up plan by the mint to create more glut in the so-called collectibles market. Lincoln cents continue to be very popular and continue to go up in value all on their own...the series really doesn't need the help of the Mint.

 

Most Banks will never get gem bu rolls of the 2009 type1 cent in the series because they would have to pay more for them to armored services there prices have gone up on special coinage and bank CFO's wont pay high armored transportation premiums for them in this economy they just raised there prices this year FYI. this is why you cant find any ! ! ! ! ! ! !

 

Let's move forward 40 years to when the Federal Reserve starts to finally get a hold on the supply / demand thing and the Mint hasn't been force feeding all the "special" circulating commemoratives for a while. Bags and rolls will be distributed to requesting bank's and the previously rare 2009 cents as well as the national park's series quarter dollar, you know the one with TR on the obverse,will suddenly appear on the market. Quietly at first but then maybe someone will realize what a bonanza they have. Perhaps the GSA will slab the rolls and have an auction. I'm afraid that we are condemned to repeat history ala the Bland dollar because we didn't learn from our mistakes.

 

Where do you get your info? I've never heard of such

Where do you get your info? I've never heard of such a thing before.
Has anyone else?
Ben

 

let it natural. just like the stock market.

 

Still haven't got any of these in Circulation...

 

Well, most large banks use their own roll service because it's cheaper. I worked at US Bank and the only rolls we ever had were mixed rolls with the bank logo on them. I assume they contracted some company to roll bagged cents for them. I never saw a single mint BU cent roll in the year I worked there.

 

You need to get out more the little market by where I live Sold me 5 rolls for face value I have found some at the local banks???

 

No luck here either. I've been checking in with my bank regularly. I tried checking some other banks, but no luck yet. I guess it's just because there's no demand (yet) for ordering new coins really, that's all there is to it. Once the banks need new pennies, we'll start to see them. I guess it makes sense, especially here in Michigan, with money being slow.

 

At my job we got a box of them. And when I check I point them out when I give them to people

 

I've asked my local bank manager for 2 boxes of the 2009 Cabin cents and a couple of rolls of the Native American dollars, when they come out. She told me she has no idea if & when they'll get them. I left my phone # and she said she'd call if they come in. Who knows? I certainly not holding my breath for these coins. I know I'll get a complete set of the 2009 Lincolns because of the US Mint sets and the Proof & Silver Proof sets I've ordered.

I haven't seen any in circulation but I'm sure they'll show up with all the millions being made.

Bruce

 

Am I mistaken or isn't the mint only producing approx 97K of the first Lincoln and about the same of the other 3?? I.e., only about 400K in total. Are these numbers incorrect. I paid way over face value on eBay, cause I procrastinated- that was for a mint wrapped set of P/D.