Gold Kennedys not so hot on Ebay

Up to 18 sold now. So when all the flippers cant sell their JFK's, I guess they will return them to the mint. and they will get stuck with them. I think this just creates an inflated mintage on these things.

 

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Guys, I'm sorry I was stuck on a 50k figure for the gold coin. I am very certain I read that figure more than once early on in the articles written about this coins forthcoming release, but I just can't (yet) produce a link to show it was stated, suggested or otherwise floated as a mintage limit. If I do come across some reference for it, then I will share it, but I apologize for adding any confusion to the thread regarding that.

If one thing is for sure about the Mint's recent tendency to produce special collectibles without clearly stated mintage limits, preferring the mint-to-demand approach, it's that they (the Mint) are directly responsible for creating/allowing confusion to surround new coin releases and are the ones who are poorly informing us.

 

Returns, if unsold, should diminish the overall mintage (whatever sales show that that to be in the months ahead) if the Mint follows through with past releases (such as the 2009 UHR, in which some 60k+ were melted) and melts the gold Kennedy coins to create new blanks for future needs.

 

Regardless of metal content, is it still a Kennedy half dollar with a face value of fifty cents and was it issued by the US Mint?

 

The 50K figure was what they were saying back when the program was still up in the air and wasn't yet "official". They were proposing that for the mintage of the gold coin. Later after it became a done deal and initial indications seemed to show a high demand for the coin they switched it to "mint to demand" with 40K available on opening day.

 

Mint News Blog reports 56,694 sold the first day.
http://mintnewsblog.com/

 

Article from Denver on yesterday's mint location sales -

"Robert Higgins, co-president of The Argent Group, a Delaware-based bullion company, said his company hired about 100 people from Fort Carson to stand in line and buy coins. He said people were put up in the Hilton and paid $300 — even the 18 who weren't able to snag a proof set. The company also paid about 150 people from Fort Dix in New Jersey to stand in line at the Philadelphia Mint, he said. "We've got three more days to go," Higgins said."
I think a lot of dealers are going lose on this one. I don't see much demand on the secondary market.

 

The asst director told me this morning that he thinks the special labels mean nothing and the first coins sold are only that...not first strikes. Also the mint will NOT get into the label business.

 

Do really think that his coin will end in the registry sets (unfortunate from my perspective)? I am assuming that this is a commemorative. It has .999 fine on the back which is not appropriate for any US regular issue coin. I realize that special issue coins have been made before (bicentennials, specimen Kennedys and Jeffersons, proofs and silver versions of the circulating coins, etc.), but all have at least some connection to actual circulating coins. To me, the gold Kennedy falls within the realm of the ASMs. If it does end up in a registry, it should either be the only coin in it's own set or be included with the gold eagles and the gold buffalos as gold bullion coins.

 

ASMs?

 

Sorry, meant to put ASEs. Don't know how I got the "M". It's on the other end of the keyboard.

 

Thanks. It's a rather enlightening article into the extent dealers will go to compete and exploit the buying limits imposed by the Mint. Here's the link to the rest of the article for anyone that want's a further dose of what's going on:

Proxy buyers clog long line at Denver Mint sale of $1,240 Kennedy coin
from The Denver Post

 

100 Fort Carson stand-in-line-shills...wow. It's about 90 miles from Ft Carson to the Denver mint. With hotel stays, that's a pretty expensive exercise.

Anyone interested in a little contest on the mint quantity and when the mint shuts down sales? I'm predicting that the gold Kennedy will be available from the mint through January 2015, and that over 250,000 will be made.

 

I sure hope not....I think 75K.

 

I spell 2 cnts incorrectly on purpose, nice of you to notice though. Yeah, I'd like to see the link that says 50,000 gold Kennedy's would be minted as I haven't yet come across it yet either. Never mind, I didn't notice that you were already pulling that foot out of your mouth. I love it when you're wrong Krispy and I bet many other members do as well.

 

Finally tracked down a couple of the "best offer" pre-sold Kennedys on eBay.

This pre-order box of 5, unslabbed, was listed at $10K, sold at $7400. According to the calculator I use, that would yield $6935 after eBay and PayPal fees, a $730 profit (a bit less after shipping to the eBay buyer) -- assuming the coins show up as scheduled, and assuming the buyer doesn't back out.

A number of slabbed 70s have sold for $2500 to $3500.

Unslabbed singles have ranged from... well, there was this one last month that appeared to sell 5 for a Best Offer of $2.00; oops! Also the one guy who pre-sold one for $1349 shipped, but based on his feedback and selling history, I wouldn't be holding my breath if I were the buyer.

Yesterday's pre-sales for single unslabbed coins (today's aren't yet showing up in the completed-auction results) closed for $1450, $1485, $1499, $1549.95, $1600, $1749, $1764.99, $1795, and $1995. There were surely a lot of others that didn't get any bidders or didn't meet reserves. I count about 30 offered at prices less than $1995 that didn't sell.

I'll continue to watch with vested interest.

 

I can't follow this thread any longer. All this blatant greed and utter stupidity are making me loose all faith in humanity.

 

Not to mention the bad spelling

 

I think there are just so many stupid people so I would predict the mintage to end up between 100,000 - 125,000. The $2,500 to $3,000 figures I've read that dealers are paying for these coins, just not sure they will get their money back out of them (I know NOT from me).

 

The $3k prices are for ANA coins... not the normal ones. Those will be worth more