My thoughts on the Kennedy gold fiasco

The US Mint was stupid to have come up with the idea of a relatively expensive gold coin to commemorate the 50th anniversary of a coin in the first place. I have said in previous posts on another board that the US Mint should have made a silver coin set with the original 1964 relief and the mintmarks on the reverse as was in 1964. It is embarrassing to this hobby that you have dealers hiring people to stand in line for them and dealers hiring people to cause a scene. It is great that there is great interest in the US Mint's product launches and it helps bring attention to this hobby, it is important that any attention to this hobby is channeled correctly and helps this hobby thrive. I also think coin show releases are a good idea and help to create greater interest into this hobby, as long as it is done right.

With that being said, I have NO plans to buy a Kennedy gold coin because I predict that once the buzz has subsided, the coins will only be worth bullion value for many years to come (I really feel bad for the person who paid $100,000 for that 1st gold coin sold at the ANA show). The mint shouldn't be making these types of commemorative gold coins because they cause a frenzy and cause people to spend a lot of money, only to lose a lot of money once the frenzy has subsided.

The more I think of it, the more I think the only way to curb this nonsense with the multitude of gold coins being offered is to have the mint standardize and trim their gold coin offerings so there are only 2 main gold coin options from the US Mint. These would be the commemorative gold coins which Congress authorizes (which already have restrictions on it because of past abuse), and a 24k St. Gaudens Ultra High Relief gold coin which would be 34mm in diameter which would be made for both collectors and investors annually. This should be done because the mint shouldn't be putting out way too many gold products, as they are more expensive, and the mint shouldn't be out to bankrupt people with all of the diverse offerings in gold. The US Mint has been putting out way too many product ideas, especially when it comes to gold coins.

The US Mint shouldn't be engaging in the monkey business that it does with their products with gold coins. At least if the US Mint does its monkey business with base metal or silver coins and prices the products reasonably, there is less money for people to lose out on.

The more monkey business I see coming out of the US Mint, the more I think the US Mint needs to standardize and simplify its coin products, particularly the more expensive products.

Stephon Leonard

 

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The US Mint $uck$! It's all about the money.

Chris

 

I don't think the US Mint is putting out too many gold coins.

 

I forget. Was PCGS grading more coins per person than whatever the limit was? If so, they need to share in the blame. If not, I apologize.

 

PCGS grades coins, they don't manage sales.

The blame is on the Mint....STOP the show sales.

 

I don't know how you feel sorry for the idiot why paid $98,750 for a label, a fool and his money are soon parted.

 

Very true! Yet, I have to wonder what kind of hype Coin Vault fed him - you know, "This coin is one of a kind" or "Only one exists".

 

Pete, you know what I'm talking about.

The special releases of MINT products. The Reverse Proof Buffalo, HoF, and the Kennedys.

 

What in the world are you talking about?

 

as a free market man I say let the mint make whatever they want at whatever price. you chose to buy or not. simple.

 

I'm only going to buy the clad & silver Kennedy sets. I can't afford to buy the gold lol. Even if I could I don't think I would buy it until a couple of years later when all the hoopla had faded away.

 

It's simple, no special promotions, no special labels, no problems.

You're talking less than 3,000 Kennedys sold at the outlets. Those would have sold online as well. What was it 62,000 sold, don't seem like they needed much help.

 

A few years from now these coins will be a passing thing, I see that the HoF coins are being forgotten since the Gold Kennedy is out.

I am still a Buffalo/Gold Eagle man, and darn proud of it.

 

Had a chat with a dealer friend of mine who is at the Dalton, GA show. He told me there is a dealer down there with about 100 graded gold Kennedys selling for 2500-3k each. He also told me the word is that a big name at PCGS and a few other big name dealers are going to sit on a bunch of the Kennedy golds to monitor the market to see how it's doing before they try selling them all, I guess hoping the uproar over ANA will die down and they can reap their huge profits.

 

Precisely. I don't understand the controversy. If someone freely chooses to buy a coin at a ridiculously inflated price, no one is harmed except them.

 

The controversy is over how the dealers got their coins. Even though legal the concept of one coin a person was so as many people as possible could buy them at the show. Bussing a lot of liners into the show and giving dealer passes to people who clearly are not dealers violated the spirit of the rule. Not illegal but very dirty way to play.