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<p>[QUOTE="Hobo, post: 342437, member: 11521"]In its March 10 issue Coin World reports that SilverTowne has melted thousands of gold First Spouse and commemorative coins as gold prices have increased. SilverTowne said they "identified little or no retail demand" for the First Spouse coins - so they melted them. (Why did they buy so many of these coins if there was no demand for them?)</p><p> </p><p>Estimates of how many of these coins they have destroyed to date are:</p><p> </p><p>Martha Washington & Louisa Adams - 5,000 to 7,000 </p><p> </p><p>Jefferson & Dolley Madison - Unknown </p><p> </p><p>2006-W San Francisco Old Mint $5 - 2,000 to 3,000</p><p> </p><p>2007-W Jamestown $5 - 5,000 to 7,000</p><p> </p><p>By their own admission this one company has singlehandedly destroyed almost 10% of the entire mintage of the first two First Spouse coins and over 10% of the Jamestown $5 issue. Others are probably also melting these coins and the total number destroyed will never be known.</p><p> </p><p>I would like to know why SilverTowne didn't price these scarce coins (40,000 maximum total Unc. + Proof for First Spouse) at a price where they would sell rather than destroy them. These coins are now lost forever to future collectors. </p><p> </p><p>I see on their <a href="http://www.silvertowne.com" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.silvertowne.com" rel="nofollow">web site</a> that they are selling a surviving Dolley Madison graded NGC MS-69 for $898.98. That may explain why they "identified little or no retail demand" for these coins. Or maybe the destruction of the coins was self-serving: Fewer surviving coins = greater rarity (and a higher price).</p><p> </p><p>If SilverTowne were in the Fine Art business would they melt bronze statues by Frederic Remington when the price of bronze went up? Would they scrape the paint off works of Van Gogh and Monet if the price of canvasses went through the roof? If marble prices skyrocketed would they send David to the scrap heap?</p><p> </p><p>SilverTowne has its own private mint and they will most likely use the gold harvested from the coins they melted to make their own products. </p><p> </p><p>I have never done business with SilverTowne and I most likely never will - especially after this episode - but I will think of their melting pot if I ever even think about buying something from them - or selling something to them. </p><p> </p><p>Shame on you, SilverTowne![/QUOTE]</p><p><br /></p>
[QUOTE="Hobo, post: 342437, member: 11521"]In its March 10 issue Coin World reports that SilverTowne has melted thousands of gold First Spouse and commemorative coins as gold prices have increased. SilverTowne said they "identified little or no retail demand" for the First Spouse coins - so they melted them. (Why did they buy so many of these coins if there was no demand for them?) Estimates of how many of these coins they have destroyed to date are: Martha Washington & Louisa Adams - 5,000 to 7,000 Jefferson & Dolley Madison - Unknown 2006-W San Francisco Old Mint $5 - 2,000 to 3,000 2007-W Jamestown $5 - 5,000 to 7,000 By their own admission this one company has singlehandedly destroyed almost 10% of the entire mintage of the first two First Spouse coins and over 10% of the Jamestown $5 issue. Others are probably also melting these coins and the total number destroyed will never be known. I would like to know why SilverTowne didn't price these scarce coins (40,000 maximum total Unc. + Proof for First Spouse) at a price where they would sell rather than destroy them. These coins are now lost forever to future collectors. I see on their [URL="http://www.silvertowne.com"]web site[/URL] that they are selling a surviving Dolley Madison graded NGC MS-69 for $898.98. That may explain why they "identified little or no retail demand" for these coins. Or maybe the destruction of the coins was self-serving: Fewer surviving coins = greater rarity (and a higher price). If SilverTowne were in the Fine Art business would they melt bronze statues by Frederic Remington when the price of bronze went up? Would they scrape the paint off works of Van Gogh and Monet if the price of canvasses went through the roof? If marble prices skyrocketed would they send David to the scrap heap? SilverTowne has its own private mint and they will most likely use the gold harvested from the coins they melted to make their own products. I have never done business with SilverTowne and I most likely never will - especially after this episode - but I will think of their melting pot if I ever even think about buying something from them - or selling something to them. Shame on you, SilverTowne![/QUOTE]
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