Will the special gold eagle hurt the Mint?

Discussion in 'US Coins Forum' started by Santinidollar, May 24, 2020.

  1. Santinidollar

    Santinidollar Supporter! Supporter

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  3. BlackberryPie

    BlackberryPie I like pie

    Another coin I'll never buy.
     
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  4. Dima

    Dima Member Supporter

    Exactly what the article says: this will sell out instantaneously and be available immediately for sale by 3rd parties for many times the US Mint price.
     
    johnmilton, NSP, Penna_Boy and 2 others like this.
  5. Legomaster1

    Legomaster1 Cointalk Patron

    This isn't too surprising, as the mint has done this with other coins- though not to such an extent. I remember there was a special limited issue Silver Eagle not too long ago, and when I tried to buy it (for my collection), everybody swooped in, and the site wouldn't load. A whole bunch of speculators acquired it, reselling it for 5-10 times its normal price.
    I just don't understand why they had to this again, when they're obviously shooting themselves in the leg. There's no expert needed to understand that.
     
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  6. baseball21

    baseball21 Well-Known Member

    No it's won't. It's going to be a hot product that gets some attention and the mintage is very fittingly symbolic.

    It's going to be the exact same thing as it always it with these a big success just like the ASE was last year.

    Many will complain and many of those would have never bought it anyways. Others will only be doing so for missing out because they wanted the low mintage/the coin that actually appreciates on the aftermarket for cheap, and many who complain aren't really modern collectors to begin with and so on.

    Many others will be excited for a product that is desirable including people that generally wouldn't buy that series.

    In the end like always it will be a big win for the mint, the series, and the hobby with the attention and excitement that gets generated around such an issue. As long as they keep just doing it every now and then and not abuse it doing it on every issue its great marketing
     
    John Burgess likes this.
  7. GoldFinger1969

    GoldFinger1969 Well-Known Member

    A very successful scam....sort of like that "McMillion$$$" HBO documentary I saw about the rigged Monopoly game at McDonald's !! :D
     
  8. baseball21

    baseball21 Well-Known Member

    There's no scam and nothing is rigged
     
  9. GoldFinger1969

    GoldFinger1969 Well-Known Member

    Well, as I learned on "Sanford and Son" many years ago..."maybe theoretically...but not morally." :D

    It's like selling the Lottery to poor people as a way to get rich.

    The Mint cultivates and encourages coin collecting....helps to develop and sutain a critical mass...then uses that critical mass to create inflated demand and excess profits to a small group of lucky (technologically advanced) dealers who will get a few dozen each (few hundred ?) and sell them for 25-50% over cost.
     
  10. masterswimmer

    masterswimmer Well-Known Member

    Easily 100% maybe 200% or even 300% over cost.

    Not even a remote possibility it'll sell on the secondary market for 25%-50%.
     
    GoldFinger1969 likes this.
  11. EyeAppealingCoins

    EyeAppealingCoins Well-Known Member

    The website couldn't handle the traffic for the 2019 S ERP SAE. Will it be ready for this one?
     
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  12. baseball21

    baseball21 Well-Known Member

    There's nothing immoral about it

    No it's not, not even remotely close. You either get one or you don't, if you don't it costs you nothing. There is no gambling, no scam, nothing of the sort

    It's a normal product offering, expect people actually want it
     
  13. GoldFinger1969

    GoldFinger1969 Well-Known Member

    Probably right...but didn't that 2014 Kennedy gold coin soar and then flop ? Higher mintage, yeah.
     
  14. Collecting Nut

    Collecting Nut Borderline Hoarder

    No desire to own something this overpriced. Sellout is a definite and the price will rise but I don't care.
     
    Legomaster1 likes this.
  15. Legomaster1

    Legomaster1 Cointalk Patron

    Certainly- once the hype is over, it might flop.
    However, I've looked up the 2019 S burnished Eagle on ebay, and there is one auction where it has 5 bids, and the price is $940 so far (for a coin that cost just under $72, including shipping!) Quite a few of the coins have already sold for 1 grand.
    So, it's hard to know what'll happen with this- maybe people will get over the hype, and maybe they'll end up paying 100 times what the coin is initially worth.
    Only one thing is certain- all the speculators will cause the site to get hung up, and normal collectors won't be able to buy the coin. Lastly, of course, you'll have dealers sending out emails to random people in advance, attempting to bypass the household limit.
    Interestingly enough, people like @baseball21 assert that people who complain "aren't really modern collectors to begin with". I'd really like to decode that reasoning. If all of us collect ancients for example, why would we care about the issuance of this coin? As I'm sure you've noticed, people in other categories of coin collecting don't care enough to complain- I doubt they even know it's being released.
     
    Last edited: May 24, 2020
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  16. baseball21

    baseball21 Well-Known Member

    Edit:

    On second thought ignore me and listen to all the people complaining
     
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  17. -jeffB

    -jeffB Greshams LEO Supporter

    At a mintage like that, it'll pop hard, and the value will stay high. There are way more than 1,945 collectors with OCD and plenty of cash.
     
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  18. Santinidollar

    Santinidollar Supporter! Supporter

    The mintage probably insures runaway prices in the secondary market, especially since we can count on big dealers being able to subvert the household limit.
     
    GoldFinger1969 likes this.
  19. -jeffB

    -jeffB Greshams LEO Supporter

    On the other hand, we've got the First Spouse gold series, where the Nixon and Ford uncirculated issues had final mintages under 1500 because no one cared, and they're probably still available close to melt.
     
    St Gaudens collector likes this.
  20. masterswimmer

    masterswimmer Well-Known Member

    Apples and oranges. The AGE has a decades old established collector base. The first spouse gold series was a new design that flopped.
     
  21. johnmilton

    johnmilton Well-Known Member

    To a point, yes, but the mint issued enough of them so that a collector, like me, could buy one. A mintage of 1,945 is ridiculous. This will sell out in five minutes and the flippers who get it will have a field day.

    The mint shows total disrespect toward its loyal customers when it pulls crap like this. The author of this editorial is exactly right. It’s time for collectors to just say NO. I hope that the market value for this abomination equals its melt value. It would serve the flippers right.

    The trouble is the flippers would return them for a refund if this impossibility were to occur. I have seen them brag about sending stuff back on the blogs when something didn’t take off in the market.
     
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