THOUGHTS ON THE U.S. MINT AND ITS PRODUCTS

To many people it appears that the United States Mint has shifted away from its focus of producing circulating coinage for commerce in the United States and instead is trying to get as much money as possible from collectors by selling products at a large premium over face or bullion value. Some collectors have echoed concern about this as they are unable to purchase all products the Mint offers for sale due to the high cost of some of these items. Other collectors are concerned that the Mint is more focused on creating a profit for itself instead of providing collectors the opportunity to purchase items for their collections at reasonable cost. In this article I will give my opinion on the subject as an outsider, as I have not purchased any modern products from the U.S. Mint—either directly from their online store or from a dealer at a premium—for many years.

Traditionally, the Mint has issued numerous annual products, such as Mint Sets (containing one of each circulating coin produced that year at the Philadelphia and Denver mints) and Proof Sets (containing a single set that is specially struck with polished dies at the San Francisco Mint). In the 1980s, the Mint added bullion coinage in the form of the American Eagle program, and resumed the striking of occasional commemoratives (after a nearly 30-year hiatus).

In 1999 the very successful 50 State Quarters Program was introduced; in 2010 it was replaced by the America the Beautiful (national-park quarters) Program, which continues to this day and includes 5-ounce silver versions of the same designs. The Mint also introduced the Presidential Dollar program and the First Spouse gold bullion coins to honor former presidents and their wives. These programs concluded this year after the Ronald Reagan dollar was issued. Other coins, such as the 2014 gold Kennedy half dollar and 2016 gold centennial versions of the Mercury dime, Standing Liberty quarter, and Walking Liberty half dollar are additional examples of recent products. Most (but not all) of these issues come in both Mint State and Proof format.

The commemorative coin program of the United States is relatively modest compared to those of some other countries (such as Canada, Australia, and various island nations in the South Pacific). These countries issue literally dozens (if not hundreds) of different commemorative coins each year. For example, just in 2016, Canada has struck and sold commemorative coins with such varying subjects as American football, Star Trek, Canadian flora and fauna, Superman, and of course hockey.

These coins are not marketed to traditional collectors, but are instead marketed toward casual buyers of coins who are looking for a unique gift. While the coins are technically legal tender in Canada, they are sold at such a large premium over face value that it is highly unlikely they will ever be used for the traditional purpose of coins. In comparison, the U.S. commemorative program issues a limited number of coins each year honoring noteworthy subjects that are approved by Congress years prior to their issuance.

To read the complete article, see:
Thoughts on the United States Mint and Its Products (http://news.coinupdate.com/thoughts-on-the-united-states-mint-and-its-products/)

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