Today, October 4, 2011 at 12:00 Noon ET, the United States Mint will begin sales of the Rutherford B. Hayes Presidential Dollar Coin Cover. This will be the 19th release in the ongoing American Presidency $1 Coin Cover series.
Each cover includes two 2011 Rutherford B. Hayes Presidential Dollars from the first day of production at the Philadelphia and Denver Mints. The coins are mounted on a display card with an illustration of the President and a post mark of “August 18, 2011″, which was the first day the coins were released to the public.
The covers have a maximum product limit of 22,000 units and are priced at $19.95 each, plus applicable shipping and handling.
Previously released Presidential Dollar Coin Covers from the 9th President onwards remain available for sale on the US Mint’s website. The 2009 covers are limited to 40,000 units and priced at $14.95 each. The 2010 covers are limited to 32,000 (except for Abraham Lincoln at 37,000) and are priced at $15.95. The previously released 2011 covers are limited to 22,000 and priced at $19.95.
New US Mint Sales Report
The latest US Mint numismatic product sales report is available on Coin Update.
The numismatic ATB 5 oz. Silver coins and proof & uncirculated American Silver Eagles each showed negative sales for the week. This would reflect any order cancellations or returns which occurred during the ongoing sales suspension. As yet, no information has been provided on the new price levels for the impacted products, or when sales will resume.
Gold and Platinum Numismatic Products
It is possible that there may be further price reductions for the US Mint’s numismatic gold and platinum products this week.
Gold products are currently priced based on the $1,650 to $1,699.99 range. The weekly average price not including tomorrow’s AM Fix price is $1,639, suggesting that the final number will fall into a lower tier. However, a pricing adjustment will only take place if the Wednesday PM price agrees directionally. So in the most likely scenario, the pricing will depend on the Wednesday PM Fix price- if it is $1,650 or above, then there will not be a price adjustment; if it is below $1,650, then there would be a one tier price decrease.
The US Mint’s single platinum product is priced based on the $1,550 to $1,649.99 range. The weekly average price of platinum not including tomorrow’s AM Fix price is $1,513. Additionally, the current market price of platinum is $1,474, suggesting the high likelihood of a price decrease. The 2011 Proof Platinum Eagle price would decline by $100 to $1,792 per coin, which would be the lowest price for the product to date.
Generally, the US Mint makes pricing adjustments effective for the gold and platinum numismatic products on mid-day Wednesday.
It took months for gold to make the huge gains it had… and it’s all gone in a flash!
If greece actually defaults in the next 2 weeks, there will be a short rally in all assets … and then another 20% down for everything, wall street won’t be buying gold/silver or stocks at that point and thus all price stability will disappear for all assets.
Platinum will likely be two levels lower by next week ($1692/coin).
Although gold fell $30 in the past 10 minutes, I think it is the safest PM at this point with the most upward side.
Interesting one on Au in the WSJ:
Link
Highlights:
> Research by James Steel at HSBC raises another possibility. Mr. Steel has unearthed a strong correlation between gold’s ups and downs and stocks’ volatility. When shares go on a roller-coaster ride, so does gold.
Seen through this prism, gold looks at lot less “safe,” at least in the short term. If the yellow metal is buffeted just as stocks are, then investors trying to time the market are in for a rocky run.
> Add the fact that gold prices are sensitive to both current and expected interest rates—the higher those levels, the higher the cost of holding an asset that yields nothing—and a clearer picture begins to emerge: Gold’s safety is in the eye of the beholder. The yellow metal naturally appeals to long-term investors with a bleak view of the world while hot-money types might find its allure ephemeral.
Edited to abbreviate link
Michael,
Would you know why the ATB – Gettysburg would be showing at backordered still? Everyday I check my order and it is backordered to today’s date + 15, ever since I ordered it on 9/22.
When I call the Mint they give me a line about being backordered because of household ordering limits and that it ships in 1-2 weeks from being ordred, but that doesn’t seem to be the case here. It seems as though they suspended sales and shipping. Any chance they would honor the new price for everyone that ordered if they aren’t shipping until then? I don’t mind paying the higher price if they would have shipped it already, and it would be in the Mint’s best interest to ship it so that the 7 day return policy window closes before new pricing goes into effect.
Anybody know what’s up with the backorder status of the burnished gold?
The date was later, now it’s earlier… huh
PMs look to be in a free fall . . .
What could be more exciting on a Tuesday than a Rutherford B. Hayes coin cover? Gee whiz. I feel like I am on a roller coaster with my hands-up in the air. (sarcasm)
Michael or anyone,
Is there some search engine or easy way of looking through coin stores/ dealers for a particular coin? If not, someone should come up with one. Sometimes I’ll look on ebay and not find some commemorative I want, but find it on Modern Coin Mart, or Paradise Mint or Silvertowne.com, or KPMCoin. These often are NOT on ebay, but I find it annoying to have to search through each site to find the coin I want. Maybe someone could talk to these dealers to see if they could find some common search engine for us to use?
BigHock, it’s been a while since I got a big laugh from reading on this site. But it is a blog about the Mint so Michal is doing his usual excellent work about reporting it to the public; and I thank him for that. But it was funny.
I took this recent dip in PM’s to round out my collection of 2011 ATB bullion. For $169 a piece raw, it makes for a great buy both as a long term investment and a cool “coin” to look at. I think ASE’s are commanding a larger premium.
I think we’re in for a real roller coaster with gold. I still think it’s risky to buy Mint issued gold pieces if you’re looking for secondary market premiums because of the whole “new normal” mintages going forward that Michael has blogged about. I believe gold will continue to go down especially if (when) Greece defaults. Everyone will fly to the dollar and treasuries, suppressing gold. I’ve done some hedging and purchased some inverse ETF’s which are paying off. I am actually considering shorting gold as much as I am a long term stacker of PM’s. I think the long term picture for gold is bright but the short term can be volatile in a downward trend. I never thought I’d do it, but I might get my feet wet a little. If we see $1100 an ounce gold again, I’ll cry for not taking money off the table at $1900 but at least I can make some fiat in the market shorting it.
there were too many returns these days. i won’t buy any this time. i might end up buying the returns. better buy next year.
I’ll apologize for digressing, but a quick side-bar… For those who ordered their September 11th National Medal(s) during the initial release period, have you also received the specially prepared National Medal “product sheet” that was to be mailed separately? If so, how many did you receive? One sheet per coin ordered or one sheet per US Mint order??
Needless to say, I ordered 4 coins, 2 W and 2 P; I received just one product sheet in today’s mail. I think the word “sheet” came out of my mouth – or something to that effect!!!
Michael – can you provide any clarifications based on information published for the product release?? I went back to your MNB article of 20 June, but could not make a determination. Thanks.
VABEACHBUM-
Like you, I received 1 product sheet for the 4 medals purchased. I wasn’t that impressed by it either.
SunTzu – Glad you liked the comment, as I was shooting for some light hearted humor. I really like this site because I can turn to it for valueable knowledge, even if it is the soon to be reveled rutherford coin collectable.
I am still bullish on silver among the many precious metals. Has there been any release date set yet on the 25th anniversary american silver eagle set ? I have read previously that there will be a “late october” release and a 5 – per household limit. Anyone have a date yet?
For those who are still interested in purchasing the Medal of Honor and Army commemoratives (silver, gold, clad), the Mint has posted a final date/time of Dec. 16, 2011 at 5 pm ET.
In addition to various rolls and bags, the following are also going off-sale:
Dec. 1, 2011 – Mary Todd Lincoln proof gold
Dec. 30, 2011 – 2010 Proof sets (all versions)
Look at their website under the “Last Opportunity” tab. They have posted that these are the final dates of sale, unless the products sell out before then.
It’s official, one price tier reduction for gold products.
I saw the “Last Opportunity” section this morning. Nothing really exciting about it, though. From it, I see the Mint plans to continue to let the old 2009 & 2010 Presidential Dollar Coin Covers and the 2010 Coin & Spouse Medal sets continue to drag along at their snails paces. They could still be selling the 2008 covers too, but they put them out of their misery years ago. But, the Mint doesn’t bother to exercise mercy on these miserable products anymore. What amazes me is that they still manage to sell a few each week. It must be to poor souls who don’t realize they could buy them for much less from other places that I won’t name here!
Now why would the US Mint halt sales of the Army and Medal of Honor commemoratives by mid-December? Maybe it’s prescribed by law?
Also, as of this writing, I do not see any price reductions on the US Mint’s sales site….
Hidalgo
I only checked the prices of the Spouse coins, but they are now $25 cheaper.
mjinden – thanks for the feedback. Sadly, not surprised.
Hidalgo – The timeframes for the Commemorative Coin Sales are dictated by the respective legislation. The US Mint must “complete the sale” by 31 DEC, and since they do not bill until the package is shipped from the distribution center, they must leave 14+ days to receive the order, deal with the potential cancellation and/or back-order, then process and ship the order. Don’t know that I want to be the customer taking that risk with the US Mint process!!
I cant even imagine the loss the mint will take on its silver products now! If they were buyig this spring to produce coins now the magrin compression will kill their profits! That being said, i think this bodes well for some very low mintages this year. Not many will overpay so much up front.
EvilFlipper: The opposite is also true when PM was skyrocketing. But my guess is the mint will try to hold their silver products as long as they can in hopes of silver price increases. We can already see this by how long their silver products have been unavailable.
The precious metals market right now is volatile. Considering the European financial crisis taking place right now and that Greece will likely not be able to meets its financial targets next year, the US dollar is looking mighty attractive to worldwide investors. And when the US dollar strengthens, gold values tend to drop. Things are looking grim for gold bulls but great for US coins collectors….
In fact, current prices for most gold coins are at the same level as a few months ago when prices jumped two tiers. Before that happened, investors bought huge amounts of US Mint gold coins, as reflected in the Mint’s sales report for that week.
I bought gold coins from the US Mint, but fortunately, returned them as I felt that gold values were in a bubble that was about to burst….
VABEACHBUM – I ordered two coins, one each P and W, to give to each of my kids. I was surprised when I only received one product sheet.
I just went back and read the US Mint’s original press release and it does say the sheet will be sent for “orders placed”. It wasn’t completely clear, but I guess it is one sheet per order, rather than per coin.
http://www.usmint.gov/pressroom/index.cfm?action=press_release&ID=1255
I have just realized that the 2010 and 2011 silver annual sets are available for sale on the mint web site. Is this the first day they have returned? I have not checked them for a week or so. Hopefully we get an answer on the ATB’s and eagles tomorrow.
Yeah, the silver sets were placed back on sale today. However, the prices don’t appear to have changed from what they were before, despite the fact that silver is still much lower than it was when those prices were established. What gives with that?
It’s the “new normal” that has been previously discussed on this blog….
VABEACHBUM – I agree. I was underwhelmed by the Mints 9/11 Medal product sheet. Really not much more information than the enclosed COA. They could have saved some money by putting a .pdf on the website for the customer to download (the paper isn’t anything special) if they wanted it. The hype prior to the initial sales made this sound like it would be something above and beyond, and maybe add some small value to the owning the medal. I really don’t know what I’ll do with the 8 1/2″ by 11″ sheet of paper. It doesn’t really lend itself to storage with the coins like the COA, or packaging like the Lewis and Clark set (which would have been very nice for this offering).
Reminds me of the 1992 olympics coins – there was a special packaging insert with specific coins. The insert was a nice card with the hand signature of a US olympics athlete. I still have two of these – the women’s softball captain and another from a member of the shooting team.
Time for a reality check. Most purchasers of the 9/11 medals bought them primarily for the medals themselves, not the certificate. Let’s be real … it would not have made any difference to purchasers if the US Mint decided NOT to offer the certificate. I’m certain tha 99% of them would have bought the medal regardless….
Michael – Thanks for the affirmation!!
Hidalgo – I’ll be the first to admit, I bought the medals to include in my collection, but also to support the Foundation, as I lost friends and shipmates in Tower 1 and the Pentagon, respectively. As a collector, I’m all about consistency in the documentation and packaging, as with the Lewis and Clark Set, the Olympic Coins and, most recently, the 2009 UHR. Every coin included a book… eventually.
The reality is the Mint continues to tolerate operational inconsistencies and informational ambiguities that are highly irritating, but mostly discouraging to the majority of their customers. Granted, they have improved tremendously since Moy’s departure, but they still have a long way to go.
Glacier 5oz scheduled to be released this month. What a disaster the “P” program has become. They should lower limits or folks won’t buy them. Lower pricing will just devalue all of the 2010 5ozers.
Lower mintages for the 2011s please.
Is it me, or does it seem like the Mint is holding off putting Mount Hood & Glacier back on sale to see if the silver market recovers? I searched the Federal Register online and it looks like they haven’t even published the new prices yet. Hmmm….
Cleveland: I wouldn’t say the “P” program is a disaster. Lower limits would help, but unfortunately, the 5oz ATBs are priced too high and that’s why they’re currently unavailable. The coins themselves are really cool, but not as nice as the bullion ones, IMHO. 35,000 is still a pretty low mintage in the big scheme of things, but the mint has come out with too many products this year. I think the 5oz ATB’s will be fine in the long term.
Art: I agree with you. Many of us are waiting to see if the PM drops further. I have been playing the FS gold series but I am currently waiting the Lucy Hayes price to drop. It’s already in the 900′s. Hopefully it will decrease a little more. Same with the 5oz silver. We may or may not get lucky.
About certificate sheets on 9/11 silver medals, as per my telephone call to mint, they are being shipped from another source. One sheet per entire order (no matter how many medals in order). May be delayed. If customer wishes additional sheets foradditonal medals ordered, they can be requested from the mint usually after receiving one certificate.
As per today, I have not received my sheet.
Oh wow ! What a waste of money, I think I ‘ll buy 100 units, on second thought, Naw, not even 1.