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Mint cuts bullion products drastically

Stores have clearance sales. Now the U.S. Mint will have one too.

Starting at 12:01 a.m. Nov. 15, the Mint will be offering hundreds of current and past products to collectors to clear out their two current fulfillment centers in preparation for moving to a new one in Plainfield, Ind.

The news confirms online speculation that some Mint collector versions of bullion coin products will not be offered again. However, the extent of program terminations perhaps surprises.

Uncirculated platinum American Eagles with the “W” mintmark in all sizes end with this year’s coinages.

American Eagle platinum proofs come to an end, too, except for the one-ounce coin.

Uncirculated gold American Eagles will be discontinued except for the one-ounce size.

All American Buffalo uncirculated “W” collector versions will be ended.

Proof American Buffalo gold coins will be stopped also except for the one-ounce coin.

Other terminated products include new ones like Presidential dollar Signature Sets and the proof Presidential dollars sold individually.

Old ones, like state quarter First Day Coin Covers and Greetings from America Portfolios and Card Sets, are coming to and end after the 10-year program concludes.

Mint Deputy Director Andrew D. Brunhart says of the clearance sale, “It will be limited time. First come, first served. No household limits. All sales will be final. If you’re wondering, we won’t exceed any Mint limits.”

The sale will conclude at 5 p.m. Dec. 19, but some products are likely to be gone well before then.

Of those that don’ sell, Brunhart says, “We’re going to be doing a significant detrashing and melting (of) the products that do not sell by Dec. 19. Those products will be immediately broken down and sent to the melter.”

The clearance sale is part of a major re-evaluation of the Mint’s product line. Brunhart says the product offerings will be reduced from more than 550 available in 2008 to roughly 200.

Leftover 2008 products will stay on sale until June, when they will get the same detrashing and melting treatment.

“From now on at the end of each year, we will examine our portfolio to make sure the warehouse is not stuffed with products they (Mint customers) don’t want,” Brunhart says.

“We’re undergoing a significant renewal of our numismatic portfolio in 2009. We have too many products. We have heard loud and clear from our collecting community. We are responding to that. We will be focusing our resources on key products (with the) broadest appeal.

“Fewer products to concentrate on will enable us to bring out and offer much earlier in the calendar year our key products.”

The benefit to collectors will be earlier release of hobby favorites.

Brunhart says, four of these, proof sets, silver proof sets, uncirculated sets and silver Eagles (will be offered) in January of each year.”

Below are the complete lists of discontinued and last chance products:

Discontinued Products
 
United States Mint Presidential $1 Coin Historical Signature SetsTM
United States Mint Presidential $1 Coin – Individual Proof CoinsTM
American Eagle Platinum Uncirculated Coins (all options)
American Eagle Platinum Proof 1?2, 1?4, 1/10, and Four-Coin Sets
American Eagle Gold Uncirculated 1?2, 1?4, 1/10, and Four-Coin Sets
American Buffalo Uncirculated Gold Coins (all options)
American Buffalo Proof 1?2, 1?4, 1/10, and Four-Coin Sets
50 State Quarters® First Day Coin Covers (continue through 2008)
Greetings From America Portfolios and Card Sets
Coin and Die Sets  
Collectible Spoons

Last Chance Product Listing
 
Annual Sets
2007 United States Mint Proof Set®  
2007 United States Mint 50 State Quarters Proof SetTM
2004 United States Mint Uncirculated Coin Set(R)
2006 United States Mint Uncirculated Coin Set®
2007 United States Mint Uncirculated Coin Set®
2007 United States Mint Silver Proof SetTM
2007 United States Mint 50 State Quarters Silver Proof SetTM
50 State Quarters® Bags & Rolls
Wisconsin Two-Roll Set
Minnesota Two-Roll Set
Minnesota 1,000-Coin Bag (P)
Minnesota 1,000-Coin Bag (D)
Oregon 1,000-Coin Bag (D)
Colorado 100-Coin Bag (P)
Nebraska 1,000-Coin Bag (P)
Nebraska 1,000-Coin Bag (D)
Nebraska 100-Coin Bag (D)
Colorado 1,000-Coin Bag (P)
Colorado 1,000-Coin Bag (D)
North Dakota 100-Coin Bag (D)
North Dakota 1,000-Coin Bag (D)
South Dakota 100-Coin Bag (D)
Montana 1,000-Coin Bag (P)
Wyoming 100-Coin Bag (P)
Wyoming 1,000-Coin Bag (P)
Wyoming 100-Coin Bag (D)
Wyoming 1,000-Coin Bag (D)
Utah Two-Roll Set
Utah 1,000-Coin Bag (P)
Utah 1,000-Coin Bag (D)
Oklahoma Two-Roll Set
Oklahoma 100-Coin Bag (P)
Oklahoma 100-Coin Bag (D)
Oklahoma 1,000-Coin Bag (P)
Oklahoma 1,000-Coin Bag (D)
New Mexico Two-Roll Set
New Mexico 100-Coin Bag (P)
New Mexico 100-Coin Bag (D)
New Mexico 1,000-Coin Bag (P)
New Mexico 1,000-Coin Bag (D)
Arizona Two-Roll Set
Arizona 1,000-Coin Bag (P)
Arizona 100-Coin Bag (D)
Arizona 100-Coin Bag (P)
Arizona 1,000-Coin Bag (D)
Other Bags & Rolls
2001 Sacagawea Golden Dollar Roll (P)
2001 Kennedy Half-Dollar 200-Coin Bag  
2001 Kennedy Half-Dollar  Two-Roll Set
2002 Sacagawea Golden Dollar 2000-Coin Bag (P)
2002 Sacagawea Golden Dollar 2000-Coin Bag (D)
2003 Jefferson Nickel Two-Roll Set
2004 Sacagawea Golden Dollar 2000-Coin Bag  (D)
2005 Ocean in View Nickel 1,000-Coin Bag (P)
2005 Ocean in View Nickel 1,000-Coin Bag (D)
2005 Sacagawea Golden Dollar 2000-Coin Bag (P)
50 State Quarters® First Day Coin Covers
New Jersey
Georgia
Connecticut
South Carolina
New Hampshire
Virginia
New York
North Carolina
Rhode Island
Vermont
Kentucky
Tennessee
Ohio
Louisiana
Indiana
Mississippi
Illinois
Alabama
Maine
Missouri
Arkansas
Michigan
Florida
Texas
Iowa
Wisconsin
California
Minnesota
Oregon
Kansas
West Virginia
Nevada
Nebraska
Colorado
North Dakota
South Dakota
Montana
Washington
Idaho
Wyoming
Utah
Presidential $1 Coin Coin Covers
George Washington
John Adams
Thomas Jefferson
James Madison
50 State Quarters® Coin & Die Sets
North Carolina (P)
Rhode Island
Tennessee (D)
Maine (D)
Iowa (P)
Oregon (P)
Nebraska (D)
Nebraska (P)
Colorado  (P)
North Dakota (D)
North Dakota (P)
South Dakota (D)
South Dakota (P)
Montana (D)
Montana (P)
Washington (P)
Idaho (D)
Idaho (P)
Wyoming (P)
Wyoming (D)
Utah (D)
50 State Quarters® Collector’s Spoons
Iowa
West Virginia
Nevada
Nebraska
Colorado
North Dakota
South Dakota
Montana
Washington
Idaho
Wyoming
Utah
Oklahoma
New Mexico
Arizona
50 State Quarters® Greetings from America Series
1999 Card Set
1999 Portfolio
2000 Card Set
2000 Portfolio
2001 Card Set
2001 Portfolio
2002 Card Set
2002 Portfolio
2003 Card Set
2003 Portfolio
2004 Card Set
2004 Portfolio
2005 Card Set
2005 Portfolio
2006 Card Set
2006 Portfolio
2007 Card Set
2007 Portfolio
Card Set Album
Portfolio Album
Westward Journey Nickel Sets
2004 Westward Journey Nickel SeriesTM Coin Set
2006 Westward Journey Nickel SeriesTM Coin Set
Special Sets
50 State Quarters® And Euro Coin Collection
Official Coin Collecting Starter Kit
 

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8 Responses to Mint cuts bullion products drastically

  1. Dan says:

    Wow, this is BIG news. Thanks Dave for checking out that rumor. I’ve been an advocate for eliminating many of these programs, but am surprised that the Mint actually did something! Overall, I think this is a great thing for the hobby, we have been drowned in a sea of too many offerings, and this will allow us to collect across areas and be U.S. Coin collectors again, instead of fractionalized collectors of this or that.

  2. Dan says:

    this news is certainly a game changer, and hit the internet with a splash. The Mint is already showing the gold buffalos and platinums as "no longer available." It’s unclear whether a major player bought up the remaining stock, or if the Mint is pulling offerings to prevent returns if they reprice downwards for a clearance sale starting Nov. 15.

  3. While this might be a boon for collectors, it demonstrates how badly the US Mint manages its inventory and product lines. They tried to do too much with the Presidential Dollar products and now they have to liquidate. They also produced too much product for lower selling items. In the mean time, the Mint has not approached record production for gold (that was in the late 1990s), yet they cannot keep up with the demand.

    The US Mint needs to hire someone who knows how to run a high-volume manufacturing facility that also knows how to deal with inventory management rather than a politician (Moy) and someone who just came out of the sewer (Brunhart worked for the Washington Suburban Sanitary Commission before the Mint).

  4. Coin Blog says:

    Will the Last Chance Sale products be offered at issue prices? If so, there are some bargains in there.

  5. Dan says:

    Just an update, the gold buffalos and platinums were no longer available for a short period, but came back again, so it must have been something going on with their website.

    Overall, the response to the Mint cutting back on programs has been very favorable; I think a lot of collectors have felt swamped by the number of offerings.

  6. Coin News says:

    With some 22 gold and platinun coins discontinued, it will be interesting to see how this, if at all, changes Mint sales figures.

    I’ve had an online worksheet created that compares the Mint’s collector bullion coins — prices, premiums over spot, Mint sales figures, etc. Comparing all these at a glance makes it easier to see potential coins that are more scarce and less expensive.

    The worksheet is at:

    http://www.coinnews.net/tools/us-mint-collector-bullion-coin-prices-premiums-and-sales-figures/

  7. Dan says:

    wow, nice work- thanks for sharing

  8. RJ Thomas says:

    I like many of the products the mint is dropping. Prices were/are crazy on some of them though, and I didn’t buy half of what I wanted. The spreadsheet for the gold coins is nice but just another example of how much the Mint charges… too much!

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