With the 2016 gold Mercury dime sold out at the Mint, coin dealers reselling them are seeing a rush by collectors who missed out.
The coin is the first of three issues in 2016 commemorating the 1916 Mercury dime, Standing Liberty quarter and Walking Liberty half dollar.
Matt Crane of L&C Coins, Los Alamitos, Calif., said they’re excited to begin selling the new coin.
“We went big on these and bought a lot of stock,” he said. “I was checked out and done by a minute after release. I didn’t have any problems, but I heard that others who got on a little while later did have issues with the website crashing.
“We now have them in hand. We sent ours into PCGS for certification and got some back April 26. We’re offering PCGS-graded MS-69 and MS-70 examples with the special Centennial labels.”
Now that the coins are out, the speculation that drove prices up before the coin’s release date is over, he said.
“We’re always at the top of the market just before the coin releases,” Crane said. “Even before they went on sale, the presales online were going for ridiculous amounts of money. Now, it’s a bit more reasonable. Because of the buzz, the premium is high but worth it.”
Ron Drzewucki, owner of Modern Coin Wholesale, Sarasota, Fla., said the gold Mercury dimes are great sellers.
“They are selling like hotcakes,” he said. “We’re offering both SP-69 and -70 coins graded by PCGS and NGC. It’s a great coin and has a good price point.”
Not only did the initial price of $205 influence buyers, but the design also struck a cord with collectors.
Crane said the unique theme of honoring a classic coin design was a big draw.
“This is something different than what the Mint normally releases,” he said. “It’s like the Baseball Hall of Fame coins where it’s something different, something unique.
“I think this coin has a broader appeal to all coin collectors. This coin was made for the collector and those who enjoy coinage. It’s the same reason silver Eagles are so popular since they have the classic Walking Liberty half dollar design.”
John Krupka, owner of Point Coin, Stevens Point, Wis., said he purchased two gold Mercury dimes for collecting reasons.
“I had to make a decision if I wanted 10 or just two,” he said. “I went with two. They came in April 26.”
He compared the market for the gold Mercury dime to the 2014 gold Kennedy half dollar.
“It’s my opinion, like the Kennedy half, that there was a frenzy to get the coins,” he said. “Having almost 125,000 coins sold in less than an hour is quite an accomplishment. The 10-coin limit aided the sellout. If it had been lower, like one or two coins, it would have offered more people the chance to buy.
“If its like the other coins the Mint issues, there’s a frenzy leading up to it and after its released, I think eventually the price will come down. The people who didn’t get one at release will get the chance to purchase one again.”
As for the next two 2016 gold Centennial issues, Krupka said he’s looking forward to them.
“These are very nice coins,” he said. “I’ll be collecting the whole set.”
Drzewucki said he’s also interested in the next two coins and buyers will be too.
“Those that bought the gold Mercury dime will want the Standing Liberty quarter and Walking Liberty half,” he said. “They will want to own the whole set.”
Crane said that having the other two releases later in the year will keep the market going.
“This is the first of a three-coin collection, so I think the gold Mercury dime price will remain high,” he said. “I think that this whole series is going to be cool since they have the classic designs.”
When it comes to 2016 Centennial issues, their new twist on classic designs is bringing in the collectors.
This article was originally printed in Numismatic News.
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