Chris Imperato Interview

Well, depending on what form it’s in and how much you’ve purchased, you may need to look at storage options.

Some people like the idea of holding metals at home, but that creates security issues. They can be stolen, melt in a fire, or vanish in a tornado or flood.

Alternatively, safe deposit boxes at banks may seem like a good option. The metal boxes are locked up in a bank, after all. But they’re not always the best choice either.

Mike Clark, president and general manager at Diamond State Depository, said, “Owners of precious metals need to carefully consider the safest place to keep their bars or coins in the event of a financial collapse or other major event.”

Check out these pages for more information on Diamond State Depository’s storage options.

Gold looks more promising by the day because right now, the dollar and euro are both shaky. Investors believe that gold is safe for other reasons, too, and that belief is what’s driving up the price. But a different set of (believable) circumstances could cause the price to fall. For the entire story, check out this article by the Washington Post.

COINage

So I did a little bit of research and found an article that directly answers the question much quicker than I can. Besides, I’m an accumulator, remember?

The anwers to all of your questions–to those two, at least–are here.

Three days later, U.S. Mint Deputy Director Andy Brunhart stated, “Transparency, agility, and customer service are the catalysts for our new pricing method. The volatile precious metals market prompted our customers to suggest that we re-vamp our process, and we listened.”

The new “structure” is based on a range of the average market price for gold and platinum, and product prices will fluctuate within this structure. The range for numismatic gold products is $50; it’s $100 for platinum products.

Pricing for these products is directly tied to the average weekly London fix prices for gold and platinum. If the market value for the metals moves to a higher or lower range, the price of each product is increased or decreased in corresponding increments.

Since the “re-vamp,” prices for these products have only increased, even though precious metals prices have fluctuated.

Apparently all of the planets are aligned south of the waning moon because the Sarah Polk first spouse gold coin’s price has been reduced by $25. Read the whole story here.

The United States Mint today announced the America the Beautiful Quarters Bulk Purchase Program. The minimum purchase requirement under the program is one (1) bulk bag, which contains 200,000 coins with a total value of $50,000. A three percent processing fee of $1,500 per bulk bag will be applied to each order to offset the cost of the program. In addition to the processing fee, purchasers must arrange for pickup from either the United States Mint at Philadelphia or at Denver. A properly licensed commercial carrier is required to retrieve the coins. 

I can’t speak for everyone here, but my immediate reaction was, “Get out!” 

Well, I apologize. Apparently it’s not a joke. It’s a genuine program, and you can read all about it on the Mint’s Web site.

Here’s a portion of the Mint’s Q and A page regarding the program:

How do I pay for the coins?
The quarters may be paid for only by bank wire funds transfer.

Are there any special requirements for pickup?
A properly licensed commercial carrier is required to pick up coinage from the United States Mint. The company must arrange clearance from the United States Mint facility for the truck and driver prior to establishing a pickup date.

To be fair, the Mint is making an effort to circulate the new quarters.

According to the Mint’s Web site, “Recent economic conditions have led to an oversupply of prior year-dated quarters in the banking system. As a result, businesses relying solely on the banking system may be unable to obtain large quantities of America the Beautiful Quarters coins on a regular basis. This program provides an option to those interested in obtaining America the Beautiful Quarters in volume.”

Well, recent economic conditions have also forced small businesses to make some difficult choices. But asking them to pay $51,500 plus shipping for 200,000 modern quarters?

Get out!

Well now that option has passed. Yesterday afternoon the U.S. Mint removed the uncirculated dollar from its online store, officially moving it to its “No Longer Available” list. You can still order the proof coins at www.usmint.gov, or through the Mint’s toll-free number 1-800-USA-MINT (872-6468).

As of Sunday, April 25, 107,292 uncirculated coins were purchased, but collectors will have to wait until the middle of next week to learn how many were sold. That number is likely to shift—up or down—by several thousand by then.

In fact, it’s possible there won’t be any left by the time this is posted.

But that’s OK. A very quick search of one of the most utilized online auction sites shows 613 results listed for “2010 boy scouts.” Those results include certified coins, coins in Mint packaging, coins in “custom” covers, sellers with multiple coins and so on.

So don’t worry. There are at least 613 Boy Scouts coins available—if you’re the lucky bidder.

Read the details of the offer.

These coin launches are always big events. The local media is often present. Kids 18 and younger receive the new coin, and adults exchange their own money for new rolls. A town hall meeting-style Q and A usually takes place, too. As part of this ceremony, a satellite feed of B-roll of the new Lincoln cent being produced was available at two different times.

But before then, as early as mid-January, the new cents were already appearing in online auctions. The first sellers promised rolls of the new cents, obtained at exchange ceremonies like the one in Springfield, Illinois. Prices ran anywhere from $25 for one roll from the D.C. ceremony, to $35 if the roll came from Springfield.

Sellers also guaranteed that each 50-coin roll would be stamped with a commemorative Lincoln postage stamp and canceled by that city’s local post office on the day of release.

I’m no math whiz, believe me, but that means that buyers at the high end were paying up to 70 cents for each coin. They’re also banking on the 2010 cent’s collectibility—with the complete roll and proof of release on launch day—being high.

Collectors have seen these elevated prices before. Recently. Like with last year’s Lincoln cents. Those 2009s are going for anywhere from $3.30 to $5—for all four designs w/ the stamps.

Dips like that sort of make you feel like the lowly cent really is worth nothing. Maybe the question shouldn’t be, “What’s it worth?” Maybe it should be, “What’s it worth to you?”

Still need affirmation? Take at look at Need a Penny, Take a Penny,  about a place where the cent is priceless.

The Los Angeles ANA convention was right in my own backyard, yet I’m still recovering from what feels like jet lag. Two and a half hours to travel 54 miles, even in a city with some of the world’s busiest freeway interchanges, was a longer drive than I was prepared for.

My room had no Internet access for two days, so I spent a fair amount of time being overly caffeinated, just so I could attempt to stay connected to reality. “Reality” included meeting the production deadline for COINage and saying “good morning” to my daughter via webcam.

The show itself didn’t have that big-convention feeling. It wasn’t like a New York, San Francisco or Baltimore show. It felt more like a very large local show, not the international exhibition it’s intended to be.

By the way, Facebook and Twitter are great ways to stay connected, but they may not give you all the news you need. For instance, while I was sitting in traffic or surfing from the local cafe, the precious metals market was moving right along.

On August 11, Harry Miller wrote for Numismatic News, “The precious metals market has certainly added a bright spot to pre-ANA convention activity.” Read the entire article here. At last, some good news, even if it was delayed.