A Couple of ASE questions

Discussion in 'Coin Chat' started by Mojavedave, Apr 23, 2014.

  1. Mojavedave

    Mojavedave Senior Member

    Ok, I'm going to make an idiot of myself here. First off; I received my 2014 one ounce uncirculated American Silver Eagle from the U.S. Mint. My cost was $ 39.70 excluding shipping cost. The coin comes in a plastic holder and a fancy box and the mint is "W" for West Point mintage.

    Now here is where I am confused. I see in the Coin World advertisements that they will sell a brilliant uncirculated 2014 or 2014-S for $ 26.25. Does this mean there are three mints making these coins, West Point, Philadelphia & San Francisco? On the ad's I do not see a mint mark on the coin so I assume it's a Philly mint, but weren't they designated with a "P" mint mark? I know from the Red Book that special uncirculated ASE's were minted from 2006 thru 2011, has this practice continued? Where do these coins come from and how can they be sold so cheap relative to U.S. Mint prices?

    Dave
     

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  3. wcoins

    wcoins GEM-ber

    Struck at WP (no mint mark-regular bullion), SF (no mint mark-regular bullion), WP (uncirculated burnished W mint mark), WP (proof)
     
  4. Mojavedave

    Mojavedave Senior Member

    I think I understand to a point, thanks to you. Looking at the Red book again, I see that theyy list a "W" mint mark coin and a (W), which I assume is a no mint coin from West Point. I am guessing that these blank minted coins are sold to dealer's only from the mint.

    Dave
     
  5. Conder101

    Conder101 Numismatist

    Since 2011 the bullion ASE's have been struck at both San Francisco and West Point. Neither one carries a mintmark. But the green monster boxes they are shipped in have a strap on them that indicates which mint struck the coins. If the monster box is submitted unopened to a TPG they will indicate on the slab which mint they came from (S) or (W). It is in paranthesis because the mintmark is not on the coin.

    Currently the Proof ASE and Uncirculated (burnished) ASE both carry a W mintmark.
     
  6. fiatfiasco

    fiatfiasco Nasty Details Member

    How did you get it "from the mint" for $39.70 being that the mint is selling them for $43.95? Did you have a coupon for $4.25?
     
  7. Mojavedave

    Mojavedave Senior Member

    I suppose it is because I am a Mint subscriber that I got a discount rate. Actually, I got three @ 119.10 + the 4.50 for shipping, so at $ 123.60 they really cost me $ 41.20 each.

    Dave
     
  8. Mojavedave

    Mojavedave Senior Member

    Thanks Condor. So if I understand you right, if you buy a raw ASE coin, you will not know which mint it came from unless it is slabbed and indicated. I would think that these type of bullion coins would never be worth more than melt value only, yet they are in the $ 40.00 range per the Red book. This leads me back to my original question; How can the coin dealer sell a brilliant uncirculated 2014 or 2014-S for $ 26.25 ?

    Dave
     
  9. green18

    green18 Unknown member Sweet on Commemorative Coins Supporter

    Ah, the elusive and ever illusory 'S' s'less.........
     
  10. JPeace$

    JPeace$ Coinaholic

    Three kinds of ASE's:
    1) Bullion - today it's minted primarily by West Point. San Francisco helps with the excess demand. These coins do not carry a mint mark. See Conder101's repsonse as to how the TPG's know. These coins cannot be purchased directly from the U.S. Mint unless you are an approved master bullion dealer. If you are an approved master dealer, they can only be purchased in Green Monster boxes. They are purchased by the dealers @ approximatelyl $2 over melt. These dealers can then turn around and sell them for whatever price they wish.
    2) Uncirculated (Burnished) - Since 2006, the mint has issued an uncirculated version of this coin. They are on special burnished planchets. Hard to tell them from the bullion version, except they have a West Point (W) mint mark. They can be purchased by anyone directly from the mint. This is what you received in the mail.
    3) Proof - Since the ASE inception, this coin has been issued from different mints: Philadelphia, San Francisco and now West Point mint.

    Hope that helps a little.
     
  11. xlrcable

    xlrcable Active Member

    Edited because while I was typing jpcienkus cleared it up better than I did.
     
  12. If you stare at the coin long enough you can start to convince yourself that there is actually a mint mark there...lol. :wideyed:
     
  13. green18

    green18 Unknown member Sweet on Commemorative Coins Supporter

    Not always true as many argue that they're bullion. I like to think of them as 'collector bullion'. It's the only way I can justify paying the outrageous price over 'spot'.........:)
     
  14. JPeace$

    JPeace$ Coinaholic

    But, but, it's a burnished planchet!!! I buy them too and don't quite know why...lmao.
     
  15. xlrcable

    xlrcable Active Member

  16. Conder101

    Conder101 Numismatist

    Simple, you are right and they are worth little over bullion and the prices in the Redbook are wrong. Dealers bought green monster boxes at $2 per oz over spot, shipped them to the TPG for grading (Which allowed them to have them slabbed for just $5 or $6 per coin), sold the 70's at a big mark up and that was where they made their profit, and now they are blowing out the non-70's at cost to recover their capital for the next purchase. When the (S) and (W) coins first appeared back in 2011 they did bring a premium for awhile, which is probably why the Redbook still lists them at a premium, but not so much anymore.
     
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