By Harvey G. Stack

I cannot agree with you more! The world mints, especially ones that are closest and dearest to all of us, are unquestionably profiteering on the collector and the public. The sale of specially struck coins, presented in fancy boxes, cases or the like, reminds me how Franklin Mint made its promotions, which almost the entire series fell on its face. The only possible redemption was the fact that precious metals rose in value and the recovery of the cost, no less than profit, was fully dependent on the metal market, not the numismatic or collector market.

Yet the U.S. Mint and other mints promoted these issues as “an investment for the future.” That statement was misleading but it was made by a government agency, and are they wrong. The fact that the Mint produces more than enough coins to satisfy the primary market, but it also makes enough to sell to a secondary market. The new special issues are a profit center of huge proportions for the Mint, and at the expense of those who respond to the tantalizing ads, that the Mint floods the newspapers, magazines, TV spots and the like with. Years ago when I was reviewing the yearly statements from 1993 or so, at that time the Mint made, after all expenses tens of millions of dollars profit. Read Full Commemtary