Although this past week was the World’s Fair of Money, there was not much news surrounding the event. According to individual reports, people said that it was a good show even with the COVID precautions. It was similar to reports from The National, which was held in the Stephens Convention Center the week before.
The week’s biggest news was the U.S. Mint publishing the lot numbers used to label the boxes with the American Eagle bullion coins.
Until last year, the U.S. Mint has not identified where they strike the American Eagle bullion coins. Spokespeople emphasize that since their production is for the investment market, the mint location is not relevant. Of course, collectors view the market differently. Dealers and third-party grading services have tried to determine where the coins were struck based on shipping labels and other factors. Although they are reasonably sure, there are mistakes in their assumptions.
In 2020, the COVID-19 pandemic caused the West Point Mint to close temporarily. To keep up with production, the U.S. Mint struck 240,000 bullion coins in Philadelphia. The third-party grading services asked the U.S. Mint about the production of these coins. Rather than leave the industry guessing, the U.S. Mint identified which boxes contained American Silver Eagle bullion coins struck in Philadelphia. As a result, the third-party grading services accurately noted the origin of the bullion coin on the label of their slab.Without the industry asking, the U.S. Mint released the lot information about the American Eagle bullion coins this year. Making this remarkable is the U.S. Mint broke published the lot numbers for the Type 1 and Type 2 reverses for both the silver and gold bullion coins. In fact, they noted that a few boxes had labeling errors incorrectly marking some of the coins as part of the first production.
Although the U.S. Mint has claimed it was always considerate to the collector community, it is the first time they voluntarily provided this information without prompting. Could the U.S. Mint finally be learning from past mistakes? Time will only tell.
And now the news…