US Mint Statement on Erroneous American Silver Eagle Information

by CoinNews.net on May 26, 2017 · 37 comments

Most bullion American Silver Eagles are struck at the U.S. Mint facility in West Point. Some come from the Philadelphia and San Francisco Mints.

2017 American Eagle Silver Bullion Coins

CoinNews photo of investor-grade 2017 American Eagle Silver Bullion Coins. They are generally available from bullion and coin dealers for a small premium above their melt value.

Unlike companion proof and uncirculated editions, bullion coins lack mint marks to denote where they are made — frustrating collectors’ desires to own complete Silver Eagle collections by year and minting facility or potentially focusing on those that are scarcer.

Following a Coin World Freedom of Information Act (FOIA) request in March, an identification workaround seemed to have appeared with the U.S. Mint releasing manufacturing tracking numbers that were used on bullion Silver Eagle shipping boxes. However, according to a U.S. Mint press statement delivered to media editors on Friday, May 26, some of their March information was erroneous.

The United States Mint statement follows:

"By way of background, while most American Eagle silver bullion coins have been minted at the West Point Mint, to meet demand the United States Mint (Mint) has sometimes produced these coins at the Philadelphia and San Francisco Mint facilities.

It is important to note that the Mint offers bullion coins through Authorized Purchasers to provide investors the opportunity to acquire precious metal coins at a slight premium to spot market prices. As such, all Mint silver bullion coins are, by their very nature, homogeneous. None of these coins bears a mint mark designating the facility where it was produced. The Mint’s goal is to ensure that the American Eagle silver bullion coins struck at any of these three facilities are identical and indistinguishable from one another.

On March 20, 2017, in response to a request made pursuant to the Freedom of Information Act, the Mint released internal manufacturing tracking numbers used on the boxes that contain American Eagle silver bullion coins that are shipped to Authorized Purchasers. It has come to the Mint’s attention that some of the information that was released on March 20 was erroneous.

The erroneous information released on March 20, as well as confusion surrounding the Mint’s use of internal manufacturing tracking numbers — specifically those connected with American Eagle silver bullion coins — has resulted in a mistaken belief that some of these coins are rarities.

The internal manufacturing tracking numbers on these boxes support the Mint’s quality control program and were not intended for the public to rely on to establish which Mint facility produced the silver bullion coins.

The Mint will provide new information regarding these coins by the end of June."

{ 37 comments… read them below or add one }

Richard May 26, 2017 at 12:48 pm

So bullion coins that are intended to be nothing more than silver “rounds” can be slabbed to show non-existent mint marks based on the box numbers they came in? This sounds a bit over the top.

Bruce Doc Smith May 26, 2017 at 6:05 pm

They have been slabbed. Denoted as 2nd rarest ASE to date. Sold for $1,000’s in MS70 & $500+ in MS69. See presentations @ Coin Collector HSN Show with Mike Mezack. Buyer Beware!!

Michael A Sharpe May 26, 2017 at 6:58 pm

Now the Mint is screwing with the Numismatic Industry. So many mint Directors either Hated or Loved Collectors. So now we have Fraudulent Coinage. What’s a Dealer to do Now

John Harris May 26, 2017 at 7:20 pm

Well said Richard, I’m With you on this one

joera May 26, 2017 at 8:23 pm

If I understand this right this could cause a problem. A BIG PROBLEM! Some dealers were selling some of the bullions as “rarities” from the Philadelphia Mint! The slab had a label with, “Struck at Philadelphia” and the year followed by (P), which now seems could be wrong! If some of the information was in error of where the bullions were struck then the bullions were not rarities at all.

Tinto May 27, 2017 at 12:56 am

@Richard

I’m with you there! But then again it seems nothing is over the top with these TPG’s and the coin sellers esp. those on TV, so long as they can make a buck out of those willing to be fleeced.

Steve May 27, 2017 at 3:50 am

How about all the collectors that paid crazy money for these. Who is going to reimburse all the money?

Stuart Wheeler May 27, 2017 at 7:57 am

The United States Mint has now proved beyond a reasonable doubt that what they say to the public at large concerning their news releases cannot be taken as accurate by any means. This presents a bonafide problem for purchasers of Silver American Eagles slabbed with (P), (W), (S). Prices of said rarities will drop like a rock in a vacuum once the information printed on the slabs now mean nothing and are no different from raw bullion coins with no way to know what facility actually struck them. In other words, break the coins out of their slabs and count your loses. The only thing accurate about these said rarities is the date when they were struck. Forget about the nonsense (P), (W), (S). They all have no mint marks anyway. As usual, the Mint is liable for gross errors.

Samuel Davis May 27, 2017 at 10:58 am

The mint released a limited amount of S-silver eagles this year & was on the phone to buy a couple. Surprise I couldn’t get one but coin dealers could. The mint has been ripping us off for year’s.

Randall stephens May 27, 2017 at 1:20 pm

I’m one of the suckers. I took the information as correct got all of the grades p-w-s coins. Guess i needed a reason to stop collecting. Now i found one. Big waste of $$$$$$

joera May 27, 2017 at 3:18 pm

Even though the news about this is out, some of these bullions are still being sold with the “Special Label” on eBay.

Seth Riesling May 27, 2017 at 9:00 pm

joera –

For the second time in a month, Mike Mezack was selling them all on HSN live TV shopping show tonite. He sells the 2015-(P) in ANACS MS-69 for $599.95 & the ANACS MS-70 for $4599.95 & still is saying these are the “most historic coins in U.S. Mint history”! Very sad rip-off for sure. Of course, he didn’t mention that the Mint issued a press release saying their info on these coins was wrong & they are not rare. Coin World also published the press release to let collectors know these coins are worth about $40-$70 only! I hope everyone learns a lesson from this debacle.

-NumisDudeTx

Tinto May 28, 2017 at 12:29 am

@Seth Riesling

Was Mike also selling coins holdered with the Reagan label ?? Or was that Coin Vault ?
Sad state for modern (after 1964) US coin collecting … the TPGs, the big buyers and the Mint seem to be working hand in glove …. all with the aim of ripping off the small fry buyer/collector

Sure glad I’m mostly out and basically looking to totally liquidate my small holding … and sure glad I never got into “collecting” the proof ASE since there will always be a hole in year 2009, courtesy of the inept US Mint ..

joera May 28, 2017 at 1:53 am

Seth-

I was wanting to know what Mike “Sold Out, Limited Edition” Mezack was doing with these. I’ll be recording his show tonight to hear his BS. I also read the press release Coin World published. I’m just wondering who is going to get the blame for this debacle, or error as the Mint put it? Or what is going to happen or come of this? I mean there are going to be some upset collectors who will be wanting to either return the over priced bullion or at least put the blame or point fingers at someone for this “error.” I’ve even heard lawsuit mentioned! Would the U.S. Mint be the ones who would be on the other side of a lawsuit or at least be the ones who will be to blame for this debacle? I feel really bad for the people that went for the whole 2017 (P) slab thing. It’s been a bad year for some collectors this year. First there was the 2017 S Proof Eagle that some missed out on and then paid extra for it on the second market instead of waiting to get one later in the year in the Limited Edition Silver Proof Set. AND now this so called “2017 (P)” bullion coin thing. I’m glad I learned to be patient when it comes to coin collecting and not feel like I have to have “this” coin or “that” coin just because a certain coin could have potential to be a good investment. I can’t wait to see what the Mint has to say about this at the end of June.

JB May 28, 2017 at 8:46 am

When I first heard about the bullion ASE’s being minted in the other facilities I didn’t think much of it as I see slabbed bullion with the (P) or (S) which means absolutely nothing to me and most collectors as I know it. What would make these coins any different? After seeing what they wanted for graded specimens, I was glad I had no interest and could not see how they could possibly command the prices being asked for strait bullion coins. I was amazed as that it was almost no time at all from when the mint first announced the existence of these coins to seeing them slabbed and for sale. The big dealers had to hurry and get them slabbed and up for sale so they could get a buying frenzy from those who couldn’t stand the hype and had to jump on the bandwagon, leaving them now with $20 coins in $400 slabs.

Seth Riesling May 28, 2017 at 10:06 am

Tinto –

Michael Reagan (the adopted son of President Reagan & his first wife actress Jane Wyman) has signed PCGS labels over the years. He also has written the forward for a few editions of the American Silver Eagle book. He is a political pundit & knows how to make an extra buck on his father’s legacy since President Reagan signed the Liberty Coin Act of 1985 that started the AGE & ASE coin programs in 1986.
I think you are lucky in a way getting out of the hobby to a large degree now. It is going downhill fast in some aspects. I simply can’t seem to do the same & get out. Thank G-D I didn’t buy any of these coins!

joera –

Mezack was still selling these 2015 (P) ANACS 69 & 70 coins & the 2016 (P)(S)(W) 3-coin sets last nite during his live 2-hour HSN Coin Collector show during primetime.
As far as lawsuits go, you can bet on it in some form from someone! But it will all depend on what the Mint says by the end of June as its final word on the subject. But, as of their current statement, they have already stated these are not rare coins! It will be fascinating to see how this all plays out in the numismatic hobby & industry for sure. Of course, it is the collectors who recently bought these, not the dealers who have the coins in hand now. The dealers have sold most of their inventory by now & probably feel they are totally innocent of pushing a common bullion version coin without Mint marks as rare.

Be careful out there ladies & gentlemen! There are predator dealers out there waiting to take your hard-earned money any way they can get it.

-NumisDudeTx

Tinto May 28, 2017 at 12:05 pm

Went on eBay just to see how much these hawkers were offering their “rare” 2015 (P) …. I see a pcgs MS70 BIN listed at $5,660 (5 hours left!!!) and another BIN at over $15,000 … this is getting sick …

joera May 28, 2017 at 7:21 pm

Edit on my post:
I just noticed something…. I meant: “2015 (P)” not “2017 (P)”

Mike May 28, 2017 at 10:55 pm

I have seen a lot over the years, this was turely one of kind. Wait what about the 10 1933 double eagles?? Different story same outcome. Will keep following the story!!

Joe Brown May 29, 2017 at 1:53 am

They should have never been graded. The grading service should know better.

Kahoola May 29, 2017 at 5:23 am

My understanding is that the grading services guarantee authenticity and will make up the difference if there is a discrepancy. Are they now on the hook if it turns out that their “struck at” designation is false?

gary May 29, 2017 at 8:34 am

you can’t make this stuff up wow .buy the book before the coin,buy the coin not the slab. best advice i ever got!!

Ron May 29, 2017 at 9:05 am

“TIME” is the Issue here, Here it is 2017, and still early in the year, and now we see the (P) Silver Eagles hitting the market, and from the year 2015 ? wow,I am glad I wait until all the huppla is said and done before I make a purchase like that, for a non-minted Silver Eagle that is spose to be from the Philly Mint. I say to myself why now and why this ? very odd goings on with the slabbed coins being from the (P) Mint. and the high price, with all this being the first time we all see this now ? Glad I waited and even more glad the mint will have more Information out on this at the end of June !!! And one other thing, I hope everyone has never paid that BS-er Mezack, a penny for anything !!! I would love to run into AZZ-hole in a dark alley ,LOL

Bruce Doc Smith May 29, 2017 at 3:52 pm

Below is link to presentation from HSN’s Mike Mezack. He & frustration with Mint, plus other “problems with greed” in hobby has caused me to give up over 50 years of collecting joy. Luckily my knowledge saved me from losses, but I am angered at the amount of uninformed being burned.
https://youtu.be/gIko2Jd4BXE

Seth Riesling May 29, 2017 at 5:20 pm

Bruce Doc Smith –

I have long wanted to post a link to one of Mezack’s HSN Coin Collector TV shows to expose his many rip-offs, but I don’t know how to upload such a thing. Thank you for doing that so others can watch & see for themselves some of the unscrupulous tactics going on out there in tv land.

There are good, honest dealers out there if you ask around on coin forums like this one.

-NumisDudeTx

joera May 29, 2017 at 6:49 pm

Mike: “..they realized some of them looked different..”
U.S. Mint: “…identical and indistinguishable from one another.”
This is just one example of what he will say to make a sale. There is a long list of things he says that are not true.

Eddy R May 29, 2017 at 7:46 pm

Buy the. COIN. not the slab!!!

Carl May 30, 2017 at 12:12 pm

Another thing about Mike Mezack he can’t even get it right as to how many Silver American Eagle coins are in a mint tube. He says the tape inside the green monster box had 25, 25, 25 etc. but a green monster box has 25 mint tubes of 20 coins each. I have never bought anything from him and don’t intend to but watch just to see what he has an to listen what ‘tall tales’ he spins.

Senior May 30, 2017 at 2:14 pm

Two comments 1.Moderns Should Never Be Graded and Slabed. 2.As long as there are fish in the sea there will be fisherman with baited hooks.The collector you and I being the fish and guess who the fishermen are.Lets make it 3 NEVER purchase graded slabed Moderns.Dont stop collecting just use good judgement.Someone wrote earlier there are plenty of good sellers I believe it was (Seth) Keep collecting.

Chas Barber May 30, 2017 at 4:27 pm

PT Barnum would =be happy in order with 1) PCGS/NGC 2) MINT profiteering 3) Collectors looking to make big $ or fill a non existent hole…….modern slabs, only for silver $1 commems I get for $20 or under……

RonnieBGood May 30, 2017 at 6:41 pm

A shame that a truly “Made in the USA” hobby (US coins) has taken such hits lately.

It appears that the value of gold & silver modern coins going forward will be more influenced by $$ moves in precious metal.

Tinto May 30, 2017 at 7:08 pm

I’ve watched that Mike for amusement and I often see how he goes into this shaking and pointing routine … was that an attempt to physically distract one from looking closely at what the coin is really worth

joera May 30, 2017 at 10:26 pm

Senior-
You can thank Mike Mezack for the grading of modern coins. He says he is totally responsible for the grading of American Silver Eagles. He also says he started the whole “STRUCK AT ******* MINT” thing. In other words all the (P), (S) and (W) mint marks. Now I don’t know for sure if he is right and is responsible for the grading of modern coins but I do know that he has mentioned that it was all because of him and him alone.

Senior May 31, 2017 at 8:43 am

Joera. I believe in the rule of. What goes around comes around. I believe one day the Rubber will hit the road.

unknown June 1, 2017 at 1:18 pm

have any 2015 monster box owners submitted their own FOIA request with the box serial number to request documentation from US Mint to verify mint of origin?
thanks

Bruce Doc Smith June 11, 2017 at 12:12 pm

I see for last 2 days HSN are selling these coins at a record rate with multiple presentations. Many more than usual. In fact just watched “today’s special” with more airings later today. Trying to unload as many as possible at EXTREME prices. Claiming rarist ASE to date. It saddens me to see this. Can the Mint put a stop to this, and Mike Mezack? Please!! I was unable to share this post to HSN. Buy the coin, not the slab. At $4,500 for 2015 MS 70’s (ANACS), think of the true rarities you can buy with that much. To sad.

Bruce Doc Smith June 11, 2017 at 2:40 pm

I found today’s, 6/11/2017, one of NINE airings today of HSN Coin Collector show c Mike Mezack, full one hour show via HSN YouTube channel. “Deal of day” the (P) mint ASE. Gotta stop watching, very frustrated with them. Wish I was able to air to warn customers somehow. Again this is full hour episode airing @ 11AM Pacific time. God Bless.

https://youtu.be/8LVcvvlB44A

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