NGC Certifying Stockpile of Backdated U.S. Mint Gold and Silver Coins

by CoinNews.net on July 1, 2020 · 14 comments

Numismatic Guaranty Corporation® (NGC) is excited to announce that it is certifying a stockpile of backdated gold and silver coins that were specially released by the US Mint in May. The hoard includes 2016 and 2017-dated American Silver Eagles, American Gold Eagles, First Spouse gold coins and silver medals.

NGC Certified U.S. Mint 2016-2017 Gold and Silver Coins

A sampling of U.S. Mint coins graded by NGC with an attribution of 2020 West Point Mint Hoard

It is unusual for the US Mint to offer coins for sale several years after they were originally struck. In May, however, the US Mint sold tens of thousands of gold and silver coins from its reserves to bulk buyers.

At the time, much of the nation’s economy had ground to a halt due to restrictions surrounding the COVID-19 pandemic, and demand for precious metals soared. The US Mint responded with this almost unprecedented sale of backdated coins.

The coins include desirable issues, such as:

  • the 2016-W 30th Anniversary 1-Ounce Proof Silver Eagle,
  • the 2017-W 1-Ounce Proof Silver Eagle,
  • 225th Anniversary American Liberty Silver Medals and
  • First Spouse 1/2-Ounce $10 Gold coins.

The majority of the coins in this special release have already been submitted to NGC for certification. To mark their unusual status, NGC is attributing them with designations including 2020 West Point Mint Hoard.

For many collectors, the Silver Eagles will be the highlight of this special release. Silver Eagles, which celebrate their 35th anniversary next year, are extremely popular with both collectors and investors. NGC has certified nearly 11 million of the one ounce silver coins according to the NGC Census.

As the effects of the coronavirus continue to be felt across the country and world, many people continue to move towards the relative safety of gold and silver. Mints and coin dealers have struggled to keep up with demand, making the sale of coins from this special release a boon for collectors and investors who are eager to expand their portfolios.

NGC-certified coins with the 2020 West Point Mint Hoard designation are available exclusively from Rare Collectibles TV and other retailers.

About Numismatic Guaranty Corporation

NGC is the world’s largest and most trusted third-party grading service for coins, tokens and medals, with more than 46 million collectibles certified. Founded in 1987, NGC provides an accurate, consistent and impartial assessment of authenticity and grade. Every coin that NGC certifies is backed by the comprehensive NGC Guarantee of authenticity and grade, which gives buyers greater confidence. This results in higher prices realized and greater liquidity for NGC-certified coins. To learn more, visit NGCcoin.com.

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Seth Riesling

This is a very unsavory practice (once again) by U.S. Mint Director David J. Ryder! This hoarding of coins from 3 years & 4 years ago is against Mint protocols, standard operating procedures (SOP) & standard auditing practices. These coins (and medals) went off sale years ago & were supposed to be melted & repurposed, & now collectors & investors face higher mintages on silver & gold coins & medals they purchased knowing the “final” audited sales figures, which are no longer reliable numbers- (which lowers the value, with more available in the marketplace now!). It is simply a very… Read more »

MJS1447

I couldn’t agree more Seth – the US Mint has turned into a sham to benefit themselves and the big coin companies. I thought the sale of old proof silver eagles a few years back was a one time anomaly but it looks like business as usual. I wonder what else they have hidden away. Funny, the article seems to imply that NGC was one of the major purchasers – Wouldn’t that be something???

chuck

I agree! Will be interesting to know what was sold and if this is the end to this (IMHO possible/likely fraud). Wonder if cases could and should be made for “mail fraud” Title 18 U.S.C. 1341 and or “wire fraud” Title 18 U.S.C. 1343, and possible other criminal charges since the coins & medals were, as they even represented at the time, were to be “melted” and no longer sold! If so, hope they are held to account.
Their reputation, IMHO, will/can never be restored as being good or honest!

joera

Why even keep up with sales if they are going to change YEARS LATER!

Steve

I’m surprised they didn’t label them with First Day of Issue or Early Releases.

James E Mayes

Very bad practice on the mint’s part. U.S. mint is getting to the point I do not know if buying from them is good idea anymore.

Mark Glass

What’s next? Reissue coins with rare dates on them? Maybe make coins from bio-degradable materials, so you have to keep replacing your ‘rare’ items every 5 years? I get that the US Mint, self-funds and has probably suffered like most places over the past few months. However, this debases everything. Those people that loyally purchased the first time (probably at a massively inflated price), wont be happy to see the market flooded with those ‘rare gems’ now. I was spending $5k-10k a year on items from the Mint. That’s dropped down to $70 this year, (only because I forgot to… Read more »

Chas. Barber

Another reason US Mint items are becoming like Beanie Babie$. I stopped with the mint last year after the awful quality control & shutouts. Do you really NEED that coin,. no, I need food & shelter, coins are a luxury deluxe in today`s world & the mint see’s Nothing, is the new Director Sgt.Schultz?

c_q

On the one hand, it’s nice that they aren’t wasting perfectly good coins in an environmentally insensitive way by melting them down. But on the other hand, why does the mint have to contract this out for certifications that can only be bought via selected retailers? Maybe it’s a legal thing, but seems like if there is demand the mint should just sell them in their own channel. Or the mint can just cut out all the guessing, send all their raw output to rating agencies, anything that doesn’t come back as a 70 they would just put in lenses… Read more »

Rodney Moore

NGC seems awfully proud of having graded these and they shouldn’t be, in my opinion. Many people buy coins from the mint and leave them sealed in the box for future sales years or decades later. With the mint pulling a trick like this it will cause problems for those who invested in the coins only to see the market flooded with them years later. It might be that the mint sees a decrease in sales because of things like this (maybe?). Buying from an international mint that doesn’t do things like this is a good idea. As I read… Read more »

Last edited 5 months ago by Rodney Moore
Chris Ross RN,ADN,AASC,CCRC,ONC(ret.) ross

Speaking of NGCs questionable ethics, I recently sent 2 proof Franklin halves for grading and what returned was shocking to not only me but the experts at the local coin shop. I won’t mention them by name but they have a great reputation and regularly attend FUN. One graded of 64 which was easily a 66+ to 67. The other graded of 67 should have been no higher than a 66. 3 of us agreed that the grader either mistakenly switched the 2 or didn’t get enough sleep. Either way, this error in grading is costly, over $400 mistake. I’ve… Read more »

chuck

I’m waiting for them to release the 1933 Double Eagle for grading and sale. It should be labelled a “late release”!!!

chuck

Where (in what report(s)) can we see these thousands of $ in sales by the mint and what they were/ are?

t.s.

How do we know if any of the coins are from the 82 tons of fake gold from Kingold of Wuhan just discovered. How are we to know what is real and what isn’t these day? They were able to defraud banks to get billions in loans off this fake gold. I am worried.