When discussing the suspension of production of Presidential Dollars for circulation, Vice President Biden said, “Nobody wants these things, and if they don’t want them, we shouldn’t keep making them.”
Apparently, somebody does want them. The US Mint has received orders for more than 6 million Chester Arthur Dollars in less than two weeks.
Although the Presidential Dollars are no longer being struck for release into general circulation, the United States Mint has continued to produce a limited number of coins for direct sale to collectors. The Mint began sales of the 21st release of the series featuring Chester A. Arthur on April 5, 2012. Products included 25-coin rolls priced at $32.95 each, 250-coin boxes priced at $275.95 each, and 500-coin boxes priced at $550.95 each. All orders were subject to a shipping and handling fee of $4.95 with an additional charge of $7.95 per box of 500 coins.
Prior to the start of sales, the US Mint had projected that total collector demand for each release would be 5 million circulation quality coins. Preliminary production for the Chester Arthur Presidential Dollar was a bit higher than this at 5.74 million coins.
From April 5 to April 16, orders have been received for rolls and boxes which would contain more than 6 million Chester Arthur Dollars. A breakdown of the orders and number of coins included appears below.
|2012 CHESTER ARTHUR $1 COIN ROLLS|
The US Mint has reserved the right to revisit additional production for Presidential Dollars based on customer demand. Based on the level of demand so far, it seems that striking more coins would be prudent.
Three additional coins within the Presidential Dollar Program are scheduled for release during 2012. The upcoming releases are Grover Cleveland (first term) on May 25, 2012, Benjamin Harrison on August 16, 2012, and Grover Cleveland (second term) on November 15, 2012. These coins will not be issued for circulation through the banks, but only sold at a premium to face value by the US Mint.
So when will the Mint revisit production of these coins? Seems they are already 500,000 short based on production vs orders received. Last I checked you could still place orders as the product has not been pulled from site. Do they revisit after the production of the next 3 presidential dollar coin releases or….? Producing more sure won’t help get rid of the 1.4 billion stockpile of previously produced and unsold coins in vaults.
Coin Update says
They should be able to revisit production at any time during the 2012 calendar year.
So, they can start up production today. Just wondering if they will halt production of next releases to meet this demand now or likely revisit later in the year. My question stems from order fulfilment. I am wondering if I place order today will I be waiting until November for mint to produce more to meet orders or ….? Thanks for any input
I’m going to guess demand will top out between 8 to 10 million total coins. I would be amazed if sales topped 10 million. I am still stunned at how quickly the initial production run sold out!
I wonder if these figures indicate that there are three-million plus collectors of the president dollars. Possibly everybody who used to go to the bank to get them is now going to the mint (or going to coin dealers) to complete their collections.
It is interesting that they would be this popular. I can’t help but wonder if “sideburns” have something to do with it. 😛
Bill Voss says
what’s a person to do if he wants only a few coins, say 3-5 or 5-10 ?? (not a roll or box.)
will the various national dealers break up their supplies to handle this type of transcation? huh?
It would be interesting to hear how they came upon the 5 million number. The least over-produced number was 74 million in total. I am sure they don’t have 69 million of those coins in the vaults. Also, I know that as a collector having only 1 of each is NEVER enough.
Alan…. I always thought Elvis had the ultimate sideburns ever … WRONG …lol
Bill I am not sure I disagree with the new policy as it pertains to the presidential dollars and Kennedy halves. Until they get rid of dollar bills creating a daily use for these coins the vaults will be overflowing with these coins. They could just discontinue the series entirely OR perhaps melt the stockpile to use for future releases?
Dave A. says
Bill V, find some local coin clubs and see if anyone is breaking up rolls from the US Mint. That is a service that I am doing in my own club. I buy in bulk, so my markup is only about 12 cents per coin.
Also, local coin dealers will probably be doing the same thing for more markup. Remember they need their markups to stay in business.
Yes, many on-line dealers will also be vending the latest prezibucks in singles and rolls. HTH.
Dolores Kennedy says
How do i get past coins that i wasn’t able to get at the BANK(small amt.)
Well who do you think Al works for?