David Ryder is the Director of the United States Mint…
Dear Mint Customers,
I want to take this opportunity to speak to you about the Mint’s approach to our numismatic program.
First off, the United States Mint is unique in that we are an agency of the Federal Government, and also a retail sales organization. The goal of our numismatic program is to serve the American people by producing coins and medals that tell America’s story, are desirable to our customers, and generate net earnings. Net earnings not required for Mint operations are transferred to the United States Treasury general fund and ultimately benefit you, the taxpayer.
During my tenure as Mint Director, I have challenged my staff to come up with new and creative products to energize, excite, and expand the collector community. My team has met this objective on many occasions, most recently with our products honoring the 75th anniversary of the end of World War II and our collaboration with The Royal Mint commemorating the 400th anniversary of the trans-Atlantic journey of the Mayflower.
As we look to provide the market with innovative and interesting products, we engage in market research and solicit feedback from the numismatic community. Our forecasting team examines historical performance and gleans insights on current customer interests and also assesses any new product’s overall potential.
When we develop mintage limits for our numismatic products, we use our best efforts to come up with what we think are mintages that will satisfy customer demand and ultimately sell out. Contrary to the belief of some, we’re not happy when a product sells out immediately–that means that we underestimated demand and disappointed many customers. On the other hand, we don’t want to set mintages so high that we’re left with unsold inventory, which results in additional expense when we recycle the coins and medals and dispose of the packaging. Finding the right number is an art and a science.
Most of the time I think we’re successful, but in the case of the World War II 75th Anniversary products, we clearly underestimated demand.
As many of you are aware, a slowdown of the Mint’s online sales website caused frustration for many of our loyal customers, who were unable to purchase their desired product. One contributing factor is that there were 390,000 users attempting to access the website during one time frame, which is more than triple the capacity we had planned for.
I can also tell you that our solutions to prevent automated purchases by “bots” also put an immense strain on our website and can lead to unintended issues for other legitimate purchasers. The overwhelming demand for these products outpaced our website capacity in ways that we are still trying to better understand and remedy.
That said, more than 75 percent of 75th Anniversary End of World War II products were purchased by the Mint’s registered customers. I have asked my team to do a thorough analysis of what went wrong, and, by balancing capacity versus cost, come up with long-term, lasting solutions that will provide our customers with a vastly improved buying experience.
Also, we have different sets of customers purchasing our products, including individual collectors and dealers. We do not provide preferential treatment to any of our customers, be they individual collectors or professional coin dealers, and we have measures in place, both automated and manual, to ensure that household order limits are adhered to.
We have seen an increase of activity by another sector of customers: buying groups who offer to pay a premium to individuals who purchase our high-demand products. This sector is one of the reasons you are seeing high prices for our products on the secondary market. The Mint has no control over what individuals do with their numismatic products once they are purchased. Some customers choose to add these coins and medals to their collections, while others choose to sell them for a profit.
In summary, I and my team are working to change the way the Mint has done business in the past. We endeavor to produce numismatic products that our customers will value. Along the way, we’ve made mistakes, and are doing our absolute best to learn from those mistakes. I thank you for your loyalty as a Mint customer, and look forward to your continued presence with us as we continue our journey of celebrating America through our numismatic products.
–David Ryder
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I like the Director and I like that fact that the limited coins are difficult to obtain as long as I get mine.
Baltimore NOV 2019, Paid $ 65.00 and it’s worth about $1500-$2500
Nov 2020, V75 Silver Eagle, I got mine
Chicago 2014, Kennedy 1/2 dollar gold, an angry mob to buy all the US Mint had.
I got mine.
Greed works
Your glorification of greed and selfishness is disgusting.
Ditto
Please, I’m not glorifying greed, selfishness, or any ill-intended motives, but when Ryder admits underestimation of demand, I don’t believe him. Historical records recall unique, limited, special, honorarium coins are “channeled” to the eager, fortunate, connected, or privileged numismatic collectors. Great profits are harvested under this model. The Treasury Dept makes treasure, intentionally.
The fury and rage expressed by complaining collectors or surrigates of the buying group sponsors is not disgusting, rather, it’s just naive. Artificial low mintage quantities HAD to be planned. After all, For me, it was challenging fun to “get mine”, although I want nothing to do with the bad scene in Chicago 2014 when the Kennedy gold halves came out or the uncontrolled disorganized crowd at Baltimore in November 14 & 15, 2019 for the 2019-S rev pr silver eagles.
I hope we don’t rerun this show in 2021 if the Morgan/Peace silver dollars are very low mintage items. But I will try to ………
As you can see outrageous prices for the coins. Underestimating demand is ridiculous as everyone I knew wanted that coin and a gold coin minted in 1300 range? Clearly 75% wanted to make money in this pandemic time.
My father was in world war 2 and wanted one, and I tried, but I can buy one for $5,000
I have puchased every proof gold eagle and proof gold Buffalo that were issued since 1986 direct from the u.s. mint for my collection. I was on line at noon trying to purchase one of the 1,945 WW2 gold eagles, to keep my collection complete, and all I got was “Oops something went wrong” or “you are blocked” notices. Since I was unable to buy one of the1,945 WW2 proof gold eagles from the mint to keep my set complete I will not buy any more proof gold coins from the u.s. mint in the future. I give up. You have lost me as a customer for good.
People need to remember that those people who are “Greedy” are spending large amounts of money and headaches to purchase these coins and ship them off to NGC/PCGS ect. They are taking the Financial risk. These “Greedy” coin dealers have no idea if a coin will be rated PR-69 or PR-70. Which is a large difference in price/profit. Everyone wants a PR-70 FDI but, only 3/10 coins (if that) get that rating. So, these coins are marked up to help offset some of the cost. A bulk Submission through NGC isn’t cheap. FR, ER and FDI cost even more. It’s called capitalism….. another thing the U.S mint doesn’t tell you is people who are Certified bullion retailers for the mint do not get “kicked off” the website or get Error pages when new coins are released. They have built a business relationship with the mint. If people want that then, spend 1-3 million dollars a year to obtain that status. That’s were most of the V-75 eagles went. Just to submit these coins for FDI, you need to do a Bulk Submission. That’s at least 100 coins per submission.
The us mint has become coin sellers lackey they forget they work for us.
Your art work has been awful. I mean really bad. Hire someone from any other mint and do not, do NOT, get in their artistic vision. All that you said is meaningless when your coins are ugly. The guy in your mayflower coin almost looks like a neanderthal.
I have to agree Bruce. My father was also in world war 2 and was looking forward to buying these coins. Not only did I get “something went wrong” but they straight out kicked me off the website.
I am also just your regular enthusiastic coin collector (on a budget of course) and that situation was ridiculous. The US Government got overloaded and shut down because of BOTS?!
I’ll be sure to include that in my little talk with dad when I go visit his grave.
That feeling when you limit the supply when selling 1900 of gold for 2600. Fire this fool.
The overwhelming demand for Golden Eagles WWII that Mr. Ryder is trying to “investigate and remedy” has a very simple answer…..Do not cap production of a highly internationally advertised and desired coin at a production number of 1,945. That number was clearly not an estimate of demand but for some unexplainable reason chose the date of the war. Why would he or anyone in the Mint approve a proposal to release only 1,945 coins and go thru all the expense/advertising/cost for 1,945 coins at $2550 generating approx 5M dollars leaving 5-8 x’s that for Coin dealers and flippers to profit from. Could have easily produced 19,450 coins and sold them. The big question to investigate is ……How could the MInt Director and his staff not expect a run and crash of their website when they agreed to only 1,945 coins produced. With all the years of the Mints experience in creating and selling coins why they should keep their job for this major blunder and what amounted to an insult to all coin collectors and Veterans wanted a piece of WW2 Memory 75 years later.
Essentially what Mr. Ryder and his staff re-created was the panic and fever of the 1848-49 Gold Rush that ended with the same disappointment and despair again in 2020.
The overwhelming demand for Golden Eagles WWII that Mr. Ryder is trying to “investigate and remedy” has a very simple answer…..Do not cap production of a highly internationally advertised and desired coin at a production number of 1,945. That number was clearly not an estimate of demand but for some unexplainable reason chose the date of the war. Why would he or anyone in the Mint approve a proposal to release only 1,945 coins and go thru all the expense/advertising/cost for 1,945 coins at $2550 generating approx 5M dollars leaving 5-8 x’s that for Coin dealers and flippers to profit from. Could have easily produced 19,450 coins and sold them. The big question to investigate is ……How could the MInt Director and his staff not expect a run and crash of their website when they agreed to only 1,945 coins produced. With all the years of the Mints experience in creating and selling coins why they should keep their job for this major blunder and what amounted to an insult to all coin collectors and Veterans wanted a piece of WW2 Memory 75 years later.
Essentially what Mr. Ryder and his staff re-created was the panic and fever of the 1848-49 Gold Rush that ended with the same disappointment and despair again in 2020.
Everything ran out, I’m very sad as I really wanted it to have a coin like this commemorative ww2 for my father, even silver has run out these days of greedy people hoping this would save them from a economic crash?
This is such a bunch of crap. They have had this same problem with previous issues, and the solutions never seem to come. They are just lying at this point, and thinking we are dumb enough to believe it. Ryder should be be fired or in jail at this point. Ryder, you can go to hell for all I care.
Ryder: “When we develop mintage limits for our numismatic products, we use our best efforts to come up with what we think are mintages that will satisfy customer demand and ultimately sell out.”
What say you??? Surely you jest. A production limit of 1945 coins was never intended to meet customer demand. It was an intended scarcity based on the year WWII ended. How about we celebrate the hundredth anniversary of the adoption of the Peace Dollar with a production limit of 1921 coins??? The press should demand a list of every recipient of these 1945 coins. Let’s find out how many were issued to families of Treasury Department employees or White House staff.
At least you made an effort to explain. It is frustrating trying to get something and only getting error message. As a long time customer, I understand that you have to make a decision as to how many coins are produced. How about taking a survey of your long time customer base and see what possible demand is out there for a new item, then market it. You will get a better idea of how many coins to make.
Personally I think the mint needs to produce more of these coins for the serious collector. They knew what was going to happen. Add more coins after the fact and maybe the greedy people will stop buying illegally when limited product come on sale. And the serious collector can have a shot at getting coins for their collection. I was on website before it went on sale so I could buy and when I tried to buy I was banned. Of course as soon as they sold out to who they wanted to have them and the illegal buyers of multiple coins I was allowed back on the site. And it’s not the first time. Goodbye to the mint. Goodbye to collecting coins. And hello Case knifes. Just as good a collectible and do not have to deal with the mint’s crap
An effort to explain? He lied bro
I’ve been done with the U.S Mint for some time now. It was fun until it wasn’t. Moved on to new hobbies.
It was the worst online purchase experience I ever encountered. I too will not buy again. Just let people preorder and 1 each. That should solve all your mindless problems. You created the situation purposely so eat it up….
I would like to know why the mint sells damaged coins. In 2014 I purchased 5 Kenndy Anniversary Gold Half Dollars. 2 of them had red dots on them. One looked as if it was acid tested. It had a silver spot underneath the red mark. I can’t even sell them. They will only bring scrap price. I will never purchase from the mint again.
I heard from so many like myself who has a family member who served. And who’s time is short and I really wanted to obtain this coin for my Dad who served and at 88 he is not a computer user as many are not at this age.
When I told my Dad what happen.
He stated the mint was like the US Army FUBAR!!!
When the US Mint sells a limited mintage coin, the only fair way to do it is hold a lottery with only 1 entry per person/household. Since the Mint site crashes so easily, allow a certain amount of days (2-3) for someone to place their entry.
My father got me into coin collecting decades ago. The US Mint has destroyed my enthusiasm. I’m tired of insanely overpriced coins sold on a dysfunctional website, forcing resellers to profit wildly while the Mint “seeks solutions” or whatever nonsense they keep telling themselves and us. DONE. I don’t care what excuse they have, this is absolutely disgraceful and they can go ahead and choke on their precious coins for all I care.
I also refuse to buy exorbitantly priced coins stuck in plastic slabs (or not) just to be a coin collector.
I hope the entire coin collecting community crashes and burns like sports cards did. Well earned.
So long, US Mint!
Needed to say one more thing.
I have to agree with Joe above. The US Mint coins look terrible lately. So sloppy, cartoony and lazy. I’m sorry to whoever is designing things, but the US deserves better. Especially because the prices are stupid straight from the Mint. IF I was able to buy these things, I’m really not that intrigued anymore, as the designs look empty and amateurish, not classic nor elegant.
The stunning thing about the 75th WWII coins, aside from the continued failure by the US Mint to run a website, is that they are LAZY designs. A stupid little v75 privy mark? Boring as hell. I had only a little enthusiasm to order from the Mint, and zero inclination to buy from greedy reseller scum on eBay. For a little v75? Who cares, I hope everyone takes a bath on those BORING coins.
Maybe they’ll get even more boring and put a star on a coin someday. Or a smiley face. YAWN.
At least Canada tried to do something with a design (though they have also fallen victim to the goofy cartoony character design influences from wherever these artists are coming from).
I have read the cry of people complaining about the mintage, and price of coins by the mint.
As a long time dealer, the mint has mass produced coinage for years that release price does nothing but profit the mint. As a numismatist and dealer, many others I know in the business abandoned the mint products.
You want to hear crying? Try taking that modern commemorative with a unlimited production to a coin dealer and see what they give you compared to the issue price.
How’s that taste. That is what I thought, not good when you hand that 4 million mintage coin to a dealer and get offers of melt or “not for me, thanks”. As any long time collector should know your investment in a collection should increase with rarity. FYI I have numerous boxes of 1960’s – 2000’s of mint products that are %50 of issue price or face value.
I am so disappointed in the mint. I have parkinsons and it is difficult to manipulate the keys to begin with..
then to be told i have been barred from the site is disappointing to say the least. There must be a better way instead of trying to get coins from the scalpers on ebay.
I went online and ordered one of the 75th anniversary of WW-II American silver eagles. It actually went to my “Bag” and this it appeared I’d actually “won” one of those eagles. However, when I tried to check out immediately, things went haywire and trouble ensued with the final confirmation. Entered my payment information, etc correctly several times (as the website redirected me backwards multiple times); item still showed as being my “bag”, so it appears all was well — it wasn’t. Upon final payment, the item was “not available”. Thus, between ordering the item and having it in my bag at check-out, things somehow screwed me out of it. Nothing fair about that no matter how one looks at it. Very disappointed — had exact same luck with the 400th anniversary of the Pilgrims voyage.
Why do you know see all these dealers that have quite a few of these available for a premium price? So much for one per household. Very disappointing.
The rare coins are not sold fair enough so everyone has a chance to buy. I am new to buying from the mint and have tried many times to buy one of the rare coins you sell but end up having to pay a lot more money on the secondary market it’s very depressing thanks
I have been a collector for over 50 years. A few times I have sold and accepted what came back up or down. Overall I just enjoy collecting. Bottom line its a hobby and a commodity. The exclusion of so many collectors changes everything now. The need to wait and attempt countless efforts to buy issues is not healthy and is not “exciting ” I understand fully the VIRTUE of SELF CONTROL and priorities in life. I also know there are multitudes of people hurting to provide in these times. Now I consider their plight and I made the decision to make what few I can help more joyful and hopeful THANK GOD….fortunate to learn this lessen and do something about it.
I have been a coin collector for about 45 yrs, it started when my mom started working at the local bank & people were still bringing in silver coins, so we bought them for face & did so for yrs. I got a box at the bank, which was pretty full & held on to it for many yrs. When I graduated my parents bought me a $10 gold piece & I will probably never sell it. I’ve bought from the mint for years, mostly silver eagles, gold when I can afford it, but gold prices now are just stupid these days. I can’t wait until it crashes along with silver as the mint is the greedy one here. Paying $83 for 1 oz of silver when it only costs $24? Who’s the greedy 1 now! I got 1 V75, but I’m done with the mint until they stop with this limited BS. They have so much silver in stock piles it’s not even funny. If you state you are making unlimiting supplies of silver eagles & then cut it off at 1 million, that’s not unlimited. There’s your problem the mint can easily make 10-60 million coins in a single day, so why are they limiting now!. Stop this small mintage BS & just make more silver coins period.
I was a “lucky” buyer of the mayflower gold and silver sets. However I still have not gotten my coins and the mint says they can’t give me any info on if\when they will come. I ordered within 2 mins of it going live. They also lost a platinum coin order of mine. I think they have gone the way of the airline business. Oversell their self imposed limited issues and hope/expect some cancellations or returns.
I purchased 5 of the 3/4 oz. gold Kenndy Half Dollars. 3 of them have red marks on them. It looks like the mark is over a bad spot on the coin. This red mark makes the coin only worth spot price. I’ve contacted the mint and they won’t respond. Their return policy is one year. I will never purchase from the mint again.
Today being May 24,2021 I tried for 25 minutes to purchase the new Morgan dollar. After 25 minutes of attempting to log in to the USMint.gov website only to get ERROR message and phones with busy signals the USMint web site said coin unavailable.
EVERY COIN SOLD NEEDS TO BE DOCUMENTED WITH THE NAME OF THE PERSON PURCHASING THE COIN AND MADE PUBLIC.
Already coin dealers are prelisting the coins in their inventory. This is F*****g bull s**t.