Getting Ripped OFF By The US Mint

[bountyhunter]

Once upon a time, a young kid who didn't know any better (me) bought some "special coin sets" to honor America back in 1976.

"To capture the bicentennial spirit, three coins in the set are dual dated 1776-1976."

It was s set of silver dollar, half dollar and quarter.

Imagine my surprise to see this "limited edition one time only set" still being produced and sold. And, BTW, they are worth about half what YOU will pay for them. Yes, it turns out, anytime they want to make more money they can just stamp more and sell them.

There are numerous private mints in the US, and they often do commemorative sets. By law, they have to state how many will be made to prevent them from committing a fraud where they sell sets as rare when, in fact, they will print tons of them. There is one mint which is not bound by that law... say it with me... the US mint. So they routinely rip people off by selling sets worth far less than price because they over produce them.

Now you know.

I'll attach an image of the set I am referring to, as well as the actual market value from a coin reference (listed on right most value in table). The table also shows that nearly four million had been made. Four million and counting? rare they ain't..... needless to say, you don't want to buy commemorative issues from the US Mint unless you just like flushing money down the crapper by spending $50 for a $24 coin set.

http://coins.about.com/library/US-coin-values/bl-US0000-Modern-US-Proof-set-Values.htm

Edited May 12, 2014 by bountyhunter

[Hi-Power Jack]

Looks, to me, a lot like a $1.75 coin set.

[Steve RA]

+1

[bountyhunter]

Yeah, at the time (1976) I thought they were an anniversary set being issued to commemorate the 200 year anniversary. Didn't figure the mint would still be dumping them into circulation almost forty years later....... tends to drive the price down.

I never figured the return would pay for my retirement, but it's pretty slimy when the US mint uses "patriotism" as the scam to rip off people.

Edited May 12, 2014 by bountyhunter

[matgyver]

At least you didn't get ripped off...original issue price was $13.

I don't think they are being produced, just old stock being sold.

[Sarge]

Capitalism at it's finest!!! Isn't that what everybody says when people sell 4 lbs of powder for $500?

All the commemorative stuff has always seemed "gimmicky" to me anyways.

[bountyhunter]

At least you didn't get ripped off...original issue price was $13.

Yeah, I saw that but that wasn't the price at the time. It was about $20. The mint may sell them off for that at wholesale but they are resold at whatever they want to mark up to.

I don't think they are being produced, just old stock being sold.

I don't think so. Maybe.

[bountyhunter]

Capitalism at it's finest!!! Isn't that what everybody says when people sell 4 lbs of powder for $500?

Yeah, I realize screwing people is the heart of capitalism. It's just slimy when the US mint does it and uses patriotism as the hook.

[birdzman]

That sucks but nothing to do with money and the govt. surprises me anymore.

[wgnoyes]

What? No, no, no, no, no, respectfully, I don't think so. The U.S. Mint is not still striking 1976 Bicentennial 3-coin 40% silver sets. They spend enough time and energy diluting the collectibles market with all kinds of other yearly commemorative this that and the other things, not to mention that it would be illegal to do so. And if they were going to do so, there would be a lot more lucrative things to keep grinding out like the 1995-W proof Silver Eagle, which is fabulously rare and costs mid-4 digits.

You saw this on http://usmint.gov? 'Cause I can't find it.