Perth Mint mintage policy

Discussion in 'Silver' started by Ron Currie, Nov 7, 2012.

  1. Ron Currie

    Ron Currie New Member

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    Posted on The Perth Mint blog today http://blog.perthmint.com.au/2012/1...intage-policy-heres-the-basis-of-our-thinking:

    Perth Mint mulls Mintage Policy here's the basis of our thinking

    The Perth Mint is working towards the publication of a new Mintage Policy in response to recent debate on this blog site.

    It's a fairly complex document that requires a bit more work before we're ready to make it public. However, it's advanced enough for me to present our ideas on the major concerns expressed by those who have left comments.

    Just before I go any further, I want to say that we've been listening very hard in recent weeks, not just to your contributions via our own blog, but also on the well-known forums where we're discussed.

    The insights many of you have provided are invaluable to us. Of course, we have never deliberately set out to upset anyone, but it is clear that some of you are far from happy. In response, we launched an immediate investigation to underline that we are an open, honest and ethical organisation not beyond mistakes but one that is happy to listen, learn and take corrective action.

    So let's cut to the chase about mintages.

    We are dispensing with the concept of 'packaging mintages'. This, I believe, lies at the heart of your dissatisfaction with what otherwise are products extensively admired for their quality and aesthetics.

    As you have urged, the term 'mintage' will now refer exclusively to the maximum pieces of struck metal.

    Just as important, every limited issue will have its mintage plainly stated. For clarity, this is probably best illustrated by an example of how it will appear in a Certificate or brochure, such as:

    "No more than 10,000 of these coins will be released individually from a mintage of 12,000."

    This type of wording provides us with the potential to house up to 2,000 additional coins in one or more packaging variations. For such a variation you can expect the Certificate or brochure to state:

    "No more than 2,000 of these coins will be released in this set from a mintage of 12,000."

    Our new Mintage Policy will make it perfectly clear that the mintages we announce in marketing brochures, on the website and in Certificates are absolute maximums.

    The Mintage Policy is possibly a few weeks away yet, but I felt it was important to post early so that you are clearly apprised of our thinking and the urgency with which we are reacting.

    I'm sure there will be plenty of questions. Please bear with us until a definitive document is available. It will be posted on the website and we'll be pleased to engage in much more discussion then.

    Please also be aware that because we work so far in advance, there are products currently in production that may not fully adhere to the principles I've outlined above.
     
  2. SilverSale

    SilverSale Well-Known Member Silver Stacker

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    Sooo... does this mean Perth Mint is going to stop the ridiculous privy coins? There was only supposed to be 300,000 lunar 1oz coins released each year.
     
  3. DanielM

    DanielM Active Member Silver Stacker

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    Thank you! Very positive move by you guys
     
  4. Big A.D.

    Big A.D. Well-Known Member Silver Stacker

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    How exactly is the new Mintage Policy going to be a "complicated document"?

    Mucking about with "packaging mintages" is more complicated than just not making more coins than you say you're going to make.
     
  5. Aureus

    Aureus Active Member Silver Stacker

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    Yeah, I appreciate the effort to keep us happy but if you were completely open from the start this wouldn't have to happen.

    Just state the total number and make sure you stick to it, pretty simple. Privy coins need to get the ass too, you're really hurting yourselves with those.
    Positive step though I guess, nice to read that our concerns are being noticed :)
     
  6. Slam

    Slam Active Member Silver Stacker

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    Thanks for the update Ron.

    I do have a concern, mainly regarding the period or when the mint chooses to repackage the remaining coins in the mintage.

    I know bullion kooks were an extreme case, but 20 years on?

    Now given your above example, 10000 minted out of the 12000 possible. Investors will not know when the additional 2000 (in different packaging) will be released. This is a headache for investors simply because:

    1) If the coin sells well, you can sure bet that the remaining 2000 will be minted in alternate packaging. You will be certain that the price will be affected until the remaining mintage is sold and collectors firmly hold onto these coins.

    2) If the coin turns out average or performs poorly, this further diminishes its potential. The investor will never know what the mint is thinking and when it will release the remaining mintage in alternate packaging. When and if they choose to do so, it will be a kick in the teeth for those that have already bought. Whether the coin will hold release value or not will also be in question.

    I appreciate the response. Wouldn't it be sensible for the mint just to mint the amount in 1 packaging and be done with it?

    Just some food for thought.

    Slam
     
  7. trew

    trew Active Member Silver Stacker

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    This sounds like a document that relates to future mintages.

    Is there any definitive position statement on past mintages ?

    Which may or may not be reminted ?

    both for bullion and proofs.
     
  8. SA@YPS

    [email protected] New Member

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    Regardless, I'm still done with PM fancy coins. Screw me once, shame on you. Screw me twice, shame on me.

    I'll still pick up bullion issues.
     
  9. dindu5585

    dindu5585 New Member

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    good question trew, for numis or those who have invested in older coins... how does this help us??
     
  10. Ghost Story

    Ghost Story Active Member

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    uuuuuuuuuumm
     
  11. GoldenEgg

    GoldenEgg New Member

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    Doesn't make any difference to me.
    Silver is silver is silver.
     
  12. jawkwind

    jawkwind New Member

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    I thought the main problem was minting more 1992 dated coins 20 years later.
     
  13. Eureka Moments

    Eureka Moments Well-Known Member Silver Stacker

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    Great thing I reckon.

    Good to acknowledge the concerns of buyers and attempt to provide clarity going forward.

    People also wish to know whether the mintages on different sized Kooks will be fully filled in the future as are the 1oz. Same concerns regarding lunar coins and all types of proofs.

    I look forward to the Mint's publication.
     
  14. Catseye

    Catseye New Member

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    It's the minting of Kooks 20 years later as well as the fuzzy math mintages.
    20 some odd years of customer loyalty tossed down the drain by a new crop of marketing geniuses.
    The OP looks like a load of spoon fed horse manure from where I'm sitting. I apologize but I have no appetite for it.
    I'm slowly unloading my Perth products and buying Chinese.
     
  15. thatguy

    thatguy Active Member

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    Why no heads up on the blog of the before reminting? Would of saved a lot of embarrassment, or was the hush hush release designed to trick people?
     
  16. projack

    projack Well-Known Member Silver Stacker

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    Especially when early kookaburra coins in the 90s were not sold as bullion coins. They had fix issue prices from AU $15 in 1992 when silver was AU $5.xx, and up to $26 in 1999 when silver was AU$8.xx range.
    No wonder they have not reached mintage limit in those years.


    My follow up question is if the actual mintage year on the coin is so meaningless why Perth Mint does not start selling the 2024 dragons right now?
     
  17. Austacker

    Austacker Active Member

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    I am gonna cut some slack and say, no one is perfect at least you are trying. By listening to your customers and trying to do something about it. While everyone may not agree at least action is happening.

    I think all anyone wants is the rules not too change halfway through the game :)

    Look forward to seeing what the result is. Thanks
     
  18. projack

    projack Well-Known Member Silver Stacker

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    My 2000 panda safe so far, but I think the mintage limit was also around 300K
     
  19. mtforpar

    mtforpar Member

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    Thanks for sharing your thoughts with the forum.

    I would suggest it is a very simple problem to solve. Put the date on the coin the year it is minted. Stop the mintage at the conclusion of the year. No need for fancy worded long winded disclaimers that take a lawyer to interpret. This will solve it and regain the faith and trust of your customers.
     
  20. SilverNGoldGuy

    SilverNGoldGuy New Member

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    +1

    I would add that it is great that the Perth Mint is open to listening to it's customer base and working toward resolving their concerns and I think that the first steps outlined above are a great FIRST step. The suggestion giving above seems the most simple and straightforward.

    If you guys need additional revenue I believe it should come from creating new product lines and/or innovative product offerings; reminting coins from 20 years prior at the expense of existing collectors/investors brings your integrity as a mint into question.
     

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