This phenomenon of the “First Strike” designation within the coin industry began around 2005. The most frequently promoted First Strike coins are American Gold Eagle, American Silver Eagle, American Platinum Eagle, and the American Gold Buffalo coins.
The U.S. Mint has no First Strike program for the minting and distribution of its coins.
The U.S. Mint does not track the order in which it mints coins during their production and does not segregate or specifically identify the first coins minted from a set of dies.
The Mint doesn’t even necessarily ship coins in the order in which they were minted, thereby making it impossible for promoters of First Strike coins to know that the coins being promoted as First Strike are actually the "first coins struck from a new set of dies."
Did you know that the U.S. Mint usually begins production several weeks to several months before the coins are officially released.
By the release dates for the 2005 and 2006 bullion coins, the U.S. Mint had already minted approximately 50% of the total projected mintage for these coins. And this manufacturing practice is clearly stated on the U.S. Mint’s website under Consumer Awareness. So please be informed that this “First Strike” designation is not coming from the mint but from the third-party coin industry trying to make a buck!
Marketers have created a perception of value, for an otherwise ordinary coin, based on nothing more than when the U.S. Mint shipped it to the customer!
Now it is true that the US Mint sometimes does hold ceremonial "first strikings" of new coins, but these ceremonies usually consist of only two coins, which are not set aside but are put into the regular inventory of the new coins. And it’s probably from these ceremonial strikings that promoters came up the idea of First Strike coins.
Now let’s talk about PCGS and NGC First Strike Coins
The premier coin grading services that grade First Strike coins are Professional Coin Grading Service(PCGS) and NGC (Numismatic Guaranty Corporation). These two firms' positions on First Strike coins more clearly explain what First Strike coins really are.
The PCGS website designates a “First Strike” coin as All Eagles, Gold Buffalos, Gold Spouse Coins and other mint releases struck within the first 30 days of issue. PCGS says that for coins to be labeled First Strike, they must be received within thirty days of commencement of shipping (or have documentation that "proves" that the coins were shipped during the first thirty days of a coin's production.)
According to the NGC website, the “First Strike” designation has been discontinued since 2006.
There are NGC pre- 2006 slab coins out there with the “First Strike” Label so for those coins please be aware of the NGC designation criteria at that time:
An NGC pre- 2006 “First Strike” were those coins that were shipped from the U.S. Mint within the first month of their official release.
Since 2006, NGC has eliminated the "First Strikes" designation from their labels, replacing it with the designation “Early Releases" or “First Release”.
According to their web site an “early release” or “first Release are coins received by NGC or an NGC-approved depository within 30 days of the first release of a new coin issue.
So, the “First Strike” designation is nothing more than a marketing program to prey on collectors who seek out coins of special significance.
They want you to believe that the “First Strike” designation somehow implies that it’s a strike of the earlier coins and is somehow better than those struck later and that is pure nonsense.
Dies constantly wear out and are replaced numerous times throughout the minting process, which means that technically the coins struck after each die change should be considered “First Strikes” right! So, if you happen to buy a coin, that just so happened to be struck on a newly changed die, you will have the same quality coin as the one slabbed and labeled as “First Strike” but for a lot less money.
It is unfortunate that “First Strike” designated coins are currently commanding a premium over the other minted coins.
The only way to stop this madness is to educate the entire community to stop putting credence and value in the term “First Strike”, “First Release”, and “Early Release” We need to stop paying premiums to coin dealers and distributors who are selling designated coins clearly on a false premise that they are in some way more valuable than any of the other coins minted.
What is your opinion on First Strike Coins? Would you buy a slabbed First Strike Coin? Let me know in the comments section below.
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