While National Museum of the American Indian supporters may be pleased if the Treasury Department authorizes an additional mintage for the sold-out American Buffalo silver dollar series, many numismatists will be extremely angered.
"I would be outraged if the Mint were to produce more 2001 Buffalo silver dollars," collector Dan Murdock told Coin World. "I would consider it a slap in the face to anyone who collects coins."
Coin World contacted a small number of collectors and dealers and asked them their opinion about the proposals to issue more American Buffalo commemorative silver dollars. Coin World is conducting an online poll to further gauge hobby reaction to the proposals.
The principal objection to the proposed additional mintage, for dealers and collectors alike, appears to be the Treasury's (and by extension, the Mint's) lack of credibility in producing more coins after a sellout of the maximum mintage.
"It will destroy what little [credibility] the Mint has, even though they have nothing to do with it," Chicago dealer Thomas K. DeLorey said.
Savvy numismatists are aware that the Mint has no authority in determining mintage and which coin programs are produced - the Mint merely manufactures what Congress orders them to produce. The Mint is also subject to orders from the secretary of the treasury.
Virginia dealer Paul Sims' views concur with DeLorey's: "[The Mint's] credibility is shot for every popular issue from now until the end of time."
Many numismatists understand that many museum and American Indian-cause supporters are disappointed that they were shut out of buying the commemorative dollars, but the numismatists feel that this disappointment does not merit an additional minting.
"Just because many museum supporters weren't able to purchase the dollars is no reason to ask Congress to make more," California collector Robert Verdugo said. "If they really want one, they can pay what the market is asking."
DeLorey said that an additional mintage would tarnish an otherwise "wonderful program."
"They sold out," DeLorey said. "They should be happy; they should take the money and run."
If the Treasury were to approve the Smithsonian's appeal, many numismatists believe that the Buffalo dollars' and any future commemorative coins' value would plummet, because precedent states that no mintage would be fixed.
"With $1 million out in the collecting community, I feel the value of them would plummet," Verdugo said. "We may lose more collectors than it was worth."
Sims said, referring to the Mint's tendency to offer solutions for a "quick fix" to a problematic situation, "Everybody will be happy in the short term, and everybody will be very unhappy in the long run."
He suggested that if the additional mintage is authorized, the Mint should change the coins' Mint mark or issue 2002-dated coins.
Changes such as these would prevent the Mint from being perceived as a "bald-faced liar in the eyes of the public," Sims said. "The final line is: What is your credibility really worth?"
