The U.S. Mint's 8-8-08 Double Prosperity Set

Today, August 8 of '08 is an important day for many reasons. Of course, everyone knows the Summer Olympics opened in Beijing, China, today at (you guessed it, exactly 8:08:08 pm. That's 8 seconds after 8:08 pm.) The reason the Chinese chose this day and time is that it contains the maximum number of 8s, a number which is "lucky" to superstitious Chinese. Of course, to buy into this view, you need to conveniently ignore the 2 in 2008, but let's not spoil the fun by being nitpicky. ;) Chinese people associate the number 8 with good luck because the Chinese word for "prosper" or "fortune" sounds very similar to the Chinese word for 8. The Chinese are pretty serious about this stuff, paying big bucks for license plates, telephone numbers, street addresses, etc., that are 8-heavy.

Let's switch our focus for a minute to the U.S. Mint. The U.S. Mint does a brisk business selling its myriad coin-related products to American consumers and collectors, but like all smart businesses, they'd like to expand their reach. Just as other world Mints have marketed their numismatic products to Americans, the U.S. Mint would like to return the favor. The Chinese Panda series of gold and silver bullion coins are quite popular with Americans, but how can the U.S. Mint make coins bearing eagles and bison attractive to the Chinese? Enter the 8-8-08 Prosperity Set, the second in a series of packaging options called the "Celebration Series" that will hopefully be attractive to Chinese and other Asian collectors.

The first entry in the U.S. Mint's Asian-focused marketing initiatives was this year's "Celebration Coin." This was a normal, everyday 24kt Gold Buffalo coin that was put into special packaging and sold in advance of the Chinese Lunar New Year which began Feb. 7 this year. The coin went on sale two days before the Chinese New Year, but wouldn't ship until late February. Sales were lackluster at fewer than 20,000 sold to date. Hopefully the Mint learned a lesson in gift-giving with the launch of this coin. There is a big difference between telling someone you ordered them a coin as a New Year's gift, and actually having the coin in hand to present at the right time. These coins should ideally go on sale four to six weeks before the Chinese New Year, with a guaranteed delivery date at least a week ahead of the special day.

The 8-8-08 Double Prosperity Set

The second "Celebration Series" offering is the 8-8-08 Double Prosperity Set, a set comprised of two one-half ounce gold coins, the American Eagle and the Buffalo, set into a beautiful hardwood case. The set includes a certificate of authenticity signed by U.S. Mint Director Ed Moy. In a nice touch, Moy's signature appears in the standard Western style, as well as in the Chinese "chopmark" style. The set sells for a stiff $1,228.88 (note the three 8's in the price,) which seems real high when gold has been averaging around $910 per ounce these last several weeks (it's at about $860 as I write this.) As in the Celebration Coin packaging for the Chinese New Year, the coins offered here are your standard Uncirculated versions. I think calling it a "Double Prosperity Set" (presumably because it has two coins in it) was clever, as if you would get twice the benefit of the good luck than you would if the set had only a single coin. Who knows? Maybe you will!

As for whether these coins are a good investment for people who try to buy carefully, hoping for their collection to appreciate in value, my feeling is that they are not. The reason is that the overwhelming majority of us collect coins, not the packaging they come in. The previous U.S. Mint sets that have ended up becoming the most valuable are the ones that have a unique coin in them, not the ones that have some kind of special packaging. Maybe the Celebration Series offerings will be an exception to the rule, but if I was advising a friend on how to spend their $1,228.88, overpriced bullion wouldn't be high on my list, no matter how luxurious the packaging is. And make no mistake, the Mint does beautiful packaging for the majority of its offerings, especially the higher-end ones. I go into more detail about which Mint sets are winners and which ones aren't (and why) in my article about which Mint sets are the best buys.

Are you buying the 8-8-08 Double Prosperity Set? Why or why not? Share your reasons in the Comments section below.

Photo of prototype packaging for the 8-8-08 Double Prosperity Set courtesy of the U.S. Mint.