More Than 700 Line Up For First Chance at New JFK Gold Coins

photo courtesy of Twitter user @Fox29Jennifer

The line stretched around the block this morning with more than 700 queuing up for the first chance at new gold coins honoring JFK at the U.S. Mint in Philadelphia.

Almost all of the people in line were working for private coin dealers-- the mint has put a 1-coin limit per person and is only offering 500 of the commemorative pieces today. The coins will eventually be available for purchase through the U.S. Mint's website. But first-day editions are usually considered to be more valuable and more desirable, and can be authenticated with a dated receipt.

Some of those waiting in line had been there since the afternoon of the day before and more than 200 people toward the end of the line were turned away by mid-day.

The coins are retailing for $1,240 per coin, and each one is enclosed in a commemorative mahogany case. Those waiting in line on behalf of dealers will make around $400 per coin.

First in line was Joe Grover, a veteran in a wheelchair. Grover lined up around 2:30 on Monday afternoon. Private security guards were waiting outside to escort several of the proxy buyers to a hotel where they would finalize the deal with gold dealers.

Further added value comes from the Kennedy association. The fascination with the late president continues more than 50 years after his death.

Here is a video of the new gold Kennedy coins in production.