Commemorative JFK coin draws hundreds to US Mint

PHILADELPHIA (WPVI) -- Hundreds flocked to the U.S. Mint in Philadelphia to buy gold coins commemorating the 50th anniversary of the John F. Kennedy half dollar.

500 of the coins went on sale at noon Tuesday.

The mint gave out tickets to the first 500 in line. Purchases were limited to one per person.

Most in line, however, were not coin collectors, but paid proxies. Two large coin companies hired them to buy for them.

Chris Snyder of Philadelphia said he grabbed his spot in line at 4 p.m. Monday. He says he was paid $400 by a coin collector to purchase a coin, at a cost of $1,240.

The proxies handed over the coins as soon as they walked out of the mint.

A mint spokesman says similar crowds were reported in Denver, Washington and Illinois, where the coins were also being sold.

So why do all this? After all, the mint will be making these gold coins for the rest of the year.

Well, the companies will ship today's coins to Chicago immediately where coin collectors are holding their national convention this week.

If those coins receive a top grade and first day issue designation, collectors tell us their value could skyrocket as collectibles.

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The Associated Press contributed to this report.