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Posted 05/09/2012 3:27 pm
Quote:
They call me a cynic.
I'll agree that it's a big boy's game, but for another reason.
You want to play the 70 game, so you pick out the ten best coins out of a couple ASE rolls. Truth to tell, half the submitted coins are 69/70, so you get back five of each. Costing you $300 at $30 per coin.
APMEX Cherry picks a monster box, and sends in 100 on the bulk rate deal of $3 a coin. They've also looked at a few more coins than you, so they're likely to get 70% right.
End result:
You have five 70 and five 69, APMEX has seventy 70 and thirty 69, for the same certification cost. To start with, they have 14x as many 70 to sell.
Other "slight" advantages they have:
They bought wholesale, you didn't.
They're selling retail, you prolly are not
Your 69s are worth bullion, they have enough to promote through the TV coin sellers or themselves
They prolly have contract shipping and insurance deals you don't
They still have outlets (like you) for the stuff they picked over
They call me a cynic.
I'll agree that it's a big boy's game, but for another reason.
You want to play the 70 game, so you pick out the ten best coins out of a couple ASE rolls. Truth to tell, half the submitted coins are 69/70, so you get back five of each. Costing you $300 at $30 per coin.
APMEX Cherry picks a monster box, and sends in 100 on the bulk rate deal of $3 a coin. They've also looked at a few more coins than you, so they're likely to get 70% right.
End result:
You have five 70 and five 69, APMEX has seventy 70 and thirty 69, for the same certification cost. To start with, they have 14x as many 70 to sell.
Other "slight" advantages they have:
They bought wholesale, you didn't.
They're selling retail, you prolly are not
Your 69s are worth bullion, they have enough to promote through the TV coin sellers or themselves
They prolly have contract shipping and insurance deals you don't
They still have outlets (like you) for the stuff they picked over
I definitely agree its a big boys game when it comes to selling.
I will sell some but am not trying to make a living off it by any means. I cherry picked about 15 2012 ASEs, Star Spangled Banner Coins, and the Infantry commems to send in hoping to hit 1 70 of each if not more for my own collection and planned to give a few as gifts anyway, then sell what was left over.
Long story short not a single one hit a 70. Every single one was a 69. I've since gotten my hands on 70s of the 3 coins and a few of my 69s look better than the 70s. I have no doubt in my mind if I was a dealer or someone like APMEX they do a lot of business with several of the 69s would have been 70s but they decided to keep their 70 number lower to drive up the value knowing that me not submitting any more to them is of no concern to them.
I understand why they want to keep the 70 population low, but at the same time if the mints technology gets good enough where every coin is a true 70 then every coin should be graded that way. Needless to say my days of trying to get a graded 70 through my own submissions are over as its quite clear they save those for their valuable accounts
Edited by basebal21
05/09/2012 3:29 pm
05/09/2012 3:29 pm
