Quote:
So, what were the mintages then? Gotta be over a million to have that bad an effect on value.
Mintage is the most overrated value assessment there is. The value was actually destoryed. Things that should have been seen as special like the 2011 set are to this day consistently selling on
ebay for 155 and under with free shipping. Many sell under 150, the majority sell at 160 and lower. A couple every now and then fetch up to 180 but the majority of sales are right around issue price and actually lower when factoring in the cost of free shipping.
Value is destroyed minting to demand as it takes away the appearance of being special. Its just another product that anyone could get and has a month to do so. That turns people off. The 2012 set was at least saved by a grade rarity for the 70s since the quality was down, the 2013 set though didnt have that issue and like mentioned 69s are basically shunned and have to be given away below issue price.
If you make something hard to get people want it and arent willing to sell it for what they paid. When you make something common and easy to find when people want to sell they just want to sell crashing the price. 2011 took effort, no one would sell that set for close to issue price but 2013 didnt and just getting close to their money back is good enough to move on.
Its like when a company constantly runs specials and discounts it cheapens their brand that no one wants to pay full price for. Minting to demand cheapened the RP
ASE and the new special finish which imo didnt live up to the hype anyway but thats a different story.
Quote:I mean with all the big bad companies gobbling them up and raising the mintage numbers. And since all those evil companies did that, I can go on
ebay and grab one for like 20 bucks over issue price right? Its been two years now since the San Fran set, so surely that one has to be selling for just that little bit above issue.
Even though you were being sarcastic thats exactly what has happened. If you paid 20 bucks over issue you bought one of the more expensive
ebay sets as well for a raw one.
Also the companies did do exactly that buy a huge percentage of the mintage solely for resale which the price hasnt even begun to recover from yet. They arent evil for doing it, but they did it.
HSN alone bought over 10 percent of the mintage which they freely admit too, from the numbers on the ANCS slabs they sold its likely close to 15 percent than 10 percent. Silvertown posted pictures of a semi truck filled with pallets of them that they bough. Those two companies alone purchased easily over 15 percent of the mintage. Then you add one
APMEX, Provident Metals, and MCM and youre already at well over 20 percent of the total mintage purchased. That doesn't even begin to get into the sets bought to be sold, other dealer purchases, and the other big online sellers. A conservative estimate would be about 1 out of every 3 sets was bought by a seller for sale, it could easily be over 40% when you really start breaking down the numbers of who bought what and the sales volume from when the sellers were purchasing.
Over 10k orders were canceled before being shipped both times from people that had bought them saw that they were basically selling for the same price and bought them from a seller instead of waiting another couple months for their set from the mint.
Its fine if sellers get a good chunk on things that are limited, not when the mintage is whatever we sell though. It was a horrible idea by the mint to appease a small vocal percentage of people who complained that ultimately just left a large percentage of people unexcited and was executed terrible. If the majority of people really wanted mint to demand moderns would be more popular and not just when its a limited product.
Quote:
And you guys are really wasting money on those HOF things? Talk about a gimmick.
Commemorative coins are a gimmick now? I cant help but find it ironic that that the product who has gotten so much attention and is so insanely popular you can count the rivals to it on your fingers since clad coins started is the gimmick product and not the 30 different things of the same coin in a different package. That gimmick did pretty well with everything buy the halfs sold out fast and ABC News, Yahoo News, ESPN, Fox News and others who have never covered new mint issues funny stories about them on their web sites and generally on the front page. Id be interested to see if anyone could find anything that got that kind of attention before being released.