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 Replies: 91 / Views: 12,615 |
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Pillar of the Community
United States
5862 Posts |
Apparently, they will be worth more (in the short term, at least) if purchased at the show and if graded with a label indicating that they were purchased at the show. I honestly don't understand why anybody would pay a premium for such a label, but a thing is worth what somebody will pay for it, I guess.
I called the Mint, btw, and was told that the "on hold" status is automatic until they can verify the order doesn't violate the household limit and that my order (placed around 12:45 EDT on the 5th) will likely ship in 2-3 weeks.
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Bedrock of the Community
 United States
12851 Posts |
@barryg, mine says the same thing. However, down in the details section it says, "...backordered. Expected to ship on 09/10/2014."
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Pillar of the Community
United States
1228 Posts |
Does this mean that the special ANA chicago labels will be much more scarce 500 on the 5th 500 on the 6th & 0 on the 7th for a total of 1000? Quote:**Important Update** The United States Mint and the American Numismatic Association ( ANA) announced today that sales of the 2014 50th Anniversary Kennedy Half-Dollar Gold Proof Coin have been suspended at the World's Fair of Money in Rosemont, Il. The Mint and the ANA made the decision to ensure the safety of those wanting to purchase the coin and the safety of their own employees. Sales of other Mint products, including the 50th Anniversary Kennedy Half-Dollar Uncirculated Coin Set, will remain available for purchase at the World's Fair of Money. Customers are encouraged to order up to five per household of each product via our website at http://www.usmint.gov or by calling 1-800-USA-MINT (872-6468). This announcement follows an earlier one today in which the Mint announced it was suspending sales of the 2014 50th Anniversary Kennedy Half-Dollar Gold Proof Coin at its three retail locations in Washington, D.C., Philadelphia and Denver. |
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Pillar of the Community
United States
4594 Posts |
NGC is doing 5 special labels... ANA Show first day ANA Show Philadelphia/1st day Denver/1st day Washington/1st day The ANA 1st day had to be submitted at the show with the receipt before the Wednesday sales started. Similar cutoffs for the other labels. The gentleman sitting next to me had purchased at the mint on Tuesday, flown out to Chicago and was submitting. About 50 people were lined up for TODAY'S 11 am release when it left the show about 5:30 pm yesterday. One young dealer told me he sold his spot on the line for $500 at 5am and went back to the hotel to grab a few hours sleep. It's all 4 hour / walk through grading for $100. Dealers had signs offering 1800, 2300, etc. raw - or one pays the TPG and hopes for a 70 grade... All for a label. The inmates have definitely taken over the asylum. -----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/ |
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Pillar of the Community
United States
5862 Posts |
Quote:
All for a label. The inmates have definitely taken over the asylum. I just hope that when this whole "pay a huge premium for a special label that has nothing to do with the intrinsic value of the coin" thing eventually crashes and burns (and it will, sooner rather than later), it doesn't take the whole hobby down with it. Anybody around here remember what happened to sports cards and comic books? I've heard something similar has happened recently with stamp collecting, but I don't have any personal involvement with that hobby. |
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Pillar of the Community
United States
5212 Posts |
I just got back from the show.
The mint announced they are suspending sales of the gold at at the show due to all of the scalpers.
One dealer who had a booth on the end of the isle and directly across from the US Mint area was talking to someone while I was browsing and he was tell the other person he paid 12 people to stand in line and fronted them the buy money. Another dealer who knows one of out club members told him he brought in 27 people to buy the gold and paid them each $800.
There were a few dealers who had 15-50 sets at their tables and another dealer set up across from the mint display had bright green t-shirts that said "We will pay the most for your 2014 gold halves)
I guess when dealers like this has the audacity to do it right in front of the mint they ruin it for everyone.
One dealer was asking $3650 unslabbed.
We rolled by the line at 9:45 (show opens at 10 pro the public) and there were several hundred people in line not counting how many had already made it through the line.
The mint needs to release 10,000+ coins at these events and make you register and limit the coins to 1 per person.
When you limit it to 500 and the line is sandbagged full of straw buyers collectors lose out.
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Pillar of the Community
 Canada
2984 Posts |
I still on the fence about this coin. Will it hold its value or gain a small premium over the next few years. I hate to spend $1240 only to see the value drop below issue price.
What is worrying is the huge mintage. If it hits 100,000 that is a lot of coins for the market to absorp.
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Pillar of the Community
United States
1228 Posts |
I wonder what the pop reports will show november 7th on 70's 699 combined sweet.
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Pillar of the Community
United States
1116 Posts |
I do believe that this coin could quite easily become one of the must have coins for collectors. Similar to the 25th Aniversary ASE. That set is still recognized as a to have set. It is also recognized as the set that changed the way that the mint has marketed to order most of their recent high profile sets. The mint after that set didn't want sets being turned around almost immediately for high profits. Why they went back on the decision is a guess. They wanted to open up the collecting aspect to more people. I wonder how many unopened sets of the ASE's still exist. I know that a lot of buy and churn buyers didn't like the mint's strategy, but it did what they were trying to do. I wonder why they went away from it. |
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Bedrock of the Community
United States
17884 Posts |
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All for a label. The inmates have definitely taken over the asylum. O'll say. You know those "first four coins sold" labels that Silvertowne bought for $20K? Well o the NGC forum it has been reported that according to Coin World the first coin sold has now been resold for $100K!! A $1240 coin with a $99K paper label. Edited by Conder101
08/07/2014 11:20 pm
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Pillar of the Community
United States
2815 Posts |
Quote:Well o the NGC forum it has been reported that according to Coin World the first coin sold has now been resold for $100K!! A $1240 coin with a $99K paper label. I just read that! I don't even know what to say. |
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Pillar of the Community
United States
1817 Posts |
"The inmates running the asylum." Tru dat. LOL. The people rushing in to buy the coin at the show or at the sales counters aren't mere flippers but scalpers, and the Mint had to do something about this situation. The coin release has turned into a free for all. It's possible that this release tops the '11 ASE fiasco by a wide margin, that the gold coin in retrospect looked great on paper, but ultimately became a marketing nightmare that will give the Mint a bad name and cheapen its brand and its products by catering to the most craven aspects of people, their greed. I wonder if this is the coin that will cause the Mint to retract their product list like what happened at the end of 2008? Nice idea, this coin, but strictly unnecessary.  Edited by Bizybackson
08/07/2014 11:36 pm
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Rest in Peace
United States
7075 Posts |
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A $1240 coin with a $99K paper label.  I never would have guessed that would happen. I talked with one dealer and she said that a lot of dealers were complaining because the dealers that hired people to stand in line were no too choosy about who they hired. Once those people were registered they would be allowed to wander about throughout the entire show just like any serious collector would. |
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Pillar of the Community
United States
9796 Posts |
Opps I just posted a new post after confirming the suspension of Kennedy gold coins at the ANA show. I'll let it ride at the top of the forum for those unknowing to see when they wake up. My pal and ANA governor Michael Ellis sent me a message last night, they ( ANA & Mint officials) were about to suspend the sales in cooperation with the Mint as security was becoming a real issue for the entire ANA Money Show staff, security and the dealers at the show. IMO - a good thing.   Quote:
A $1240 coin with a $99K paper label. No truer words said on this subject. "What you rather have - A First day of issue gold Kennedy half dollar in .999 gold or a nice mint state 1795 US silver dollar?" I know what I'd pick, and I also know this is the modern US coin forum, but seriously? Any real coin collector would take the oldest best condition coin they could in equal value for $99K I'd be willing to bet. How about a nice AU 1793 chain cent, or a year set of high end PR68 Barber proof coins?  "Buy the Book Before You Buy the Coin" - Aaron R. Feldman - "And read it" - Me 2013! ANA Life Member #3288 in good standing since 1981, ANS, Early American Coppers Member (EAC), Colonial Coin Collectors Club member (C4), Conder Token Collector Club member (CTCC), Civil War Token Society (CWTS) member, Liberty Seated Collectors Club (LSCC) & Numismatic Bibliomania Society member (NBS), USMex, Member in good standing, 2¢ variety collector. See my want page: http://goccf.com/t/140440Edited by westcoin
08/08/2014 06:12 am
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Bedrock of the Community
United States
17884 Posts |
Quote:
Once those people were registered they would be allowed to wander about throughout the entire show just like any serious collector would. Not a really valid complaint as anyone who paid the $6 registration fee would be allowed to wander about the entire show. Not need to be a collector at all. |
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Replies: 91 / Views: 12,615 |
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Posted 08/07/2014 5:24 pm
