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 Replies: 23 / Views: 6,451 |
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Pillar of the Community
United States
524 Posts |
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Valued Member
United States
64 Posts |
I'm glad. I wanted to collect these, but not at a 100%+ mark up for "bullion"
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Bedrock of the Community
United States
12437 Posts |
No one to blame but the Mint and Director Moy(edit: now that I think about it, former Delaware Rep. Mike Castle deserves some of the blame as well for this abominable piece of legislation)  They have been sitting on this program for two years now and completely screw it up when it debuted. I would like to know what brain dead bureaucrat decided it would be good idea to wait until the last three weeks of the year to release them and cut the mintage by 2/3 on top of that. The US Mint created their own rarity monster with the pent up demand for these things and surging PM prices, it is no surprise that prices are soaring on the secondary market. I am sure the technical aspects of minting the oversized cup coaster had a bit of a learning curve but there has been a complete lack of release date info for months now. After the SAE debacle last year and now this, I think the Mint needs to clean house in their PR dept and hire some new brains that actually use common sense  BTW, this is for the bullion version only. There will still be a collector version sold directly by the Mint. Don't hold your breath expecting to pay anything close to spot on those either... Edited by biokemist6
12/07/2010 3:56 pm
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Moderator
 United States
187446 Posts |
The link is okay. Thanks for sharing.  |
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Pillar of the Community
Canada
3692 Posts |
I think these are meant to be bullion-based. What other coin would even weigh 5oz? I'm sure the US mint is expecting a big rise in bullion prices.
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Pillar of the Community
 United States
2448 Posts |
Holy cow, what's the mint trying to do, actually be profitable? Are they trying to act like the RCM and capitalize on mint products that sell? Can't wait to see how we will compete for the Collector Versions. |
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Bedrock of the Community
United States
17884 Posts |
Quote:
Bowing to consumer concerns about the excessive premiums being charged for the America the Beautiful Silver Bullion Coins, the United States Mint will delay the launch of the program. No orders placed by the primary distributors have been confirmed, while the Mint attempts to determine the appropriate course of action to best serve customers. Well they can't delay too long because they can't sell them after Dec 31st. (per the authorizing legislation) They also can't sell them directly to the public. (also per the legislation) They can only sell them through the bullion distributors or to the Director of the National Park Service. Now it has been clearly established that the market value of the set is currently in the $1400 and up range. If the mint sell them to the distributor at a low price we are right back where we started. If the Mint sells them low and requires the distributor to sell at a low markup they will either sell them all to someone they control and make the money that way, or some well financed group will step in and buy them all. So the profit just moves one company down the line. They might require the distributors to sell no more than one set per person or order, in which case the big boys will swamp them with individual orders and few collectors will be able to get in on the windfall. Not to mention that such restrictions would probably push the secondary prices even higher. Last option the Mint sells the coins to the distributors at say $1300, they sell them at $1400, and the government collect all the windfall. |
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Valued Member
Mexico
53 Posts |
Well, now you will have the 1933 Double Eagle all over again... they will melt them, a few sets will "disappear" mysteriously, they will be illegal to own, etc, etc...
Edited by Guadalupe Victoria
12/07/2010 6:22 pm
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Pillar of the Community
United States
1213 Posts |
Leave it to the mint. Given time, they can screw up anything. As biokemist said: Quote:
After the SAE debacle last year and now this, I think the Mint needs to clean house in their PR dept and hire some new brains that actually use common sense.
Is that likely to happen? Extremely doubtful. |
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Pillar of the Community
United States
1285 Posts |
I am glad they stopped it to "investigate" who did what. One name has come up quite a bit already and I hope they yank their license.  The "fine print" on being authorized US mint dealer is to maintain a fluid market with a "minimal" bid ask spread (something like 5%). |
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Pillar of the Community
United States
1027 Posts |
They can still sell them all to the National Park Service, who can, in turn, sell them in small quantities at a reasonable price. This would make it hard on dealers because you have to physically go to the park stores to get them (or maybe mail order with a one coin limit). This is probably the only way to get them out at a reasonable price to a lot of people. Fortunately the other 27,000 are already set to go out through the website at standard uncirculated markup and hopefully a one coin (of each type) per household. If they are smart, they will release the five coins on five different days.
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Bedrock of the Community
United States
17884 Posts |
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One name has come up quite a bit already and I hope they yank their license. But the one company that has come up most of the time and caught so much flak actually has been offering them at pre-sale prices LOWER than some of the other ones. Quote:
They can still sell them all to the National Park Service, who can, in turn, sell them in small quantities at a reasonable price. But why would the Park Service, which is probably always short on money, sell them for a low price when the market value is $1400? If they did sell for a low price you can bet the major players would send buyers there or hire locals to stand in line and buy sets, then get back in line to buy more and keep doing so until they were gone. Dealers did that with the UHR double eagles at the ANA last year. The mint was selling them at the show for issue price and the market price was several hundred dollars higher. Dealers were hiring collectors to stand in line to buy sets for them. |
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Valued Member
United States
364 Posts |
Hey, I've an idea -- abandon this ridiculous distribution system and, you know, SELL TO THE PUBLIC. Join the 21st century then sell directly through your website. When the product sells out at whatever price you think is reasonable, then it's tough tamale for everyone else, and the market will set the price.
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Pillar of the Community
United States
1406 Posts |
Thank goodness! I called the company selling them on Friday, they said call back Monday. Then they put them on sale at 6pm the same day. I spent hours trying to order online and couldn't. then they were sold out. What a cluster f$^@!
I called every dealer I could and everyone just said unavailable, or my order would not meet their minimums. What a ride it all was to try and get these things. I'm glad I will get another shot at it, hopefully.
The really sad part is that I have had $1000.00 sitting in an account since January that I want to invest in silver. Read about the 5 oz'ers and though, 'I'll wait for them! That will be a good way to invest in silver over the next ten years or so.' If I had only just bought $1000.00 in silver instead of waiting for the darn things!
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Pillar of the Community
United States
958 Posts |
They can mint them in december 500,000 release/sell all next in 2011 year for the 2010
they still have the 09 Territories quarters for sale on there website her almost a year later
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Pillar of the Community
United States
1285 Posts |
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But the one company that has come up most of the time and caught so much flak actually has been offering them at pre-sale prices LOWER than some of the other ones. I do not see how that changes what has already transpired / known facts. |
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Replies: 23 / Views: 6,451 |
Posted 12/07/2010 1:43 pm
