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Replies: 579 / Views: 46,570 |
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Pillar of the Community
United States
1228 Posts |
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Pillar of the Community
United States
4901 Posts |
Quote: Thanks wif99, I couldn't remember how to navigate to the West Point page on PCGS. Found it, and it doesn't look like anyone will be denied as long as the original mint box is unopened.
" •Submit coins in the original unopened, sealed Mint packaging for First Strike Designation. Well, yes that is the last info that PCGS put on their site but.... That would mean ALL coins submitted for FS had to be shipped without looking at them...this has since been changed per some phone calls but never changed on their site. Also the FS cutoff date is also not on their site but has been reported as July 19th per some more phone calls...pretty lame but it is what it is. One more thing, when you said no one would be denied FS as long as it was a sealed box that was submitted...that would only apply to sets shipped before July 19th and then submitted after that date..Sets shipped on July 20th would not be elligible even if sealed.
Edited by Foxwoods Man 06/30/2013 08:23 am
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Pillar of the Community
United States
899 Posts |
Sounds like many FS/ER buyers are going to have to buy from the resellers. Funny how that worked out isn't it.
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Bedrock of the Community
13014 Posts |
So in other words only the large dealers will have sets that were FS eligible with that cut off date and the mints slow shipping it seems. Kind of a shame too since PCGS was doing special labels for the FS ones and the labels looked nice to me.
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Pillar of the Community
United States
899 Posts |
I really don't care about the FS/ER labels. If I wanted a fancy label I'd fire up the laser printer and make some.
What I do find rather frustrating, is the truckload of these sets rolling into the volume resellers storeroom and that causing the mint to not be able to send out more than a few sets here and there to the rest of us. I think they should have had some limit to the number of the sets they would ship weekly to the volume dealers so they were at least able to start filling more individual orders. Instead most of us won't even have our first day orders in time to even qualify for the FS/ER labels... couple that with the fact the servers on the first day were so overloaded that most of us had to try all day to even get our order in and it makes for a less than stellar experience.
Since I am not worried about when I get mine - I am just pointing out the obvious lack of oversight the mint had on this offering. They had a lot of options they could have implemented to make this smoother and ignore most of them.
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Bedrock of the Community
13014 Posts |
Thats why I'm a firm believer they should just make these sets 200 or 250k maxes which is more than enough for everyone to get them while drumming up some extra interest but not low enough to lock people out like the 2011 set. If you did that you could just ship them as theyre ordered just like with everything else. Unless they ran into some production problems we dont know about it looks like they just minted the large seller orders and waited till the end of ordering to work on the rest. I'm pretty sure the large sellers actually got to order early or through some other method and werent logging onto the site like everyone else to order which is fine by me. The mint to demand has been a debacle both years though and they clearly learned nothing from last year other than maybe they needed some more quality controls
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Pillar of the Community
United States
899 Posts |
I am actually fine with the mint to demand. If they had capped it, the resellers probably would have done what they could have to drained the supply anyway - knowing they had the only supply available. I also doubt they ordered early - they wouldn't have too. All it took was one guy to get through and order 20,000 sets and they were done.
I think they should have installed a delivery system with large orders. You can order 20,000 sets - but we won't ship 20,000 to you at one time (lets face it they know they are resellers), and kept the flow going to the rest of us.
I like others would just like to see people other than the resellers getting coins. It will be a month since the sales period ended this week. 2 months since this set went on sale - and yet most of the sets we see are only in the hands of the major resellers. I read elsewhere people are canceling orders like crazy. I would bet this set comes to a final sales total that is close to the 2012 set.
Edited by Doug58s 06/30/2013 6:18 pm
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Bedrock of the Community
13014 Posts |
If they ship large orders in stages those orders will shrink. Aside from providing circulating coins the most important job at the mint is to make money. They shouldnt be punished for ordering more and making the mint more money. If you put in an order of that size I'm sure you would get the special treatment too. As a business its not a good practice to say sorry you ordered to many were going to take care of the much smaller orders before we finish yours.
Really the only way to ship them all out immediately is to have them already made which isn't possible with mint to demand. If they arent going to cap the mintage this is how its going to be every year.
The one thing they could actually do is let the large orders order early so they know how many they need off the bat and can get those orders cleared faster or even have them done and shipped by the time ordering ends so everything after that is for individual orders.
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Pillar of the Community
United States
899 Posts |
basebal - the mint makes money either way. There are 200,000 people also ordering these sets. They aren't just selling them to the bulk reseller - who by the way is finding plenty of people to buy the sets as well. Let the bulk reseller orders shrink, it might help eliminate the canceled orders they are already getting. Business practice would also dictate they need to service all customers large and small. The mint needs all customers - if the collector decides to just not bother ordering these sets because of the disaster they are becoming - the mint loses even bigger than just losing the large reseller - who will also be out because their customer base is now dropping.
The fact is the bulk resellers are causing the problem - and they are their own worst enemy. Also letting them order early? You seem to believe they deserve preferential treatment on these special sets already - and now you think they deserve an open window to the mint coffers... I am of the belief they should do just exactly the opposite. Limit early sales to 5 or less and then after a week open the doors to all sales. Your way just keeps the rich getting richer - as they are doing on this set.
Edited by Doug58s 06/30/2013 7:54 pm
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Bedrock of the Community
13014 Posts |
Probably 1/3 of the orders were bulk order, just look at the huge first day numbers that account for almost half of sales then the slow crawl the rest of the month. The mint loses much bigger lose a bulk buyer than if they lost a customer. Its a numbers game, the person who orders 10k sets its much more important to you and your long term than the person ordering 1 or 2 every year. They should try and appease all customers, but all customers are not equal money speaks in that regard. The mints already tried to appease people with the mint to demand because of the 2011 set. This is what happens with minting to demand you have long waits as an individual who ordered which the mint never made any claim wouldnt happen.
Yes the mint loses sort of when an orders canceled because they bought it elsewhere, either way it was a set sold for the mint. The risk of having 1 thousand people cancel 1 set is far less than the risk of having even one bulk buyer cancel a larger order. Overall theres probably 100k individuals who ordered this set maximum. Most people ordered more than 1 and a very significant percentage went to stores to resell. Letting bulk sellers sink would be the fastest way to watch the mint offer less products though since they wouldnt have the built in demand for everything to assure they recoup their costs and can make money.
The bulk sellers arent causing any problem, the mints the one working slow. Delays are good for bulk sellers anyway, they arent hurting themselves by having their sets and everyone else waiting.
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Valued Member
United States
335 Posts |
So, maybe next year they will do an enhanced proof (instead of unc.) ASE version? Any talk of this anywhere?
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Pillar of the Community
United States
927 Posts |
I like the idea of limiting orders to 5 the first week, then opening it up to no limit after that. Didn't the mint do this before for other offerings, limiting orders to 5 (or something) for a certain period? I think they did this with the 2009 UHR gold piece, didn't they?
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Bedrock of the Community
13014 Posts |
Theyve put household limits on things before such as the 2011 set. Theyre for the whole ordering period though for the ones I can remember though I believe theyve lifted them before during poor sales of a series.
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Pillar of the Community
United States
899 Posts |
basebal - we'll just have to disagree. The bulk buyers IMO aren't going away - even if it is harder to order 20,000 sets. The individual buyer is going away though - and losing 20,000 of them has the same result for the mint - might even be worse in the long run as they turn off potential collectors.
I recorded HSN for the 1st time ever last night to see the supper special offer they had on these sets. $399.95 - included a certificate to ANACs for 4 more coins to be graded and the OGP! The price was a special offering - since they listed them as $479.95. It appeared that somewhere in the neighborhood of 20-25% of the coins were coming back 70's.
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Bedrock of the Community
13014 Posts |
They may not go away but theyd have no reason to buy other than to get them graded. It really doesn't matter to the mint whether or not someone buys from them or a bulk buyer a sales a sale.
Whered you see the 20-25%, the SF set did better than that and I have a hard time believing that west point made a lower quality set. I could believe that for the enhanced proof being a first time run but I fully expect the RP to be in the 40-60% percent range like the 2011 set was.
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Replies: 579 / Views: 46,570 |