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 Replies: 20 / Views: 4,018 |
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Press Manager
 United States
1420 Posts |
 Numismatic News - The silver Liberty Mint medal that went on sale yesterday sold out in less than five minutes. I'm surprised. The medal had a low mintage of 12,500 each from two mints, San Francisco and West Point. Had it been a coin with just 25,000 produced, I wouldn't be surprised at a sellout at all. But it's a medal. Coin collectors are supposed to look down their noses at medals. That has been conventional wisdom for the half century I have been a collector. Is it time to change conventional wisdom? Perhaps it is. I have had a number of emails and phone calls from people who were not able to get their orders in before the Mint put up the unavailable sign on its website. Two were collectors trying to place their orders by telephone. While they were talking to a telephone sales person, the status changed to unavailable. Read the Entire Article Subscribe to Numismatic News
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Pillar of the Community
United States
4901 Posts |
I don't know why it would be "bad"...
It was known WELL in advance that the mintage was ridiculously low even for a non-coin. Anyone who knows the history of low mintage Mint products knows it is a crap shoot whether you will get the product or not AND it is known that you have to use the fastest possible method to place an order (computer...not phone app or voice)
My son and neighbor were at my house yesterday at noon. I signed in on my desktop, my son on my laptop. We both got four medals each. My neighbor then decided to order some...I logged out he logged on and also placed an order for 4.
So if you wanted them AND made the appropriate effort you should have been able to place the order... browser issues? I had two...no saved CC, and "CC invalid" but still regrouped and placed the orders.
Just my opinion
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Pillar of the Community
United States
7390 Posts |
No issues here other than a 30 second long refresh at the 8:59/9:00 rollover. I had 2 pages open, one to each listing and while the first was stuck in refresh I switched and refreshed the other then went back and added 2 S's to the cart then switched back again and added 2 W's then clicked on my cart and checked out easily with saved info. Easy peasy! I was honestly expecting to only get 1 order of 2 and MAYBE another order of the other 2 but not all 4 on one order saving $5 in shipping
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Pillar of the Community
United States
4212 Posts |
The set is already going for 5X purchase price. Didn't see that coming.
Edited by fioti
08/24/2016 2:05 pm
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Moderator
United States
188770 Posts |
Good or bad, I got mine.  |
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CCF Master Historian of USA Commemoratives
United States
12282 Posts |
Generally speaking, I don't believe the Mint should be in the business of creating collector coin (or medal) rarities. Such pieces are not circulation coins whose mintage is typically based on demand which is a natural generator of scarcer (or at least less common) issues. The Mint's NCLT pieces are minted specifically for collectors and do not circulate - why not produce enough to allow all (or at least most) collectors who wish to order a given piece the opportunity to do so?
Future scarcity and market value would then be based on the product's initial collector demand (not speculation) and its continued popularity among the collector community.
It is clear from the recent history of the Mint's limited edition coins/medals that many collectors are shut out from purchasing by those who purchase the pieces in multiples with the primary intent of resale. I'm not against capitalism, so please don't interpret this statement as an attack on those who engage in this practice. My point is that by not producing sufficient quantities of certain releases, the Mint is supporting the profit-taking of a small subset of their customer base at the expense of the majority of its customers. I don't believe this is how the Mint should operate.
Please note, none of my comments are the result of any "sour grapes." I have been able to successfully order every limited edition US Mint product that I have been interested in - including the 2016 silver Liberty medals. I just don't believe that collectors should be forced to endure stressful ordering procedures or pay artificially inflated prices for modern US Mint coins/medals on the secondary market due to the Mint's imposing of somewhat arbitrary mintage limits that do not have the majority of collectors in mind.
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Collecting history one coin or medal at a time! (c) commems. All rights reserved.
Edited by commems
08/24/2016 5:04 pm
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Moderator
United States
188770 Posts |
I agree. I would much rather see everyone who wants one, get one. Part of the reason why I was reluctant to buy more than the two I needed (one from each mint). As I said in another thread, the thought crossed my mind, but in the end I am just happy to get what I wanted for myself.
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Valued Member
Canada
192 Posts |
I was pretty bummed that only a few minutes after noon they were sold out of 25,000 medals. A "limited mintage" from the RCM is 4000 and even though it "sells out" before it ever lists on their website, it's still available at retail a month+ later.... Lesson learned by this pleb: if I actually want such an item from the USM I need to really be on my toes, I guess! I'm sure as heck not paying what it's going for now :) Edited by NeoSpec
08/24/2016 7:54 pm
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Pillar of the Community
United States
5208 Posts |
Quote:
It was known WELL in advance that the mintage was ridiculously low even for a non-coin. Not really. The mint did not come out and say that they were only going to mint 12,500 of each version ever ever ever. They placed a "product limit" on 12,500 on each version with no mintage limit. |
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Bedrock of the Community
 United States
12840 Posts |
Well it seems common sense to have bet that 12.5k each was indeed the max, and attempt to grab them ASAP if you wanted them.
I wonder if there will be "first" or "early" strike monikers by the TPGs with this few minted.
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Pillar of the Community
United States
1005 Posts |
I agree with commems on this; it seems silly to me the speculation and profiteering that goes on with all of these issues nowadays. Why not have mintage set by initial collector demand?
This viewpoint is coming from sour grapes, since I really wanted it and it's my favorite design in years, but due to my work schedule wasn't able to order until it was too late and now I can't afford it.
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Pillar of the Community
United States
4901 Posts |
Quote:
Not really.
The mint did not come out and say that they were only going to mint 12,500 of each version ever ever ever. They placed a "product limit" on 12,500 on each version with no mintage limit. Correct, correct, correct...and that hasn't changed. So if you thought this meant the same as mintage limit then you ordered them.. I did and I did We will see...but by the flurry in sales I think there are quite a few that believe 12.5k is the total ..and..."Bad" may be a bit strong...PIA would fit if you did tried to order and were caught in that never ending refreshing page or CC not valid crap... Edited by Foxwoods Man
08/25/2016 07:12 am
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Moderator
United States
188770 Posts |
Quote:
I wonder if there will be "first" or "early" strike monikers by the TPGs with this few minted. The NGC appears to say Early Releases... https://goccf.com/t/267240 |
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Pillar of the Community
United States
4901 Posts |
Coins ordered in the first three minutes of the sale will be eligible for the early release label. Orders in the last three minutes will be given the regular label.  |
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Moderator
United States
188770 Posts |
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Pillar of the Community
United States
7390 Posts |
That actually might work. Just send a printout of your receipt in with the sub and they will label it as 1min purchase, 2min purchase, 3, 4 etc  |
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Replies: 20 / Views: 4,018 |
Posted 08/24/2016 1:21 pm
