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 Replies: 15 / Views: 2,280 |
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Pillar of the Community
United States
4691 Posts |
This is not cool at all. The average collector is limited to 1 yet big time dealers can get up to 45. Not cool at all. https://www.coinworld.com/news/prec...-out-quicklyQuote:
The newly implemented Authorized Bulk Purchase Program allowed the 18 participating dealers to place orders before March 11, each for a maximum of 45 of the four-coin sets and 25 of the single 1-ounce gold Proof coins. |
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Pillar of the Community
United States
561 Posts |
What is their endgame here? Force out the average collector?  Selling desirable materials largely to dealers doesn't change anything about their profits, they would sell either way, this just angers the little guy |
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CCF Master Historian of USA Commemoratives
 United States
12263 Posts |
IMO, it's simply a good business practice. Most every business rewards its biggest customers. The article referenced also includes the statement: "Dealers qualifying for the ABPP [Authorized Bulk Purchase Program] have purchased $500,000 in U.S. Mint numismatic products for each of the last two years."
That's quite a bit of product, and it's the lower limit for qualification in the program - it's likely more than one buyer in the program topped $1 million in purchases.
Why wouldn't the Mint offer such purchasers special privileges? It's cheaper for the Mint to ship out one package with 45 sets vs. 45 packages with one set each. It's the large purchasers that keep things rolling for the Mint's collector coins, not the individual sales. It's tough to hear, but it is the reality.
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Collecting history one coin or medal at a time! (c) commems. All rights reserved.
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Bedrock of the Community
United States
94367 Posts |
That says it well. Same reason you can't buy chicken directly from Tyson Foods.
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Rest in Peace
United States
18456 Posts |
Just for a little info for our new coin collectors , back when I started in the early 60's Proof sets from the mint had a Maximin of 100 sets per house hold at $1.10 each . And if that's not enough for you to scratch your head ; They Were 90% Silver Sets !  |
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Pillar of the Community
United States
1913 Posts |
Quote:
IMO, it's simply a good business practice. Most every business rewards its biggest customers. In general I'd agree. However, there's a difference here that's worth noting. The US Mint is a monopoly that's (in theory) owned by the citizens of the US. It's not owned by coin businesses. Since the ultimate purpose of a for profit business is to benefit its owners, we the owners should be given priority over non-owner entities. |
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CCF Master Historian of USA Commemoratives
United States
12263 Posts |
@Bret: Don't forget that the US Mint is entirely self-funded - it does not receive funds from taxes and/or other Government revenue sources to cover its operating expenses. All of its funds are derived from the sales of its products. Therefore, it needs to maximize its returns on sales where it can - and don't forget, large buyers are "owners" just as much as individual collectors.
Collecting history one coin or medal at a time! (c) commems. All rights reserved.
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Pillar of the Community
United States
1913 Posts |
The mint is entirely self-funded because it's literally in the position of being able to create money. They're doing an excellent job of maximizing profits. Regardless, that doesn't change the point that they're benefiting non-owners ahead of owners. Individual citizens who happen to own coin businesses are not greater owners than any other individual citizen. I wouldn't have a problem with them allowing bulk purchases after initial sales and household order limits being lifted.
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CCF Master Historian of USA Commemoratives
United States
12263 Posts |
@Bret: We'll just have to agree to disagree. Happy collecting!
Collecting history one coin or medal at a time! (c) commems. All rights reserved.
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Pillar of the Community
United States
1913 Posts |
Sounds good. Happy collecting for you as well.
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Bedrock of the Community
United States
94367 Posts |
Bret defends the Alamo to the end.
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Pillar of the Community
 United States
4691 Posts |
Hmmm, did Mr. Frog pick up a few hundred of these? That sneaky toad!  |
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Pillar of the Community
United States
1613 Posts |
Time to terminated employment of Mint Director David Ryder and Mathew Holben, Associate Director of Sales and Marketing. After those two, reassess and send notice accordingly.
ANA member - PAN Member - BCCS Member There are no problems only solutions - the late, great John Lennon
Edited by Ballyhoo
05/24/2021 8:36 pm
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Moderator
United States
188052 Posts |
For what it is worth, we are all free to not buy things from the Mint.  |
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Pillar of the Community
United States
1913 Posts |
True. It seems that they have a lot of that attitude towards their customers. Even though the mint is a monopoly, those who run it could do things significantly better. There's no accountability to speak of.
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Pillar of the Community
United States
959 Posts |
No such thing as being a loyal customer either. How many dealers have been buying from the mint for 60 years? Aside from that, their practice of removing a product from your cart, because their Cheap system crashes. Who here hasn't lost out on something they wanted, because f this. Pretend your at Walmart, and someone likes what you have in your cart, and takes it. What would you do? And then they send you a survey, and ask....."How Are We Doing". What a JOKE they have become! |
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Replies: 15 / Views: 2,280 |
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Posted 05/22/2021 06:53 am
