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Thread Title: Is anyone else upset by the attack on MCM in the 2/27 issue of CW??
Created On Saturday February 18, 2012 5:54 PM
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Raufus
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Saturday February 18, 2012 5:54 PM

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I was very much enjoying reading the 2/27 issue of CW which arrived today until I got to the "Guest Commentary" attack on MCM on p. 14

The author contends that MCM violated the "spirit" of the household limit "law" by putting out a buy offer for the 25th sets prior to release.

Beyond the fact that MCM was not the only one to do this AND the fact that MCM did nothing illegal, I find this very public attack on such a fantastic company infuriating.

I think that MCM, perhaps more than any other company, has MADE the market for moderns. I've bought from and sold to MCM many times. They are one of THE BEST companies with whom I've ever dealt. Beyond that, what made me so mad about the article is that MCM has done so much for moderns and the modern market that such an attack is particularly inappropriate - not to mention that several other dealers did the same thing.

Sorry for the rant, but it really irks me when a great company is impugned in public for doing absolutely nothing wrong.

I hope that CW lets John publish a rebuttal if he so wishes.

Edited: I should add that the piece is entitled: "Firm's acquisition of 2011 sets, while legal, is troubling." Guest Commentary by Richard L. Francis J.

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Edited: Saturday February 18, 2012 at 7:13 PM by Raufus

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jessewvu
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Saturday February 18, 2012 5:58 PM

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I haven't seen the article but if they are saying that MCM being a business and operating as he sees fit, and within the US Mint's intent on the distribution of the coins, then shame on the author. If you take the time to call the US Mint and ask if you can have friends buy coins for you, the answer is YES. If you go a step furthur and ask if you can buy a coin that has a limit, and have your friend buy them for you also, the answer is still YES. The ONLY thing the mint requires is the HOUSEHOLD limit not be exceeded. Some folks have way too much time on their hands and if I were to guess, the author is probably over 65 years old and is ticked he didn't make a ton of money on the sets.

I can absolutely guarantee that if the sets were worth equal or less than what MCM paid, nobody would be bringing this up. Food for though.

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STONE
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Saturday February 18, 2012 6:04 PM

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MCM?

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blu62vette
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Saturday February 18, 2012 6:05 PM

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<< I haven't seen the article but if they are saying that MCM being a business and operating as he sees fit, and within the US Mint's intent on the distribution of the coins, then shame on the author. If you take the time to call the US Mint and ask if you can have friends buy coins for you, the answer is YES. If you go a step furthur and ask if you can buy a coin that has a limit, and have your friend buy them for you also, the answer is still YES. The ONLY thing the mint requires is the HOUSEHOLD limit not be exceeded. Some folks have way too much time on their hands and if I were to guess, the author is probably over 65 years old and is ticked he didn't make a ton of money on the sets.

I can absolutely guarantee that if the sets were worth equal or less than what MCM paid, nobody would be bringing this up. Food for though.
>>



Disclaimer: I have not read the article.

If they were singled out that is really unfair as many were offering premiums.

If the sets went down and they lost money I doubt the contributing editorial writer would have felt bad for them and wrote the article. Very one sided to me.

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RedTiger
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Saturday February 18, 2012 6:08 PM

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Someone in my local coin club was furious at the quick sell out because they had to work that day and had zero chance at a set and that some dealers had hundreds of sets for sale a short time later. So I think the letter expresses the sentiments for many collectors. Everyone is entitled to an opinion, so in answer to the question, no. Why would I be upset, that someone else is upset?

Personally, I think MCM played by the rules. However, I think the rules were bad and that the mint should have done a one per household limit at least for the first 24 hours.


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Barndog
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Saturday February 18, 2012 6:10 PM

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there is no shortage of people who will whine no matter what

and MCM is Modern Coin Mart, a darn good company if you ask me

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TwoSides2aCoin
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Saturday February 18, 2012 6:11 PM

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Well there's a benefit. It doesn't matter if they talk bad or good about a guy, so long as they talk It's free advertising.

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smokincoin
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Saturday February 18, 2012 6:13 PM

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<< Well there's a benefit. It doesn't matter if they talk bad or good about a guy, so long as they talk It's free advertising. >>




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19Lyds
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Saturday February 18, 2012 6:14 PM

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I though the piece was really out of line.

This particular practice is employed quite frequently. I even do it myself using my relatives where possible since I can recongize a marketing opportunity. And this one was the ultimate from the day it was announced.

I do feel sorry for the folks that do not understand how the coin business actually works and truth be told, I'm a little pissed I didn't purchase a 2001 Buffalo but I certainly do not hold it agaimst thopse folks that had the foresight to purchase extras and then make a couple of bucks!

When the 2011 Anniversary Set was announced, I knew immediately that it would be a winner. What I did not anticipate was such a low mintage and the relatively high per household limits. When that was announced, I did everything in my power to insure that I got 5 sets. I did not get the 10 sets I'd hoped for but I surely am not holding it against MCM. It is, after all, a free market and if folks do not understand that simple concept and the fact that the US Mint is simply selling products, then perhaps they should collect beanie babies.

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derryb
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Saturday February 18, 2012 6:18 PM

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CW should have shown better taste than to let someone else attack MCM on CW's dime. Freedom to buy and sell at a price dictated strictly by market forces drives the coin market (and any other true market). If I were MCM I'd spend my advertising $ elsewhere.

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Edited: Saturday February 18, 2012 at 6:21 PM by derryb

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Dice21
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Saturday February 18, 2012 6:19 PM

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Nobody need articles that question their business practices and to make matters worse a major publication Shame on them for allowing that article to run. In my dealings with MCM they conducted themselves in the most professional manner and I should hope CW allows at least an answer or rebuttal.......IMO.......

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Kip
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Saturday February 18, 2012 6:35 PM

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Coin World sucks

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Edited: Saturday February 18, 2012 at 6:36 PM by Kip

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Broadstruck
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Saturday February 18, 2012 6:38 PM

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<< Coin World sucks >>





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RichR
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Saturday February 18, 2012 6:43 PM

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Having done business with MCM on several occasions with nothing but satisfaction, I also think this was out of line (in fact, I had a package arrive from them this AM).

Personally, I think how the Mint (mis)handled the initial sale of the ATB bullion coins through its "preferred" dealer network was much worse than the 6-hour sellout of the anniversary sets! Assuming you tried hard enough on the first day, you had a basically decent chance of successfully placing an order.

Edited: Saturday February 18, 2012 at 6:46 PM by RichR

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wondercoin
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Saturday February 18, 2012 6:43 PM

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Edited: Saturday February 18, 2012 at 7:26 PM by wondercoin

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Raufus
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Saturday February 18, 2012 7:07 PM

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<< CW should have shown better taste than to let someone else attack MCM on CW's dime. Freedom to buy and sell at a price dictated strictly by market forces drives the coin market (and any other true market). If I were MCM I'd spend my advertising $ elsewhere. >>



Your point about the advertising is spot on. I hadn't even thought about that aspect of this.

P.33 is a full page, color MCM ad.

I can't imagine how much MCM has spend advertising in CW over the years. It seems like there is always a one or two page full color ads in every issue. They are usually my favorite ads in any issue as they give a feel for the Moderns market.

Just amazing that they'd publish this hit piece on such a loyal advertiser (and truly great company).

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Edited: Saturday February 18, 2012 at 7:08 PM by Raufus

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jmski52
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Saturday February 18, 2012 7:11 PM

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A few well-written rebuttals to Coin World might be in order. I've bought from MCM recently and found them to be just fine.

All they did was to make a market in a new issue. All indications are that they played totally above-board, and that's been their history on BST as well. The article blames them unfairly for other people's behavior, which is idiotic.

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sawyerjosh
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Saturday February 18, 2012 7:11 PM

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Free speech anyone?

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Sonorandesertrat
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Saturday February 18, 2012 7:20 PM

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"I though the piece was really out of line.."



And I do not collect or even care the slightest bit for modern mint products. MCM did not do anything even remotely unethical.
The writer of that guest commentary [Feb. 27] to CW was WAY off base. Many of the buyers of these Mint sets are simply buying
them to flip them, so his point is moot. The notion that lots of people rushed to order sets because a dealer advertised to buy
them before they were sold out is risible. Buying mint products to flip them has been going on for years. Get over it.

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Edited: Saturday February 18, 2012 at 7:36 PM by Sonorandesertrat

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wondercoin
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Saturday February 18, 2012 7:24 PM

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"The author contends that MCM violated the "spirit" of the household limit "law" by putting out a buy offer for the 25th sets prior to release."

The "spirit of the household limit" is that a household should not get more than 5 sets max... right? The US Mint came up with the number of sets available for the household limit after careful research and consideration and, if they came up with a number that was (hypothetically) upwards of 5x more than it should have been for most collectors out there, then where does the problem truly lie with folks taking advantage of that household limit to essentially end up with their set for free (or even 2+ sets free) by selling off the other 3 or 4 sets to whomever they chose to? So, that writer acknowledges that nothing illegal had taken place. But, also, if the US Mint did not want collectors to buy more sets than they truly wanted to keep for their collection (i.e. if that was indeed the "spirit" of this offering), then couldn't the Mint have just simply stated that? Just like the Mint clearly set up rules for collectors to only buy as many Pres $1's as they intended to spend in commerce and not to bring to the bank to capture some quick credit card points.

And, I do have no problem with the commentator's free speech. Things should be discussed openly as we are doing here ... that writer had every right to write what he felt in this free country. MCM has every right to respond fully to the assertions in that piece.

Side note... if you think these 25th Anniv. sets were hard to come by ... did any try to get (great) Springsteen tickets this month? I need to sell a heck of a lot of 25th Anniv sets I am buying on the open market to raise the money needed to take the family to the Springsteen show!

Just my 2 cents.

Wondercoin


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