The Mint is now going to AUCTION THEIR LIMITED EDITIONS!!!
jmlanzaf
Posts: 36,924 ✭✭✭✭✭
They have heard us complain. Instead of a lottery or something like that, they decided the fairest way to distribute them is to take auction bids for 7 days before the release date! That way, anyone willing to spend $1000 can get one and the Mint maximizes their revenue.
I'm very happy. That is by far the FAIREST way to ensure that all real collectors can get one!
The source is Jonathan Swift's Modest proposal.
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Let the complaining begin. Let's see all the hypocrites now argue that this method isn't "fair".
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I’m in!
While we are at it I think there should be a better, more fair way for me to win the Powerball lottery.
Maybe they should auction the tickets for that too.
That is a genius idea. I mean, I'd pay 11.9 million for a $12 million ticket!!!
Hmmm....then again, what if they split the money on tied bids....???
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Well, if one guy bids a lot for an entire mintage of a certain coin that might be a problem..
I assume they will still have Household limits. The big dealers will have to place their 30,000 bids on 30,000 different accounts. Hmmm....
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Wasnt Jonathan Swift's Modest proposal about eating babies and making stuff from whats left ? I didnt know he was advising the miint from the grave...lol
Yes, yes it was. Just a little breadcrumb for readers of this thread. Kind of a wink, wink, nudge, nudge
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The mint would just screw it up.
Well, guess that ends my buying modern stuff. Can't outbid the big fish.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
Would be a good way to get more coins into the hands of collectors, which would seem to be one of the big concerns with the current system.
I'm pretty sure the concern with the "current system" is the ability to get the $1000 coin for $66 not get the $1000 coin for $1000.
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Say it ain't so!
(This is my shocked face)
I BELIEVE HE IS PULLING OUR LEG,,, no government agency could make a decision like this in such a short time. Maybe this could be deceided by 2025.
True story. One of my "guarantees" told me he couldn't get any coins. Just to see what happens, I responded "that's too bad, I was up to $900". In less than an hour, he miraculously had a coin to sell!
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Google "jonathan swift's a modest proposal".
Please note the tagged keywords.
All comments reflect the opinion of the author, evn when irrefutably accurate.
I’m cured.
Something to remember, the next time the topic of dealer ethics pops up.
The point for me to buy low is to get a good deal on the coin. To me this is nonsense. The big dealers will just control the market on these things! I think a lottery system is a much much better ideal. This might end my buying with the US mint!
Collector
91 Positive BST transactions buying and selling with 56 members and counting!
instagram.com/klnumismatics
How so? Dealers need to buy at a level where they can resell to collectors and make a profit. If collectors are bidding against them, wouldn't they bid higher than the dealers would?
Really? Big dealers could easily generate hundreds (thousands?) of addresses and hundreds of accounts and get most of the lottery tickets.
That's why the system might as well stay the way it is. If you don't want to "play" just don't play.
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maybe, maybe not. I'm not sure. No dealer wants to pay "retail" and sell "retail". But a big enough dealer could control the market. The ASE here could probably have been bought by one giant dealer at $600 or $700 per coin even bidding against "collectors". A lot of "collectors" would hold back thinking they could get it cheaper. If a dealer wanted to control the market, they probably could.
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Coins like the RPE will just be cheaper if you cut out the middle man. Some people can’t bid against the dealers as they have deeper pockets.
Collector
91 Positive BST transactions buying and selling with 56 members and counting!
instagram.com/klnumismatics
That’s the flaw in this, DEALERS CONTROLLING THE MARKET!
Collector
91 Positive BST transactions buying and selling with 56 members and counting!
instagram.com/klnumismatics
Collectors never buy dups to resell for a profit?
It depends. But the point of releasing these products is for the collectors not for dealers (or wanna be dealers) to make a quick buck
Collector
91 Positive BST transactions buying and selling with 56 members and counting!
instagram.com/klnumismatics
That seems unlikely. I'd have to see some evidence this is so before conceding the fact.
If the mint wanted to get the coins to the people who wanted them the most (vs. other objectives like maximizing revenue),
this is an optimal auction mechanism:
https://en.wikipedia.org/wiki/Vickrey–Clarke–Groves_auction
Of course, this is assuming they already somehow know the best mintage quantity.
That's not really true at all. The unlimited issues, yes. You still 30k of a coin that normally sells 300k, you want the coin to be all over the secondary market escalating in price
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I never believed the OP was serious even though I have never heard of Jonathan Swift.
It seems he wants the Irish people to sell their children to a rich family for the extra income and eat what children you need to survive. Sounds like a stand-up guy.
They should partner with eBay.
Great transactions with oih82w8, JasonGaming, Moose1913.
Perfect. Everybody bitches about eBay, too.
See? There's always some good in everything,
Many items will go unsold. I doubt there are truly 30,000 collectors looking to hold and not flip most modern coins, even the so called limited super duper special ones. The prices usually tank in the after market after a few years and the true demand is shown. Now I see the lower demand/prices right of the starting gate. The dealers and flippers won't care.
I wonder if some coins would sell for less than melt. . .
Not a chance. There are market makers, after all.
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Really? So you are saying that the 100,000 people who now buy the coins would not buy them at all if they had to bid on them? For unpopular items that don't sell out now, how would this be any different?
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It is SATIRE. Swift was a stand-up guy.
All comments reflect the opinion of the author, evn when irrefutably accurate.
There's about a 1 in 30,000 chance this is true. OP?
Early American Copper, Bust and Seated.
Clearly, the school's do not require Swift to be read anymore.
It is satire
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Don't get your panties in a bunch people.... the OP is satire....The Mint is not going to do this...Cheers, RickO
Of the 100k, I do think less than 30k bought it to hold as opposed to flipping it.
FakeNews
satire
opinionPiece
No sheet,
Not true. It is satire. Satire is not "fake news"
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I think that is demonstrably false. They sell 400,000 proof eagles per year. They do NOT go up in value. Yet, you suggest that 370,000 of those were sold for the sake of flipping into a market where the price is declining?
There are CLEARLY more than 30,000 collectors of silver eagles.
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The Mint needs to take lessons from our public school system.
Everybody gets a trophy for participation.
Then everybody will be happy & feel special.
People miss the bigger picture here. Whether you got a coin or not. Whether you flipped it or kept it. This release created numismatic excitement. That is NEVER a bad thing.
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I just put everything down as a catch all. I think the new pc police request satire to be identified as such because the sheeple of today are not smart enough to tell the difference. 🤷♂️
Well, I did mention Jonathan Swift and the tag was "sarcasm". I can't do all the intellectual work for ya!
All comments reflect the opinion of the author, evn when irrefutably accurate.