The u1 mystery box experience (analysis)
U1chicago
Posts: 6,194 ✭✭✭✭✭
Seeing all the hype about the other box that shall not be mentioned, yours truly decided to get in on the action.
It wasn't really the same concept. Here there was no list of potential coins and no promises of a big find.
Instead the idea was to offer a relatively inexpensive group of items where someone could have a fun surprise of not knowing what is in the box but at the same time not face much (or any) loss. The boxes were priced from a low of $15 to a high of $100. And the goal was to have a total value roughly equal to or even greater than the asking price (using eBay or GC sales as a guide). Based on that pricing, there was no intention of making a profit. The hope was to give people some fun while clearing out items that either weren't moving or would take more effort to sell one by one.
A total of 8 boxes were sold over the course of July: five on Instagram and three here on the CU BST. The prices were as follows (in dollar order): 15, 15, 20, 30, 35, 35, 59, and 100. The lower priced boxes contained a variety of raw coins while the higher priced ones had slabs combined with raw coins. Every single box had at least some silver (with the lowest valued silver being a 90% Half Dollar). I heard back from three people on Instagram that were happy and received a thank you from one person on CU. No positive or negative feedback came from the other people. Overall it was a worthwhile experiment. I might have exhausted all the demand there is for such a product but there might be occasional efforts to try again.
Comments
Thanks for the post. Sounds like an interesting, ethical way to move inventory that isn't otherwise moving, while satisfying people's grab bag itch and not screwing anyone.
Worked for you because you weren't looking to make a killing, and worked for your buyers because they also weren't hoping against hope for a score. This is what I remembered from when I was a kid.
That other thing is a mashup of this and an unregulated lottery, except there is clearly a very healthy retail markup aside from the lottery ticket. Also fine for those who understand what it is. I just always thought that many did not really understand what it was until they opened their first box. Funny how the loud and persistent proponents here never came back to share their scores with the group.
You can say the word VaultBox.🙄
Your concept is no different than what others call a Mystery bag or box.
Happy you felt it worked out for you.😎
This is the model I suggested for a VB concept. You can make money on the bid/ ask spread but unless you have a LOT of boxes, you need to cut down the value range.
Coin shops have been doing it for decades. I'm not sure why it is so controversial here. When I was a kid the LCS had a wall of brown paper bags. I think the price was $1 IIRC. The sign said that one of the bags had an SVDB in it.
I don't recall the wall ever being full. LOL. I don't know if that meant he never sold out or never refilled. I have a faint recollection of seeing one opened. It was either a circ Indian cent or wheat cent.
I was too young to know i was supposed to call the cops. And there were no internet forums to post repetitive nagging complaints. Lol
Part of this is that he has a track record and is known to be an honest dealer. I'd accept his valuation at face value and understand it's not a get-rich-quick-scheme, unlike the company that shall not be named.
VaultBox VaultBox VaultBox
... We're sorry. We know your incantation is essential to you, but the demon you are summoning is helping other callers. Please wait, your incantation will be answered by the next available Prince of Darkness.
ANA 50 year/Life Member (now "Emeritus")
Are you suggesting that Lee Minshull is known as anything but an honest dealer?