"The United States Mint has made a decision to not make available proof and uncirculated four-coin sets for the First Spouse Program in 2007, thus also eliminating the 2007 subscription program. If you have enrolled in the subscription program, you will be notified by the United States Mint of the cancellation. Individual product options will be available beginning June 19, 2007 at 12:00 Noon "
You would think that there would be some laws about business’ doing this. Is this a bait and switch?
In retail sales, a bait and switch is a form of fraud in which the fraudster lures in customers by advertising a product or service at an unprofitably low price, then reveals to potential customers that the advertised good is not available but that a substitute good is. The goal of the bait-and-switch is to convince some buyers to purchase the substitute good as a means of avoiding disappointment over not getting the bait, or as a way to recover sunk costs expended to try to obtain the bait. It suggests that the seller will not show the original product or product advertised but instead will demonstrate a more expensive product
Just got off the phone and the US Mint Rep. She said all 40 thousand where taken via subscription so none would be available for sale later on the release date. That is why all of the subscriptions where cancelled. I guess we will all fight it out June 19th! This whole thing stinks!
The US Mint WILL make a HUGE mistake with something this year.........And whoever gets it will hit the jackpot. They have way too many irons in the fire.
Well... at least there may be some validity to the method. Imagine how upset others would be if they never had a chance to order.... (yeh, I know they could have subscribed also...).... but it was kind of a situation where the Mint could not win and would have discontent either way.
I expect they may even reduce the max number that can be ordered per address to ensure wider amount of fulfilled orders.
By selling the coins individually, it will be more interesting to see how the numbers shake out between unc and proof. I'm sure the Liberty coin will go FAST.... be ready to jump on that one....
I think they really blew it. The mint should have honored their subscriptions and learned for the future. The problem with subscriptions is many subscribed with the intention of cancelling next year.
All I can say is, the Mint BETTER tighten up it's household limit on these coins or else there will be more pissed off customers than there are now! I would go 5 coin max per design.
I honestly think they just hurt the value of this set by making them separate coins. I also guess they figured they can nail 10% more profit by selling them individually. I sure hope they don't change the mintage. I will bet you that the 4 coins add up to more than they were going to sell the set for though.
If you think about it, at 20 sets per household. 10 Unc. and 10 Proofs. At the most extreme, all they needed was 2000 subscribers. Work your way down from there. Average 5 subscriptions each would be 4000 subscribers. Because you can either cancel your subscription or return your item, there was just nothing to lose.
I just hope they don't jack up the Mintage, because of this demand.
<< <i>I honestly think they just hurt the value of this set by making them separate coins. I also guess they figured they can nail 10% more profit by selling them individually. >>
My guess is they couldn't get the boxes.
Because, even if they decided the subscription program wasn't going to work, they still could have offered the 4 coin box set. In the message they do specify 2007, indicating that in 2008 things may be different.
<< <i>If you think about it, at 20 sets per household. 10 Unc. and 10 Proofs. At the most extreme, all they needed was 2000 subscribers. Work your way down from there. Average 5 subscriptions each would be 4000 subscribers. Because you can either cancel your subscription or return your item, there was just nothing to lose.
I just hope they don't jack up the Mintage, because of this demand. >>
It sure SOUNDS like a pitiful ploy to jack up the mintage limits, which could only be done by arbitrarily voiding all existing contracts made with the 40,000 limit. Of course, the Mint is exempt from the usual standards of contract law just because they say they are! TD
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
You know wife chewed me out for buying an 8 dollar proof Ike and yet she wants me to place an order for these high priced madams. Oh well guess my Ike's are on the back burner, were getting one.
RACC I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the blanket of the very freedom I provide, then question the manner in which I provide it. I prefer you said thank you, and went on your way, Otherwise, I suggest you pick up a weapon, and stand to post. Either way, I don't give a damn what you think you are entitled to!
I am actually very disappointed that the USM did not hold the line at 10K max mintage across all ordering options as mentioned briefly in a short CW article a few weeks back. It seems that Mint Director Moy went for approval to LIMIT the previously UNLIMITED language of the legislation to 10,000 PER COIN.
It is a shame that the number of 40,000 PER coin are available across all options. What is still undetermined is since that quote appears on both the Unc and Proof subscription ordering page, does it mean 40,000 x 2 or just 40,000?
I have my calls in for clarification, but it seems to have taken a turn for the worse.......look at the best case, buy a set or so, risk selling at bullion in an uptrend in gold prices - about $240 risk at melt per set..... >>
Good thing he didn't limit them to 10,000 after all..... TD
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
Comments
To avoid the link:
"The United States Mint has made a decision to not make available proof and uncirculated four-coin sets for the First Spouse Program in 2007, thus also eliminating the 2007 subscription program. If you have enrolled in the subscription program, you will be notified by the United States Mint of the cancellation. Individual product options will be available beginning June 19, 2007 at 12:00 Noon "
Mark June 19th. 1 Day sellout !!! Woohoo baby.
This could very well get a few people disgusted with the program; could very well affect sales.
So now we all are rethinking our strategy.......
Let me see.....Yesterday I had a contract with the Mint for around $ 1600 per year for 10 years........$ 16,000
Today I will only collect 4 in the series........$ 1600
The US Mint just lost $ 14,400......on just 1 person (Me)..........Not a very good business decision to say the least.
In retail sales, a bait and switch is a form of fraud in which the fraudster lures in customers by advertising a product or service at an unprofitably low price, then reveals to potential customers that the advertised good is not available but that a substitute good is. The goal of the bait-and-switch is to convince some buyers to purchase the substitute good as a means of avoiding disappointment over not getting the bait, or as a way to recover sunk costs expended to try to obtain the bait. It suggests that the seller will not show the original product or product advertised but instead will demonstrate a more expensive product
I expect they may even reduce the max number that can be ordered per address to ensure wider amount of fulfilled orders.
Maybe 1/2 or 3/4 the production.
But I guess that means they would have had to think the program through first.
Rookie Joe
I guess you all know where I will be on June 19th @ noon.
Joe
<< <i>Watching one coin sell out, rather than all four? >>
Which one? The "never married" first wife?
No. The "Godless Ex-Wife"!!!
I would go 5 coin max per design.
Swest
<< <i>sitting in front of a computer with a non-responding mint website in your browser? >>
Thanks, You had to remind me.
Joe
If you think about it, at 20 sets per household. 10 Unc. and 10 Proofs. At the most extreme, all they needed was 2000 subscribers. Work your way down from there. Average 5 subscriptions each would be 4000 subscribers. Because you can either cancel your subscription or return your item, there was just nothing to lose.
I just hope they don't jack up the Mintage, because of this demand.
<< <i>I honestly think they just hurt the value of this set by making them separate coins. I also guess they figured they can nail 10% more profit by selling them individually. >>
My guess is they couldn't get the boxes.
Because, even if they decided the subscription program wasn't going to work, they still could have offered the 4 coin box set. In the message they do specify 2007, indicating that in 2008 things may be different.
FloridaBill
‘‘(iii) not more than 100,000 gold five-dollar or ten-dollar coins."
And that might not even apply here. I do wonder if the Secretary is revising mintages as we speak.
<< <i>If you think about it, at 20 sets per household. 10 Unc. and 10 Proofs. At the most extreme, all they needed was 2000 subscribers. Work your way down from there. Average 5 subscriptions each would be 4000 subscribers. Because you can either cancel your subscription or return your item, there was just nothing to lose.
I just hope they don't jack up the Mintage, because of this demand. >>
It sure SOUNDS like a pitiful ploy to jack up the mintage limits, which could only be done by arbitrarily voiding all existing contracts made with the 40,000 limit. Of course, the Mint is exempt from the usual standards of contract law just because they say they are!
TD
I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the blanket of the very freedom I provide, then question the manner in which I provide it. I prefer you said thank you, and went on your way, Otherwise, I suggest you pick up a weapon, and stand to post. Either way, I don't give a damn what you think you are entitled to!
<< <i>Hello fellow flippers......
I am actually very disappointed that the USM did not hold the line at 10K max mintage across all ordering options as mentioned briefly in a short CW article a few weeks back. It seems that Mint Director Moy went for approval to LIMIT the previously UNLIMITED language of the legislation to 10,000 PER COIN.
It is a shame that the number of 40,000 PER coin are available across all options. What is still undetermined is since that quote appears on both the Unc and Proof subscription ordering page, does it mean 40,000 x 2 or just 40,000?
I have my calls in for clarification, but it seems to have taken a turn for the worse.......look at the best case, buy a set or so, risk selling at bullion in an uptrend in gold prices - about $240 risk at melt per set..... >>
Good thing he didn't limit them to 10,000 after all.....
TD