Downside of rev platinum sets
blu62vette
Posts: 11,933 ✭✭✭✭✭
As I look at purchasing the sets what do you feel is the downside? I don't see these dropping to melt so I see the downside to these as limited. What are some of the other thoughts? I know some will say if they issue 30k of them they will drop to melt but I just don't see that many being issued.
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Hoard the keys.
Now, with 17 Days left in the Year of 2007, along comes essentially an entire new 2007 W Platinum Proof Series based on 1 denomination of 2 Coins?
Thus, I am also led to believe that the US Mint has actually minted all 60,000! $50 coins or (15,000 Ounces) of Proof Platinum and stored it all @ $1,460 an ounce?
The same Mint that can't even send a Coin out the Day it is ordered?
Me and many others here think the Mint says 30K ONLY to scare flippers away.
Because if those Coins HAVE NOT been all Minted, with 17 days left or about 7 days of REAL production available (less weekends, Holidays and Vacation) they will be busier than Santa.
I would count more on Santa making a production run like that in 7 Days than I would the US Mint.
They will run out at 10K to 15K sets, but closer to 10K.
Night All!
30 days isn't long enough to figure out much, except for the most nimble. Dealer bids are the amongst the lowest percentage over issue price for any recent profitable issues. Reports are that some offers are only 5% above issue price, and the buyer has to shell out 1% in postage AND have everything go smoothly as far as ordering, shipping, delivery.
Downside is melt value, back of melt if the economy sours significantly and a seller needs money pronto. If platinum takes a dump that can be a long way down. Many of the gold spouse coins were sold at break even or a small loss even with a 10% tail wind from gold going up in price. If platinum takes a 10% or 20% dump, after the 30 day return period, then what?
Sounds to me more like a dice rolling proposition than a high odds sure thing such as the silver and gold anniversary sets.
/edit typos
Hoard the keys.
you have a reverse platinum proof.
Camelot
I don't see the Reverse Proof ever losing ground (in fact - it is quite desireable), but including the Reverse Proof in a set that has a sure loser will keep the Plat 10th Anniversary Set from ever taking flight like the Gold 20th Anniversary Sets did.
The risk is not in a loss of money on the RP, it's in the high initial cost, combined with a sure loser and an expensive case that will be trashed. The net result of owning the 2 coins will be nothing on par with the 2004 or 2005 Proof Sets, or the 2006-W and 2007-W Burnished Unc Sets.
If the total sales are less than 10,000 they will probably disappear and become hard to find. Once sales top 10,000 - the Plat RPs won't carry the same premiums that the 1 oz. Gold RP carries, simply because of the smaller collector base.
Every bona fide Plat collector who wants the RP will simply buy it from the Mint, so all of the surplus coins that flippers buy will simply overhang the market for a few years.
So, if you're a Plat collector - you simply can't afford not to have one of these. The coin itself will be great. I will definitely buy one, and maybe a second. But I won't be "backing up the truck" a la' Jim Cramer.
I knew it would happen.
Did the Mint strike 30,000 RP $50 Coins? and Did the Mint Strike an additional 30,000 $50 Proof Coins?
Again, the ENTIRE 4-Coin denomination that makes up the 2007 W Platinum Proof Series run is 36,000 Coins
Eric
<< <i>The KEY Question to ask yourself:
Did the Mint strike 30,000 RP $50 Coins? and Did the Mint Strike an additional 30,000 $50 Proof Coins?
Again, the ENTIRE 4-Coin denomination that makes up the 2007 W Platinum Proof Series run is 36,000 Coins >>
If the Mint did strike 30.000 sets the average quality will be very poor.
West Point is striking 2008 W Gold and Silver right now.
There is no way the Mint Stuck 60,000 Coins.
We know how it works, they strike a % of the estimated run, then go back and strike additional units based on orders. That's why as soon as you order anything just released, they delay shippment!
Since there is NO Subscription component with these coins it is imposibile for them to gage response.
There is not enough production time left in the next 18 Days to due it. Jeez!, It's the US Government, remebr? Long Paid Vacations, Sick Day accruel, Holidays for minor things like Flag Day, the President already gave them Dec 24th off. Subtract 9 days from 18 and that leaves you 8 days @ 7 hours or 56 Hours to Mint say 30K additional coins?
535 Coins per hour at WEST POINT??
LOL! Try 53 Coins per hour (Maybe!)
The downside is the same as when I looked into platinum in 2000: that no one will care about the coins.
There is not enough production time left in the next 18 Days to due it. Jeez!, It's the US Government, remebr? Long Paid Vacations, Sick Day accruel, Holidays for minor things like Flag Day, the President already gave them Dec 24th off. Subtract 9 days from 18 and that leaves you 8 days @ 7 hours or 56 Hours to Mint say 30K additional coins?
535 Coins per hour at WEST POINT??
LOL - Coinboy! I couldn't have written a better promo, myself. On second thought, maybe I *will* back up the truck!
I knew it would happen.
What am I missing?
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
<< <i>What law mandates that they have to have these all struck by 12/31 ???
What am I missing? >>
I believe they can't strike 2007 coins in 08. They can strike 08 coins in 07 but not reverse.
I am serious, I'll wager they are all out of coins at 15K sets.
I bought one set, but that's it.
Order away, on the Plat sets because once they are gone, they're gone. But when the prices don't rise as you miught hope - don't despair. Complete your collection by acquiring the 1997 - 2003 BU issues which look just like your new "unique" reverse proof coin.
<< <i>When 2076 comes around, you will be glad
you have a reverse platinum proof. >>
Sure thing Abe, I can't wait, let's see, I will be 140 and something in 2076 and am sure I will be around.
your investment 10000%. Of course, It might take all of
that to buy a newspaper, but what the heck.
Camelot
CG
Box of 20
Box of 20
<< <i>Beautiful contemporary design. >>
It looks like a decal for a motorcycle helmet.
CG
<< <i>Any examples of the mint backing out of their mintage totals before? Maybe they have all 30,000 them in stock, though the backorder status doesnt support this. >>
The coins are minted in lots to fill orders. They never mint a whole commem issue in one run.
<< <i>
<< <i>Beautiful contemporary design. >>
It looks like a decal for a motorcycle helmet.
CG >>
Exactly. He said it was a "Beautiful contemporary design." Your point???