Do those who flip mint products irk you?

LickThoseStamps

Especially those who circumvent the rules set up by the mint to ensure a fair distribution to collectors, and then come here to brag about how much money they are making?

I find the whole concept of taking advantage of the uninformed to make a quick and sometimes obscene profit, repulsive. Ultimately, it will only hurt the future of our hobby.

Longacre

I never heard about circumventing the mint rules. Can you elaborate? If that is going on, then it would irk me.

If people are just buying the coins and then selling them in the aftermarket for a profit, then that does not bother me.

MrHalfDime

What he (Longacre) said.

WinPitcher

I too agree with what he said. Which 'he' I'm not sure.


Steve

LickThoseStamps

<< <i>I never heard about circumventing the mint rules. Can you elaborate? If that is going on, then it would irk me.

If people are just buying the coins and then selling them in the aftermarket for a profit, then that does not bother me. >>



I am referring to those who use addresses of friends and family to get around the order limit, with the full intent to flip the coins, not collect them. Look at some of the other threads or go back last year to the 20th Anniversary American Gold Eagle threads.

garsmith

<<Do those who flip mint products irk you?>>

No, if I have the liquid funds to do it I would. It a quick way to turn a profit so you can invest in your own collection!

ScarsdaleCoin

Lick Those Stamps




What Irks Me Most.... is that it sucks out so much money from the hobby.... and hurts many of the vest pocket and small dealers who will not have the same level of sales......

50 Million sucked out yesterday... right at busy holiday time

jmski52

What Irks Me Most.... is that it sucks out so much money from the hobby.... and hurts many of the vest pocket and small dealers who will not have the same level of sales......

Interesting thought, but completely bogus. There is no guarantee that a single dollar spent on American Eagles would ever be spent on any other coins. What Irks Me Most is the entitled attitude.

Gemineye

<< <i>Do those who flip mint products irk you? >>


I am surely not against the free market system or capitalism in our country.It is a driving force that drives our economy.Another force that drives our economy is new ideas and the ability to work for a decent wage and benefits.The practice of purchasing coins and flipping for a profit takes on a whole new concept with the TPG and the market.
****"If it they 'aint 70s they're goin' back to the mint "*****......
That is not an honest living as far as I'm concerned.....I'm sure there is much to be said.....!!!

Longacre

<< <i>Lick Those Stamps




What Irks Me Most.... is that it sucks out so much money from the hobby.... and hurts many of the vest pocket and small dealers who will not have the same level of sales......

50 Million sucked out yesterday... right at busy holiday time >>




Jon--

I am just curious why you are making a distinction between the modern mint-produced "hobby", and the regular coin collecting hobby. To me they are one and the same and $50 MM spent on platinum coins (though bullion) should not be seen as taking away from the regular, retail side of things.

MoneyCollector

Capitalism ROX!! BRING IT ON!!

doh

Doesn't irk me at all. The people who buy from flippers should become more informed and purchase from the mint directly. If they choose to continue to buy on the aftermarket, then more power to the people selling to them. Caveat emptor as they say.

Bear

Bears never irk.

ttown

I'm sure the big dealers hate the 1 set limit, So the "Coin Vault" doesn't like this rule because they can't scam the public now that irks me.

mackdriver

What irks me are the big time flippers who find a way around the minimum,goes thru what they get looking for 70's and then sends back the ones that are not so the poor collector who just wants one for thier collection winds up with the rejects.

Cladiator

Anyone who cheats irks me. Doesn't have to be restricted to just devious coin flippers.

ziggy29

Only when folks with connections order up as many as they can and lock out the collector within hours. If collectors have a reasonable window to order directly from the Mint before sellout, I see nothing unethical about aftermarket flipping.

Bear

We are talking of human nature here.

Folks like to puff up and brag a bit over

their winning because we sure as heck

do not want to admit our losses.

mr1931S

"I am referring to those who use addresses of friends and family to get around the order limit, with the full intent to flip the coins, not collect them. Look at some of the other threads or go back last year to the 20th Anniversary American Gold Eagle threads."

This is the type of activity done by those with the attitude that, "If I don't get caught, it isn't illegal." Flawed logic applied to questions of what constitutes ethical behavior oftentimes serves nicely as justification for his or her greed to the individual with this attitude.

notwilight

I haven't seen anyone bragging about cheating. Other than than I'm in favor of capitalism. Those who don't like it there are plenty of places in the world where it isn't allowed. --Jerry

notwilight

<< <i>"I am referring to those who use addresses of friends and family to get around the order limit, with the full intent to flip the coins, not collect them. " >>



I think you're reading too much into the rules. You think you know that having friends order sets for you is immoral or illegal but I don't think the mint hates flippers like you do. they just don't want a 20 minute sellout. --jerry

13PacesEast

it's all aboot the PROFIT ™

remember, its not illegal or immoral if it is done in the name of PROFIT ™



PROFIT ™

MrEureka

Perhaps the Mint should effectively create a "lock-up period" for new issues by delivering coins a full year after they're paid for. This would keep most flippers on the sidelines, and true collectors would benefit from lower mintages.

Longacre

<< <i>Perhaps the Mint should effectively create a "lock-up period" for new issues by delivering coins a full year after they're paid for. This would keep most flippers on the sidelines, and true collectors would benefit from lower mintages.


>>




Very interesting... I wonder what that would do to the markets!

FLBuffaloHunter

I got news for you.... collectors and dealers have been flipping Mint products as long as the Mint has been selling to collectors. The internet just makes more available and easier to do.

FullStrike

The Real Estate Flippers are the ones that got me concerned.

Here our beloved economy is on the rox - and who you gonna blame?

It sure ain't coin flippers.

Hey Real Estate Flippers ... lookie here I'm flipping 2 of em right to ya.

Bochiman

Flipping? Nope.
Abusing the system? Yep. that irks me.

Flippers that do it in such a way, and volume, that hurts the smaller flippers? Yep...I find that uncool (if they abused the system to get their units)

pf70collector

All coins are eventually flipped be it classic, modern or ultra modern just in different time frames with the ultramoderns usually flipped in the shortest peroid and classics well that is a given.

gecko109

What "irks" me is what forum member Lyds does. He buys a mint product, with intent to flip, then promptly returns to the mint for a refund if he is not 100% sure the coin will grade out at 70. Thats bulls**t!!! If you want to be a flipper speculator, live by the sword and die by it also. Be a man. I seriously hope the mint decides to institute a 10% restock fee on all returns to stop this kind of "leech" behavior.

If a member buys a set or 2 or 3 and just flips them to make a quick profit, no foul. Thats just American business.



Edited for spelling

notwilight

Perhap no coin should be resold until it is at least 50 years old. It's ok to buy saints and resell them but to buy mint products and resell them is immoral. Hey, buying them from the banks must be immoral too.

Under this law on Jan 1 we could start reselling 1958 coins. Anyone causght selling newer ones would be thrown in prison on a charge or "irking forum members". --jerry

messydesk

This doesn't bother me anywhere near as much as seeing full page ads in the newspaper selling "Ballistic Rolls" of presidollars (unlike all other rolls, which must somehow violate the laws of physics when thrown), the circulated "never to be made again" (except maybe in China) 1921 Morgans for $39, and the other crap I see advertised to the general public by outfits that make Littleton look as predatory as a butterfly.

Flipping mint products is never a sure thing, as seen by the Jefferson FS coins many are stuck with. The net gain I've realized in flipping mint products (not a lot, mind you) has gone into camera equipment and more coins for my collection, which has made sellers of those coins happy.

dac076

The flipping doesn't bother me. Neither does enlisting a few family members to pick up a few extra coins. Now the bragging - that's irritating!!!

BECOKA

Does not bother me. Technically they are not going against the rules. The items get shipped to different addresses so it is 1 per household. Just think of it as flippers buying coins in the aftermarket. It's just the aftermarket is their friends who are selling for mint pricing or no profit.

OPA

<< <i>I got news for you.... collectors and dealers have been flipping Mint products as long as the Mint has been selling to collectors. The internet just makes more available and easier to do. >>



And prior to that, in the good ole days, dealers did it among themselves & with customers. Welcome to Capitalism...Nothing wrong with that in my book.

cladking

<< <i>Perhap no coin should be resold until it is at least 50 years old. It's ok to buy saints and resell them but to buy mint products and resell them is immoral. Hey, buying them from the banks must be immoral too.

Under this law on Jan 1 we could start reselling 1958 coins. Anyone causght selling newer ones would be thrown in prison on a charge or "irking forum members". --jerry >>



The problem is that when 2015 came around there'd be a movement
to amend the law each year to add one more year to the age at which
they can be sold.

I gotta buddy who was born in 1968 but it's been increasing one year
each year for a good long while now. He's from Waukegan just like Jack
Benny.

tahoe98

HEY! we gotta eat too!

GritsMan

<< <i>What "irks" me is what forum member Lyds does. He buys a mint product, with intent to flip, then promptly returns to the mint for a refund if he is not 100% sure the coin will grade out at 70. Thats bulls**t!!! If you want to be a flipper speculator, live by the sword and die by it also. Be a man. I seriously hope the mint decides to institute a 10% restock fee on all returns to stop this kind of "leech" behavior.

If a member buys a set or 2 or 3 and just flips them to make a quick profit, no foul. Thats just American business.



Edited for spelling >>

mr1931S

"...promptly returns to the mint for a refund if he is not 100% sure the coin will grade out at 70."

I think behaviors like this tend to put a black mark on coin collectors as a group. One bad apple spoils the barrel, if you know what I mean. I couldn't care less about "70" the grade but I do have concerns about the "health of the hobby," if you will, which has got to be affected by this kind of "spoiler" activity.

mrmom

<< <i>

<< <i>What "irks" me is what forum member Lyds does. He buys a mint product, with intent to flip, then promptly returns to the mint for a refund if he is not 100% sure the coin will grade out at 70. Thats bulls**t!!! If you want to be a flipper speculator, live by the sword and die by it also. Be a man. I seriously hope the mint decides to institute a 10% restock fee on all returns to stop this kind of "leech" behavior.

If a member buys a set or 2 or 3 and just flips them to make a quick profit, no foul. Thats just American business.



Edited for spelling >>



>>

Russ

The only thing that irks me about mint product flipping is the opportunity I missed with the 20th anniv SAE sets.

Russ, NCNE