<< <i>If the above posts help and the mint goes back to Ampex the fix is easy for them. Offer a few silver rounds as compensation with every order of the 5OZers. This refunds the customer and helps Ampex and the mint save face. Also it means if AMpex has some rounds they bought at 15$ they can leverage the price of Silver ($30) and do well them selves!
So 8 rounds added to every order! >>
This only helps those who bought from APMEX. Assuming the distributors do not have the coins yet, the Mint should halt shipments immediately, refund all monies to distributors and come up with a new plan. >>
<< <i>That's just great...here I took the plunge and happily paid the 1395...twice...to make sure I got my sets.
Now, they will sell them to the distributors...who will sell them to the dealers at a more bullion-ish price...who will sell them to the public for $2500 a set. >>
Given the low production runs, isn't it possible that the Mint will end up selling them on its website instead?
<< <i>I don't expect the distributors to get penalized in the short term--I'm not sure how this would happen anyway. I suspect a rewriting of the regulations is in order. >>
..or actually using the distributors as their agreement states.....distributing minted to demand bullion coins
No rewrite needed... >>
It's amazing how quickly The Mint took action against various dealers and grading services for supposed trademark violations of the ATP phrase and how they've been caught so behind on this, much more serious infraction.
I have a feeling the mint is going to be sitting fat and happy if they sell them on the site. Now they can raise the price for the demand. I don't think they were looking out for us.
Awarded the coveted "You Suck" Award on 22 Oct 2010 for finding a 1942/1 D Dime in silver, and on 7 Feb 2011 Cherrypicking a 1914 MPL Cent on Ebay!
<< <i>I have a feeling the mint is going to be sitting fat and happy if they sell them on the site. Now they can raise the price for the demand. I don't think they were looking out for us. >>
I don't think you need to worry about this too much. If the Mint needs some more profits, they can just mint a few billion of $1 presidential coins .
<< <i>I'm gonna bet this is all just hearsay, and rumor-mongering. >>
Unless many of the dealers decided to go on conference call and agreed to spread news of the mint halting shipments.
I sent an email to a trader at one of the online dealers concerning the availability. They were supposed to have 50 sets and were going to limit the sets to 1 per household at a price of $1329.95 to be sold this Wednsday. I called within 5 minutes to finish up details on a recent trade i did with them and immediately he told me he was about to send me another reply of the mint's decision.
So unless all the dealers are in this together I dont think a report from the several online dealers can be classified as hearsay and rumor-mongering
<< <i>Anybody order status updates from the APMEX orders out there? How about somebody that ordered give them a call to check on your order??? >>
Called APMEX. The rep. knew nothing of this (of course it may be the case, she just didn't know). This will be interesting!!! >>
Perhaps you can get a hold of someone higher in the chain or call some of the other online dealers such as Gainesville Coins. Often times customer reps are not notified of this right away
<< <i>You might be right....just to get everyone stirred up. Remember publicity whether good or bad, raises the value on these pucks. >>
That was my thought exactly but, being a cynic, I tried to bite my tongue and not comment.
Probably a minor detail but the "announcement" came from a company that was going to deny itself at least $400/set profit x 50 sets since they are now selling for north of $1700.
AMPEX said my order is still active but, again, this might need time to trickle down
<< <i>When the dust settles, I think the price of the 2010 bullion version will exceed the price of the 2010 proof version due to collector demand.
Consider that the 2011 and later coins will likely be minted to demand and priced at a modest premium above spot, while the proofs will be sold by the Mint at a high premium to spot. This will tilt demand toward the lower-priced version, both for individual coins and for sets.
Consider also that more people collect bullion silver eagles than proof silver eagles. I think the same will hold true for the 5-ounce rounds, ensuring continuing demand by set collectors for the "key" 2010 issues. >>
I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.
<< <i>if anything.... mint should have dealers refund a % . why make people reorder?? >>
Agreed. I was one of those who accepted the early risk and bought from APMEX. I now have a check made out to APMEX on my desk and now I don't know if they will even receive their coins.
<< <i>if anything.... mint should have dealers refund a % . why make people reorder?? >>
Agreed. I was one of those who accepted the early risk and bought from APMEX. I now have a check made out to APMEX on my desk and now I don't know if they will even receive their coins. >>
I would pay them, maybe they will have to pony-up that way. If you don't pay--good luck. They may have some sort of escape clause on their website though, I dont know------BigE
<< <i>I called Gainesville and they said they pre-sold some sets initially at $1500 then raised the price to $1700
....and stopped selling as they do not know how many sets they will get or when.
>>
See.... they thought they'd compete with APMEX... but APMEX can buy straight. Gainesville got what I would have gotten had I tried to pursue the monster box buy... skrewed.
There's no way I could have competed with APMEX on pricing these. They can on other stuff, but they shouldn't have tried on these.
<< <i>Has the US MInt shipped these products already to their "distributors"? >>
I was told "no" by a sales representative of one of the distributors, less than an hour ago, and furthermore that, as of now, they do not know when they will arrive. This sales rep gave me the impression that his company received some type of notice about this from the Mint, today.
Call it a hunch, but I think every order taken, by every distributor, will be canceled by the Mint and they will go to a direct order system of one per customer, before the end of the year, bypassing the distributors on this one now.
I called the Mint's legal department about this today and was told that a "number of calls were received already about this."
It just seems like no one's order will be filled, IMHO, and we're going to have a date/time to call the Mint or go on the Website and attempt to be one of the 33,000 trying to get one of the sets at a reasonable modest price, reflective of the Mint's issued guidelines.
I think Flippers will be out of luck and the common (wo)man, just won an important battle.
<< <i>if anything.... mint should have dealers refund a % . why make people reorder?? >>
Because it's not fair to those people who had the opportunity to order, but didn't because of the price-gouging. They would be shut-out. The fair thing to do is to hit the giant Reset button.
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.
<< <i>That's just great...here I took the plunge and happily paid the 1395...twice...to make sure I got my sets.
Now, they will sell them to the distributors...who will sell them to the dealers at a more bullion-ish price...who will sell them to the public for $2500 a set. >>
On the contrary, whoever ends up selling them, IMHO, will be restriced to no more than 10 percent above the Mint's cost.
I think the Mint will remove them from the distributor, announce a sale day/time direct from the Mint and limit purchases to one per household/credit card/phone number/address/ etc.
<< <i>Anybody order status updates from the APMEX orders out there? How about somebody that ordered give them a call to check on your order??? >>
Called APMEX. The rep. knew nothing of this (of course it may be the case, she just didn't know). This will be interesting!!! >>
Perhaps you can get a hold of someone higher in the chain or call some of the other online dealers such as Gainesville Coins. Often times customer reps are not notified of this right away >>
A customer sales rep at one of the distributors is who told me just about an hour ago.
Yeah, right. I can see the complaints now. Can't get on their website to place an order...Can't get through on the phone...rah, rah, etc....Coin has a nose hair on it...gonna return it. From past experience, the Mint's web site would be the last site I'd try to order a hot item from.
"Bongo drive 1984 Lincoln that looks like old coin dug from ground."
<< <i>Call it a hunch, but I think every order taken, by every distributor, will be canceled by the Mint and they will go to a direct order system of one per customer, before the end of the year, bypassing the distributors on this one now. >>
They can't
I repeat:
The law Requires them to use the Authorized Purchasers.
If these were minted to ASE bullion level... that'd help distribution and pricing.
These were minted more to collectible levels. Now the 11 or 12 dealers have the pricing power. They are using it.
<< <i>if anything.... mint should have dealers refund a % . why make people reorder?? >>
Fairness to those who couldn't afford the hyper-inflated price.
In this case, GREED on everyone's part (seller and buyer) may come back to bite them in the butt. I can, easily, see the Mint reclaiming distribution on a strict one per household, going so far as to cross-reference addresses, phone numbers and credit cards.
This change in events, if true.... may be beneficial to those who have already bought.....
or.... it may not. If the Mint is now involved, it may be dictated on how these will be sold. The previous mishandling by Apmex, etc, may make no difference. Perhaps they will have to sell one coin to a customer... with no choice... to ensure the widest and fairest distribution (at a REASONABLE markup in line with their commitment for being a distributor).
After all, there were MANY who wanted a chance to buy these, but would not participate in a clear abuse of the system. If a more fair and reasonable setup were arranged, they too will want a chance to do so (and it can be rightly argued they should be entitled to also). There are no clear winners in this fiasco at this point... but I can certainly point out who the loser(s) may turn out to be.... the abusers of the system.
One other thing I feel is worth mentioning... if anyone contacts the Mint, mention may want to be made about the practice of the distributors cherrypicking out the good ones to send in for grading. This is in effect not allowing the 'bullion' to be available and distributed as per terms of agreement, and certainly not treating them as bullion when keep all these profits for themselves and give the public buyer the bottom dredges....
It wouldnt surprise me the mint will sell these instead. >>
BINGO! All orders placed through distributors canceled and the strictest possible guidelines ever, imposed by the Mint...along with sales directly through them. That's my call.
IMHO, the mint cannot interrupt what is going on at this point, but who knows what they will do in the future. Bound to mess up and make things even easier for the savvy collector ------------------BigE
<< <i>Call it a hunch, but I think every order taken, by every distributor, will be canceled by the Mint and they will go to a direct order system of one per customer, before the end of the year, bypassing the distributors on this one now. >>
They can't
I repeat:
The law Requires them to use the Authorized Purchasers.
If these were minted to ASE bullion level... that'd help distribution and pricing.
These were minted more to collectible levels. Now the 11 or 12 dealers have the pricing power. They are using it. >>
True, the Law states "Authorized Purchasers" yet it fails to state WHO those authorized purchasers are which kinda leaves the door wide open to us public authorized purchaser wannabees.
I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.
I agree with MsMorrisine..... the law states these are to be distributed by the authorized distributors. To do other wise, the Mint would somehow have to 'reclassify' them, or perhaps somehow to get a fast change in law (yeah, right!) to allow the Mint to sell at their discretion. Or... perhaps to allow minting into next year, in which case they will then be truly a bullion coin....
<< <i> I still think the prices will come down when the numismatic versions are released, and when the "in-hand" auctions hit eBay. >>
I'm afraid that's wishful thinking on your part. Yes, the Mint copy(s) may come down, depending what the price of silver is next year, but I've never seen an immediate price reduction on eBay, when "in-hand" auctions first appear. >>
Ebay's flippers may, as of now, selling sets that they may never get, if the orders are canceled by the Mint.
<< <i>if anything.... mint should have dealers refund a % . why make people reorder?? >>
Because it's not fair to those people who had the opportunity to order, but didn't because of the price-gouging. They would be shut-out. The fair thing to do is to hit the giant Reset button. >>
Total and complete agreement.
I say the Mint puts them all up for sale at 9 PM EST on 12/31/10!
<< <i> There are no clear winners in this fiasco at this point.... >>
agree 100%....
let us say the USM cancels and directly distributes....
they have problems distributing their own products to begin with....we have 25 days to get these out the door and the US Govt doesn't do ANYTHING that fast....don't think it is starting point....how they going to send the product to the customers....wrapped in wax paper??? they don't even have that thought out...another 2 week issue...you see my point...
can the USM set the price??? maybe...but the "rulebook" says otherwise...
it's a disaster now....but one of the Primaries (APMEX) sold the product and took money from JOHN Q. PUBLIC........that is ANOTHER HUGE ISSUE...
just another classic example of the USM at work....
<< <i>IMHO, the mint cannot interrupt what is going on at this point, but who knows what they will do in the future. Bound to mess up and make things even easier for the savvy collector ------------------BigE >>
Why not? Everything was a pre-sale. Product can't be delivered so all pre-sales effectively cancelled.
<< <i> " BINGO! All orders placed through distributors canceled and the strictest possible guidelines ever, imposed by the Mint...along with sales directly through them. That's my call." >>
We got it.....just don't think it will go down that way. You are entitled to your opinion.
My thought (assuming all this is real) is that the Mint will make all the distributors who pre-sold to reprice at a Mint suggested price. The chain of distribution will be intact.
I will add that the dealers will then just jack up the prices to present prices (or even higher)
<< <i>I agree with MsMorrisine..... the law states these are to be distributed by the authorized distributors. To do other wise, the Mint would somehow have to 'reclassify' them, or perhaps somehow to get a fast change in law (yeah, right!) to allow the Mint to sell at their discretion. Or... perhaps to allow minting into next year, in which case they will then be truly a bullion coin.... >>
A tax bill is likely to be passed within a week and a rider could be added with ease.
An Executive Order of the POTUS may also stand the legal test of overriding this
Comments
<< <i>
<< <i>If the above posts help and the mint goes back to Ampex the fix is easy for them. Offer a few silver rounds as compensation with every order of the 5OZers. This refunds the customer and helps Ampex and the mint save face. Also it means if AMpex has some rounds they bought at 15$ they can leverage the price of Silver ($30) and do well them selves!
So 8 rounds added to every order! >>
This only helps those who bought from APMEX. Assuming the distributors do not have the coins yet, the Mint should halt shipments immediately, refund all monies to distributors and come up with a new plan. >>
I called it. (Pats myself on back.)
<< <i>That's just great...here I took the plunge and happily paid the 1395...twice...to make sure I got my sets.
Now, they will sell them to the distributors...who will sell them to the dealers at a more bullion-ish price...who will sell them to the public for $2500 a set. >>
Given the low production runs, isn't it possible that the Mint will end up selling them on its website instead?
My Adolph A. Weinman signature
<< <i>
<< <i>I don't expect the distributors to get penalized in the short term--I'm not sure how this would happen anyway. I suspect a rewriting of the regulations is in order. >>
..or actually using the distributors as their agreement states.....distributing minted to demand bullion coins
No rewrite needed... >>
It's amazing how quickly The Mint took action against various dealers and grading services for supposed trademark violations of the ATP phrase and how they've been caught so behind on this, much more serious infraction.
It will be interesting to see what happens now....and what the end price (market) will be
I bet it will end up the same....but everyone will be able to have one set anyway.
Successful BST Transactions!SIconbuster, Meltdown, Mission16, slothman2000, RGjohn, braddick, au58lover, allcoinsrule, commemdude, gerard, lablade, PCcoins, greencopper, kaz, tydye, cucamongacoin, mkman123, SeaEaglecoins, Doh!, AnkurJ, Airplanenut, ArizonaJack, JJM,Tee135,LordMarcovan, Swampboy, piecesofme, Ahrensdad,
Successful BST Transactions!SIconbuster, Meltdown, Mission16, slothman2000, RGjohn, braddick, au58lover, allcoinsrule, commemdude, gerard, lablade, PCcoins, greencopper, kaz, tydye, cucamongacoin, mkman123, SeaEaglecoins, Doh!, AnkurJ, Airplanenut, ArizonaJack, JJM,Tee135,LordMarcovan, Swampboy, piecesofme, Ahrensdad,
<< <i>I have a feeling the mint is going to be sitting fat and happy if they sell them on the site. Now they can raise the price for the demand. I don't think they were looking out for us. >>
I don't think you need to worry about this too much.
If the Mint needs some more profits, they can just mint a few billion of $1 presidential coins
<< <i>I'm gonna bet this is all just hearsay, and rumor-mongering. >>
Unless many of the dealers decided to go on conference call and agreed to spread news of the mint halting shipments.
I sent an email to a trader at one of the online dealers concerning the availability. They were supposed to have 50 sets and were going to limit the sets to 1 per household at a price of $1329.95 to be sold this Wednsday. I called within 5 minutes to finish up details on a recent trade i did with them and immediately he told me he was about to send me another reply of the mint's decision.
So unless all the dealers are in this together I dont think a report from the several online dealers can be classified as hearsay and rumor-mongering
<< <i>Anybody order status updates from the APMEX orders out there? How about somebody that ordered give them a call to check on your order??? >>
Called APMEX. The rep. knew nothing of this (of course it may be the case, she just didn't know). This will be interesting!!!
....and stopped selling as they do not know how many sets they will get or when.
Miles
<< <i>
<< <i>Anybody order status updates from the APMEX orders out there? How about somebody that ordered give them a call to check on your order??? >>
Called APMEX. The rep. knew nothing of this (of course it may be the case, she just didn't know). This will be interesting!!! >>
Perhaps you can get a hold of someone higher in the chain or call some of the other online dealers such as Gainesville Coins. Often times customer reps are not notified of this right away
<< <i>You might be right....just to get everyone stirred up. Remember publicity whether good or bad, raises the value on these pucks. >>
That was my thought exactly but, being a cynic, I tried to bite my tongue and not comment.
Probably a minor detail but the "announcement" came from a company that was going to deny itself at least $400/set profit x 50 sets since they are now selling for north of $1700.
AMPEX said my order is still active but, again, this might need time to trickle down
<< <i>When the dust settles, I think the price of the 2010 bullion version will exceed the price of the 2010 proof version due to collector demand.
Consider that the 2011 and later coins will likely be minted to demand and priced at a modest premium above spot, while the proofs will be sold by the Mint at a high premium to spot. This will tilt demand toward the lower-priced version, both for individual coins and for sets.
Consider also that more people collect bullion silver eagles than proof silver eagles. I think the same will hold true for the 5-ounce rounds, ensuring continuing demand by set collectors for the "key" 2010 issues. >>
The name is LEE!
<< <i>This thread is nothing but collossal fun. >>
Successful BST Transactions!SIconbuster, Meltdown, Mission16, slothman2000, RGjohn, braddick, au58lover, allcoinsrule, commemdude, gerard, lablade, PCcoins, greencopper, kaz, tydye, cucamongacoin, mkman123, SeaEaglecoins, Doh!, AnkurJ, Airplanenut, ArizonaJack, JJM,Tee135,LordMarcovan, Swampboy, piecesofme, Ahrensdad,
why make people reorder??
<< <i>if anything.... mint should have dealers refund a % .
why make people reorder?? >>
Agreed. I was one of those who accepted the early risk and bought from APMEX. I now have a check made out to APMEX on my desk and now I don't know if they will even receive their coins.
<< <i>
<< <i>if anything.... mint should have dealers refund a % .
why make people reorder?? >>
Agreed. I was one of those who accepted the early risk and bought from APMEX. I now have a check made out to APMEX on my desk and now I don't know if they will even receive their coins. >>
I would pay them, maybe they will have to pony-up that way. If you don't pay--good luck. They may have some sort of escape clause on their website though, I dont know------BigE
if they don't THINK OF THE BACKLASH THEN....Being greedy is one thing....NON PERFORMANCE is devastating.....
too funny...better than the stock market....APMEX WILL BE SHORT 1000 sets and be scrambling to cover their position...
we'll see....
....
<< <i>APMEX better find 1000 sets....and ship them to their customers who ordered and PAID...
if they don't THINK OF THE BACKLASH THEN....Being greedy is one thing....NON PERFORMANCE is devastating.....
too funny...better than the stock market....APMEX WILL BE SHORT 1000 sets and be scrambling to cover their position...
we'll see.... >>
APMEX did a pre-sale.
They have until after Dec 17th before they start getting calls. That is the date thy posted on their page.
<< <i>I called Gainesville and they said they pre-sold some sets initially at $1500 then raised the price to $1700
....and stopped selling as they do not know how many sets they will get or when.
>>
See.... they thought they'd compete with APMEX... but APMEX can buy straight. Gainesville got what I would have gotten had I tried to pursue the monster box buy... skrewed.
There's no way I could have competed with APMEX on pricing these. They can on other stuff, but they shouldn't have tried on these.
<< <i>APMEX WILL BE SHORT 1000 sets and be scrambling to cover their position >>
Interesting thought.......I just assumed they would cancel due to unavailability.
<< <i>Has the US MInt shipped these products already to their "distributors"? >>
I was told "no" by a sales representative of one of the distributors, less than an hour ago, and furthermore that, as of now, they do not know when they will arrive. This sales rep gave me the impression that his company received some type of notice about this from the Mint, today.
Call it a hunch, but I think every order taken, by every distributor, will be canceled by the Mint and they will go to a direct order system of one per customer, before the end of the year, bypassing the distributors on this one now.
I called the Mint's legal department about this today and was told that a "number of calls were received already about this."
It just seems like no one's order will be filled, IMHO, and we're going to have a date/time to call the Mint or go on the Website and attempt to be one of the 33,000 trying to get one of the sets at a reasonable modest price, reflective of the Mint's issued guidelines.
I think Flippers will be out of luck and the common (wo)man, just won an important battle.
<< <i>if anything.... mint should have dealers refund a % .
why make people reorder?? >>
Because it's not fair to those people who had the opportunity to order, but didn't because of the price-gouging. They would be shut-out. The fair thing to do is to hit the giant Reset button.
<< <i>That's just great...here I took the plunge and happily paid the 1395...twice...to make sure I got my sets.
Now, they will sell them to the distributors...who will sell them to the dealers at a more bullion-ish price...who will sell them to the public for $2500 a set. >>
On the contrary, whoever ends up selling them, IMHO, will be restriced to no more than 10 percent above the Mint's cost.
I think the Mint will remove them from the distributor, announce a sale day/time direct from the Mint and limit purchases to one per household/credit card/phone number/address/ etc.
<< <i>helluva way to run a railroad........... >>
sadly the collector is always just barely hanging on to the caboose waiting for the USM TRAIN WRECK to happen....oh i think it just DID....lol
<< <i>
<< <i>Anybody order status updates from the APMEX orders out there? How about somebody that ordered give them a call to check on your order??? >>
They still contend that the ship date wil be before or on the 17th.
Miles >>
I'm thinking every order taken by every distributor will be canceled by the Mint.
where the previous completed sets went for $1749 on the average.
<< <i>
<< <i>
<< <i>Anybody order status updates from the APMEX orders out there? How about somebody that ordered give them a call to check on your order??? >>
Called APMEX. The rep. knew nothing of this (of course it may be the case, she just didn't know). This will be interesting!!! >>
Perhaps you can get a hold of someone higher in the chain or call some of the other online dealers such as Gainesville Coins. Often times customer reps are not notified of this right away >>
A customer sales rep at one of the distributors is who told me just about an hour ago.
<< <i>Call it a hunch, but I think every order taken, by every distributor, will be canceled by the Mint and they will go to a direct order system of one per customer, before the end of the year, bypassing the distributors on this one now. >>
They can't
I repeat:
The law Requires them to use the Authorized Purchasers.
If these were minted to ASE bullion level... that'd help distribution and pricing.
These were minted more to collectible levels. Now the 11 or 12 dealers have the pricing power. They are using it.
<< <i>if anything.... mint should have dealers refund a % .
why make people reorder?? >>
Fairness to those who couldn't afford the hyper-inflated price.
In this case, GREED on everyone's part (seller and buyer) may come back to bite them in the butt. I can, easily, see the Mint reclaiming distribution on a strict one per household, going so far as to cross-reference addresses, phone numbers and credit cards.
or.... it may not. If the Mint is now involved, it may be dictated on how these will be sold. The previous mishandling by Apmex, etc, may make no difference. Perhaps they will have to sell one coin to a customer... with no choice... to ensure the widest and fairest distribution (at a REASONABLE markup in line with their commitment for being a distributor).
After all, there were MANY who wanted a chance to buy these, but would not participate in a clear abuse of the system. If a more fair and reasonable setup were arranged, they too will want a chance to do so (and it can be rightly argued they should be entitled to also). There are no clear winners in this fiasco at this point... but I can certainly point out who the loser(s) may turn out to be.... the abusers of the system.
One other thing I feel is worth mentioning... if anyone contacts the Mint, mention may want to be made about the practice of the distributors cherrypicking out the good ones to send in for grading. This is in effect not allowing the 'bullion' to be available and distributed as per terms of agreement, and certainly not treating them as bullion when keep all these profits for themselves and give the public buyer the bottom dredges....
<< <i>
<< <i>
It wouldnt surprise me the mint will sell these instead. >>
BINGO! All orders placed through distributors canceled and the strictest possible guidelines ever, imposed by the Mint...along with sales directly through them. That's my call.
<< <i>
<< <i>Call it a hunch, but I think every order taken, by every distributor, will be canceled by the Mint and they will go to a direct order system of one per customer, before the end of the year, bypassing the distributors on this one now. >>
They can't
I repeat:
The law Requires them to use the Authorized Purchasers.
If these were minted to ASE bullion level... that'd help distribution and pricing.
These were minted more to collectible levels. Now the 11 or 12 dealers have the pricing power. They are using it. >>
True, the Law states "Authorized Purchasers" yet it fails to state WHO those authorized purchasers are which kinda leaves the door wide open to us public authorized purchaser wannabees.
The name is LEE!
<< <i>
<< <i> I still think the prices will come down when the numismatic versions are released, and when the "in-hand" auctions hit eBay. >>
I'm afraid that's wishful thinking on your part. Yes, the Mint copy(s) may come down, depending what the price of silver is next year, but I've never seen an immediate price reduction on eBay, when "in-hand" auctions first appear. >>
Ebay's flippers may, as of now, selling sets that they may never get, if the orders are canceled by the Mint.
<< <i>
<< <i>if anything.... mint should have dealers refund a % .
why make people reorder?? >>
Because it's not fair to those people who had the opportunity to order, but didn't because of the price-gouging. They would be shut-out. The fair thing to do is to hit the giant Reset button. >>
Total and complete agreement.
I say the Mint puts them all up for sale at 9 PM EST on 12/31/10!
<< <i> There are no clear winners in this fiasco at this point.... >>
agree 100%....
let us say the USM cancels and directly distributes....
they have problems distributing their own products to begin with....we have 25 days to get these out the door and the US Govt doesn't do ANYTHING that fast....don't think it is starting point....how they going to send the product to the customers....wrapped in wax paper??? they don't even have that thought out...another 2 week issue...you see my point...
can the USM set the price??? maybe...but the "rulebook" says otherwise...
it's a disaster now....but one of the Primaries (APMEX) sold the product and took money from JOHN Q. PUBLIC........that is ANOTHER HUGE ISSUE...
just another classic example of the USM at work....
<< <i>IMHO, the mint cannot interrupt what is going on at this point, but who knows what they will do in the future. Bound to mess up and make things even easier for the savvy collector ------------------BigE >>
Why not? Everything was a pre-sale. Product can't be delivered so all pre-sales effectively cancelled.
<< <i> " BINGO! All orders placed through distributors canceled and the strictest possible guidelines ever, imposed by the Mint...along with sales directly through them. That's my call." >>
We got it.....just don't think it will go down that way. You are entitled to your opinion.
My thought (assuming all this is real) is that the Mint will make all the distributors who pre-sold to reprice at a Mint suggested price. The chain of distribution will be intact.
I will add that the dealers will then just jack up the prices to present prices (or even higher)
<< <i>I agree with MsMorrisine..... the law states these are to be distributed by the authorized distributors. To do other wise, the Mint would somehow have to 'reclassify' them, or perhaps somehow to get a fast change in law (yeah, right!) to allow the Mint to sell at their discretion. Or... perhaps to allow minting into next year, in which case they will then be truly a bullion coin.... >>
A tax bill is likely to be passed within a week and a rider could be added with ease.
An Executive Order of the POTUS may also stand the legal test of overriding this