<< <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) >>
If you're right, I think they will also order all orders canceled and all new orders STRICTLY limited to one per household/phone number/address/ whatever they can come up with to put flippers and dealers, completely out of the loop.
<< <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. >>
so what about fairness to the people that were willing to pay this and did.... now they have to fight to reorder, get shut out, and end up paying a higher price???
The flippers on eBay who have pre-sold---- are potentially going to get bit this time. Probably going to get a few negatives out of this if they cannot deliver.
<< <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. >>
BUT APMEX is a PRIMARY and the should be allotted something...maybe not what they thought....
problem is they went out and RETAILED 1000 units based on their 3000 unit TOTAL allocation (or this is what we are led to believe from their CEOs postings)
so if they do get something they are making a choice between RETAIL and WHOLESALE commitments....they will look very POORLY in many eyes if they don't honor ALL...
<< <i>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 >>
Wow..you are really going out there. You want to involve Congress and Obama?????
I was just wondering how the Mint would get packaging in time......
<< <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) >>
If you're right, I think they will also order all orders canceled and all new orders STRICTLY limited to one per household/phone number/address/ whatever they can come up with to put flippers and dealers, completely out of the loop. >>
APMEX is flipping them to whoever. Monaco is flipping them to whoever.
EVERYONE is a flipper.
It'd be nice if it were 1 per household and limited to people only.
At least then, the max number of sets would be 11 or 12 per household (1 ordered from each wholesaler)
<< <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. >>
Because they would cause a legal mess, a logistic mess ad create havoc, and how could they remedy by the legal deadline 3 weeks away? --------------BigE
<< <i>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 >>
Wow..you are really going out there. You want to involve Congress and Obama?????
I was just wondering how the Mint would get packaging in time......
Obama??? >>
That's not "going out there" at all. That's only knowing firsthand how the Hill can work very fast on some issues that no one thought they ever would.
<< <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) >>
The only ones who will benefit are the ones who bought from APMEX then. Those who bought from Monaco, Gainesville and Provident will still get reamed. All you're doing is moving the gravy train from APMEX to the second-tier distributors who will make humongous profits.
<< <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. >>
so what about fairness to the people that were willing to pay this and did.... now they have to fight to reorder, get shut out, and end up paying a higher price??? >>
They will pay a lower price BUT likely be restricted, strictly to one set and one set only.
<< <i>The flippers on eBay who have pre-sold---- are potentially going to get bit this time. Probably going to get a few negatives out of this if they cannot deliver. >>
I just can't feel sorry for the eBay pre sellers, especially the ones who already spend their winnings.
"Bongo drive 1984 Lincoln that looks like old coin dug from ground."
<< <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) >>
If you're right, I think they will also order all orders canceled and all new orders STRICTLY limited to one per household/phone number/address/ whatever they can come up with to put flippers and dealers, completely out of the loop. >>
APMEX is flipping them to whoever. Monaco is flipping them to whoever.
EVERYONE is a flipper.
It'd be nice if it were 1 per household and limited to people only.
At least then, the max number of sets would be 11 or 12 per household (1 ordered from each wholesaler) >>
The Mint could order cross-referencing of all orders to assure that a one per household limit was observed.
<< <i>The flippers on eBay who have pre-sold---- are potentially going to get bit this time. Probably going to get a few negatives out of this if they cannot deliver. >>
<< <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) >>
If you're right, I think they will also order all orders canceled and all new orders STRICTLY limited to one per household/phone number/address/ whatever they can come up with to put flippers and dealers, completely out of the loop. >>
APMEX is flipping them to whoever. Monaco is flipping them to whoever.
EVERYONE is a flipper.
It'd be nice if it were 1 per household and limited to people only.
At least then, the max number of sets would be 11 or 12 per household (1 ordered from each wholesaler) >>
The Mint could order cross-referencing of all orders to assure that a one per household limit was observed. >>
<< <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. >>
Because they would cause a legal mess, a logistic mess ad create havoc, and how could they remedy by the legal deadline 3 weeks away? --------------BigE >>
Not sure if it would really be a legal mess. After all, it happens very frequently that you order a product (can be anything, a refrigerator, a pair of jeans, etc...) and if it turns out they cannot provide.... there is no sale. So not sure if this is any different... if they do not have the product, they may not be able to follow through. They would just return your money. I would also be willing to wager that if you read their fine print is is probably spelled out that a deal may have to be canceled.
<< <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. >>
so what about fairness to the people that were willing to pay this and did.... now they have to fight to reorder, get shut out, and end up paying a higher price??? >>
They will pay a lower price BUT likely be restricted, strictly to one set and one set only. >>
Believe me, I was not planning on spending this much on this years set. But, I knew it was going to be limited (100,000 @ first) which I thought would still command a high demand. Since, this was the first year of issue and first of their kind. So either way i was in for 1 set, which is what I ordered. Then seeing 1/3 only being made I decided I would take he risk. I still want my set and I really don't want to reorder it again. With a reorder and a lower price, any dealer now knows there is a demand for these, and they will get their hands on as many as they can even with the 1 set per. As many people will then order to sell to dealer, who will then resell @ same price or even higher then I already paid.
I took the risk as did many others on ordering @ early prices .... why should I lose out cause others didn't order because they want to pay less?????
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.
This morning we ordered 50 sets from one of the official distributors we do a lot of business with. They called late this afternoon to say that the Mint would not be delivering the coins.
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>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. >>
Because they would cause a legal mess, a logistic mess ad create havoc, and how could they remedy by the legal deadline 3 weeks away? --------------BigE >>
Not sure if it would really be a legal mess. After all, it happens very frequently that you order a product (can be anything, a refrigerator, a pair of jeans, etc...) and if it turns out they cannot provide.... there is no sale. So not sure if this is any different... if they do not have the product, they may not be able to follow through. They would just return your money. I would also be willing to wager that if you read their fine print is is probably spelled out that a deal may have to be canceled. >>
they maybe able to cancel if product is no longer made or exists...... but they do and when they get them they should have to fulfill orders.
America the Beautiful Silver Bullion Coins Halted By Michael Zielinski on December 6th, 2010 Categories: America the Beautiful Quarters, Featured Articles, Precious Metals
Bowing to consumer concerns about the excessive premiums being charged for the America the Beautiful Silver Bullion Coins, the United States Mint will delay the launch of the program. No orders placed by the primary distributors have been confirmed, while the Mint attempts to determine the appropriate course of action to best serve customers.
The new silver bullion program was expected to launch today. The coins would feature the designs of the America the Beautiful Quarters, stuck in 5 ounces of .999 fine silver. An extremely limited mintage of 33,000 units for each of the five different designs was announced by the Mint on December 1, 2010.
Coins would be sold by the United States Mint to their small group of primary distributors who are responsible for distributing the coins to the broader market. The cost of these coins to the distributors was set at a modest $9.75 premium per coin above the market value of the silver.
In response to the limited number of coins available and the high customer demand, at least one primary distributor began taking orders for the coins at a price of about $130 per coin above the market value of silver. Complete sets of the five designs were priced at $1,395. All 1,000 sets made available at this price sold out in less than 24 hours. Other bullion retailers and secondary market sources quickly began pricing the coins at even higher premiums. This had all taken place prior to the December 6, 2010 launch date for the program.
The United States Mint has just released the following statement about the 2010 America the Beautiful Silver Bullion Coins situation:
The United States Mint is aware of reports of concern by many consumers about the high prices and premiums being charged in the market for the newly released America the Beautiful Silver Bullion Coins. We are evaluating these reports and collecting information in order to assess the appropriate course of action to make certain that our customers are best served in the distribution of the coins, and to ensure the widest possible availability, accessibility and affordability of these coins.
Earlier today, the US Mint sent the following memo to primary distributors:
The United States Mint issued a press release on December 1, 2010, announcing the December 6, 2010, availability of the 2010 America the Beautiful Ounce Silver Bullion Coins through the established network of Authorized Purchasers who, in turn, would make them available on the secondary market. Due to the limited availability of the 2010 America the Beautiful Silver Bullion Coin coins, public anticipation has been extremely strong. Since the press release was issued, the United States Mint has received numerous calls and inquiries from the public regarding premiums being charged for these coins. As a result, we are delaying the launch of this program. No America the Beautiful Ounce Silver Bullion Coins orders will be confirmed today
I purchased a set from APMEX, I can't wait to see what happens. I seriously doubt the Mint is going to do anything but release these to the wholesalers as planned, slap folks on the wrist, and wash their hands of it. Not much else they can do. They have about 20 days before they can sell them right? Is there anything else they CAN do that doesn't result in all these being melted just to prove a point?
I purchased a set from APMEX, I can't wait to see what happens. I seriously doubt the Mint is going to do anything but release these to the wholesalers as planned, slap folks on the wrist, and wash their hands of it. Not much else they can do. They have about 20 days before they can sell them right? Is there anything else they CAN do that doesn't result in all these being melted just to prove a point? >>
You don't like the "mandate a lower price for the pre-sales" idea????
<< <i>Gawd I love this place. A new drama everyday!! >>
Is it true that a MillionMan CU Forum March upon the Mint is being organized as we speak?
MJ
Walker Proof Digital Album Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
They will lose customers. They have lost trust. They may lose a contract. And their president, Scott Thomas, made some really poorly thought-out comments.
<< <i>Bottom line: APMEX blew it. They will lose customers. They have lost trust. They may lose a contract. And their president, Scott Thomas, made some really poorly thought-out comments. >>
Amen. The arguments that Mr. Thomas made were so weak it was hard not to laugh, especially the one about "the greedy flippers" or whatever it was. Charging a price almost 100% above his costs in a controlled market, and he's talking about the "greedy ones"???
<< <i>This morning we ordered 50 sets from one of the official distributors we do a lot of business with. They called late this afternoon to say that the Mint would not be delivering the coins. >>
So what does that mean for my $1,419 money order that's out in today's mail?
They will lose customers. They have lost trust. They may lose a contract. And their president, Scott Thomas, made some really poorly thought-out comments. >>
Monaco Coin was selling them @ $1500 before APMEX did their $1395 presale.
of course, APMEX is an AP and Monaco most likey is not.
I wonder what the wholesaler to Monaco was selling to them at?
They will lose customers. They have lost trust. They may lose a contract. And their president, Scott Thomas, made some really poorly thought-out comments.
Miles >>
Very well stated Miles.
As several of us were saying on Fri. night, they killed the Golden Goose - as well as their reputation.
My prediction (worth about 0.02 if that) is that the 2010 issue will still be sold via the Auth. Dist. but that they will come down to about a grand to preserve their status.
The Mint may well seek a legislative solution - which would likely pass easily - to market them directly in the future OR will simply make a relatively huge number so that the bullion versions are sold like, well bullion.
If they end up selling them directly what happens to the "collector" version??
Comments
<< <i>
<< <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) >>
If you're right, I think they will also order all orders canceled and all new orders STRICTLY limited to one per household/phone number/address/ whatever they can come up with to put flippers and dealers, completely out of the loop.
<< <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. >>
so what about fairness to the people that were willing to pay this and did.... now they have to fight to reorder, get shut out, and end up paying a higher price???
<< <i>
<< <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. >>
BUT APMEX is a PRIMARY and the should be allotted something...maybe not what they thought....
problem is they went out and RETAILED 1000 units based on their 3000 unit TOTAL allocation (or this is what we are led to believe from their CEOs postings)
so if they do get something they are making a choice between RETAIL and WHOLESALE commitments....they will look very POORLY in many eyes if they don't honor ALL...
<< <i>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 >>
Wow..you are really going out there. You want to involve Congress and Obama?????
I was just wondering how the Mint would get packaging in time......
Obama???
The name is LEE!
You don't see that every day!
<< <i>
<< <i>
<< <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) >>
If you're right, I think they will also order all orders canceled and all new orders STRICTLY limited to one per household/phone number/address/ whatever they can come up with to put flippers and dealers, completely out of the loop. >>
APMEX is flipping them to whoever.
Monaco is flipping them to whoever.
EVERYONE is a flipper.
It'd be nice if it were 1 per household and limited to people only.
At least then, the max number of sets would be 11 or 12 per household (1 ordered from each wholesaler)
<< <i>
<< <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. >>
Because they would cause a legal mess, a logistic mess ad create havoc, and how could they remedy by the legal deadline 3 weeks away? --------------BigE
<< <i>At least then, the max number of sets would be 11 or 12 per household (1 ordered from each wholesaler) >>
But not all the wholesalers deal with the public and they only get approx. 3000 max. each
<< <i>
<< <i>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 >>
Wow..you are really going out there. You want to involve Congress and Obama?????
I was just wondering how the Mint would get packaging in time......
Obama??? >>
That's not "going out there" at all. That's only knowing firsthand how the Hill can work very fast on some issues that no one thought they ever would.
<< <i>
<< <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) >>
The only ones who will benefit are the ones who bought from APMEX then. Those who bought from Monaco, Gainesville and Provident will still get reamed. All you're doing is moving the gravy train from APMEX to the second-tier distributors who will make humongous profits.
<< <i>
<< <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. >>
so what about fairness to the people that were willing to pay this and did.... now they have to fight to reorder, get shut out, and end up paying a higher price??? >>
They will pay a lower price BUT likely be restricted, strictly to one set and one set only.
<< <i>The flippers on eBay who have pre-sold---- are potentially going to get bit this time. Probably going to get a few negatives out of this if they cannot deliver. >>
I just can't feel sorry for the eBay pre sellers, especially the ones who already spend their winnings.
<< <i>
<< <i>
<< <i>
<< <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) >>
If you're right, I think they will also order all orders canceled and all new orders STRICTLY limited to one per household/phone number/address/ whatever they can come up with to put flippers and dealers, completely out of the loop. >>
APMEX is flipping them to whoever.
Monaco is flipping them to whoever.
EVERYONE is a flipper.
It'd be nice if it were 1 per household and limited to people only.
At least then, the max number of sets would be 11 or 12 per household (1 ordered from each wholesaler) >>
The Mint could order cross-referencing of all orders to assure that a one per household limit was observed.
<< <i>ubl456.110.pdf">Public Law >>
the colon in the URL messes up the links. (the forum software thinks it is the eyes on some emoticon :-)
for these I use tinyurl.com
<< <i>The flippers on eBay who have pre-sold---- are potentially going to get bit this time. Probably going to get a few negatives out of this if they cannot deliver. >>
Couldn't happen to a better group of people.
<< <i>
<< <i>
<< <i>
<< <i>
<< <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) >>
If you're right, I think they will also order all orders canceled and all new orders STRICTLY limited to one per household/phone number/address/ whatever they can come up with to put flippers and dealers, completely out of the loop. >>
APMEX is flipping them to whoever.
Monaco is flipping them to whoever.
EVERYONE is a flipper.
It'd be nice if it were 1 per household and limited to people only.
At least then, the max number of sets would be 11 or 12 per household (1 ordered from each wholesaler) >>
The Mint could order cross-referencing of all orders to assure that a one per household limit was observed. >>
customer lists are usually confidential.
<< <i>
<< <i>ubl456.110.pdf">Public Law >>
the colon in the URL messes up the links. (the forum software thinks it is the eyes on some emoticon :-)
for these I use tinyurl.com >>
I cn't even edit the damned thing.
Whatever. Go to the US Mint Pressrom/Legislation Pages and pull it up yerself.
Oh yeah, since nobody else said it................................600!
The name is LEE!
<< <i>
<< <i>
<< <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. >>
Because they would cause a legal mess, a logistic mess ad create havoc, and how could they remedy by the legal deadline 3 weeks away? --------------BigE >>
Not sure if it would really be a legal mess. After all, it happens very frequently that you order a product (can be anything, a refrigerator, a pair of jeans, etc...) and if it turns out they cannot provide.... there is no sale. So not sure if this is any different... if they do not have the product, they may not be able to follow through. They would just return your money. I would also be willing to wager that if you read their fine print is is probably spelled out that a deal may have to be canceled.
<< <i>
<< <i>
<< <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. >>
so what about fairness to the people that were willing to pay this and did.... now they have to fight to reorder, get shut out, and end up paying a higher price??? >>
They will pay a lower price BUT likely be restricted, strictly to one set and one set only. >>
Believe me, I was not planning on spending this much on this years set. But, I knew it was going to be limited (100,000 @ first) which I thought would still command a high demand. Since, this was the first year of issue and first of their kind. So either way i was in for 1 set, which is what I ordered. Then seeing 1/3 only being made I decided I would take he risk. I still want my set and I really don't want to reorder it again. With a reorder and a lower price, any dealer now knows there is a demand for these, and they will get their hands on as many as they can even with the 1 set per. As many people will then order to sell to dealer, who will then resell @ same price or even higher then I already paid.
I took the risk as did many others on ordering @ early prices .... why should I lose out cause others didn't order because they want to pay less?????
http://news.coinupdate.com/america-the-beautiful-silver-bullion-coins-halted-0563/
I wanted to pay less too!!!
<< <i>
<< <i>
<< <i>
<< <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. >>
Because they would cause a legal mess, a logistic mess ad create havoc, and how could they remedy by the legal deadline 3 weeks away? --------------BigE >>
Not sure if it would really be a legal mess. After all, it happens very frequently that you order a product (can be anything, a refrigerator, a pair of jeans, etc...) and if it turns out they cannot provide.... there is no sale. So not sure if this is any different... if they do not have the product, they may not be able to follow through. They would just return your money. I would also be willing to wager that if you read their fine print is is probably spelled out that a deal may have to be canceled. >>
they maybe able to cancel if product is no longer made or exists...... but they do and when they get them they should have to fulfill orders.
APMEX loses. No sympathy there.
eBay flippers lose. Very little sympathy there. That's part of the risk of selling something you don't actually have...
I'll be impatiently waiting on something official on all of this.
By Michael Zielinski on December 6th, 2010
Categories: America the Beautiful Quarters, Featured Articles, Precious Metals
Bowing to consumer concerns about the excessive premiums being charged for the America the Beautiful Silver Bullion Coins, the United States Mint will delay the launch of the program. No orders placed by the primary distributors have been confirmed, while the Mint attempts to determine the appropriate course of action to best serve customers.
The new silver bullion program was expected to launch today. The coins would feature the designs of the America the Beautiful Quarters, stuck in 5 ounces of .999 fine silver. An extremely limited mintage of 33,000 units for each of the five different designs was announced by the Mint on December 1, 2010.
Coins would be sold by the United States Mint to their small group of primary distributors who are responsible for distributing the coins to the broader market. The cost of these coins to the distributors was set at a modest $9.75 premium per coin above the market value of the silver.
In response to the limited number of coins available and the high customer demand, at least one primary distributor began taking orders for the coins at a price of about $130 per coin above the market value of silver. Complete sets of the five designs were priced at $1,395. All 1,000 sets made available at this price sold out in less than 24 hours. Other bullion retailers and secondary market sources quickly began pricing the coins at even higher premiums. This had all taken place prior to the December 6, 2010 launch date for the program.
The United States Mint has just released the following statement about the 2010 America the Beautiful Silver Bullion Coins situation:
The United States Mint is aware of reports of concern by many consumers about the high prices and premiums being charged in the market for the newly released America the Beautiful Silver Bullion Coins. We are evaluating these reports and collecting information in order to assess the appropriate course of action to make certain that our customers are best served in the distribution of the coins, and to ensure the widest possible availability, accessibility and affordability of these coins.
Earlier today, the US Mint sent the following memo to primary distributors:
The United States Mint issued a press release on December 1, 2010, announcing the December 6, 2010, availability of the 2010 America the Beautiful Ounce Silver Bullion Coins through the established network of Authorized Purchasers who, in turn, would make them available on the secondary market. Due to the limited availability of the 2010 America the Beautiful Silver Bullion Coin coins, public anticipation has been extremely strong. Since the press release was issued, the United States Mint has received numerous calls and inquiries from the public regarding premiums being charged for these coins. As a result, we are delaying the launch of this program. No America the Beautiful Ounce Silver Bullion Coins orders will be confirmed today
<< <i>Is it possible....that for once greed didn't win out?
APMEX loses. No sympathy there.
eBay flippers lose. Very little sympathy there. That's part of the risk of selling something you don't actually have...
I'll be impatiently waiting on something official on all of this. >>
...and just what do you think the final price from the dealers to the consumer will be????
Greed will just be postponed,,,,
on the other hand, I know I will end up paying more for my set now.
<< <i>I am glad the mint stepped in.... the price was way to high.
on the other hand, I know I will end up paying more for my set now. >>
So you think the price was way too high....
...and it is a better thing that you will pay more for your set???
<< <i>
<< <i>Is it possible....that for once greed didn't win out?
APMEX loses. No sympathy there.
eBay flippers lose. Very little sympathy there. That's part of the risk of selling something you don't actually have...
I'll be impatiently waiting on something official on all of this. >>
...and just what do you think the final price from the dealers to the consumer will be????
Greed will just be postponed,,,, >>
I absolutely agree.---------BigE
I purchased a set from APMEX, I can't wait to see what happens. I seriously doubt the Mint is going to do anything but release these to the wholesalers as planned, slap folks on the wrist, and wash their hands of it. Not much else they can do. They have about 20 days before they can sell them right? Is there anything else they CAN do that doesn't result in all these being melted just to prove a point?
<< <i>One coin per customer, that's it. >>
..and the dealers get only one??? Yeah, right......
<< <i>One coin per customer, that's it. >>
one SET per customer, that's it ;D
....and my wife is a customer, and my son is a customer, and my dog is a customer, and my god father is a customer.....
<< <i>cool, i finally have another hit thread!
I purchased a set from APMEX, I can't wait to see what happens. I seriously doubt the Mint is going to do anything but release these to the wholesalers as planned, slap folks on the wrist, and wash their hands of it. Not much else they can do. They have about 20 days before they can sell them right? Is there anything else they CAN do that doesn't result in all these being melted just to prove a point? >>
You don't like the "mandate a lower price for the pre-sales" idea????
<< <i>Gawd I love this place. A new drama everyday!! >>
Is it true that a MillionMan CU Forum March upon the Mint is being organized as we speak?
MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
They will lose customers. They have lost trust. They may lose a contract. And their president, Scott Thomas, made some really poorly thought-out comments.
Miles
<< <i>Is it possible....that for once greed didn't win out?
APMEX loses. No sympathy there.
eBay flippers lose. Very little sympathy there. That's part of the risk of selling something you don't actually have...
I'll be impatiently waiting on something official on all of this. >>
I hope they can do something other than asking with a stern voice and writing strongly worded letters.
Ya know.... after the dust settles.... it'd be funny if these hovered just above melt due to a low collector base.
<< <i>Bottom line: APMEX blew it. They will lose customers. They have lost trust. They may lose a contract. And their president, Scott Thomas, made some really poorly thought-out comments. >>
Amen. The arguments that Mr. Thomas made were so weak it was hard not to laugh, especially the one about "the greedy flippers" or whatever it was. Charging a price almost 100% above his costs in a controlled market, and he's talking about the "greedy ones"???
mbogoman
https://pcgs.com/setregistry/collectors-showcase/classic-issues-colonials-through-1964/zambezi-collection-trade-dollars/7345Asesabi Lutho
<< <i>This morning we ordered 50 sets from one of the official distributors we do a lot of business with. They called late this afternoon to say that the Mint would not be delivering the coins. >>
So what does that mean for my $1,419 money order that's out in today's mail?
Click on this link to see my ebay listings.
<< <i>Bottom line: APMEX blew it.
They will lose customers. They have lost trust. They may lose a contract. And their president, Scott Thomas, made some really poorly thought-out comments. >>
Monaco Coin was selling them @ $1500 before APMEX did their $1395 presale.
of course, APMEX is an AP and Monaco most likey is not.
I wonder what the wholesaler to Monaco was selling to them at?
<< <i>Bottom line: APMEX blew it.
They will lose customers. They have lost trust. They may lose a contract. And their president, Scott Thomas, made some really poorly thought-out comments.
Miles >>
Very well stated Miles.
As several of us were saying on Fri. night, they killed the Golden Goose - as well as their reputation.
My prediction (worth about 0.02 if that) is that the 2010 issue will still be sold via the Auth. Dist. but that they will come down to about a grand to preserve their status.
The Mint may well seek a legislative solution - which would likely pass easily - to market them directly in the future OR will simply make a relatively huge number so that the bullion versions are sold like, well bullion.
If they end up selling them directly what happens to the "collector" version??
<< <i>Bottom line: APMEX blew it. >>
Absolutely!
and the Mint started it by lowering the mintage and thinking they would still sell as bullion
If APMEX just kept it in their pants for a couple of more days they could have pre-sold when the coins left the Mint and that would be that.