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'll repeat again. This only helps the small number of AMPEX buyers (less than 1000 since some of them were probably buying many sets). Everyone else is going to get screwed because the second-tier distributors, who are not bound by any agreements, will jack up the price to whatever the market will bear. Or did you think that the second-tier distributors would pass their savings on in the form of lowered prices? Yeah, right.
<< <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? >>
I think that you will likely get the coins as well as some $ back.
<< <i>I'll repeat again. This only helps the small number of AMPEX buyers (less than 1000 since some of them were probably buying many sets). Everyone else is going to get screwed because the second-tier distributors, who are not bound by any agreements, will jack up the price to whatever the market will bear. Or did you think that the second-tier distributors would pass their savings on in the form of lowered prices? Yeah, right. >>
the Mint has no control past their APs and the Mint HQ knows it.
Which is why direct sales to consumers would be a good idea. Unfortunately, many of the APs are not set up for such things. One of them about laguhed at my tiny 100 coin each order question. "Institutions Only," I was told, "We wouldn't do something that small."
<< <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? >>
I think that you will likely get the coins as well as some $ back. >>
I sure hope so. I scraped, scrounged and robbed the change at the bottom of my couch to come up with the cash over the weekend so I could mail it off first thing this morning.
They just ADDED an extra flipper into the foray in the future. Now APMEX will just sell their whole allocation to a "friend" who will jack up the price more.----------------BigE
<< <i>I scraped, scrounged and robbed the change at the bottom of my couch to come up with the cash over the weekend so I could mail it off first thing this morning. >>
I did too. I wired my money today. So, I just hope that apmex doesn't cancel orders and I have to wait a couple of weeks for a refund check...not being able to buy them however they end up being sold.
Great BST experiences: abitofthisabitofthat, silvercoinsdude, gerard, coinfame, mikescoins, wondercoin
<< <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???
>>
not happy to pay more..... saying I will probably miss the boat on ordering these now.... and will end up having to buy from other 2nd tier dealers, who will charge more for them since they are not restricted to do so.
The total cost per 5 set for distributors would have been right around $800. So right off the bat APMEX was charging a HUGE premium. I am glad I passed when Gainsville called and offered them to me for $1500. Kudos to the mint for stepping up!
All coins kept in bank vaults. PCGS Registries Box of 20 SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
<< <i>I scraped, scrounged and robbed the change at the bottom of my couch to come up with the cash over the weekend so I could mail it off first thing this morning. >>
I did too. I wired my money today. So, I just hope that apmex doesn't cancel orders and I have to wait a couple of weeks for a refund check...not being able to buy them however they end up being sold. >>
I've very doubtful APMEX will be pulled off the auth. distributors list for this. I'd expect that you'll be able to use the check (and a refund check in the mail!) when they offer them. And they're going to have to get this together soon....just 3.5 weeks to go until year end.
BUT....that would be a ton of suckage.
Successful transactions with keepdachange, tizofthe, adriana, wondercoin
I just spoke with a US mint representative about this series on the phone right now, they said they are still being shipped to the distributors/dealers
I was driving all day today, but I made a call to the (202) legal affairs number and left a message with my concerns over the public price gouging and breach of contract and violation of the authorizing legislation. A woman called me back and gave me the name of a Mr. Hasner in the Bullion Program who was to call me back today. He never did. Maybe he was a tad busy?
I can only imagine that they got numerous calls all day long. Raufus did us a great service. Thanks, man.
It's one thing to take a risk and be rewarded for having the moxie to take a chance - but it's quite another matter to be given a position of responsibility & trust and then to abuse that position in the most egregious manner that you possibly can. Nice job, Apmex.
Q: Are You Printing Money? Bernanke: Not Literally
<< <i>I just spoke with a US mint representative about this series on the phone right now, they said they are still being shipped to the distributors/dealers >>
Was that a representative at 1-800-USA-MINT? Those people, though often friendly and well intentioned. are contract employees who have no idea what is going on.
TD
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
<< <i>I just spoke with a US mint representative about this series on the phone right now, they said they are still being shipped to the distributors/dealers >>
they are working late? It's past 8pm on the East Coast.
<< <i>I just spoke with a US mint representative about this series on the phone right now, they said they are still being shipped to the distributors/dealers >>
Was that a representative at 1-800-USA-MINT? Those people, though often friendly and well intentioned. are contract employees who have no idea what is going on.
TD >>
Yes, it was...and that was the impression I got. Very friendly lady, but probably not in-tune with day to day changes. But her quote was, the US mint will not be selling the America the Beautiful Bullion coins...they are on there way to the dealers.
<< <i>... Is there anything else they CAN do that doesn't result in all these being melted just to prove a point? >>
One set to the Smithsonian, the others melted, and Moy canned for not fulfilling the Congressional mandate. We all make the pilgrimage to DC to ooh and aah over the coins that caused a ruckus for a few days in December 2010.
<< <i>saying I will probably miss the boat on ordering these now.... and will end up having to buy from other 2nd tier dealers, who will charge more for them since they are not restricted to do so. >>
true true.
maybe the dealers will get them for $200 and charge the rest of us $400 ???
<< <i>I just spoke with a US mint representative about this series on the phone right now, they said they are still being shipped to the distributors/dealers >>
they are working late? It's past 8pm on the East Coast.
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? >>
A Couple Of Questions / Thoughts
Since the US Mint's release date was December 6, (regardless of price) was it illegal for APMEX to pre-sell this issue?
What if APMEX cancels those 1,000 orders? Based on the possibility it may have been illegal to pre-sell.
All these suggestions except for the obvious which the Bureau of Engraving and Printing uses.............................A lottery of its existing customers!
(676)
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.
It ain't over until the fat lady sings. She's not even warmed up yet. Do you think the Mint's wholesalers are going to stand idly by & do nothing? I suspect that their lawyers are in contact with the Mint's lawyers as I type this. Furthermore, the Mint is not going to shoot themselves in the foot by alienating their cash cow network, by giving in to a 100 or so J6P's. Get real boys & girls. The wholesalers will still get their allotment ... The Mint will make some political correct statement to appease those that complaint the loudest. In the end, the status quo will remain.
"Bongo drive 1984 Lincoln that looks like old coin dug from ground."
<< <i>It ain't over until the fat lady sings. She's not even warmed up yet. Do you think the Mint's wholesalers are going to stand idly by & do nothing? I suspect that their lawyers are in contact with the Mint's lawyers as I type this. Furthermore, the Mint is not going to shoot themselves in the foot by alienating their cash cow network, by giving in to a 100 or so J6P's. Get real boys & girls. The wholesalers will still get their allotment ... The Mint will make some political correct statement to appease those that complaint the loudest. In the end, the status quo will remain. >>
I'm concerned about Weiss. If Apmex doesn't ship how is he going to be able to afford to get his hair cut? His salon ain't cheap.
FYI- I will be surprised if Apmex doesn't get shipped a sizeable allotment from the Mint. Keep your appointment Weiss
This thread has gone viral...............
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......
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? >>
A Couple Of Questions / Thoughts
Since the US Mint's release date was December 6, (regardless of price) was it illegal for APMEX to pre-sell this issue?
What if APMEX cancels those 1,000 orders? Based on the possibility it may have been illegal to pre-sell.
Does anybody see any lawsuits against APMEX? >>
No, I do not. PreSales are perfectly legal provided the customer knows its a presale which IMO the customers did. PreSales are even legal on eBay provided the product can be delivered within 30 days of listing close.
If anything at all, some of the authorized purchasers may be talking to their attorney's to find out what legal recourse they have with the US Mint. Provided of course, the authorized purchasers agreement does not have sine wording disallowing such an action. Whatever.
They set the market bar way to high based upon a lot of hype and are now paying the price.
I have nothing against APMEX and will always do business with them provided the product and PRICE meet my needs but, I think they really over extended themselves with this one primarily because it IS a US MINT Product which is ONLY Available through the authorized purchasers. A Mini-Monopoly if you will!
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>It ain't over until the fat lady sings. She's not even warmed up yet. Do you think the Mint's wholesalers are going to stand idly by & do nothing? I suspect that their lawyers are in contact with the Mint's lawyers as I type this. Furthermore, the Mint is not going to shoot themselves in the foot by alienating their cash cow network, by giving in to a 100 or so J6P's. Get real boys & girls. The wholesalers will still get their allotment ... The Mint will make some political correct statement to appease those that complaint the loudest. In the end, the status quo will remain. >>
I think we'll see these posted again in a few days. There's not much time left. But with these caveats:
1. Household limit of 1-2. 2. Price somewhere between $200-$230 a coin ($1000/set). 3. Maaaaybbee no preorders.
I'm glad to see this happening. The national parks are supposed to be places that folks can visit and enjoy regardless of wealth. It was ironic that the nicest set of national park commemorative bullion quarters should be priced at the same price as an ounce of gold....out of reach for most.
Successful transactions with keepdachange, tizofthe, adriana, wondercoin
Today, we received the following notice from the United States Mint…
"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."
You are receiving this notice because you have an existing order with this item in it. We ask the following:
1. Since you have placed an order with APMEX for these coins, we will honor our orders providing the US Mint makes these coins available to us. Should the mint change their method of distribution (Not selling to Authorized Purchasers) and do not provide coins to us, we will have no choice but to cancel the order and provide a full refund.
2. If you would like to cancel your order, you are welcome to reply to this email and let us know.
a. If you have selected to pay by credit card, we will be happy to credit your card back. b. If you have mailed in your check, please let us know and we will return your payment.
3. If you would like to keep your order, there is nothing you have to do. We will let you know when we have more information.
We apologize for this issue and wish there was something more we could do at this point. The US Mint has created a fantastic product. However, because of the complexity of manufacturing the coin and the available time during the 2010 year to produce the coins, the mintage (33,000 each) is more like a numismatic rarity than a bullion coin. We will continue to keep you informed.
Today, we received the following notice from the United States Mint…
"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."
You are receiving this notice because you have an existing order with this item in it. We ask the following:
1. Since you have placed an order with APMEX for these coins, we will honor our orders providing the US Mint makes these coins available to us. Should the mint change their method of distribution (Not selling to Authorized Purchasers) and do not provide coins to us, we will have no choice but to cancel the order and provide a full refund.
2. If you would like to cancel your order, you are welcome to reply to this email and let us know.
a. If you have selected to pay by credit card, we will be happy to credit your card back. b. If you have mailed in your check, please let us know and we will return your payment.
3. If you would like to keep your order, there is nothing you have to do. We will let you know when we have more information.
We apologize for this issue and wish there was something more we could do at this point. The US Mint has created a fantastic product. However, because of the complexity of manufacturing the coin and the available time during the 2010 year to produce the coins, the mintage (33,000 each) is more like a numismatic rarity than a bullion coin. We will continue to keep you informed. >>
If they do release to the distribution network - based on that note published above
I would gamble on their being a "cap" on the spread per ounce, or, a fixed price per coin over spot. And it wont be anywhere near the price they were charging.
Also, I would say they (USM) make sure "all" coins in the allotment are sold at that rate - not "holding back" for grading and selling them at huge premiums later.
The only other option is to sell them direct to the public. Pretty good chance of that too.
<< <i>If they do release to the distribution network - based on that note published above
I would gamble on their being a "cap" on the spread per ounce, or, a fixed price per coin over spot. And it wont be anywhere near the price they were charging.
Also, I would say they (USM) make sure "all" coins in the allotment are sold at that rate - not "holding back" for grading and selling them at huge premiums later.
The only other option is to sell them direct to the public. Pretty good chance of that too. >>
This seems like a classic case where price fixing creates black markets. The distributors will just sell them all to a friend, who will sell them at market values (which is clearly higher then $975 or whatever around there). So much for free markets here in the US
sure seems like it would be easy for a distributor to say "here ya go, mr dealer *wink*, here's your 500 sets at only minimum profit from me*wink*" and then the distributor receives a nice check in the mail that has absolutely nothing to do with this transaction...
Great BST experiences: abitofthisabitofthat, silvercoinsdude, gerard, coinfame, mikescoins, wondercoin
Comments
<< <i>
<< <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'll repeat again. This only helps the small number of AMPEX buyers (less than 1000 since some of them were probably buying many sets). Everyone else is going to get screwed because the second-tier distributors, who are not bound by any agreements, will jack up the price to whatever the market will bear. Or did you think that the second-tier distributors would pass their savings on in the form of lowered prices? Yeah, right.
<< <i>How did APMEX lose out? Am I missing something? >>
By not being able to cash in on the 3K coins to the tune of 7 figures.
<< <i>
<< <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?
I think that you will likely get the coins as well as some $ back.
<< <i>
<< <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. >>
yup!
<< <i>I'll repeat again. This only helps the small number of AMPEX buyers (less than 1000 since some of them were probably buying many sets). Everyone else is going to get screwed because the second-tier distributors, who are not bound by any agreements, will jack up the price to whatever the market will bear. Or did you think that the second-tier distributors would pass their savings on in the form of lowered prices? Yeah, right. >>
the Mint has no control past their APs and the Mint HQ knows it.
Which is why direct sales to consumers would be a good idea. Unfortunately, many of the APs are not set up for such things. One of them about laguhed at my tiny 100 coin each order question. "Institutions Only," I was told, "We wouldn't do something that small."
<< <i>
<< <i>
<< <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?
I think that you will likely get the coins as well as some $ back. >>
I sure hope so.
I scraped, scrounged and robbed the change at the bottom of my couch to come up with the cash over the weekend
so I could mail it off first thing this morning.
Click on this link to see my ebay listings.
<< <i>I scraped, scrounged and robbed the change at the bottom of my couch to come up with the cash over the weekend
so I could mail it off first thing this morning. >>
I did too. I wired my money today. So, I just hope that apmex doesn't cancel orders and I have to wait a couple of weeks for a refund check...not being able to buy them however they end up being sold.
<< <i>
<< <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???
not happy to pay more.....
saying I will probably miss the boat on ordering these now.... and will end up having to buy from other 2nd tier dealers, who will charge more for them since they are not restricted to do so.
The total cost per 5 set for distributors would have been right around $800. So right off the bat APMEX was charging a HUGE premium. I am glad I passed when Gainsville called and offered them to me for $1500. Kudos to the mint for stepping up!
PCGS Registries
Box of 20
SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
<< <i>
<< <i>I scraped, scrounged and robbed the change at the bottom of my couch to come up with the cash over the weekend
so I could mail it off first thing this morning. >>
I did too. I wired my money today. So, I just hope that apmex doesn't cancel orders and I have to wait a couple of weeks for a refund check...not being able to buy them however they end up being sold. >>
I've very doubtful APMEX will be pulled off the auth. distributors list for this. I'd expect that you'll be able to use the check (and a refund check in the mail!) when they offer them. And they're going to have to get this together soon....just 3.5 weeks to go until year end.
BUT....that would be a ton of suckage.
Of course, there isn't a final verdict yet.
This is a winner. Can't wait to get some!
I can only imagine that they got numerous calls all day long. Raufus did us a great service. Thanks, man.
It's one thing to take a risk and be rewarded for having the moxie to take a chance - but it's quite another matter to be given a position of responsibility & trust and then to abuse that position in the most egregious manner that you possibly can. Nice job, Apmex.
I knew it would happen.
<< <i>I just spoke with a US mint representative about this series on the phone right now, they said they are still being shipped to the distributors/dealers >>
Was that a representative at 1-800-USA-MINT?
Those people, though often friendly and well intentioned. are contract employees who have no idea what is going on.
TD
<< <i>I just spoke with a US mint representative about this series on the phone right now, they said they are still being shipped to the distributors/dealers >>
they are working late? It's past 8pm on the East Coast.
what number did you call?
<< <i>
<< <i>I just spoke with a US mint representative about this series on the phone right now, they said they are still being shipped to the distributors/dealers >>
Was that a representative at 1-800-USA-MINT?
Those people, though often friendly and well intentioned. are contract employees who have no idea what is going on.
TD >>
Yes, it was...and that was the impression I got. Very friendly lady, but probably not in-tune with day to day changes. But her quote was, the US mint will not be selling the America the Beautiful Bullion coins...they are on there way to the dealers.
<< <i>... Is there anything else they CAN do that doesn't result in all these being melted just to prove a point? >>
One set to the Smithsonian, the others melted, and Moy canned for not fulfilling the Congressional mandate. We all make the pilgrimage to DC to ooh and aah over the coins that caused a ruckus for a few days in December 2010.
<< <i>saying I will probably miss the boat on ordering these now.... and will end up having to buy from other 2nd tier dealers, who will charge more for them since they are not restricted to do so. >>
true true.
maybe the dealers will get them for $200 and charge the rest of us $400 ???
<< <i>
<< <i>I just spoke with a US mint representative about this series on the phone right now, they said they are still being shipped to the distributors/dealers >>
they are working late? It's past 8pm on the East Coast.
what number did you call? >>
1-800-USA-MINT (872-6468), open until 12pm est
The saga continues tomorrow..
<< <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? >>
A Couple Of Questions / Thoughts
Since the US Mint's release date was December 6, (regardless of price) was it illegal for APMEX to pre-sell this issue?
What if APMEX cancels those 1,000 orders? Based on the possibility it may have been illegal to pre-sell.
Does anybody see any lawsuits against APMEX?
<< <i>I'm gonna watch the Pats beat the Jets....
The saga continues tomorrow..
ME TOO
All these suggestions except for the obvious which the Bureau of Engraving and Printing uses.............................A lottery of its existing customers!
(676)
The name is LEE!
<< <i>It ain't over until the fat lady sings. She's not even warmed up yet. Do you think the Mint's wholesalers are going to stand idly by & do nothing? I suspect that their lawyers are in contact with the Mint's lawyers as I type this. Furthermore, the Mint is not going to shoot themselves in the foot by alienating their cash cow network, by giving in to a 100 or so J6P's. Get real boys & girls. The wholesalers will still get their allotment ... The Mint will make some political correct statement to appease those that complaint the loudest. In the end, the status quo will remain. >>
Hear Hear!
FYI- I will be surprised if Apmex doesn't get shipped a sizeable allotment from the Mint. Keep your appointment Weiss
This thread has gone viral...............
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......
<< <i>
<< <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? >>
A Couple Of Questions / Thoughts
Since the US Mint's release date was December 6, (regardless of price) was it illegal for APMEX to pre-sell this issue?
What if APMEX cancels those 1,000 orders? Based on the possibility it may have been illegal to pre-sell.
Does anybody see any lawsuits against APMEX? >>
No, I do not. PreSales are perfectly legal provided the customer knows its a presale which IMO the customers did.
PreSales are even legal on eBay provided the product can be delivered within 30 days of listing close.
If anything at all, some of the authorized purchasers may be talking to their attorney's to find out what legal recourse they have with the US Mint. Provided of course, the authorized purchasers agreement does not have sine wording disallowing such an action. Whatever.
They set the market bar way to high based upon a lot of hype and are now paying the price.
I have nothing against APMEX and will always do business with them provided the product and PRICE meet my needs but, I think they really over extended themselves with this one primarily because it IS a US MINT Product which is ONLY Available through the authorized purchasers. A Mini-Monopoly if you will!
The name is LEE!
<< <i>
<< <i>It ain't over until the fat lady sings. She's not even warmed up yet. Do you think the Mint's wholesalers are going to stand idly by & do nothing? I suspect that their lawyers are in contact with the Mint's lawyers as I type this. Furthermore, the Mint is not going to shoot themselves in the foot by alienating their cash cow network, by giving in to a 100 or so J6P's. Get real boys & girls. The wholesalers will still get their allotment ... The Mint will make some political correct statement to appease those that complaint the loudest. In the end, the status quo will remain. >>
Hear Hear! >>
Yup---------------------------BigE
1. Household limit of 1-2.
2. Price somewhere between $200-$230 a coin ($1000/set).
3. Maaaaybbee no preorders.
I'm glad to see this happening. The national parks are supposed to be places that folks can visit and enjoy regardless of wealth. It was ironic that the nicest set of national park commemorative bullion quarters should be priced at the same price as an ounce of gold....out of reach for most.
Today, we received the following notice from the United States Mint…
"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."
You are receiving this notice because you have an existing order with this item in it. We ask the following:
1. Since you have placed an order with APMEX for these coins, we will honor our orders providing the US Mint makes these coins available to us. Should the mint change their method of distribution (Not selling to Authorized Purchasers) and do not provide coins to us, we will have no choice but to cancel the order and provide a full refund.
2. If you would like to cancel your order, you are welcome to reply to this email and let us know.
a. If you have selected to pay by credit card, we will be happy to credit your card back.
b. If you have mailed in your check, please let us know and we will return your payment.
3. If you would like to keep your order, there is nothing you have to do. We will let you know when we have more information.
We apologize for this issue and wish there was something more we could do at this point. The US Mint has created a fantastic product. However, because of the complexity of manufacturing the coin and the available time during the 2010 year to produce the coins, the mintage (33,000 each) is more like a numismatic rarity than a bullion coin. We will continue to keep you informed.
<< <i>from APMEX....
Today, we received the following notice from the United States Mint…
"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."
You are receiving this notice because you have an existing order with this item in it. We ask the following:
1. Since you have placed an order with APMEX for these coins, we will honor our orders providing the US Mint makes these coins available to us. Should the mint change their method of distribution (Not selling to Authorized Purchasers) and do not provide coins to us, we will have no choice but to cancel the order and provide a full refund.
2. If you would like to cancel your order, you are welcome to reply to this email and let us know.
a. If you have selected to pay by credit card, we will be happy to credit your card back.
b. If you have mailed in your check, please let us know and we will return your payment.
3. If you would like to keep your order, there is nothing you have to do. We will let you know when we have more information.
We apologize for this issue and wish there was something more we could do at this point. The US Mint has created a fantastic product. However, because of the complexity of manufacturing the coin and the available time during the 2010 year to produce the coins, the mintage (33,000 each) is more like a numismatic rarity than a bullion coin. We will continue to keep you informed. >>
I just received this e-mail also
<< <i>I hope I can charge Apmex a $35 restocking fee of my cash into my bank account, like they would me if I returned their products. >>
AND the Market Loss Policy Vig they have too....lol
Since when is anything with 32,999 other exact copies a rarity?
The name is LEE!
Per the note pasted above, looks like the wholesalers are not receiving those coins until the situation is worked out.
Looks like a change is in order.
I guess all those pre-sells on ebay better hold that money in reserve.........ready for return to the purchaser.
<< <i>
<< <i>I hope I can charge Apmex a $35 restocking fee of my cash into my bank account, like they would me if I returned their products. >>
AND the Market Loss Policy Vig they have too....lol >>
Right on, some sets sold on eBay presale today for $1,950
That is ASSUMING they will honor our place in the ordering line
<< <i>from APMEX....
... more like a numismatic rarity than a bullion coin. >>
more like money not left on the table to them, if you read what Scott Thomas wrote about sellers below their price.
In fact, you'd think that, if the mint asked them to lower their prices, their overhead in their bullion business would prevent it.
And now it is a matter of rarity.
<< <i>A "numismatic rarity"?
Since when is anything with 32,999 other exact copies a rarity? >>
and just think at 20,000 Martha Washington $10 is JUST BULLION now.... and the USM handled that ordering/processing fiasco....
I would gamble on their being a "cap" on the spread per ounce, or, a fixed price per coin over spot. And it wont be anywhere near the price they were charging.
Also, I would say they (USM) make sure "all" coins in the allotment are sold at that rate - not "holding back" for grading and selling them at huge premiums later.
The only other option is to sell them direct to the public. Pretty good chance of that too.
<< <i>If they do release to the distribution network - based on that note published above
I would gamble on their being a "cap" on the spread per ounce, or, a fixed price per coin over spot. And it wont be anywhere near the price they were charging.
Also, I would say they (USM) make sure "all" coins in the allotment are sold at that rate - not "holding back" for grading and selling them at huge premiums later.
The only other option is to sell them direct to the public. Pretty good chance of that too. >>
This seems like a classic case where price fixing creates black markets. The distributors will just sell them all to a friend, who will sell them at market values (which is clearly higher then $975 or whatever around there). So much for free markets here in the US