We need more rules, people with fast 'puters should only be allow one shot, if they try more than once they have to purchase them for everyone or make theirs available to thepublic-----------------BigE
Well, the AP's had a contract with the Mint too, and the Mint decided to change it and force them to accept or opt out. Would it be OK for the Mint to add these laws to us? or is it only ok for them to do it to authorized purchasers?
BigE, you do understand that Apmex broke their contract and violated federal law right out of the gate, do you not?
I have a business degree, and am a big boy. It is a fact that the Mint completely changed its prior arrangment with the AP's. In my opinion, this gives APMEX the right to completely change all of the sales it made in good faith under the old Mint arrangements. If they announced that they did not want the hassle of government audits and were deciding to opt out of the program, I would not demand that they deliver me a set and refund the difference. I would just take the refund check and deposit it in my bank.
That said, if they are going to sell the sets under the Mint's new requirements, I think it would be a nice gesture on their part to honor the sale of one set per household to the previous orders.
TD
Captn, I also have a business degree and while the Mint changed their agreement, it was BECAUSE Apmex circumvented their agreement and CAUSED the Mint to intervene - correctly I might add.
For all the uproar, those who bought at $1,395.00 from Apmex should be allowed to buy their one set for that price before the market establishes a market price, and before the rest of the sets are offered for $900 or whatever the offering price is. If they don't want the $1,395.00 price, let them get in line like everyone else. See how many takers there really are.
People are getting all over the mint for this, and, while I agree they screwed up early on with this, I actually find that their actions are more inline with fairness and equity and that they should do this more often.
For the ones railing against these changes, is it because you may have lost flipping money? Is it because you just want to complain? Is it just people wanting attention and jumping on the dogpile on the mint?
I don't understand 90%+ of collectors having any issue with what the mint did about this......(the 10% or so are the ones who may legitimately wanted 2 or more...for gifts or whatnot...not for flippng).
And, I say the above, as a person who has trashed on many of the mint's decisions and think they should be doing a better job.....I am hoping this is a step in the right direction.
Yeah Bochi, it's all about the flipping money. The "I wanted these as Christmas gifts" is only true if they actually meant "as Christmas gifts for the people that the guy I wanted to sell them to for double my money" was going to give them to.
I had 3 sets on reserve with MsM, but I feel that the Mint is enforcing some fairness in an unfortunate situation that the Mint caused. I'm probably not going to get the 3 sets I wanted and was ready to buy, but I'm not whining and calling people names, (well except for some people being so greedy). You see, I don't really agree with Gordon Gecko that "greed is good", and in this thread you can see many of the reasons why greed isn't good.
We all wanted these sets. It wasn't some big secret that the mintages were low because of the Mint's screwup. It's not like somebody did some valuable esoteric research on an obscure rarity that nobody knew anything about and should be richly-rewarded for their diligent scholastic efforts. This was just a credit card transaction. Big whoop.
Q: Are You Printing Money? Bernanke: Not Literally
As I indicated in an early post, I found the gentleman I assume runs coins N Things from an Ebay sale link. I emailed him as noted below and received the response they would not be selling them. Now I noted from the coin world link they did buy them.
Original Message ----- From: Larry Almeida To: mark Sent: Saturday, December 11, 2010 5:13 PM Subject: RE: question
Thanks for writing. Not offering these for sale.
Regards
Larry Almeida
From: mark Sent: Saturday, December 11, 2010 4:05 PM To: Larry Almeida Subject: question
Hello, I am a member of PCGS forum and the message board indicated you may/will be selling the 5 once America the beautiful coins. If this is correct would you let me know and how I can get in touch with you and purchase a set.
Thank You, Mark
Edited to add, here is a link to one of their auctions
Well, the AP's had a contract with the Mint too, and the Mint decided to change it and force them to accept or opt out. Would it be OK for the Mint to add these laws to us? or is it only ok for them to do it to authorized purchasers?
BigE, you do understand that Apmex broke their contract and violated federal law right out of the gate, do you not
I dont know about that Jmski52, 1395. seems "reasonable" to me as opposed to prices above 2500.00 elsewhere and the low mintage, or I wouldn't have ordered them. If one knows the market is higher, how can their price not be reasonable?
Besides, do you believe that the Mints placing household limits on bullion to their bullion dealers isn't a violation of federal law also?
BigE, the mandate in the authorizing legislation is to provide bullion coins at or near the market for similar bullion coins. The contract Apmex disregarded also directs them to offer the coins at reasonable markup to their customers. Their markup was what, 80%? That's not what bullion coins sell for. I realize that it was a low mintage, but that is not relevant because that is not what the law addresses.
If you don't follow the first law, why worry about subsequent law or lack thereof?
Q: Are You Printing Money? Bernanke: Not Literally
BTW, not having an appreciation of these new laws has nothing to do with greed, its a hatred of what this burden on society does and has done to this country. ONE CAN NOW PURCHASE MORE OF THESE SETS THAN BEFORE and at a cheaper price, so if you think these "waste of time protect the people from themselves laws work", think again----------------------BigE
<< <i>BigE, the mandate in the authorizing legislation is to provide bullion coins at or near the market for similar bullion coins. The contract Apmex disregarded also directs them to offer the coins at reasonable markup to their customers. Their markup was what, 80%? That's not what bullion coins sell for. I realize that it was a low mintage, but that is not relevant because that is not what the law addresses.
If you don't follow the first law, why worry about subsequent law or lack thereof? >>
The market was over 2k at the time, why isn't 1400. reasonable? APMEX priced them cheaper than dealers were offering, and they supposedly have the e-mails to prove it.
It's the original law that was being trodden upon. The subsequent Mint policy isn't even a law. The original law is what authorized the coins in the first place. Without it, there are no coins, period. Why should Apmex ignore the original law?
I do agree with your sentiments, however, I'm not understanding your lack of concern about the original law and your focus on the subsequent Mint policy.
Q: Are You Printing Money? Bernanke: Not Literally
The market was over 2k at the time, why isn't 1400. reasonable? APMEX priced them cheaper than dealers were offering, and they supposedly have the e-mails to prove it.
BigE, it might appear that way, and indeed the flipper's paradise that has been created once these finally get released may prove you correct at least temporarily, but until you start seeing invoices and coins actually changing hands, there is no market.
I refer you again to the original authorizing statute. Are we concerned about the law, or no?
Q: Are You Printing Money? Bernanke: Not Literally
If they are to "be sold at a similar markup to similar coins", there isn't any similar. What specific violation are you referring to? I think its subject to interpretation----------------BigE
it is not a statue, it is the guidelines posted online about becoming an authorized purchaser.
the mint essentially lets it be known that this AP program is for the good of the mint so they can distribute bullion to the public.
the similar products were the 5oz silver lunar coins from australia as well as the silver bullion eagles.
APMEX pertty much well established what %age markup they can live with between those two. And the australia coins have to be shipped from Australia to the USA and they were still substantially less than the hockey pucks as well as still under $200 each.
and, btw.... how many 5oz aussie hockey pucks are they moving?
so much more than the national pucks that the lower price is justified? I'm speculating of course, but these are foreign coins. How many could they be moving? (and I'd like to see those e-mails from the dealers)
it is not a statue, it is the guidelines posted online about becoming an authorized purchaser.
the mint essentially lets it be known that this AP program is for the good of the mint so they can distribute bullion to the public.
the similar products were the 5oz silver lunar coins from australia as well as the silver bullion eagles.
APMEX pertty much well established what %age markup they can live with between those two. And the australia coins have to be shipped from Australia to the USA and they were still substantially less than the hockey pucks as well as still under $200 each.
and, btw.... how many 5oz aussie hockey pucks are they moving?
so much more than the national pucks that the lower price is justified? I'm speculating of course, but these are foreign coins. How many could they be moving? (and I'd like to see those e-mails from the dealers) >>
The five ounce Lunars are not big sellers this year because of the high spot price of silver.
However, the important thing is, if you wanted to, you could order unlimited numbers of them from the Perth Mint. That makes them potentially common. The U.S. Mint has decreed a finite mintage of the 2010 pucks. That causes The Law Of Supply And Demand to kick in. Supply is fixed. Demand sets the price.
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.
Shop Gold | Shop Silver | Shop Platinum | Shop Palladium | Gift Ideas | Top 40 Best Sellers
We have received instructions from the U.S. Mint regarding the distribution of the 2010 America the Beautiful Silver Bullion Coins. In accordance with those instructions, we have ordered our maximum allocation of 3,000 sets, each set with five coins for the 2010 year. We expect delivery of the coins late next week.
Because the Mint discontinued the program and then relaunched the program with different requirements on distribution of these coins, we have asked the Mint a few questions for which we await the responses so we may fully comply with the new program. Please be patient while we receive clarification on the distribution and we receive the coins we have ordered. We anticipate we will able to provide additional information late next week.
Thank you for your cooperation and understanding in this matter and, as always, we value our relationship with you.
Respectfully,
David McCarty Director of Marketing American Precious Metals Exchange
We have received instructions from the U.S. Mint regarding the distribution of the 2010 America the Beautiful Silver Bullion Coins. In accordance with those instructions, we have ordered our maximum allocation of 3,000 sets, each set with five coins for the 2010 year. We expect delivery of the coins late next week.
Because the Mint discontinued the program and then relaunched the program with different requirements on distribution of these coins, we have asked the Mint a few questions for which we await the responses so we may fully comply with the new program. Please be patient while we receive clarification on the distribution and we receive the coins we have ordered. We anticipate we will able to provide additional information late next week.
Thank you for your cooperation and understanding in this matter and, as always, we value our relationship with you.
Respectfully,
David McCarty Director of Marketing American Precious Metals Exchange
I just received an email update from APMEX re my atb billion order. Posting this from my smartphone so can't easily cut and paste the message to this post. Will someone else w/an order please do so? Basically says they ordered the max, expect them late next week, still have questions for the mint, more details late next week...
They must be protesting the agreement or something. Or their main decision maker is out of the office. Of course though, it's all the mint's fault that there's a delay. It wouldn't have anything to do with a certain company price-gouging.
Successful transactions with keepdachange, tizofthe, adriana, wondercoin
I'll bet the Mint will tell APMEX that all existing sales are null and void. You can't sell these at a price the Mint considers price-gouging, and expect the Mint to be okay with it, even if you refund the difference. It's not fair to give priority to people who were willing/able to pay the higher price.
<< <i>I'll bet the Mint will tell APMEX that all existing sales are null and void. You can't sell these at a price the Mint considers price-gouging, and expect the Mint to be okay with it, even if you refund the difference. It's not fair to give priority to people who were willing/able to pay the higher price. >>
yes, but APMEX has already committed to fulfilling the first 1000 orders, since they published this.....
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.
USM has NOT changed their method of distribution....and APMEX has just confirmed 3000 sets are on the way....
I don't really the USM will be able to do that. As long as APMEX culls its preorder list down to 1 per HH (and no sales to employees, etc.) I think that's the best the USM can hope for.
APMEX might just be playing it safe and waiting till they have the coins in hand before making any official call this time around.
Successful transactions with keepdachange, tizofthe, adriana, wondercoin
But I feel like I am. Just got this e-mail from NGC saying they are expanding their early releases period from 30 days to 1 year if I read the the email correctly.
Popular designation is now available for all US and World Mint issues received by NGC during their first 30 days of release.
Artist's concept of 2011 Sacagawea $1 designated NGC Early Releases Effective immediately, NGC is expanding the Early Releases designation. All US and World coins received by NGC or an NGC-approved depository within their first 30 days of issue will be eligible for the Early Releases designation. This includes bullion, currency and numismatic coinage issues. Previously, only US bullion coinage qualified.
All coins designated Early Releases include the text EARLY RELEASES within their description on the NGC certification label. Concurrent with the program expansion, a new blue Early Releases label is being made available for applicable issues. Other special labels and series-specific available from NGC, such as the American Liberty Series, are also used in combination with the Early Releases designation.
There is an additional eligibility requirement for all future Early Releases submissions. In prior years, NGC and approved depositories received coins within the 30-day Early Releases period and held them until they were submitted for certification. These coins retained their eligibility for the Early Releases designation, providing that NGC or the depository held them without interruption, and they could be submitted any time after receipt. A new rule, effective immediately, limits this holding period to 12 months after release. This means that, one year after issue, no coins can be submitted for Early Releases, even if they were received during the Early Releases period and held by NGC for that entire 12-month period. Population figures for Early Releases will be essentially frozen one year after a coin’s release.
Launched in 2006, more than 1,450,000 coins have been designated Early Releases by NGC, making it the most widely used and accepted release designation of its kind. Despite its considerable popularity, Early Releases coins account for only a small fraction of the coins minted for any given issue. For example, for the one-ounce gold 2010 Eagle $50, NGC has certified just 18,116 examples as Early Releases, compared to the coin's mintage of 1,093,000, or less than 2% of the total issue.
Unlike similar designations used in the industry, NGC does not accept packaging material or other documentation to support the release date, but instead requires that coins be received by NGC or pre-approved depositories within the 30-day window following their release. This rigid requirement makes NGC Early Releases the strictest of first-month designations. The newly instituted 12-month certification cut-off further adds to the stringency of this designation.
More in this issue... •NGC Expands Early Releases •NGC Expands VAM Recognition to Include Hit List 40 •NGC Launches New Coin Price Guide •NGC Launches America’s National Treasures Series for 5-Ounce Silver Quarters •NGC Certifies Historic Cache of Saint-Gaudens Double Eagles •NGC Grading On-site at the FUN Show •Expert Consultations at FUN •Ancients: Roman Provincial Coins •Counterfeit Detection: 1914-D Buffalo Nickel •USA Coin Album: The Anthony Dollar – A Cautionary Tale, Part Two •NumisMedia Market Report: A Look Back at FMV Performance •From the NGC Archives: 1867 Five-Cent Piece Pattern J-566, P-627 •Wa She Wong Collection of Chinese and Other Asian Coins Tops $10.7 Million at Hong Kong Auction •ANA Seeks Nominations for 2011-13 Board of Governors •ANA Summer Seminar Scholarships Available for Talented Young Numismatists •Heritage Tampa FUN Platinum Night Auction •ANA to Host Sacramento National Money Show Kickoff Event
The USMint can set whatever rules they want, as we've seen. It's not their fault APMEX jumped the gun and made a promise like that. They can tell APMEX "you screwed up".
<< <i>The USMint can set whatever rules they want, as we've seen. It's not their fault APMEX jumped the gun and made a promise like that. They can tell APMEX "you screwed up". >>
Yes the USM can do that, but obviously APMEX and the USM are trying to play nice as in reality APMEX is the best suited "retailer" of the 11 APs....APMEX on the other hand must now deal with the promises they made to their "PAID" customers.....i think this is where the "wait until next week" issues are coming from....
I speculate that the APMEX CEO left town with each of our $1395 and is currently hiding out on a beach in the Bahamas, drinking martinis and chuckling at all of us.
Successful transactions with keepdachange, tizofthe, adriana, wondercoin
<< <i>I'll bet the Mint will tell APMEX that all existing sales are null and void. You can't sell these at a price the Mint considers price-gouging, and expect the Mint to be okay with it, even if you refund the difference. It's not fair to give priority to people who were willing/able to pay the higher price. >>
My guess - and I bet I'm right on this one - is that APMEX fills the paid orders first, one per household, at the new selling price and refunds the rest.
I think that holdup is them asking The Mint whether they can fill multiple orders that they committed to for the first 1000 sold - and that the answer is no.
<< <i>My guess - and I bet I'm right on this one - is that APMEX fills the paid orders first, one per household, at the new selling price and refunds the rest.
I think that holdup is them asking The Mint whether they can fill multiple orders that they committed to for the first 1000 sold - and that the answer is no. >>
I think they will fill the one per household and refund the rest instead of refunding the full amount,
Because.....
People have had their CC charged and checks cashed, it takes 'x' amount of days for a full refund to come back. If Apmex is going to cancel the original orders and make the people order again, then they need to release those funds so the buyer has funds to re-buy when they go on sale again.
PLus, as someone mentioned many pages ago, limiting to 1 per HH, makes the first sales total less then 500 sets, not 1000, thus 2500 will come available.
I'm too lazy to read the earlier posts to see if this has already been posted, but.....
"We have received instructions from the U.S. Mint regarding the distribution of the 2010 America the Beautiful Silver Bullion Coins. In accordance with those instructions, we have ordered our maximum allocation of 3,000 sets, each set with five coins for the 2010 year. We expect delivery of the coins late next week.
Because the Mint discontinued the program and then relaunched the program with different requirements on distribution of these coins, we have asked the Mint a few questions for which we await the responses so we may fully comply with the new program. Please be patient while we receive clarification on the distribution and we receive the coins we have ordered. We anticipate we will able to provide additional information late next week.
Thank you for your cooperation and understanding in this matter and, as always, we value our relationship with you.
Respectfully,
David McCarty Director of Marketing American Precious Metals Exchange"
Still, the 2010 issues may go down as the only 3 inch'ers and the only exact quarter copies.
The bill H.R. 6162 Coin Modernization, Oversight, and Continuity Act of 2010 was introduced by Melvin Watt of North Carolina on September 22, 2010. It passed in the House on September 29, in the Senate on November 30, and was signed by the President on December 14.
The specifications of America the Beautiful Silver Bullion Coins are also adjusted to require the coins to be “likenesses” of the corresponding quarter dollars rather than “exact duplicates”. Also, the requirement for edge lettering is removed and the diameter may be 2.5 inches to 3.0 inches, rather than 3 .0 inches.
Is it possible Apmex, will hold the 1st sale per Mint rules and maybe/maybe not offer the preorders 1 for that sale but then in a subsequent sale not bound by Mint rules will offer the preorders the rest of their coins at secondary prices which will just happen to be $1395 a set!
Comments
<< <i>
<< <i>Now, 1700! >>
We need more rules, people with fast 'puters should only be allow one shot, if they try more than once they have to purchase them for everyone or make theirs available to thepublic
BigE, you do understand that Apmex broke their contract and violated federal law right out of the gate, do you not?
I have a business degree, and am a big boy. It is a fact that the Mint completely changed its prior arrangment with the AP's. In my opinion, this gives APMEX the right to completely change all of the sales it made in good faith under the old Mint arrangements. If they announced that they did not want the hassle of government audits and were deciding to opt out of the program, I would not demand that they deliver me a set and refund the difference. I would just take the refund check and deposit it in my bank.
That said, if they are going to sell the sets under the Mint's new requirements, I think it would be a nice gesture on their part to honor the sale of one set per household to the previous orders.
TD
Captn, I also have a business degree and while the Mint changed their agreement, it was BECAUSE Apmex circumvented their agreement and CAUSED the Mint to intervene - correctly I might add.
For all the uproar, those who bought at $1,395.00 from Apmex should be allowed to buy their one set for that price before the market establishes a market price, and before the rest of the sets are offered for $900 or whatever the offering price is. If they don't want the $1,395.00 price, let them get in line like everyone else. See how many takers there really are.
People are getting all over the mint for this, and, while I agree they screwed up early on with this, I actually find that their actions are more inline with fairness and equity and that they should do this more often.
For the ones railing against these changes, is it because you may have lost flipping money? Is it because you just want to complain? Is it just people wanting attention and jumping on the dogpile on the mint?
I don't understand 90%+ of collectors having any issue with what the mint did about this......(the 10% or so are the ones who may legitimately wanted 2 or more...for gifts or whatnot...not for flippng).
And, I say the above, as a person who has trashed on many of the mint's decisions and think they should be doing a better job.....I am hoping this is a step in the right direction.
Yeah Bochi, it's all about the flipping money. The "I wanted these as Christmas gifts" is only true if they actually meant "as Christmas gifts for the people that the guy I wanted to sell them to for double my money" was going to give them to.
I had 3 sets on reserve with MsM, but I feel that the Mint is enforcing some fairness in an unfortunate situation that the Mint caused. I'm probably not going to get the 3 sets I wanted and was ready to buy, but I'm not whining and calling people names, (well except for some people being so greedy). You see, I don't really agree with Gordon Gecko that "greed is good", and in this thread you can see many of the reasons why greed isn't good.
We all wanted these sets. It wasn't some big secret that the mintages were low because of the Mint's screwup. It's not like somebody did some valuable esoteric research on an obscure rarity that nobody knew anything about and should be richly-rewarded for their diligent scholastic efforts. This was just a credit card transaction. Big whoop.
I knew it would happen.
Original Message -----
From: Larry Almeida
To: mark
Sent: Saturday, December 11, 2010 5:13 PM
Subject: RE: question
Thanks for writing. Not offering these for sale.
Regards
Larry Almeida
From: mark
Sent: Saturday, December 11, 2010 4:05 PM
To: Larry Almeida
Subject: question
Hello, I am a member of PCGS forum and the message board indicated you may/will be selling the 5 once America the beautiful coins. If this is correct would you let me know and how I can get in touch with you and purchase a set.
Thank You, Mark
Edited to add, here is a link to one of their auctions
coins n things link
Well, the AP's had a contract with the Mint too, and the Mint decided to change it and force them to accept or opt out. Would it be OK for the Mint to add these laws to us? or is it only ok for them to do it to authorized purchasers?
BigE, you do understand that Apmex broke their contract and violated federal law right out of the gate, do you not
I dont know about that Jmski52, 1395. seems "reasonable" to me as opposed to prices above 2500.00 elsewhere and the low mintage, or I wouldn't have ordered them. If one knows the market is higher, how can their price not be reasonable?
Besides, do you believe that the Mints placing household limits on bullion to their bullion dealers isn't a violation of federal law also?
--------------------BigE
If you don't follow the first law, why worry about subsequent law or lack thereof?
I knew it would happen.
Loves me some shiny!
<< <i>BigE, the mandate in the authorizing legislation is to provide bullion coins at or near the market for similar bullion coins. The contract Apmex disregarded also directs them to offer the coins at reasonable markup to their customers. Their markup was what, 80%? That's not what bullion coins sell for. I realize that it was a low mintage, but that is not relevant because that is not what the law addresses.
If you don't follow the first law, why worry about subsequent law or lack thereof? >>
The market was over 2k at the time, why isn't 1400. reasonable? APMEX priced them cheaper than dealers were offering, and they supposedly have the e-mails to prove it.
It's the original law that was being trodden upon. The subsequent Mint policy isn't even a law. The original law is what authorized the coins in the first place. Without it, there are no coins, period. Why should Apmex ignore the original law?
I do agree with your sentiments, however, I'm not understanding your lack of concern about the original law and your focus on the subsequent Mint policy.
I knew it would happen.
BigE, it might appear that way, and indeed the flipper's paradise that has been created once these finally get released may prove you correct at least temporarily, but until you start seeing invoices and coins actually changing hands, there is no market.
I refer you again to the original authorizing statute. Are we concerned about the law, or no?
I knew it would happen.
The statute is pasted all over this thread. The statute is specific about markups on bullion and this is bullion.
I knew it would happen.
it is not a statue, it is the guidelines posted online about becoming an authorized purchaser.
the mint essentially lets it be known that this AP program is for the good of the mint so they can distribute bullion to the public.
the similar products were the 5oz silver lunar coins from australia as well as the silver bullion eagles.
APMEX pertty much well established what %age markup they can live with between those two. And the australia coins have to be shipped from Australia to the USA and they were still substantially less than the hockey pucks as well as still under $200 each.
and, btw.... how many 5oz aussie hockey pucks are they moving?
so much more than the national pucks that the lower price is justified? I'm speculating of course, but these are foreign coins. How many could they be moving?
(and I'd like to see those e-mails from the dealers)
The Mint News Blog said the AP's that bought the coins were Jack Hunt, Coins 'N Things, MTB, Fidlitrade and of course Ampex.
Please help me out. Can we buy one set from each dealer or not.
These silver coins went on sale last Sunday and they are gone. http://www.silverkeiser.net/
<< <i>beating an almost dead horse.
it is not a statue, it is the guidelines posted online about becoming an authorized purchaser.
the mint essentially lets it be known that this AP program is for the good of the mint so they can distribute bullion to the public.
the similar products were the 5oz silver lunar coins from australia as well as the silver bullion eagles.
APMEX pertty much well established what %age markup they can live with between those two. And the australia coins have to be shipped from Australia to the USA and they were still substantially less than the hockey pucks as well as still under $200 each.
and, btw.... how many 5oz aussie hockey pucks are they moving?
so much more than the national pucks that the lower price is justified? I'm speculating of course, but these are foreign coins. How many could they be moving?
(and I'd like to see those e-mails from the dealers) >>
The five ounce Lunars are not big sellers this year because of the high spot price of silver.
However, the important thing is, if you wanted to, you could order unlimited numbers of them from the Perth Mint. That makes them potentially common. The U.S. Mint has decreed a finite mintage of the 2010 pucks. That causes The Law Of Supply And Demand to kick in. Supply is fixed. Demand sets the price.
Apmex is sending out e-mails this evening.
Shop Gold | Shop Silver | Shop Platinum | Shop Palladium | Gift Ideas | Top 40 Best Sellers
We have received instructions from the U.S. Mint regarding the distribution of the 2010 America the Beautiful Silver Bullion Coins. In accordance with those instructions, we have ordered our maximum allocation of 3,000 sets, each set with five coins for the 2010 year. We expect delivery of the coins late next week.
Because the Mint discontinued the program and then relaunched the program with different requirements on distribution of these coins, we have asked the Mint a few questions for which we await the responses so we may fully comply with the new program. Please be patient while we receive clarification on the distribution and we receive the coins we have ordered. We anticipate we will able to provide additional information late next week.
Thank you for your cooperation and understanding in this matter and, as always, we value our relationship with you.
Respectfully,
David McCarty
Director of Marketing
American Precious Metals Exchange
We have received instructions from the U.S. Mint regarding the distribution of the 2010 America the Beautiful Silver Bullion Coins. In accordance with those instructions, we have ordered our maximum allocation of 3,000 sets, each set with five coins for the 2010 year. We expect delivery of the coins late next week.
Because the Mint discontinued the program and then relaunched the program with different requirements on distribution of these coins, we have asked the Mint a few questions for which we await the responses so we may fully comply with the new program. Please be patient while we receive clarification on the distribution and we receive the coins we have ordered. We anticipate we will able to provide additional information late next week.
Thank you for your cooperation and understanding in this matter and, as always, we value our relationship with you.
Respectfully,
David McCarty
Director of Marketing
American Precious Metals Exchange
We are telling you NOTHING NEW....
STAY TUNED UNTIL NEXT WEEK NOW....
sincerely,
APMEX
just to summarize the email sent out tonite....
Miles
<< <i>I'll bet the Mint will tell APMEX that all existing sales are null and void. You can't sell these at a price the Mint considers price-gouging, and expect the Mint to be okay with it, even if you refund the difference. It's not fair to give priority to people who were willing/able to pay the higher price. >>
yes, but APMEX has already committed to fulfilling the first 1000 orders, since they published this.....
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.
USM has NOT changed their method of distribution....and APMEX has just confirmed 3000 sets are on the way....
APMEX might just be playing it safe and waiting till they have the coins in hand before making any official call this time around.
Thanks Miles.
I'm not connected. Just held hostege.
But I feel like I am. Just got this e-mail from NGC saying they are expanding their early releases period from 30 days to 1 year if I read the the email correctly.
Popular designation is now available for all US and World Mint issues received by NGC during their first 30 days of release.
Artist's concept of 2011 Sacagawea $1
designated NGC Early Releases
Effective immediately, NGC is expanding the Early Releases designation. All US and World coins received by NGC or an NGC-approved depository within their first 30 days of issue will be eligible for the Early Releases designation. This includes bullion, currency and numismatic coinage issues. Previously, only US bullion coinage qualified.
All coins designated Early Releases include the text EARLY RELEASES within their description on the NGC certification label. Concurrent with the program expansion, a new blue Early Releases label is being made available for applicable issues. Other special labels and series-specific available from NGC, such as the American Liberty Series, are also used in combination with the Early Releases designation.
There is an additional eligibility requirement for all future Early Releases submissions. In prior years, NGC and approved depositories received coins within the 30-day Early Releases period and held them until they were submitted for certification. These coins retained their eligibility for the Early Releases designation, providing that NGC or the depository held them without interruption, and they could be submitted any time after receipt. A new rule, effective immediately, limits this holding period to 12 months after release. This means that, one year after issue, no coins can be submitted for Early Releases, even if they were received during the Early Releases period and held by NGC for that entire 12-month period. Population figures for Early Releases will be essentially frozen one year after a coin’s release.
Launched in 2006, more than 1,450,000 coins have been designated Early Releases by NGC, making it the most widely used and accepted release designation of its kind. Despite its considerable popularity, Early Releases coins account for only a small fraction of the coins minted for any given issue. For example, for the one-ounce gold 2010 Eagle $50, NGC has certified just 18,116 examples as Early Releases, compared to the coin's mintage of 1,093,000, or less than 2% of the total issue.
Unlike similar designations used in the industry, NGC does not accept packaging material or other documentation to support the release date, but instead requires that coins be received by NGC or pre-approved depositories within the 30-day window following their release. This rigid requirement makes NGC Early Releases the strictest of first-month designations. The newly instituted 12-month certification cut-off further adds to the stringency of this designation.
More in this issue...
•NGC Expands Early Releases
•NGC Expands VAM Recognition to Include Hit List 40
•NGC Launches New Coin Price Guide
•NGC Launches America’s National Treasures Series for 5-Ounce Silver Quarters
•NGC Certifies Historic Cache of Saint-Gaudens Double Eagles
•NGC Grading On-site at the FUN Show
•Expert Consultations at FUN
•Ancients: Roman Provincial Coins
•Counterfeit Detection: 1914-D Buffalo Nickel
•USA Coin Album: The Anthony Dollar – A Cautionary Tale, Part Two
•NumisMedia Market Report: A Look Back at FMV Performance
•From the NGC Archives: 1867 Five-Cent Piece Pattern J-566, P-627
•Wa She Wong Collection of Chinese and Other Asian Coins Tops $10.7 Million at Hong Kong Auction
•ANA Seeks Nominations for 2011-13 Board of Governors
•ANA Summer Seminar Scholarships Available for Talented Young Numismatists
•Heritage Tampa FUN Platinum Night Auction
•ANA to Host Sacramento National Money Show Kickoff Event
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Knowledge is the enemy of fear
<< <i>The USMint can set whatever rules they want, as we've seen. It's not their fault APMEX jumped the gun and made a promise like that. They can tell APMEX "you screwed up". >>
Yes the USM can do that, but obviously APMEX and the USM are trying to play nice as in reality APMEX is the best suited "retailer" of the 11 APs....APMEX on the other hand must now deal with the promises they made to their "PAID" customers.....i think this is where the "wait until next week" issues are coming from....
<< <i>So what companies besides APMEX are selling these things? >>
Go back a few pages, this has been discussed a few times.
<< <i>APMEX immediately cashed my check. >>
I speculate that the APMEX CEO left town with each of our $1395 and is currently hiding out on a beach in the Bahamas, drinking martinis and chuckling at all of us.
<< <i>
<< <i>
<< <i>I just got off the phone with APMEX. They're supposed to issue a statement next Monday regarding their existing orders. >>
Did they say anything about when they would start accepting new orders? >>
Not until next week when the statement comes out. The best info that they have right now is "early next week, Monday or Tuesday".
John >>
My thinking is that they will cancel all the original orders and start over.
Miles
<< <i>I'll bet the Mint will tell APMEX that all existing sales are null and void. You can't sell these at a price the Mint considers price-gouging, and expect the Mint to be okay with it, even if you refund the difference. It's not fair to give priority to people who were willing/able to pay the higher price. >>
+ 1
I think that holdup is them asking The Mint whether they can fill multiple orders that they committed to for the first 1000 sold - and that the answer is no.
<< <i>My guess - and I bet I'm right on this one - is that APMEX fills the paid orders first, one per household, at the new selling price and refunds the rest.
I think that holdup is them asking The Mint whether they can fill multiple orders that they committed to for the first 1000 sold - and that the answer is no. >>
+ 2
I think they will fill the one per household and refund the rest instead of refunding the full amount,
Because.....
People have had their CC charged and checks cashed, it takes 'x' amount of days for a full refund to come back. If Apmex is going to cancel the original orders and make the people order again, then they need to release those funds so the buyer has funds to re-buy when they go on sale again.
PLus, as someone mentioned many pages ago, limiting to 1 per HH, makes the first sales total less then 500 sets, not 1000, thus 2500 will come available.
we will find out what the popularity of this set will truly be. Beautiful
though it may be, it is too large, cumbersome and will prove
a pain to store. In time, flippers and collectors will sell the set
off.
Camelot
"We have received instructions from the U.S. Mint regarding the distribution of the 2010 America the Beautiful Silver Bullion Coins. In accordance with those instructions, we have ordered our maximum allocation of 3,000 sets, each set with five coins for the 2010 year. We expect delivery of the coins late next week.
Because the Mint discontinued the program and then relaunched the program with different requirements on distribution of these coins, we have asked the Mint a few questions for which we await the responses so we may fully comply with the new program. Please be patient while we receive clarification on the distribution and we receive the coins we have ordered. We anticipate we will able to provide additional information late next week.
Thank you for your cooperation and understanding in this matter and, as always, we value our relationship with you.
Respectfully,
David McCarty
Director of Marketing
American Precious Metals Exchange"
The bill H.R. 6162 Coin Modernization, Oversight, and Continuity Act of 2010 was introduced by Melvin Watt of North Carolina on September 22, 2010. It passed in the House on September 29, in the Senate on November 30, and was signed by the President on December 14.
The specifications of America the Beautiful Silver Bullion Coins are also adjusted to require the coins to be “likenesses” of the corresponding quarter dollars rather than “exact duplicates”. Also, the requirement for edge lettering is removed and the diameter may be 2.5 inches to 3.0 inches, rather than 3 .0 inches.
Loves me some shiny!
Good point you make on the refund.
Are your Buffs specific to 2008 regarding your moniker or are you more integrated with your preferences for Gold Buffs?
Miles
What is the news?? Please continue to "ask questions" and "speculate".......
Miles
<< <i>Welcome goldbuffalo!
Good point you make on the refund.
Are your Buffs specific to 2008 regarding your moniker or are you more integrated with your preferences for Gold Buffs?
Miles >>
THANKS.
Nothing to deep on the goldbuffalo's, just like them.
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