U.S. Mint Cancelling Orders - Previous Situation
FredWeinberg
Posts: 5,858 ✭✭✭✭✭
I can tell you that in 1996, when the Mint first offered
the Cancelled Olympic Dies, this is what occured:
Someone from the Treasury actually showed up at my
ANA Table in NY that year, and showed me a cancelled
Proof Olympic coin die. I had never seen anything so neat!
They told me that in the fall, they were going to offer them,
at $49.95 each. (it turns out the total they had was 2,833 dies)
They sold $1 Silver Olympic Dies, and $5 Olympic Dies, both BU & Proof.
I knew that was a bargain, so when the time came, I ordered
500 of them - 200 on one credit card, and 100 each on
two other credit cards....got the confirmation number, etc. etc.
However, within about 3-4 days, they sold out/oversold, and
then notified all buyers that they were changing the deal to
ONE die per ORDER.
So, instead of getting 500 dies, I got THREE - one for each
credit card order......
I was not a happy camper, as I knew they would be worth
a few hundred dollars each easily; today they trade between
$500-$850 or more, depending on the denominationof the Die,
& the number of dies of a particular design sold.
So, if you ask if the Mint has ever reduced orders, the answer is
Yes - although this happened 15 years ago.....
Just thought I'd share this story with those of you who either did,
or did not, get your 25th Anniv. Sets confirmed yesterday......
Fred
the Cancelled Olympic Dies, this is what occured:
Someone from the Treasury actually showed up at my
ANA Table in NY that year, and showed me a cancelled
Proof Olympic coin die. I had never seen anything so neat!
They told me that in the fall, they were going to offer them,
at $49.95 each. (it turns out the total they had was 2,833 dies)
They sold $1 Silver Olympic Dies, and $5 Olympic Dies, both BU & Proof.
I knew that was a bargain, so when the time came, I ordered
500 of them - 200 on one credit card, and 100 each on
two other credit cards....got the confirmation number, etc. etc.
However, within about 3-4 days, they sold out/oversold, and
then notified all buyers that they were changing the deal to
ONE die per ORDER.
So, instead of getting 500 dies, I got THREE - one for each
credit card order......
I was not a happy camper, as I knew they would be worth
a few hundred dollars each easily; today they trade between
$500-$850 or more, depending on the denominationof the Die,
& the number of dies of a particular design sold.
So, if you ask if the Mint has ever reduced orders, the answer is
Yes - although this happened 15 years ago.....
Just thought I'd share this story with those of you who either did,
or did not, get your 25th Anniv. Sets confirmed yesterday......
Fred
Retired Collector & Dealer in Major Mint Error Coins & Currency since the 1960's.Co-Author of Whitman's "100 Greatest U.S. Mint Error Coins", and the Error Coin Encyclopedia, Vols., III & IV. Retired Authenticator for Major Mint Errors for PCGS. A 50+ Year PNG Member.A full-time numismatist since 1972, retired in 2022.
0
Comments
Fred,
Thank you for the info!
Thanks for the history on that. I wasn't collecting then and didn't know any of that. All I knew is that there are some of the Olympic canceled dies out there.
Appreciate the sharing!
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
<< <i>If the U.S. Mint offered one per household like they should have.................... >>
agree or simply not cap it at 100,000
i's an interesting and unuasual story and also cancelled dies are way way
<< <i>Great information Fred. Thank you! >>
Wow don't they just have a lottery system where everyone interested gets a month to place and order and give their credit card information? Then, randomly draw names, charge their card, and ship their order. The Master's Golf tournament works with a lottery-type system, and it seems to work well for them.
-Keith
"D. Changes and Termination
The United States Mint reserves the right to change or discontinue all or any content or features of this Web site, or to change all or part of this agreement, at any time. Changes will be effective upon posting on this Web site or upon other notice to users. This agreement will be effective until terminated by the United States Mint or by you. You may terminate this agreement at any time by ceasing your use of this Web site and destroying all materials (other than purchased products) you obtained from it."
The mints terms of use still leave open the option to change order limits it would appear. Since none of us have product in hand they can do what they want.
2 Cam-Slams!
1 Russ POTD!
as for
<< <i>there would be riots in the streets, considering the premium they are already bringing. >>
... I can just imagine a bunch of coin nerds rioting in the streets....
<< <i>The only reason why I don't think they would change the quantity limit from 5 to 4 or even 3 is because it would be too complicated. MAybe I'm wrong and it would be just a matter of their programers spending a few hours, but I highly doubt it. Unless, they get alot of flak from the public I say the 100k limit stands and the 5 per household stands. Personally, I would rather see a readjusted limit to 4 per household as opposed to a production increase to 125k or 150k, but again i think it is unlikely we see either of these. >>
Let's not underestimate the mint, their website may be slow but their order processing after the fact is pretty advanced with weeding out multiple orders per address, setting order limits and even having a wait list set up.
<< <i>The only reason why I don't think they would change the quantity limit from 5 to 4 or even 3 is because it would be too complicated. MAybe I'm wrong and it would be just a matter of their programers spending a few hours, but I highly doubt it. Unless, they get alot of flak from the public I say the 100k limit stands and the 5 per household stands. Personally, I would rather see a readjusted limit to 4 per household as opposed to a production increase to 125k or 150k, but again i think it is unlikely we see either of these. >>
There are likely enough folks on the wait list to sell out at the one/hh limit which should have been in place to start with. It's incredible but not surprising that they have started w/1 hh limits on much less popular issues. They are clueless. All The Mint would have to due to plan properly is to follow this forum.
<< <i>So your saying there is a chance!!!! >>
I got thru to customer service today. She said that they have been crushed with complaints all day. This is why I couldn't get thru earlier in the day. She said that they obviously should have had a 1/ hh limit but that they didn't anticipate the demand. I told her that it was totally predictable, that if a Mint employee simply followed the forum that it would pevent so many problems.
<< <i>If the U.S. Mint offered one per household like they should have.................... >>
60 years into this hobby and I'm still working on my Lincoln set!
I see those every now and then and wondered how they were dispersed.
<< <i>
<< <i>So your saying there is a chance!!!! >>
I got thru to customer service today. She said that they have been crushed with complaints all day. This is why I couldn't get thru earlier in the day. She said that they obviously should have had a 1/ hh limit but that they didn't anticipate the demand. I told her that it was totally predictable, that if a Mint employee simply followed the forum that it would pevent so many problems. >>
Apparently, the only people in the WHOLE FREEKIN UNIVERSE that didn't anticipate the demand, were the ones working for the government agency that should know this stuff!
<< <i>My order status was changed to on hold today while I was at work. I ordered one set. I called up and the phone operator said, "don't worry about it, everything will be fine and you will get your set." Did this happen to anyone else? >>
I think "on hold" is standard until they either 1) verify te order is legit (e.g., not a dupe, etc.) and/or 2) are ready to ship. But I could be wrong.
60 years into this hobby and I'm still working on my Lincoln set!
<< <i>The mint is open to complaints and criticism. Remember earlier this year, the pucks were going to be sold only through authorized dealers. The mint recieved a whole buch of complaints about these dealers gouging the public and reprimanded them and turned around and sold them directly to the public. If enough people complain, they might change the program either by reducing the amount per household or upping the product amount. >>
Cripes don't even go down that road. Unwinding this will be a colassal clusterf* of epic proportions.
<< <i>The mint is open to complaints and criticism. Remember earlier this year, the pucks were going to be sold only through authorized dealers. The mint recieved a whole buch of complaints about these dealers gouging the public and reprimanded them and turned around and sold them directly to the public. If enough people complain, they might change the program either by reducing the amount per household or upping the product amount. >>
It's my understanding that the bullion non-numismatic pucks are still only released to authorized dealers.
I do remember the outcry about gouging and the Mint response but I never heard anything about the bullion issues being offered directly to the public from the Mint.
The Mint planned to release numismatic issues all along, they didn't do so in response to any great public outcry.
I have been a buyer for the numismatic pucks from day one, and the initial releases took some time to order and sold out quickly.
Interest in the pucks has waned somewhat and it is possible to order the latest releases long after the release date.
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