Options
An open question to the ANA and the Mint - Why did you shut YN's out of the Gold Kennedy Coins at th
claychaser
Posts: 4,406 ✭✭✭✭
After several weeks of anticipation, we finally received an e-mail press release from the ANA discussion the safety procedures for selling the new gold Kennedy half dollars at the ANA. In short, buyers must be 18.
Putting the debate about low numbers for sale, early birds, long lines and lotteries aside, the powers to be decided that YN's are not able to buy the gold coins at the show. I respectfully disagree with their decision.
If the concern is safety, there are far better ways to deal with that. One common sense suggestion is that since ALL attendees must register, you have a ready made list of people to create a lottery. All attendees are assigned a unique number. The lottery is held using a computer, and the winning numbers are posted a poster board and a webpage or Facebook page, or something similar. The winners have until the end of the day to buy their coins, if they pass, the allotment goes to the next day or alternate numbers. No crowd rush, fair and equal distribution, no long lines. The registration procedures and safeguards control the process.
If the concern is YN's and money, lets face the facts. I know of many 12 year YN's who collections range from inexpensive circulated 20th century issues all the way to bust and seated material. Values range from stuffing circulated Indian and Lincoln cents into a penny board for under a dollar on up on up to higher value coins. There are actually teenagers that give up spending $500-$1000 on video games and other recreation and instead buy coins like VF-AU bust halves, higher grade seated halves, even proof type. They get the money from somewhere. Working lawns and fast food, birthday money, odd jobs, tips for being a coin show page, and sometimes some help from parents. And then there is money made on coins. Cherry picks of varieties, under graded to upgrade coins, PO-1 picks and "making" the coins into holders. Plus, the very rare opportunity to flip hot mint issues for a profit.
Taking this opportunity away from our YN's hurts the hobby. The ability to make $500 or more at a coins show really lets YN's participate in a meaningful way. I believe that a lot of coin be had for $500 to $1000. How about a pretty mint state Pan Pac half? A crusty old $5 gold piece? A toned XF or AU seated half? An 1877 Indian cent? A really pretty high grade Morgan dollar? All really cool coins, resalable if needed, and just a great start to a lifetime of collecting.
My YN and I are decided to cancel our plans for the Chicago ANA this year and go to a national park instead. I'd like the decision makers to know why.
Feel free to opine.
Putting the debate about low numbers for sale, early birds, long lines and lotteries aside, the powers to be decided that YN's are not able to buy the gold coins at the show. I respectfully disagree with their decision.
If the concern is safety, there are far better ways to deal with that. One common sense suggestion is that since ALL attendees must register, you have a ready made list of people to create a lottery. All attendees are assigned a unique number. The lottery is held using a computer, and the winning numbers are posted a poster board and a webpage or Facebook page, or something similar. The winners have until the end of the day to buy their coins, if they pass, the allotment goes to the next day or alternate numbers. No crowd rush, fair and equal distribution, no long lines. The registration procedures and safeguards control the process.
If the concern is YN's and money, lets face the facts. I know of many 12 year YN's who collections range from inexpensive circulated 20th century issues all the way to bust and seated material. Values range from stuffing circulated Indian and Lincoln cents into a penny board for under a dollar on up on up to higher value coins. There are actually teenagers that give up spending $500-$1000 on video games and other recreation and instead buy coins like VF-AU bust halves, higher grade seated halves, even proof type. They get the money from somewhere. Working lawns and fast food, birthday money, odd jobs, tips for being a coin show page, and sometimes some help from parents. And then there is money made on coins. Cherry picks of varieties, under graded to upgrade coins, PO-1 picks and "making" the coins into holders. Plus, the very rare opportunity to flip hot mint issues for a profit.
Taking this opportunity away from our YN's hurts the hobby. The ability to make $500 or more at a coins show really lets YN's participate in a meaningful way. I believe that a lot of coin be had for $500 to $1000. How about a pretty mint state Pan Pac half? A crusty old $5 gold piece? A toned XF or AU seated half? An 1877 Indian cent? A really pretty high grade Morgan dollar? All really cool coins, resalable if needed, and just a great start to a lifetime of collecting.
My YN and I are decided to cancel our plans for the Chicago ANA this year and go to a national park instead. I'd like the decision makers to know why.
Feel free to opine.
==Looking for pre WW2 Commems in PCGS Rattler holders, 1851-O Three Cent Silvers in all grades
Successful, problem free and pleasant transactions with: illini420, coinguy1, weather11am,wayneherndon,wondercoin,Topdollarpaid,Julian, bishdigg,seateddime, peicesofme,ajia,CoinRaritiesOnline,savoyspecial,Boom, TorinoCobra71, ModernCoinMart, WTCG, slinc, Patches, Gerard, pocketpiececommems, BigJohnD, RickMilauskas, mirabella, Smittys, LeeG, TomB, DeusExMachina, tydye
0
Comments
That was a decision of the U.S. Mint. The ANA was not consulted on that decision. My understanding is that the Mint was concerned that dealers would pay YN's to stand in line for them, thus giving dealers the advantage in acquiring the Kennedy coins.
I'd encourage you to share your disappointment with the Mint directly. You could copy and paste your post here: http://www.usmint.gov/contact_us/?action=formContact
Jake Sherlock, ANA staff member
Member, TEC
<< <i>If you are younger than 18 you can't legally make the purchase ... but your parents can. The Mint and the ANA are correct in enforcing this. >>
Disagree. If that were the case YNs would be barred from all Mint purchases and all purchases at the entire ANA show, not just the gold Kennedy.
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Do you make the sale?
As I re-read your post I see you would be accompanying your YN, so the above scenario doesn't apply.
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
Hoard the keys.
In honor of the memory of Cpl. Michael E. Thompson
<< <i>An 18-year old age limit is simply consistent with the US Mint requirements to purchase items online directly from the US Mint website. I have no issue with this age requirement whatsoever. >>
+1
Latin American Collection
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
<< <i>Have any dealers here ever had a 15 year old at their table, alone, with a few grand in cash and wanting to make a purchase?
Do you make the sale?
As I re-read your post I see you would be accompanying your YN, so the above scenario doesn't apply. >>
You would be surprised at the coins some of the YNs have and purchase.
Partner @Gold Hill Coin
<< <i>
<< <i>Have any dealers here ever had a 15 year old at their table, alone, with a few grand in cash and wanting to make a purchase?
Do you make the sale?
As I re-read your post I see you would be accompanying your YN, so the above scenario doesn't apply. >>
You would be surprised at the coins some of the YNs have and purchase. >>
This.
5 years ago I had just started my first job at a local restaurant, working one day a week during the school year and a full 40 hr week during the summer- with my paychecks going nearly 100% towards my collection. I remember going to the New Hampshire Coin and Currency Expo that fall and buying a PCGS MS 64 Flying Eagle Cent and a PCGS PR64 CAM 1880 Proof Half Dollar for my type set. So yes, there are plenty of YNs "with a few grand in cash and wanting to make a purchase," and I'm thankful that there were multiple dealers who were willing to assist me, show me coins and sell me coins.
Most folks would show to register than leave. Check the website to see if they made the list and return later to pick up their coin.
They should have K-Mart Blue Light specials to keep the people at the show and keep them guessing where and when they become available throughout the day. Better yet, divide up the total cost of all 2500 sets and offer the chance to owning a set for $100 and than hold a lottery. This method might bring thousands to the show. Or and lastly, turn the event into a carnival of games and prizes, a putting range, a duck fishing booth, dart balloons and my favorite, tie a set to a fishing line to see how fast these suckers can run while it's getting reeled in.
Well, it's time for another beer.
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
<< <i>I bet they will sell the $10 Kennedy sets to those under 18 without saying a word about their age. >>
They will
The Mysterious Egyptian Magic Coin
Coins in Movies
Coins on Television
A determination will be announced at a televised national press conference if necessary. If not deemed to be of
any importance everyone will just laugh it off and watch the Ball Games while knocking back some cold Beers.
Joe Biden of course will make a running commentary about YN's and their desire to stand in long lines to buy
Gold Coins.
<< <i>Why did you shut YN's out of the Gold Kennedy Coins at the ANA? >>
so they couldn't be used to circumvent the limit rule?
No Way Out: Stimulus and Money Printing Are the Only Path Left
<< <i>If you are younger than 18 you can't legally make the purchase ... but your parents can. The Mint and the ANA are correct in enforcing this. >>
you need to of legal age to enter a contract or transaction
<< <i>
<< <i>Why did you shut YN's out of the Gold Kennedy Coins at the ANA? >>
so they couldn't be used to circumvent the limit rule? >>
Are you saying that flippers would actually use other family members to circumvent the limits imposed by the mint to insure the fair and equitable distribution of their products?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
``https://ebay.us/m/KxolR5
<< <i>
<< <i>If you are younger than 18 you can't legally make the purchase ... but your parents can. The Mint and the ANA are correct in enforcing this. >>
you need to of legal age to enter a contract or transaction >>
Not if you're retail shopping with cash and without your parents. While on-line purchases are considered "contracts" between the two parties, a point of sale retail transaction is not a contract (unless a credit card is used) and cash transactions are not illegal for minors. If they were, my local Dairy Queen would go out of business. The mint and the ANA are free to establish their own point of sale policies, but a savy young cash buyer with a lawyer dad could probably beat them on grounds of age discrimination.
No Way Out: Stimulus and Money Printing Are the Only Path Left
<< <i>And, as stated in an earlier post, when the Mint spokesperson was asked about a lottery they stated unequivocally that the government would not be involved in or could not do a lottery. >>
This is odd because the BEP does a lottery at every ANA (and other large shows they attend) for hand-pulled proofs done on the spider press. In that case though, the winner must be present or another number is pulled.
<< <i>
<< <i>
<< <i>If you are younger than 18 you can't legally make the purchase ... but your parents can. The Mint and the ANA are correct in enforcing this. >>
you need to of legal age to enter a contract or transaction >>
Not if you're retail shopping with cash and without your parents. While on-line purchases are considered "contracts" between the two parties, a point of sale retail transaction is not a contract (unless a credit card is used) and cash transactions are not illegal for minors. If they were, my local Dairy Queen would go out of business. The mint and the ANA are free to establish their own point of sale policies, but a savy young cash buyer with a lawyer dad could probably beat them on grounds of age discrimination. >>
a minor can make any purchase . how ever in doing so ,the minor /parents can back out of any transaction because of underage ,, which is why ebay has the age rule.... small dollar amounts of little concern
Don't get your shorts .... US MINT doing this to block families from enlisting their small kids to buy the Gold Kennedys
Look for a monster jam on Aug 5 at the ANA show ..... with dealers getting the lion's share of the gold Kennedys
lawyer ?? age discrimination ??????
Baby TDN just will not go to Rosemont!