A 56 Minute Mint Sell Out!
MsMorrisine
Posts: 34,627 ✭✭✭✭✭
Thanks coin world, read more on their site:
http://www.coinworld.com/news/us-coins/2016/07/platinum-proof-eagle-mintage-gone-in-56-minutes.all.html
Fast sellout for Proof 2016 American Eagle platinum coin prompts premiums Coin sells out in 56 minutes; initial premiums start to fall [ I edited out some here ] The Proof 2016-W American Eagle platinum $100 coin was offered by the U.S. Mint at **$1,350** per coin, with orders restricted to one coin per household.
thanks to kitco.com for their platinum charts:
Guess who has them on their website:
go ahead. guess. and check the price.
spot: 933bx943a on this date.
a PCGS 70FS auction was at 1556, another at 1529.
Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
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Comments
I made the correct guess.
How did they get so many with a 1 per household policy?
check the price on said mystery site.
Ok I'll bite. Someone lost their A$$ is this the point?
be your own judge. I want the discussion of the action.
I guess
Appears to be this one.
Who's Judge would I be??
yes the new thread is this one.
recently, there have been a few surprising issues.
I'm not sure what you're getting at here. That it's now below issue price?
That's not surprising. A mintage of 10K is on the high-end for 1ozt Platinum Proofs. Its mintage has only been surpassed twice in the past 10 years. At least it's above spot.
In order to understand the <1 hr sellout, you have to look at 2015 Plat Proof, which was limited to 4,000 coins and sold out in less than 10 minutes. (It was also the key to the series.) Sold for $1200, it is at least double that price now.
Flippers tried to cash in on that in 2016, and failed. They probably sold at a loss just to get out from under it.
On the other hand, it was the sister coin to the 2015, and the two are gorgeous right next to each other. If you have a 2015, the 2016 is very desirable.
Family Portrait
these mintage are from Wikipedia
2009 7,945 $1,792.00
2010 9,871 $1,892.00 ($2,092.00?) down to $1,792.00 ($1,692.00?)
2011 14,790 $2,092.00
2012 9,081 $1,692.00 (no sell out, max was 15,000 again)
2013 5,763 $1,800.00 (not a real sell out, max mintage 15,000 again)
I remember the 09 and 10 sell outs, these were hot flips
the mint made the mistake of "over producing???" the 11 to 15,000. That killed the flip market.
So, we see the aftermath for 12 and 13.
As for the current pricing of these, I see the raw and 69's trading down due to the much lower platinum price.
However, the flips profits were there in 09 and 10. They were hot.
The mint is having trouble selling these 16s. they killed the market. they are no longer hot even with a max mintage of 10,000, which is similar to the 10 issue. The 10 was hot but the 16 is not. Killed market.
I think we have reached a high state of collector fatigue coupled with (past and current) over production. There is a sweet spot to satisfy the market, but they seem to flood the market.
I point to threads regarding the declining spreads on generic $20 libs. The reason cited was a flood coming to market. It sounds familiar.
the 09 UHR hit 100,000 but had a sought after design.
there is no need to show ebay prices, as the raw ones are still above issue price
the 2015 Liberty sold out at just under the max mintage of 50,000 with a $1,490.00 opening price, but sold out slowly.
the 2017 Liberty? max mintage 100,000, and initial price of $1,640.00
huh? why not 50,000 again as sales of the 2015 slowed to a trickle towards the end.
a high mintage limit killed initial interest like the 15,000 max killed the 2011 initial interest.
of course, the 2017 could be a Jackie Robinson in the future
That's what I been thinking. I have been watching PCGS 69's sold on E-Bay for $1,500.00 to $1,550.00 range. Still at that discounted price, I can't jump.
I don't think my future would bring me any financial benefit of owning this gold piece.
Man, that coin sure fell out of favor quick.