Does it seem like a disproportionate number of newbies got the 20XE Gold coin?
hammer1
Posts: 3,874 ✭✭✭✭✭
Especially given a miniscule mintage of 1945.
2
hammer1
Posts: 3,874 ✭✭✭✭✭
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New people like money too.
Gold is money; everything else is credit. - JP Morgan
My US Mint Commemorative Medal Set
What are you getting at?
I don't remember this many low post count folks chiming in on the UHR thread.
I don't know what it means. Any ideas?
That people are interested? I have a relatively low post account but I’ve been here since 2007.
People stuck at home (or laid off) due to covid and looking to make a fast buck?
Same thing happened with the ERP. Hopefully they stay but it died down quick last year.
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I'm seeing a number of recent joins with under 10 posts being winners.
Just curious.
Almost everyone is stuck at home to avoid being sick or if they are not able to work. Many people have a lot more time to try new online things and get involved in activities that perhaps they did not even know about. Social media is viral, and so many are out there all day looking for profits. Coins, shoes, Robinhood stock options, online gambling, whatever.
My US Mint Commemorative Medal Set
Beginners luck. Anybody who got one did so through pure luck.
Capital investment depends on confidence. - Martin Armstrong
Could just be trolls also.
It means less bots and big fish got one initially.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
think back to your newbie days, how you read many threads over time before joining. you may have accumulated enough knowledge to take advantage of a good deal without having a large post count. I know I did.
He's talking about the single digit post counts who just joined this week
There were some of those last year with the ERP ASE. One of whom stuck around.
It is no surprise given the mass emails that go out offering a profit. There are a lot of opportunist when these issues come out, so best of luck to them. Also may the mint site as frustrating as it was, kept the bots out. I have not heard of huge groups of these coins being offered out.
I have a similar post count and have been here for a while. I don't consider that new.
IG: DeCourcyCoinsEbay: neilrobertson
"Numismatic categorizations, if left unconstrained, will increase spontaneously over time." -me
jmlanzaf said....He's talking about the single digit post counts who just joined this week
me too. I think I had next to nothing of a post count in 2006 when I read about the three coin ASE set and was able to get one. that happened because I started reading different coin forum members posts to get some knowledge about a new hobby I was thinking about taking up. these low posters may or may not stick around (or be active and participate in conversations here) but I am certain they are tuned in, like I was back in the day, and are ready to jump on key dates or special mint issues when they present themselves.
Not many people on here got it on the first day, most here got it the following days. I think it’s because it isn’t common knowledge except for on this forum that they become available again sometimes at 7:30
Yes!!!
SO few to collectors who want to keep them as well.
Obviously people weren't buying these as gold bullion "money."
Seems like people got lucky... That's the game.
It is the same with every low mintage item now. If money can be made, many people (old and new) will buy them to flip to make a profit.
As a collector who still can't get a gold either, I am am not happy at all about it, but It is the Mint that determined this outcome by setting mintages way too low for demand to begin with.
My US Mint Commemorative Medal Set
Uh oh....sentient bots?
Artificial intelligence bots with be next. They will pre-order the next one already.
My US Mint Commemorative Medal Set
Seems it is the luck of the draw....and I did not have luck that day - was only trying for the ASE....At least the Mint seems to have acknowledged their site has a problem... maybe this time it will get fixed. Cheers, RickO
Flippers galore. These recent mint issues have been all over the "Buy and flip and make money!!!!!" Instagram pages, youtube accounts, etc.
The sneaker market is basically like these recent US Mint releases, except constantly. Always a few people trying to make a buck, bots everywhere, and nobody gives a crap as long as they get theirs.
The US Mint needs to move to a lottery system for established customers on these, in my humble opinion. Established being defined as one purchase made in the past calendar year, but not the 3 months leading up to the sale date. Anybody interested in the actual coin will either make a purchase, or remember to do so next time. Lottery enrollment by request only, then (digital) tickets are drawn to see who gets them.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
The go-go ultra modern fliipping years brought in a lot of collectors.
It was exciting to get new Mint product and make money right away.
It’s so UNFAIR! Newbies should be forced to relinquish. If necessary, by administering a convincing pro wrestling move.
"Got a flaming heart, can't get my fill"
The newbies are probably more tech savvy than us old geezers. They don't hit the wrong buttons and get locked out, like I did. Maybe it will create new interest in the hobby!
It won't. They get their money, and they get out.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
Is it possible a disproportionate number of newbies were on the website trying to place an order?
Yes. I 100% think it is people with no interest in coins who were directed to buy this coin by some third party entity to flip it to them quickly for a small profit. Some people probably decided to try to make an even bigger buck instead.
I know with 100% certainty that there are big buyer's groups with large followings (probably in the 1000's of people each) who are directing people to buy these coins and immediately resell to them - see PFSBuyersClub, pointsmaker, and there are others. They are credit card churning people who are looking to spend more on cards.
It's part of the reason why I think the mint needs to go to a new system, or better yet, just stop creating these artificial modern rarities. They should mint to demand. I bet 90% of this gold coin mintage went to people flipping it.
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The seagulls of coin collecting
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i collect and also flip. but is it really so bad to but to flip for newbies. If there was someone on your block selling something worth 15k for 2.5k, its pretty understandable ppl would be lined up around the corner even if they had no interest in the item being sold. and they have that right dont they?
Yea they have the right...still does not change the nature of what they ...scavengers that ruin it for the normal people. For me, I only collect silver so if I have to eat it on the open market, not that bad. But for the collector of the gold who has been putting their set together for years and years to take it in the shorts because the dumbass mint did a pittance low release combined with the flip vultures ...come on
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To clarify, if there was a rare stamp being sold that would be worth 50k more than cost, are you saying you would forgoe the opportunity to make 50k in ten minutes in order to allow a true stamp collector to get it?
What are they bringing at the moment? I don't think that I would ever pre-sell something like that again and if I did it would be conditional upon my getting one.
$12k+.
My issue with these people who have no interest in the hobby is that they are a net negative for the hobby. If collectors are buying them and flipping them to other collectors, they're typically using some of the profits to buy other coins, if not all of the profits. These individuals with no interest in the hobby who buy them are taking all the profits out of the hobby.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
What's the difference between a newbie flip and an experienced collector or a dealer flip?
Would you advocate a mandatory holding period? Who/how to enforce?
Sorry, I think this thread is ridiculous to blame the newbies or flippers who saw an opportunity and were lucky enough to capitalize on it.
"Got a flaming heart, can't get my fill"
Maybe the mint should come out with an issue that wold be limited to certified collectors!
yeah, 12k raw - cant wait to see graded price points 👀 hope I have one by then 🤞
I do not blame the flippers. I blame congress for the 1945 mintage and the mint for their poor preparation, which I think is fair. You wave massive profits in front of anybody in this economy and OF COURSE they're going to go for it. 130k visitors is nothing, they need to work with AWS or Azure or some other major hosting service to handle the demand they have for these issues if they will not change their approach to them.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
What is a certified collector? Would there be a fee to get that certification? /s
"> @DelawareDoons said:
"I blame congress for the 1945 mintage"
Congress had Nothing to do with the mintage...
Asking people to give up guaranteed large profits so that collectors can get the at cost seems more unfair than the flippers perspective which is hey its one per person, im a person too why cant i profit. we're in 'merica, nothing wrong with that. expectations to the contrary is somewhat selfish possibly.
But of course the Mint is the real villian here. Digital equivalent of the USPS. Unbelievable in 2020 they cant pony up 50k or whatever it costs and get a legit server
The mint should mint to demand. It shouldn't be in the business of creating modern rarities.
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The problem is the game, not the players. Arbitrage happens and in many cases gets things into the hands of those who want/need them most. In this case, it sounds like the issue was that the mintage was known ahead of time and it was advertised that all you had to do was be lucky enough to get through the system and you could make money. Christmas is almost here, it happens every year with the hot toys.
I don't blame the flippers at all. The system just needs to be fixed to reward long-term customers, and also allow for the general public to have a shot.
Luxury brands often have requirements for purchase of special items (two new Ferrari purchases in 10yrs in order to lease the newest one, or X number of Birkin bags in order to get the latest special version)...The mint could (should?) have some sort of loyalty program to reward good customers, but not keep out the rest of the public.
I've collected coins for 20+yrs now, but never purchased from the mint. If there was something that a long-time customer had a better shot at than me, I would be fine with that, as long as I still had my chance.
can you imagine that you find out on social media that you can make $10k in a day just by hassling 10 minutes online? of course one is going to take advantage and hope to get lucky. I've been a collector for years but I don't begrudge flippers their luck in making a few God sent dollars. they may actually need the money to pay some bills during these financially difficult times.