I sent back 7oz of Platinum today :( I know I am an idiot for even buying...

jessewvu · October 30, 2007 10:49AM

I am done speculating on any of the US Mint's items. Well, at least those items that are controlled by bullion prices. I think I will stick with what I know, modern commemoratives

jmski52 · October 30, 2007 10:53AM

Was the stuff you sent back of poor quality? Just curious.

TwoSides2aCoin · October 30, 2007 10:55AM

Cookies have to be baked before they're cookies. You only sent the dough back to the baker.

Bochiman · October 30, 2007 10:56AM

What were you speculating on?
A sellout?
A rise in prices?

I do agree with sticking to what one knows, or is willing to risk to learn

SpaceMonkey · October 30, 2007 10:57AM

<< Cookies have to be baked before they're cookies. You only sent the dough back to the baker. >>

i agree... and my philosophy has been only speculate on what I like in case things go south.... that why at least i can enjoy them while they are "baking"

/ed

jessewvu · October 30, 2007 10:57AM

No, I thought I would put in a speculation order for a few with platinum prices going up. I thought they would stop selling them soon... They were too fast processing my order and I didn't have a chance to cancle before they shipped them. I ordered on thursday, they shipped on saturday. I can't let that much money sit on my credit card so back they go. I will say that it looked like 5 of the 7 coins were returned because they were not centered in the holder and looked like they had been taken out of their case.

fc · October 30, 2007 11:01AM

the party is over, you don't have to go home but you can't stay here!

jessewvu · October 30, 2007 11:01AM

And after I thought about it for just a second, the bullion price of platinum would have had to go up about 200 bucks just to break even.

That was the first platinum coin I have ever looked at. I was not at all happy with them...

Cgb · October 30, 2007 11:03AM

<< the party is over, you don't have to go home but you can't stay here! >>

jmski52 · October 30, 2007 12:08PM

They were Proofs? And they didn't look good? That's somewhat surprising, because the Proofs are usually pretty nice.

To this point, even the Proofs could end up being low mintages. However, if your speculation was based on a quick 10% to 15% pop in platinum prices, you were probably correct in sending them back.

Please tell me that they weren't the burnished "W" Uncs. Mine looked unremarkable, but I was hesitant to send them back a 3rd time, after the ordering was cut off.

hiijacker · October 30, 2007 12:15PM

Please correct me if I am wrong. Won't the uncirculated's do phenominal? The melt is very close to the issue price. And more importantly, there is a chance they are done selling these.

Louis · October 30, 2007 12:19PM

Buyer's remorse, they should tell you to go pound sand.

jmski52 · October 30, 2007 12:22PM

Won't the uncirculated's do phenominal? The melt is very close to the issue price. And more importantly, there is a chance they are done selling these.

It's too early to tell how they will do. The mintage and grades of each coin will have more to do with how they do than how close they get to melt, but a rising spot price doesn't hurt these at all.

I fully expect the burnished "W" Uncs to be offered again before it's over.

jessewvu · October 30, 2007 12:23PM

The mint would never tell me to pound sand, they don't have the where-with-all to do that... I bought the proof coins. It looked like one of them was toning and the others looked much worse than Silver Eagles. I just remember thinking that people must buy these for the platinum content because they sure looked bad. I don't think I would ever buy another platinum proof if they all looked like the ones I looked at today.

US Mint Moto: Buyers Remorse? Send them back, of course!

mrearlygold · October 30, 2007 12:28PM

Whew

CarlWohlforth · October 30, 2007 12:33PM

I remember selling 1/2 oz plat at a lower price then melt today. I don't normally buy platinum. I like it very much because it is so heavy, noticably heavier than gold...

However now I fell uranium has huge upiside and almost no down side. So I am invested.

Edited to say: the plat I sold was PCGS 69...

Louis · October 30, 2007 12:39PM

<< The mint would never tell me to pound sand, they don't have the where-with-all to do that... I bought the proof coins. It looked like one of them was toning and the others looked much worse than Silver Eagles. I just remember thinking that people must buy these for the platinum content because they sure looked bad. I don't think I would ever buy another platinum proof if they all looked like the ones I looked at today.

US Mint Moto: Buyers Remorse? Send them back, of course! >>

Do you have an eBay ID? I would like to block it.

Why did your story change completely from your earlier posts?

fc · October 30, 2007 1:02PM

last i checked the flippers strategy involved using CC with no
interest charged for a certain amount of time. hold the coins
for a bit and determine if you can make a profit. after a set
amount of time.. you determine you cannot flip for a profit they
return them.

i have read many many people saying they use a strategy like
that. will you block most people here who discuss moderns and
quick flips???

do you really think a guy who has such a cute and loveable dog
is not upstanding and trust worthy? :-)

fc · October 30, 2007 1:03PM

just look at that pic of that puppy!!!! you forget your troubles.
he looks so smart and intelligent.

fishcooker · October 30, 2007 1:09PM

He's wondering if he'll be returned!

SlangNRox · October 30, 2007 3:06PM

<< I remember selling 1/2 oz plat at a lower price then melt today. I don't normally buy platinum. I like it very much because it is so heavy, noticably heavier than gold...

However now I fell uranium has huge upiside and almost no down side. So I am invested.

Edited to say: the plat I sold was PCGS 69... >>

Where do you store all the yellow cake at? Thats the main reason I never got into uranium. pound of uranium is/was around $100 vs pound of plat is in the 5 figures. So I figure plat is worth 2 more figures per pound than uranium

savoyspecial · October 30, 2007 3:14PM

>>He's wondering if he'll be returned! >>

POTD!

Bochiman · October 30, 2007 3:25PM

I buy on CC.
I flip.
I man up to what I buy and, even if I am just break even, I would rather sell at break even than return to the mint since I don't believe in abusing the return policy (yes, it is there. yes, the mint lets you do it. I just think it is pretty scummy thing to do.....those that abuse policies and get away with it later end up ruining it for others)

Griv · October 30, 2007 3:59PM

<< And after I thought about it for just a second, the bullion price of platinum would have had to go up about 200 bucks just to break even.

That was the first platinum coin I have ever looked at. I was not at all happy with them... >>

I have to say that you were a wee bit foolish here and probably lost a great opportunity. If you are looking at the spot price then you haven't done your homework on mintages or the going price or even the run rate of these coins.

Better luck next time.

mrpaseo · October 30, 2007 4:06PM

I was lucky, I picked up 4oz of the 2006 W (Ordered two, received 4...but paid for all four of them) (end result: 3ea MS69, 1ea MS70). I did drop them on a CC with full intentions of selling within 12 months (Not ever intending to send them back to the mint). What happened in 12 months? I picked up another CC with 15 months interest free and I'm riding the wave through this deployment.

I'm no flipper, this is the first time I tried only because of the high reccomendation of the forum (Can't say it will be my last, but I am in a different country and am really out of the game at this point). Both CC's are Interest free while I'm holding a balance on them and I only took the offer for this flip. Will I do it again? Maybe if I have cach in the bank, otherwise I don't normaly take these kinds of risks, I have to much other stuff on my mind to worry about trying to track when to sell these buggers!

I did offer them up once just as the CC 0% Int was comming to an end, I offered them I believe a thousand dollars below market value and I received one lowball offer of what I paid for them from the mint, never mind the grading fees (The counter offer was like 3000 dollars less, which was 4000 below market value). I think the next time I'll just list them on ebay and let the market price them, I thought I was doing good, helping someone else make some money and I believe they were taking advantage of my situation, they knew I was trying to sell them to purchase stuff for this deployment (Thus the support me page I made below).

Oh well, next time there going on ebay.
Ray

itsnotjustme · October 30, 2007 4:58PM

So you returned the coins because:

A) I am done speculating on any of the US Mint's items.

I will say that it looked like 5 of the 7 coins were returned because they were not centered in the holder and looked like they had been taken out of their case.

C) I was not at all happy with them.

D) It looked like one of them was toning and the others looked much worse than Silver Eagles.

Those are from your own words. I'm with Louis.

jessewvu · October 30, 2007 11:03PM

I guess I am not sure why people are attacking me... If anyone feels the need to block me, I can not stop you. The United States Mint has a block that says "changed mind" and "other" for returns. Either way, they really don't care why you return the items, you can leave the space blank. I rarely ever return items, and when I do, I pay for return shipping. I know of people out there that lie and say the product was damaged so the mint pays for return shipping too. I am completely within the rules set by the United States Mint. If they change their policy, I will deal with it.

I sent the coins back because the mint shipped them before I could cancel my order, it was my mistake. I shipped them back immediatly, I didn't push the 30 day return policy. I do not buy coins, have them shipped, and then send them back when something doesn’t work out to my advantage, that is ridiculous. When I was packaging them to send back (yes, I made sure they were completely secure, not just throwing them in an big empty box) I noticed some of the coins just didn't look very nice. The reasons I stated for my return are all valid. If I was a serious platinum collector, I would have returned them for an exchange.

Responses here are noted and I will try to avoid the animosity in the future.

TwoSides2aCoin · October 31, 2007 12:00AM

It's an expensive endeavor when you are speculating. I am not nor did I intend to attack you, Jesse. I personally think plats are awesome. You have to take the attacks with a grain of salt. Just don't return the puppy

.

Joe

57loaded · October 31, 2007 12:11AM

is that pup real?

not bashing, you did a good thing returning the plat.

don't take to heart or feel you need to defend your return to the mint, especially here.

aficionado · October 31, 2007 12:33AM

Hey, don't sweat the return and don't listen to these people.

The concept of flipping is easy, until you put the cash down, then it becomes real, real fast. It's very stressful. You made a mistake and was able to rectify the situation.

As for the Mint. I've gotten coins I'd be embarrassed to sell on ebay.

The Joke is, they have their web video and that documentary on TV about the Mint, and it says how the take such good care of the Proofs. BS !! I mean they made a few thousand of these and sell them for $2000 a piece, why can't they take a little time to make a good product.

Why I ask, should any of these have contact marks? Right after Minting, they can't put them in a capsule to protect them ?

Griv · October 31, 2007 1:36AM

I guess I buy my gold and plat proofs from a different Mint because I have never received one that didn't get submitted and graded at less than PR69DCAM. I do cherry pick a lot more these days to find the PR70s which are quite easy to find. Maybe you pissed someone at the Mint off.

aficionado · October 31, 2007 3:12AM

<< I guess I buy my gold and plat proofs from a different Mint because I have never received one that didn't get submitted and graded at less than PR69DCAM. I do cherry pick a lot more these days to find the PR70s which are quite easy to find. Maybe you pissed someone at the Mint off. >>

You must, this is the crap I get from the Mint. It sucks because you order, wait for it, your so excited, then you get this. What on earth does the Mint do to their coins??

itsnotjustme · October 31, 2007 5:27AM

Clearly only a 69.3

When you blow it up to the size of a frisbee, any slight mark can look big.

grip · October 31, 2007 5:48AM

<< last i checked the flippers strategy involved using CC with no
interest charged for a certain amount of time. hold the coins
for a bit and determine if you can make a profit. after a set
amount of time.. you determine you cannot flip for a profit they
return them.

i have read many many people saying they use a strategy like
that. will you block most people here who discuss moderns and
quick flips???

do you really think a guy who has such a cute and loveable dog

is not upstanding and trust worthy? :-) >>

My brother in law was a great manipulator of CC,most of the time he ran hes business that way.

And did well.

Al

Coinsponge · October 31, 2007 6:42AM

<< just look at that pic of that puppy!!!! you forget your troubles.
he looks so smart and intelligent. >>

He probably just finished chewing his masters shoes up.

aficionado · October 31, 2007 8:14AM

<< Clearly only a 69.3

When you blow it up to the size of a frisbee, any slight mark can look big. >>

Trust me the coin was trash. On a 1oz it was very obvious. Besides, it more to the point of, what are they doing with these coins ? The claim they are handled with kids gloves, this one looked like some kids played hockey with it. I mean, how could a hard metal like platinum, get like that ? I know after I've had it a few days or weeks and even if I send it to get graded, it doesn't come back looking like that. So what's going on at the Mint??? We're not talking .9999 soft gold here.

But now that I know you'll buy my trash, I drop you a PM and you can buy them from me. Issue price plus shipping.

Griv · October 31, 2007 9:52AM

Well based on the magnification I still think you are crying over nothing. That would easily make PR69 so maybe you just lack the experience to understand modern eagle coin grading. Besides, send it back if you don't like it. I'm also at a loss as to why you think "everyone" is getting on you when from my reading there was only one, well maybe two if you happen to be smoking pot, that you could remotely say are "on you." Oh, I guess you can add me. Geez, now it's 2.5 people, that's almost counts as a riot.

I sent back 7oz of Platinum today :( I know I am an idiot for even buying...

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