Fidelitrade Offering ATB 5 oz'ers

That memo went up on the A-Mark site as soon as they suspended sales around 3 pm (EST) yesterday (1/18)... that was posted after just 2 hours of brisk sales, selling somewhere in the neighborhood of 2600+ sets!

 

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I have read with interest about the "goings-on" over this set of five coins. I find the hype to be most un-numismatic, excessively controlling on the part of authorized distributors, greedy and selfish. I do not believe that the US Mint's second round method of having these coins sold through their authorized distributors is going well, nor is it an improvement over the December 6 debacle. It is haphazard, erratic and onerous.

Yes, I would like to purchase a set. But, the hoops of fire one has to jump through from one supplier to another is just not conducive to my collecting interests and tastes.

After 41 years of collecting, I continue to enjoy purchasing silver coins a great deal and look forward to new Mint issues, but this nonsense is ridiculous.

Just my opinion.

 

Another perspective (or the same...I don't know)...

The Mint would have been well advised to keep this issue out of the Authorized Purchaser (AP) network, altogether. The AP's were established to move millions of bullion coins. The Mint knew these would be a limited issue, similar to the First Spouse bullon coins, which are distributed directly from the Mint (not the AP network).

The very idea that this limited edition would go to the APs, and be (possibly) cherry-picked before reaching the general public, is unsettling at best. If a collector buys from an AP and receives a coin that's anything less than MS70, (rightly or wrongly) the integrity of the AP comes into question.

I hope our new Mint Director can learn from this experience and keep limited edition coins out of the AP network. :thumb:

 

I agree.

 

I read an article in Coinworld or someplace else that said that there was legislation passed that disallows the mint to directly sell the 5 oz pucks. They must be sold through AP's. I'm sure krispy will correct me if I'm wrong

But, yeah, if it was possible for the mint to sell these directly that would be the best way.

 

From the Louis Golino article yesterday published on Coin Update News.com [1/19/2011]

Some Implications of the America the Beautiful Silver Bullion Coins

 

If Congress mandates the size, shape, weight, ect... and also the distribution through the AP's, why not mandate the quantity as well? In this case 100,000 strikes. This would force the Mint and Congress to think more clearly about this program and any future program. Perhaps even raise the quantity to 250,000 on all issues to avoid creating rarities. If it can't be done then scrap the whole idea or implement more options to accomplish it. As a thought, let the Mint continue to produce the date into the following year. They have melted surplus coinage before and could do the same after completing a full year of sales. (Trailing twelve months after release, not calendar year).

 

I quite like that idea Sam...

I think Conder101's comment a few days ago offers some reasonable consideration on what has plagued this issue even before the coins were Minted and the APs came into play in this coin release:

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Do you think they will cancell the sales of the numismatic version (27000) Because of the confusion with these bullion ones ? I sure would like to get my hands on a 2010 set of the (27000) mintage with the P mint marks !

 

If they have been minted, which there is no reason to assume they have not been, then the Mint will release the 2010 "P" mint mark AtB numismatic version coins. Again, citing the article linked to above in post #86, it is reiterated in that article with an editorial update regarding the TBD / unknown release date.:

The release of the 2010 numismatic version coins could be "on time" as initially indicated in the first quarter of 2011 or literally at any time without much reason. I'd wager they are released after the first quarter of the year, because the Mint this year is dealing with selling many of its annual collectibles in the first quarter. The delay of the 2010 5 oz. AtB coins has probably offset the release of the entire AtB 5 oz. portion of the program. 2010 AtB 5 oz. may come after the first quarter followed by 2011 bullion and numismatic versions in the 3rd/4th quarters of the year. If they get too far behind who knows what will happen to this program. Nothing much any of us can do but sit and monitor the situation while writing to your elected officials about any problems you see occurring from the handling of this coin release.

 

I bet there wont be many graded like this do to the 3" diameter

These are hot
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=280619407053

 

That is just stupid money, and a slap in the face to the collecting community......

 

It's a scam, there have been no MS70 graded sets yet. Look closely at the pics, the grades have been scrubbed. A true bullion MS70 coin or 5-coin set of these coins will bring moon money, stupid money, etc. but it ain't here yet and from the looks of it, may not be possible the way the bullion coins were shipped and handled from Mint to APs to customers.

 

this might be an ok investment if someone thinks silver will top $1,880/oz... course I think if silver hits high enough some if not all of these will be melted... sorry if I'm biased against these as they are mainly just a way to rip...urr "sell" at a profit...

 

So you must have seen what sets of these bullion coins are selling for on eBay... There are sets of the bullion coins still selling on eBay for greater than 100% profit or numismatic premium on what buyers got them for. I think you and plenty of others are biased against these coins for the same reason, they are very difficult to obtain right now and this literally hurts peoples feelings who may have wanted the coins. Therefore we see people blame every other aspect of the coins impossible numismatic premiums, others' foolishness to overpay for the bullion at these rates, dealers taking 'advantage' of collectors (essentially what dealers do when given half the chance)... Much of this will fade as more coins hit market and a collector base develops (or flops if such a base doesn't).

FideliTrade's price of $929.20 is hardly something to laugh at. For $929.20 (minus the $69 FedEx expedited return s/h built into that cost), at $860.20 for just the coins and less the 10% mark up ($86.02) the APs were allowed/restricted to place, this comes to $774.18 / 5 coins or $154.84 per 5 oz. coin. Friday 1/22 closing Ask price for silver spot on Kitco.com was $27.55. If buying with the typical $1-$3 over spot we can still round this to $30/oz making an example easier to illustrate. With silver's performance, it's not such a stretch from buying 5 ounces at $25-$30/oz. = $125-$150/5 oz. From there you can add the mark ups and s/h charged raising the price, but then these are (right now) covered by outperforming numismatic premiums.

These flipped prices may not always be the case as is often the way of flipping new hot coins from the Mint. Collectors and dealers are paying the current prices, not PM investors. There are simply smarter things to invest money in and everyone knows that without making perverse comments about coins or certain bullion due to their scarcity. The buyers of these bullion coins at inflated bullion prices, whether buying direct from the APs or from flippers on the secondary market are not investors in that sense.

 

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To me something doesn't seem to kosher, Why does this person need 3 weeks to deliver these and the grade is blank. STAY AWAY...RB

Read more: http://www.cointalk.com/showthread.php?t=149179&page=7#ixzz1CEAvQxsi
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My order was just accepted from Fidelitrade!! YAY!

 

Have to say I a bit disappointed in the process. I sent my app in on Jan 6th and paid for overnight early am delivery. Received confirmation (not acceptance) on 1/11 ... check was cashed on 1/19 ... still have not received a definitive "accepted". The communications from them could be vastly improved.

 

i sent my application around 1/6 too, check not cashed, haven't heard anything from them either.