Can the mint stop coin dealers fom sucking up the new releases?

I just saw that MCM had 36 sets of the 2015 coin and chronicles for sale. 36 graded MS/PF69 sets. So how many of the coin dealers are getting unlimited sets because they hire people out to purchase these coins. I tried to order 40 sets from MCM but it reduced it to 36.

ITEM UNIT PRICE QUANTITY COST
2015 Coin & Chronicles Set - Harry S. Truman NGC PF69 & MS69 Early Releases $199.00 $7,164.00

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OK this was MCM who btw refused to scalp the 2014 Kennedys at the Chicago show. But we all know that Gov mint bought them recently. I am sick and tired of coin dealers grabbing all the special sets.

I was pushed out of buying a gold Kennedy at the chicago show because Silver towne had people standing in line to buy them all up. I wasted a week of my time and about 500.00 in hotel and gas bills.

Now we have a limited set of coin and chronicles with a set of 5 per household. Which sold out in 15 minutes and I see the dealers with so many sets. Am I the only one who notices this problem?

Can the mint do anything about the coin dealers hoarding all the moderns.

Am I the only one who refuses to buy from these guys?

 

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Hmm. Do you also want to pass laws to ban resale of these sets entirely, so that people who did manage to get them are prohibited from selling them on to dealers? Or do you just want to ban reselling them at a profit?

This isn't entirely snark; my own state, North Carolina, has a law against "scalping" event tickets (buying tickets and then reselling them at a high mark-up). I'm not sure what I think of that law, but it does exist.

 

No, you aren't the only one who notices its a problem. Sure, the mint could do something but they don't. The could have made it one per address, they could have said one per company, but they didn't. How many times does the mint have to do stuff like this to modern collectors before you figure out they really don't care about you? They really only care about the large modern coin firms. Until they come up with a system to try to equally distribute coins to customers, and prohibit these large firms from monopolizing the supply, (not a very hard thing to do), I will continue to have the opinion they simply do not care about collectors at all.

I am not sure just refusing to buy from these firms really helps. If they control a lot of the supply, they will get their sale if you buy from them directly or indirectly through another seller. My answer was just to stop buying altogether. There are tons of modern mints out there making some interesting coins. The US mint, if they only wish to sell their stuff to large dealers, can just keep their crap as far as I am concerned.

 

Don't blame the dealers. The Mint could limit this activity if they wanted to, but they don't want to.

By the way, I don't really feel sorry for you just because MCM sold you 36 sets instead of 40.

Chris

 

I didn't buy them I just wanted to see how many they had. I have better things to do with my money

 

Here is one for the rich and famous. PCGS PF70 and MS70. The guy on ebay only wants 25,000.

http://www.ebay.com/itm/2015-Coin-a...478?pt=LH_DefaultDomain_0&hash=item5b151a88fe

 

Anyone who wanted these could get them. Stop complaining. MCM paid normal people extra money to get the extra sets. 100% legal. I actually got 20 coins myself, and I am not a big dealer. I took the time to make sure I had people willing to get some for me, and I was prepared. If I had time to place 4 orders before they sold out, surely you had time to place one.

 

Funny thing about buying from the mint.. Nothing that the mint sells is 'really' scarce. As for the frenzied buying and selling? All I can say is that P.T. Barnum was correct.

 

I like you sir, but I have to ask. Doesn't it bother you to intentionally counteract mint rules that were meant to allow more collectors to obtain coins? I mean, 5 per household might not be a great rule, but its SOME rule. Why did they institute this rule? To allow more individual collectors to obtain these coins direct from the mint. Now dealers come along and hire people to buy for them, DIRECTLY going against the intent of having a limit at all. I am just curious how someone who hires people to buy more coins than allowed, thereby making sellouts much quicker than they otherwise would be, can with a straight face tell someone, "just order them like me". If all of the dealers and others like you could not order more than 5 total, I am sure this set could have been purchased for at least a few days, at least. I know you only ordered 20, and MCM probably ordered hundreds, but its the same point. Both of you INTENTIONALLY subverted the very limits that the mint put in place to try to allow the OP to be able to buy these coins, and for you or MCM to tell someone to "stop complaining" seems disingenuous. He is complaining precisely BECAUSE of this behavior, and how it screwed him out of being able to buy direct from the mint.

Btw, why can't the mint simply make all products limit 1 per household for the initial releases? Let everyone have a chance to buy one at least for a week before opening up orders to dealers? Its pretty self explanatory to me, the only reason not to would be to generate "buzz" about quick sellouts. I believe that is the real answer, further proof the mint cares more about themselves and large dealers than true collectors.

 

Now that all the cheaters have ordered more than they were really entitled to, I think it would be hilarious if the Mint announced that they were going to produce another 500,000 sets. It would serve them right.

Chris

 

Even if you limit 1 per household, the dealers and people like me will still pay other people to get more than 1. Is everyone who is buying more than 5 bad? If people are paying the fair market price on ebay to obtain more than 5, are they breaking the rules too? Everyone who bought 5 for other people has the chance to keep them themselves, sell on ebay for fair market price, or sell to a dealer (or me) for the price we agreed upon. Are THEY the ones who should be ashamed, helping dealers get more than 5? Or do they have the right to sell to anyone they want to?

 

I wasn't trying to start an argument sir, as I respect your opinion. In my view, anyone who hires another to order for them are skirting the mint rules intended to provide equitable allocation. Anyone who wishes to buy for THEMSELVES, and subsequently sell off are perfectly within their rights. I admit I felt bad ordering 5 of the 2011 ASE sets, and later selling 4 off. Even though I believe I was well within my rights, I felt bad for those unable to order the sets.

 

Wonder whose 20 sets these are on Ebay up for sale?
http://www.ebay.com/itm/20-2015-Coi...117?pt=LH_DefaultDomain_0&hash=item2c9de4afad

 

Huh? It would serve who right?

I ordered 5 Sets and never intended to keep all 5. Does that make me a cheater? As a matter of fact, I ordered 5 sets so that I could sell 4 and those 4 were sold before I ever received them so, it wouldn't hurt me. Is this a bad thing?

 

I don't think anyone ever said someone who ordered the mint ordained limit is a cheater at all. Its dealers like Silvertowne who HIRE others to order for them, thereby buying maybe 500, who are breaking the rules.

I still think the simplest solution for a limited edition set is 1 per household, and have to click a box legally stating you are not being hired by someone else to buy for them, for the first week. Then open it up as they see fit. I simply do not see how anyone could argue this is not "fairer". Short of this, let the mint simply sell the entire production to 3 or 4 "certified dealers" and simply end this charade.

 

I think you may be overestimating how many modern dealers are out there buying up "all" that inventory from the mint.
The Kennedy gold had unlimited mintage so IMO that one is a moot point. But lets use the March of dimes set. Let's just say that there are 100 dealers who would buy those in bulk. Each one buys 200 sets (that's a lot of sets) = 20,000 sets (way over estimated IMO). There was a mintage of 75,000 sets so 55,000 regular collectors got their items . I wouldn't call that a monopoly by any means (heck add 10,000 more & its still fine).
The others well ,they went to the people who make their living at this business & I see nothing wrong with them making a market out of it. Dang, Capitalism is sweet!
Sure the dealers will each get xx amounts from their company & employee buys but also large modern dealers make the market in those items & send out "wholesale buys" on dealer forums like CCE or CoinNet. XXX dealers who have xx amounts of sets will in most cases wholesale out their inventory to the market makers of said product.

 

Look, the mint does this to make it HARDER to get a ton of them. I was only able to get 20, and believe me, I wanted and tried to get more. Anyone who wanted 5 should have had no issues getting them if they were ready to order at noon.

 

I'm having some trouble with the boundaries between "someone hired me to buy five", "someone offered me 500 bucks over the issue price if I'll buy five and sell to them", and "I was going to keep all five sets for myself, but when I saw they were going for $500 over issue price I changed my mind".

 

The simplest solution is to stop having limited mintage numbers. Seriously. Have a time limit of production, say 30 days, 60 days, 90 days, etc. That way anyone who wants one has a fair chance to obtain them.

That knocks the big dealers down SEVERAL notches as there is no perceived rarity for a limited mintage, and they will eventually stop buying up so many sets and the collectors who want them will be able to get them. After production if you are sitting on a 100 sets and they only ended up with a 50,000 mintage, you may do well, if production soars, then those dealers get burnt and might not try to buy up all the large quantities next time.

Seems super simple to me. Mint them to demand for a set period of time. What downside is there to that? No low mintages or artificial demand. Well at least everyone who wanted one was able to actually get one.

PLUS the mint wouldnt have to deal with leftovers that needed melting or sold later.