2017 Silver(!) Krugerrand

Hi, everyone. I'm new to the forum (I hope this isn't against forum rules) and I have access to FDI SP-70 Silver Krugerrands. They are gorgeous and almost look like a reverse proof. Has anyone bought one of these? If so, what did you pay and how do you like it?
-Paper

 

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Looks like they took care of their quality issues. I'd like one but I'm not going to pay stupid money for one. If I'm going to do that I have to many options in the silver panda series to pay stupid money.

 

No one seems to have the 1oz Bu Krugerrand but the graded ones are selling on Ebay for high prices.I called Govmint.com and they only have the graded ones.

 

Since MCM & Govmint are owned by the same person I wonder if that means no ungraded coins? [emoji22]


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Govmint got exclusive access to 25 K fdi Silver Krugs and around 800 FDP ones as well. There are 1 million going to be minted and all of them are allocated. Not sure if they will get bu coins or how many.

 

Hey, I actually have the scoop on this, per a question I asked GovMin.com on their official facebook page. As follows, here is my Q&A :
Q: How much is the coin and why come you didn't post the prices on the website? Not posting the price gives the impression that it's going to be very high priced. (Paraphrased)
A:
GovMint.com 10:55am Mar 10
Hello - all of this information will be shared Monday morning at 8:00 am Central. We were unable to share our prices previously, as the situation was fluid and constantly changing.

So there you have it, govmint.com at 8:00 am CENTRAL time.

 

Well, not so fast. We don't know if MCM was allowed to specify an unusually high "lowest grade allowed". They could have specified nothing under SP69. And, to complicate it further, we don't know how many in total they turned in to grade.
If they turned in 7000 and got 2000 @ 69 and 5000 @ 70 then that is GREAT (but something like that would never happen with any coin). But if they turned in 50,000 and had 43,000 rejects that didn't meet their 69 minimum, that wouldn't be so good. Now, I'm just throwing crazy high numbers on the last part to illustrate a point. But, there was ZERO sp68's so that tells me almost without a doubt that their minimum was 69. You can tell that by there being no 68 at all, not even one!
How many didn't meet the cut? I'd like to know as it would tell the story. It could have been a normal reasonable amount or maybe not!
And of course, the ones that didn't meet their minimum grade will be the ones we will be able to buy raw from them. :-( Meaning if you want a raw SP69 you're gonna have to crack it out.

 

Thanks for the update!! Now I know I have to wake up early on Monday lol


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Well this seems like a gigantic waste of money.

 

If all the coins are graded then yes!!


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Yes, I would like to have a silver Krugerrand, but not at stupid prices. The reality is, in a few years, the fools that bought a stack in anticipation of a big payoff, will be unloading them when they are no longer the "hot" item. If I can't get one at a reasonable price over spot, I'm just going to wait.

 

GovMint called me on the phone today asking me if I wanted to buy one of these. I wasn't interested but thought it was funny that they were calling me.

 

I think they are erroding the genuinely massive interest these coins have. I LOL at how they must have seen posts like mine warning people that a 1 million mintage does NOT mean you have to pay up, and now the mintage has been revised to 500k, and I don't care what anyone says about the quality issues being the reason the mintage was reduced, their desperation to gouge is a factor if not THE factor in the mintage reduction. Why would they cut in half a mintage that is sure to sell out and probably very very quickly? They are too greedy and short-sighted for their own good. Sure, there will be a drove of folks willing to pay crazy money for them when they first put them up, but how many people like me, initially very excited and eager to buy across all the various offerings proof and BU, and now? Not so much.

 

If a bullion company ever called me to sell me something I would never buy from them again.

 

I've never bought from GovMint.com but I've heard a lot of negative things about the spam & junk mail they send.
I noticed an erroneous listing on ebay obliquely involving them and I messaged the seller that his South Sandwich Islands coins couldn't have possibly been sold by "The U.S. Mint" per the listing. The seller replied back that yes they did and he'd dig up the paperwork for it. I replied back that they were confused about things and to check their receipts because they were tricked into thinking they had something from the US Mint and that GovMint probably purposely made their name to confuse people into thinking they were getting an official US Government issued coin.
Sure enough, they read the fine print and apologized to me. It was , of course, the Pobjoy mint as I had told them and the coin had been sold by GovMint.com. Just the name of the company kind of makes them look sketchy and I know from personal experience that people get confused by their name.

 

I wonder if they sent the full 25 thousand to NGC and only got back 7,000 with acceptable grades?
That kind of matches up because if you look at the registry stats screenshot I posted earlier today, there was 800 FDP coins listed as having been graded.

 

I should start taking wagers on how long it will take MCM to redesignate the "PU" coins reverse proofs like they did with the 2014 Tokelau Horse LOL

 

Well, it IS a reverse proof, isn't it? Showing my ignorance here I suppose.
I have a hunch that SAM will start making regular silver bullion coins and then maybe or maybe not continue making coins like the PU coin this year. I base this hunch on the numerous articles I read where they never would rule out or actually say they were NOT going to make any more. It has always been vague statements like " We don't have plans to ................ blah , blah blah .......... "and then added this on the end "But we haven't ruled it out completely" and "we will see what the response is to this coin". It might be their strategy to not admit that they will make more of these with the line of reasoning that they will sell better if they don't say the will be making more of them.

 

Looks like a reverse proof to me (both the horse and the Krugerrand) . . .

 

The mints have established a pattern of killing a series that's off to a really great start by throwing out multiple variants. Aforementioned Tokelau horse and Wedge tailed eagle (IMO) to name two.