2017 S Proof Silver Eagle Congratulations set bought up by Big Coin Company's

Ok I admit it I have collected many of the silver Eagles both in proof and Mint State. I had placed my order in 45 seconds for the Congratulations silver eagle set. There was no lag and everything went quickly. My order was immediatly placed to in process. This is the normal cycle for orders that are going to ship. Then after 5 days I woke up and checked my order status on the next Monday and to my surprise my order was no longer in process, it was now on backorder. After calling the mint to see what was going on they told me that the subscriptions took a lot of the inventory. I checked the web site and couldn't find these issues in the subscription area. So as far as I can figure the big coin companys flooded the US Mint with big order numbers.

It looks like Modern Coin Mart, must have ordered thousands (Gov mint and Modern Coin Mart are the same company.) and got a lot of the inventory. According to ebay listings. Can you believe they want up to 349.00 for a proof 70. Thats 6 times the value. They had over 423 coins listed just under the PF70 labels. Thats 86,552 plus 45,325. For a total of $131,877.00 Just for the PF 70's???. Not to mention the PF69's. This is how the coin company's whore out their customer base.

PinehurstCoinExchange had over 500 of these coins for sale. A real case for American Greed

 

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I tried to subscribe to it last year in December (when I bought the 2016 version) but wasn't available in the subscription area when I checked.

 

Yeah, the mint could've done a better job with this release, a hhl of ten would have worked to give more people a chance. A friend of mine didn't get their order in on time, so I gave them one of mine.

 

I missed it as well and I agree with the Household limit. Some of my other friends also missed this one as well.

 

I tried my best to let everyone know, I even emailed all my friends to remind them.
2017 S Silver Eagle on sale 4/4/17

 

Imagine no household limits and selling out in under two minutes. So these coin companys must of had dozens of people on computers buying for them all at the same time. Did you know that the highest quantity you can buy from the mint is 100 units?

 

Suspicious of back order. Are you going to get the returns from the sellers who found minor flaws in their sets?

 

I've suspected for awhile that that's what the mint does.

 

I'm doubtful anyone who gets this is going to return it because of a minor flaw. They are now selling for 3 times the value.

http://www.ebay.com/itm/2017-S-Proo...625353?hash=item4401b83449:g:a1gAAOSwZeVY8hC8

 

People returned the Baseball Hall of Fame Silver Dollars... anything is possible

 

Do you wonder why I have no interest in ordering items from the mint? I canceled all my subscriptions for limited items a long time ago. All I buy now are silver quarter proof sets, one a year just to keep the collection complete.

 

I can understand that, because I've felt the same way before. Now I just get the ones that interest me and spend my money elsewhere usually on older coins.

 

I wonder if a FOIA request to the mint would reveal exactly how many individual orders composed the sell out.

 

One reason I wouldn't buy one of these from one of the big places is that they'll go through all the coins and cherry pick them for high grades. Then sell the lower ones.

buying from someone who bought 2 or 3 gives you a better chance of getting a higher quality coin if you couldn't get one.

 

No thank you, sir.

 

Clearly the mint won't do anything about what's seen as a problem by many of the mint's customers, they are getting more abusive. So here's a link to an agency that may do something about it or not, either way it's worth a try.

Here's a link to file an online complaint with the U.S. Treasury Department Inspector General. You can file anonymously and mint mismanagement is a legit complaint. If they get a bunch of these, they may do something about it.

https://www.treasury.gov/about/organizational-structure/ig/Pages/OigOnlineHotlineForm.aspx

Here's a sample complaint:

This is the person to file the complaint on:
David Motl, Acting Principal Deputy Director
United States Mint

This is the complaint you can copy & paste in most of the required fields or write your own:
I am filing this complaint because of mismanagement (or worse) by David Motl, Acting Principal Deputy Director of the United States Mint. The U.S. Mint, under Mr. Motl’s direction, repeatedly offers limited edition coins in a manner that allows a few large business interests to monopolize the entire issue. The most recent abuse was an offering for the 2017 Congratulations Set on April 4, 2017 with no ordering limits. This issue sold out in less than two minutes and most collectors were shutout. It appears from aftermarkets sales, a few large dealers bought most of the sets. Please review Mr. Motl’s business practices in order to assure all U.S. Mint customers have a chance to purchase their offerings. Thank You.

 

Imagine the big boys getting the most....

Are you sure about that? ARE YOU SURE ABOUT THAT???....

Rambo, you only mentioned two. I know of 4 others at least. One sold 215 PR70s this past weekend.

btw, I think the HH limit should have been 2 coins.

 

What the heck? Denver? L&C Coins have a few listed at $1,000 each.



$700+ for DENVER on the label.

 

"More fantastic quality control from the folks down at PCGS. Yes, PCGS, where the Hawaiian shirt isn't just a thing to wear, it's a statement about how little they care."

You sure it's not a Matte Proof too?

 

Thing about it Kurt, PCGS has that label listed and has a pop of 20 coins. 3-69s and 14-70s...BTW, I've never owned a Hawaiian shirt, I ain't that cool, but I DO know what you mean.