US Mint and the Big Guy

Hi you nice CT folks.

Now don't get all over me for not being able to quote the actual article I read because I don't think it is that important to statements.... being...

I read the US Mint satisfies the BIG investors in the first runs of freshly minted coins... specifically the precious metal coins.
The article went on to say the Mint was going to cut back on the BIG investors orders because of the scarcity and cost of silver and gold, etc.

Okay, with that said... the BIG investors, whom the Mint did not identify,
including overseas investors, order 100,000 or more, as many as 300,000 coins or sets.

This makes me think that we are getting ripped off, by the mint!
Do you think we little guys are getting our fair share of freshly minted coins? Are we getting the left-overs? Is this why the coins become 'sold-out' and the BIG investors who are out to make a big buck do not care about the little guy and whether or not we can complete our sets?

Yes I am aware the BIG guys do this for a living and a way to beat off inflation a fraction of a cent at a time. That, in itself, is one reason why I find it totally unfair the Mint should sell our precious metals to the lowest bidders.

Why can't the mint sell first to the individual collectors, even putting a limit on how many coins or sets they can order, and then after a certain period of time sell to the BIG investors?

I am not including the small coin dealers who buy a lot of sets or coins to resell later because I do not believe most of them can afford to shell out the money for such BIG orders.

What are your thoughts about this?

jeankay

 

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that MIGHT be true for bullion coins but anything we order the mint doesnt fall into that category

 

The Mint is selling to the lowest bidders? I find that hard to believe. Can you point me to something that supports that?

 

I've often felt the same way as you Jeankay.....bulk purchasers get preferential treatment. It would be nice for the little guy to get first dibs but i doubt this will ever happen. Best you can hope for from the mint is to get lucky, as evidenced from all the folks on this forum who send their purchases back to the mint for replacement because of spots, scratches, cat hairs and spiders.

 

part of why they are probably quick to sell to the bulk dealers is that they don't return them for "spots, scratches, cat hairs and spiders." the bulk buyers are buying bullion because its bullion and don't expect perfection.

 

I would have to agree with Spock. This may have been true a few years ago, but since then, the mint has instituted purchase limits on limited mintage coins. Remember a few years ago back in 2001 when the Buffalo silver dollar came out? Within hours (I believe) these were sold out. I have been buying from the mint since 1986 and couldn't land one of these. So I complained, along with hundreds, maybe thousands of other customers. Shortly thereafter, the mint insitituted a 15 per customer limit on purchases and since the First spouse series came out in 07, it was lowered down to 5. I remember this particularly well, because I wanted to collect the fs series coins and had flashbacks to 2001.

As for bullion coinage with no mintage limit, I would expect that Jean's recount of the article would be true.

 

U.S. mint is all about the big guy. The little guy and his $20 just won't cut it.

 

Peter; Could it be that someone from the mint would actually lurk here? Oh please.....if only.....

 

Oh Oh...big brother is watching.

 

It's much easier for the mint to sell 100,000 bullion coins to a single buyer than to find 100,000 buyers for one coin each. As a result, the bulk buyers get the best price. We can buy from them at a marked up price.

-- Peter Planchet

 

GD....Is it not true that the select few that are able to buy bullion in bulk from the mint get better price consideration than the regular man (women) on the street?

 

http://usmint.gov/consumer/index.cfm?action=AmericanEagles

Seems like a price break to me.

 

ahhhh facts !!! Gotta love it !!

 

OOOOWWWWWW....ya got me....nice shootin' GD.

 

Dang GD just delivered another smackdown

OUCH

 

The Master....