no respect for silvertown modern coin mart or Lee Minshull Rare Coins Inc

I find this dumb they should have given other people a chance to get some


"
SilverTowne from Winchester, Ind., managed to secure nearly half of the 1,000 coins the Mint sold Aug. 13, by offering a bounty of $100 per coin to those who obtained the coins. The firm expected to acquire about 400 coins from its sources buying the coins at the show.
SilverTowne’s president, David Hendrickson, said the firm would be submitting the coins to Numismatic Guaranty Corp. for certification.

edited - copyright


source http://www.coinworld.com/articles/viewarticle/?id=gold-american-buffaloes-cause-show-stampede

 

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Its kind of disturbing how controlled the Modern Coin Market is between these Modern Coin Retail Giants.

Market Makers or Market Controllers?

 

it defeats the purpose of 5 a person

 

I can't wait to hear Detecto discuss the ethics of this one....

 

your wish has been granted @Detecto

 

Well sell yours to make a quick profit.

 

Go to the mint's website, you can buy as many as you want.
What's your beef, that somebody was at the right place at the right time to make a few bucks and you weren't? Why do you single out three people when there were at least 200 others involved?
In America we're still allowed to make agreements between two individuals to buy and sell things, and that's the way I like it.

 

How many have you bought?
Unless you have bought any, or have tried to by any, you have no right to complain.

 

What was it, the 25th anniversary American Silver Eagle set? There was a limit of five per person. How many bought the limit, then started selling the extra ones on eBay and elsewhere for large premiums? If you search, you'll find many threads here talking about just that. How many here would jump at the chance to buy these at the US Mint's price, then sell 'em for a hefty profit? I would bet more than a few. Very few in the bullion thread talk about buying silver just to set it on the mantle and watch the sun reflect off it in pretty arrays. For those that bought into this, it's being in the right place at the right time.

 

you guys arent seeing the point. its not about selling for a premium. There was a 5 coin limit set to give more people a chance to get the first 1000 on hand since the mint hasent shipped these yet. Instead of these three company's obeying the limit they paid people to stand in line to circumvent the limit. Taking away the chance away for many people standing inline for hours ( missing other parts of the show for a chance to buy 1-5) This is greedy and wrong. Did any of you even read the article. I didnt single these three company's out. there the only three mentioned in the article. These three people ended up with around 660 of the 1000 available when they should have only had 5 a piece. And it dosent matter if i bought any i still have the right to my opinion.

 

I understand this and id would do the same if i had money to do so but i would not be greedy and try and get 400 of them and steal the chance away from others

 

they were not buying the coins from the people they had stand in line they were paying them $100 a piece to buy the coins on there behalf

 

Can't fault businesses for wanting to make money and people for making a quick buck. Imo the problem with this scenario was created by the mint themselves by selling the coins they are making the rest of us wait for them to begin to ship on 9/8.

 

this is true as well

 

I won't buy coins form the big retailers because IMO they exploit the system and care little about coin collecting, and have made everything about money. I can live with the ANA situation; they at least gave the appearance of rationing, but the whole '13 W Silver Eagle bullcrap has continued to leave a disgusting taste in my mouth toward all of them. Then, I see the one guy (minshull or whatever his name is) whining because he didn't get "special" treatment after putting a huge order in, and it makes part of me hope gold tanks so his greedy edited gets stuck with a truckload of gold.

That said, they ARE making money, and have no reason to change. The mint makes money off their huge orders, and has little reason to change. The TPGs make huge money, and have little reason to change. Until the average collector stops buying into the system, and starts talking with their wallet, nothing will change and it will only get worse.

Personally, I see nothing wrong with a combination of low mintage and strict household limit, but that takes cash out of everyone's pocket and we all know what the big business side of this will never let that happen. By using a the 30 order window with unlimited mintage, the mint can claim to be taking care of the average investor, while at the same time continue stroking the big boys.

 

the mint prolly sells its own stuff on ebay

 

Some individuals might have paraded the lines offering all those buyers $120 for their purchase, cornering the market and eliminating competition and still making a buck. Seen it done and helped to see it done a time or two myself. Just be certain the bridges you burn in the process are one you never intended to cross beforehand.

 

i can only assume that they were not buying the coins from customers
the article does not say but i figured the copanys were giving there standins the money needed to buy the coins

 

I would bet most of the coins that these companys bought were from attendees or other dealers that happened to be there at the right time. Even if companys hire people to stand in line for them, how do you propose that the mint differentiates between them and collectors who just want one of their own?