Mint is is finally doing something right.

Not to stray too far off the subject, but I was in the retail business at one time, and a 40% markup is the norm; not 100%. Personally, I think the mint prices their products far too high. Their customer service stinks. If they send you something that's damaged, they will replace it if they have supplies left. Therefore, if you receive a damaged item that is in high demand, you have to decide whether to keep it or gamble on being able to get a replacement.

They change the rules of the game as they go--- witness the 2005 proof set and the bait and switch with this year's eagles. On a very legalistic level, there may be nothing wrong with their antics, but on a moral level, and a customer relations level, what they did was nothing short of rotten.

An uncirculated set contains $3.62 face value. The coins cost a fraction of that to produce and packaging and labor for the set costs $1.00 (I'm being generous here). They charge HOW MUCH for a mint set?? And you really think the price is reasonable?

 

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Agreed, BUT (one big, giant but) they are also losing about .7 cents on each cent that is included and somewhere aroung .5 cents on the nickel. (Approximate costs per coin, Coin World had an article on this recently.)
So, the sale of $5.82 (face value) for the selling price of $16.95 plus some ridiculous amount of shipping is reasonable.

Therefore, the markup of 3 billion percent (actually 286 %) on the mint set is fairly reasonable, or so they think.
After all, the collectors have to subsidize the costs of the general operations, if not for the collectors making ridiculously high profits off the mint's products there would be no profit for them at all.
How much can they make on coins when it costs 2.11 cents to produce a dime and .0529 cents for a quarter (cost values are the melt value of the coin)?
You have to consider the fact that they are, after all, permitting us to buy the coins from them.

 

Methinks ND86 either works for the mint or has a relative or close friend who does. He/She seems to have an awful lot of inside information (check other posts) and one wonders about the source. Can you provide details on your source ND86, so that others can authenticate your assertions?

Thanks,
Steve

 

The destruction of the Twin Towers and the death in them of several of my friends, That was immoral.

The Mints bureaucratic machination is just par for the course fron any large organization, espeically one that has to abide by the whims of Congress. Comments unrelated to numismatics belong in the Politics, Religion and World Events Forum, not here.

Ruben

 

Doug was very nice in his response. Only a EDTIED--We do not bash other members-- would normally ask a question like this and with this tone. I'm certain you didn't mean this as it was expressed. Maybe you can rephrase your question?

Ruben

 

I agree with GDJMPS.

ND86, Please continue to provide the valuable information. Thanks!

alhas

 

No malevolence intended. Tone is difficult to get right when writing in forums. The reason for wanting to authenticate is because Doug has provided specifice profit margins, etc. I, and maybe others, disagree with those figures and would just like to know the source. I may be wrong but it appears that if anyone posts negative comments regarding the mint, they elicit defensive responses.

 

Come on guys, this is a very small playground, so, let's play nice.
Besides, let's just accept that we will all disagree about the US mint.
I, for one, believe that they are simply exploiting the collectors.
Consider that it would take $14,000 to purchase all mint products this year (or about that amount, I forget exactly how much Coin World stated) and they are pumping us for all that we have.
Sure, they are offering products that we can simply choose not to buy, but there are considerations, such as the markups that are made.
Besides, why should coin collectors be expected to pay for the various causes that Congress wants to support. We pay additional for the commems and the excess goes to the various 'charities'. So, why not let us take a charitable contribution for the excess that we have to pay over normal for a coin?
Just a thought.

 

Doug,

I hesitate to write this, because I don't want my tone to be misconstrued. How do you KNOW these things, and how can we be sure that

the statements you make are not simply your opinions?

Steve

 

I will say this---I can't remember a time when ND has said something about the shipping of an item or such that hasn't come true---so I take his word.

Speedy

 

all I can say is becouse of ND86 post, I purchased 4 more anniversary sets just before they sold out as predicted. I plan of purchasing 7 ASE just as soon as i get off the forum. I do not care where the information comes from as i have been taught " never look a gift horse in the mouth" no offense intended there ND. lol . Oh man I hate to call the mint people

 

Thanks for the excellent posts ND86 :thumb:

IMO, most of the problems collectors and the collecting community have with the Mint and certain policies stem from appointments of politicians and buearacrats with zero knowledge of numismatics to run the mint (Ahem.. Mr. Moy.) Interference from other numismatically clueless politicians in the legislative branch just adds to the difficulties.

 

Personally I would like to see the proposed presidential dollars struck in silver. Whether or not the mint charges too much for it's products, I guess, is in the eye of the beholder.

 

i would like to see them in silver !how would they package them?

 

I don't think anyone has said this so I will:
I don't want them in silver because if they are still gold-colored you can't even tell if they're silver. With old 90% coins you could look at the sides of the coin and it's all one color. What they should do is have them gold-plated that way calling them golden dollars is less of a stretch. Although gold is well over $600/oz. it takes almost no gold to plate something in gold. I think all the "golden" dollars (even the ones for general circulation) should be plated in gold because I think it only costs a few cents/coin.

 

ND86-
Of the products that I receive from the mint 50% are damaged. If you have a contact in the Mint please ask them to look at the coins before putting them in the mail.



(I buy aprx as many products from Amazon as I do from the mint, I have never had a damaged product from Amazon, and I have 50% damaged products from the mint).

 

I seem to get carbon spots (or small discolorations) on Sac dollars also, the loose reverse proof dollar in the silver eagle set was a first though.