Interesting read from Coin World... https://www.coinworld.com/news/us-c...ium=Email&utm_source=Lyris&utm_campaign=World
Good, customer information should not be publicly available. We wouldnt want our own information to be available and others deserve that same privacy.
That was an eye opening response from the one dealer in Georgia. He described being an authorized bulk purchase dealer as being an albatross to his business. Being a businessman myself, I had wondered just how that program could be beneficial to a middle man that has to work on razor thin margins.
I see both sides of the argument. On one hand, as a collector I hate seeing big players get so many coins which get the oh-so-typical mark up. But yes, no personal information should be given out, whether they are collectors, individual dealers, or even larger businesses. Interesting to read how this new bulk authorization is a failure for many. I guess I was starting to get into the notion that it was a symbiotic relationship, as in the mint and its buddies.
They have to pay more, plus pick them up themselves for what small allocation they get individually. There's a substantial price increase for them as well as a substantial profit increase for the mint with it. Anyone can actually qualify for it if they want to spend enough money per year with the mint so it's by no means a favor to anyone
I don't think the authorized purchaser program would be as much of an issue if it weren't for the experience we have trying to buy a new release from the mint. When you know that someone has got 10% of the product and you can't even get connected it is very frustrating. If the coin issues had unlimited or high mintage we wouldn't want them either.
Thanks for that. I don't plan to ever spend any considerable amount of money with the mint. Used to get silver proof sets when I could afford them, but those days are gone.
Would not surprise me if the reason they are hiding info is they also have another more secret program for the mega whales and disclosing info in the semi secret program would expose the other program they are hiding IMO. -OSD
Like how many coins are given to select individuals like mint executives, congressmen, senators, dignitaries, etc.?
I definitely wont ever even remotely sniff the number, probably wont even spend in my lifetime with them what you need to in a year to qualify, its just not some secret club or anything like that.
It always was....and remains...a stupid idea. Something Wharton would dream up, and get a multimillion Dollar Contract for doing so, then turning it into a 1st Year Term Paper requirement and selecting the best blarney phrasing and then presenting it at a symposium for the Mint brainiacs to enact.
Do these guys really get 'first crack' at popular issues that go on sale? I thought we were all on the same plane when it came to ordering stuff, baring the bullion silver eagle stuff.
Afraid so. I think it started last year or the year before. It's supposed to help alleviate congestion on the site on popular release days. The idea being that the big players have everything they want so they wouldn't go back on to try to get any more.....
I don't think that is the way the business plan worked or was intended. At all. It is simply a lousy implementation of a lousy public offering of a lousy business plan by lousy non-qualified deciders. As usually happens, lousy stupid plans are taken advantage of by the easiest method....show me the money, and I will gladly give you the money for 3 hamburgers today if everybody else gets 1 hamburger. this is taught at Wharton as the Wimpy Strategy, Does any hobbyist have the opinion that the method the Mint uses is a good idea, or even close to what could be considered a well thought out business plan and implementation? If not, why keep purchasing and enabling repetitive stupidity, and then criticize?
Well, if that is the case, it don't free up zilch on game day. It's still a mad house when it comes to ordering. Run the mint director out of town on a rail...........
He , like the US Postal Director were presidential appointees for 6 years in 2018, so they do what they want . They would get full payment in any case.
Not sure why they won't disclose them, they used to. The have 18 now, back in 2018 they had 12, I would imagine most of these are still on the list. A-Mark Precious Metals; Santa Monica, California; silver, gold, platinum. Jack Hunt Coin Broker; Buffalo, New York ; silver, gold, platinum. Coins 'N Things; Bridgewater, Massachusetts; silver, gold, platinum. Fidelitrade; Wilmington, Delaware; silver, gold, platinum. Dillon Gage Inc.; Dallas, Texas; silver, gold, platinum. Manfra, Tordella & Brookes, Inc., MTB; New York City; silver, gold, platinum. American Precious Metals Exchange, APMEX; Oklahoma City, Oklahoma; silver, gold, platinum. The Gold Center; Springfield, Illinois; silver only. ScotiaMocatta; New York City; silver, gold, platinum. Deutsche Bank AG; Frankfurt, Germany; silver, gold, platinum. Bayerische Landesbank; Munich, Germany; silver, gold, platinum. Tanaka Kinkkinzoku Kogyo K.K.; Tokyo, Japan; gold and platinum and from the article Paradise Mint East Ellijay, GA
One of those on that list back-doored approx 2,700 ATB sets in 2010. They were supposed to be sold to the general public at no more than $920 IIRC. They did a 1 day sale at their B&M. They sold only 300 sets to the public that day. At some point, the AP got called out and basically said the mint could go F themselves, and that they could sell the sets for whatever amount they wanted, to their friends etc. And although some claim there’s no money in becoming an AP, razor thin bla bla, let’s not forget one of the AP’s on the above list was selling those ATB sets for $4-$5K per set before they got shut down. Given the perceived lack of oversight I’m not convinced the AP’s operate for charitable reasons.
