2016 Platinum Eagle Discuss

And there it is. 57 minutes. Now to see how the bidiots react this afternoon...

 

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I purchased one, but I can't believe a one hour sellout.

 

One hour isn't bad being that most who wanted one got one.

 

Maybe they actually paid attention and learned something from the Gold Mercury Dime nightmare! Sales seemed to go MUCH smoothe3r with this issue. But, a $1400 platinum coin probablt targets a somewhat narrower market. Jack

 

Won't be much money in this one.Wish they left it at the 4k mintage, but more coins means more $ for the mint. I actually passed on the first one solely because I thought it was ugly. Little mistake on my part as I didn't follow the series and realize it was such a low mintage.

 

FLOP.........in less than 24 hours. Returns have begun.

 

SUCCESS... I got one. And I'm guessing collectors that missed-out can easily get one for a relatively small premium.

But so far, I'd agree it's a FLOP to those folks hoping for a quick $500+ flip.

 

Buyer's remorse.

Or maybe it's the "catch-and-release" mentality... it's all about the thrill of the hunt & catch.

 

I'll confess that I listed mine on eBay last night, just in case I could take advantage of the $50 cap on FVFs for June. Got one offer of $1500, which would have had me breaking precisely even after PayPal and Registered Mail fees. I'm keeping it instead; I like the design a lot, and it'll be my only platinum (at least in coin form, as opposed to lab goodies).

 

Chief - I'm confused. How can there be returns this quickly? Surely the coins that were sold have not yet been delivered to the buyers. Unless maybe you're talking about folks who actually purchased at the Mint. I don't understand how a product that sold out in 57 minutes could be considered a FLOP. I didn't get one 'cause it's waaaay outside my collecting budget. But it sounds like about 10,000 people are pretty happy about it. Jack

 

Update, 7/1/16, 9:55 a.m.: Michael White of the Mint’s Office of Corporate Communications has shared the following statement regarding sales of the 2016 Platinum Proof Eagle: “At 12:56 p.m. EDT, June 30, the 2016 American Eagle One Ounce Platinum Proof Coin (16EJ) went into a ‘Currently Unavailable’ status after the Mint received orders totaling the entire mintage of 10,000."

 

Just received this email "
Thank you for shopping at the United States Mint. Your recent order has now shipped. American Eagle 2016 One Ounce Platinum Proof Coin

 

Jack, I should have used the words cancelled orders instead of returns. There will be lots of returns though. One Ebay seller lost money a few minutes ago on his coin. Others breaking even at best. When the flippers see it's not worth it they'll cancel or return them. I'd say that 90% of these coins were bought by flippers, not collectors.

As usual the Mint, Ebay and the grading companies will do good on these. Just another example of toooooo many moderns.

 

Thanks for posting. Quick shipping is good news.

I'm guessing they ship first-in first-out.

What's your order number?

I haven't yet received shipping notification for my order USM04282xxx.

 

Chief - Thanks for the quick reply. I appreciate it. That's kind of a shame about the returns/cancelled orders. But, if it's as you say, most of those returns aren't actual collectors, so I'm not as sympathetic as I might otherwise be. I don't begrudge anyone for trying to make a dollar, but the thing is, that every coin purchased by a "Flipper" is one less available to coin collectors (90% - Yikes!).

Just out of curiosity, what does the Mint do with cancellations/returns? Are those coins made available to folks who didn't get to order in time? Best regards, Jack

 

Mine has shipped.

 

Just received email. Estimated delivery Thurs 7/7.

Last year UPS attempted my delivery to the wrong address. It's happened before too. So I changed to "Will Call" pickup at local UPS office.

 

I was thinking more along the lines of the "First Strike" and "Ultra Low Mintage" Hucksters since it sold out rather quickly!

You know, there are TONS of folks out there with TONS of money to "reverse invest" in these things!

 

I was on the fence about buying any last year. The mintage of 4k seemed incredibly low, but it's not totally out of the realm of reason with a Platinum. Boy was I wrong....great money to be made on those!

This year, well, much rarer Platinums sell at break-even prices, so this one won't fund anyone's retirement :-(

 

Heck. I gotta like something before I buy it..........and then I gotta see if it's worth the money to maybe make some money. Then again, I buy something because I like it and could give a rat's rumpus if I make any money. Don't make any sense, right? That's why I'm a collector.........