A DEALER'S STASH OF GOLD KENNEDYS

Was turning in clad halves for grading and right across from me on the shelf was this small stack of Kennedys waiting to go back for grading.

 

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Cool pick keemao I think this event was better than the 2010 ATB bullion launch with the authorized purchasers and manpower employment but that was exciting too So you think it will take the mint a couple of months to get the boxes ?

http://www.coinweek.com/featured-news/first-coins-sell-5000-piece-gold-kennedy-coin-early-story-ana/

Great job U.S. Mints

 

Springfield ill 1/3/11 other ap had huge lines of people from temp agency's they drove a bus loaded with people to buy them for him.

http://www.numismaster.com/ta/numis/Article.jsp?ArticleId=16900

 

No, this event was a ripoff for collectors as most of the gold went to dealers who paid people to be in line all night.

 

Wasn't this excuse of waiting for boxes used before for another series? HOF? If so, they either didn't learn from their mistake or they use this excuse to shift the blame away from the mint.

 

Simply disgusting. This whole thing has really turned me off modern coins altogether, especially some of the dealers who make this market. I think I am going to crawl back into my ancient coin hole.

 

The sleeze bags come out of the wood work when the US Mint does something like this. I guess at least we can easily identify the money-grubbing profit-mongers when we see they have 50-100 of these in their online stocks.

 

Everybody needs to make a profit. I'm not sure where all this dealer-bashing is coming from. An unprofitable businessman is a lousy businessman. In other circumstances, something like paying people to stand in line would be considered part of the investment. If the mint continues to churn these out according to demand, collectors won't get screwed. Just pay less for a coin that wasn't at the ANA - it'll be the same damn coin.

 

There's all this talk of dealers hiring people to stand in line for them and buy the gold Kennedys...

What is the "minimum" buying a Kennedy like this could cost the dealer?

How much for ANA credentials for the line-standee?
Add in purchase cost of the coin...
Grading costs....
"Salary" for the line standee...

???

 

Dealers aren't going to make much on these coins whatsoever, look at the Ebay prices, seriously quit moping

 

Anybody that pays over $2,000 for ANY graded 70 Kennedy needs help.

Silvertowne bought 4 for $20,000......

 

It's a typical feeding frenzy. Wait for a year for the mania (and the prices) to come down.

 

And sold one of those for $100,000.... I think they did ok

 

ebay ANA prices are 3k-6k... I think they did ok

 

What is the "minimum" buying a Kennedy like this could cost the dealer?

How much for ANA credentials for the line-standee?
Add in purchase cost of the coin...
Grading costs....
"Salary" for the line standee...

Either $6 daily entry or $18 for cheapest membership. Not sure what they paid for dealer creds for some of them.

1240 for the coin.

$100 each for special label ya NGC

One group I know of we're being paid $300 each to stand in line and buy.

 

$150 for early bird dealer badge (divided by 3 days of sales equals $50 per coin). $1,240 for coin. $170 paid to line standers first day, $300ish other days. Total averages to about $1,550 per coin, not taking into account the people you hired (and paid credentials for) who did not get one each day. That is a heck of a lot cheaper than the $3,000 one dealer paid me for my coin. Again, they will make a killing on ANA coins.

 

Sounds like you were only in it for da money.

 

What do you do for a living? Do you get paid? Is that wrong? Maybe you should tell your place of employment you would like to start working for the enjoyment of working from now on.

 

"Only"?

Say you spot a coin at the show that you think would look nice in your collection. You buy it for $500.

The next dealer you walk up to sees that you have it, and knows one of his best customers wants that particular coin to complete his specialized collection. He offers you $5000. Do you take it? Especially knowing that you can get another example, suiting you just as well, for $500, as long as you're willing to wait a bit. What if he offers you $1000? $700? $510?

What's the old punch line? "We've established what you are, madam; now we're just dickering over price."