APMEX selling 2017 S Congratulations ASE. Thx US Mint

Discussion in 'Coin Chat' started by alucard86, Apr 12, 2017.

  1. alucard86

    alucard86 Active Member

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  3. baseball21

    baseball21 Well-Known Member

    They are one of the sellers that gets the quantity they want regardless of order limit. They just end up charging more when they have to buy them from a middle man in the process. As frustrating as the mints poor performing website is, sellers like that having a quantity of something is nothing unusual
     
  4. Blissskr

    Blissskr Well-Known Member

    APMEX, MCM, etc they can all choke on them. Hopefully other collectors start waking up to the fact that they seem to always 'miss out' on sales from the mint at issue because the big guys dominate the market one way or another. Hopefully people then stop buying from these outlets at inflated price encouraging them to repeat the cycle.
     
  5. longarm

    longarm Just another Jewish Carpenter

    You snooze, you lose.
     
  6. COCollector

    COCollector Well-Known Member

    Sadly, FOMO (fear of missing out) motivates some folks to pay stupid money for something they don't ordinarily buy.
     
  7. Santinidollar

    Santinidollar Supporter! Supporter

    The only way for collectors to have a meaningful influence -- unless the Mint decides to change its practices -- is to let the "middle men" -- otherwise known as price gougers -- keep them.
     
    sio2ga and Stevearino like this.
  8. alucard86

    alucard86 Active Member

    I punted on the 3 gold centennial coins, the high relief liberty gold coin, the recent 225th US Mint gold coin, the silver medals, the gold Kennedy half, and the 4 recent presidential chronicle sets. But I really wanted this 2017 Congratulations ASE. Seeing how last year set was a typical West Point ASE.
     
  9. baseball21

    baseball21 Well-Known Member

    It's not the mints fault for once. Even with a limit of one the big boys get all they want. The only thing they could ever do is to make it illegal to resell modern mint products in which case no one would want them. Anything else they do the big boys will get their share
     
  10. desertgem

    desertgem MODERATOR Senior Errer Collecktor Moderator

    Maybe no resale for 10 years would emphasis the collecting part more than the flipping part.
     
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  11. Santinidollar

    Santinidollar Supporter! Supporter

    Banning such resales would be a difficult undertaking at best. The solution is the market: if people are willing to pay a 100 percent markup or more for something minted yesterday, this foolishness will continue. If they say "no thanks" the big boys will choke on their wares and reverse course.

    Of course, if the Mint is found to be deliberately favoring the big buyers, that's another matter entirely.
     
    Bambam8778 likes this.
  12. Clawcoins

    Clawcoins Well-Known Member

    reminds me of the 2016 Liberty Silver Medal.
    Those are down to about $78 each for S/W mint.
    I didn't get one of those either.
     
  13. SuperDave

    SuperDave Free the Cartwheels!

    The Mint isn't going to surrender their only reliable customers. Mint issues are structured as middleman commerce, to them, and the end collector isn't their problem. This is clearly evidenced by their Forum last fall, where they filled the room with dealers and added five or six token collectors for appearances' sake.
     
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  14. baseball21

    baseball21 Well-Known Member

    They better be selling them at melt then or leave them on the webpage for 10 years. I would never spend money on something that had no assured appreciation that I wasn't allowed to resell for a decade no matter what happened in my life
     
  15. Santinidollar

    Santinidollar Supporter! Supporter

    That speaks more than anything I've seen on this subject. 'Nuff said!
     
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  16. Blissskr

    Blissskr Well-Known Member

    To add a little to this it also relates to just who the mint's 'authorized' resellers are who are allowed to buy AGE/ASE/Buffalo bullion coins direct from the mint for resale. I'd be willing to bet those same authorized resellers ended up with most the mintage on this ASE thus far from orders they placed directly with the mint. And just because there is the appearance of fairness or the 'well everyone had a chance' excuse to fall back on for the mint. That doesn't always mean that wink and nod hand shake type deals don't happen behind the scenes.
     
    Santinidollar likes this.
  17. Cascade

    Cascade The Blind VAMmer

    I believe any big bullion business can become an AP the company meets their requirements. One of which is they must have working capitol of at least $500k I believe. So the AP's are by default big business PM guys who have the ability to buy a large bulk of any mint offering on speculation. There's no need for having an "in". Just to be on the ball like everyone else. Now, if they were allowed to buy say a single block of 1000 units of an issue with a HH limit of 5 that would be a problem.
     
  18. statequarterguy

    statequarterguy Love Pucks

    An order limit of 1 wouldn't stop the large dealers from getting a quantity, but it would slow them down, so the little guy has more than 2 minutes to get an order in.

    Clearly the mint won't do anything about what's seen as a problem by many of the mint's customers, they are getting more abusive. So here's a link to an agency that may do something about it or not, either way it's worth a try. :D

    Here's a link to file an online complaint with the U.S. Treasury Department Inspector General. You can file anonymously and mint mismanagement is a legit complaint. If they get a bunch of these, they may do something about it.

    https://www.treasury.gov/about/organizational-structure/ig/Pages/OigOnlineHotlineForm.aspx

    Here's a sample complaint:

    This is the person to file the complaint on:
    David Motl, Acting Principal Deputy Director
    United States Mint

    This is the complaint you can copy & paste in most of the required fields or write your own:
    I am filing this complaint because of mismanagement (or worse) by David Motl, Acting Principal Deputy Director of the United States Mint. The U.S. Mint, under Mr. Motl’s direction, repeatedly offers limited edition coins in a manner that allows a few large business interests to monopolize the entire issue. The most recent abuse was an offering for the 2017 Congratulations Set on April 4, 2017 with no ordering limits. This issue sold out in less than two minutes and most collectors were shutout. It appears from aftermarkets sales, a few large dealers bought most of the sets. Please review Mr. Motl’s business practices in order to assure all U.S. Mint customers have a chance to purchase their offerings. Thank You.
     
    Last edited: Apr 12, 2017
    Blissskr likes this.
  19. alucard86

    alucard86 Active Member

    Just submitted a complaint. Ty
     
  20. statequarterguy

    statequarterguy Love Pucks

    Yeah, it's fast and easy and you get a confirmation page thanking you for the information.
     
    Last edited: Apr 12, 2017
  21. calcol

    calcol Supporter! Supporter

    If the mint was really concerned about equitable distribution of a limited mintage, they could have a pre-sale lottery. A month in advance of first date of sale, each household could apply for a number. A week before first sale day, the numbers would be randomly drawn for sales order rank. Those who won in the lottery would be given a week after the first sale date to make a purchase or lose their place. Wouldn't be difficult.

    Cal
     
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