APMEX selling 2017 S Congratulations ASE. Thx US Mint

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

  1. baseball21

    baseball21 Well-Known Member

    10 mil working capital over a period of years. They have to buy a minimum of 25K ounces at a time for ASEs.

    https://www.usmint.gov/consumer/SilverAPRequirements.pdf

    It doesn't, only the mints horrible website that cannot handle any sort of real volume does
     
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  3. baseball21

    baseball21 Well-Known Member

    And their sales would tank. The mint to demand ASE set had over 10 percent of their orders canceled.
     
  4. statequarterguy

    statequarterguy Love Pucks

    A limit of 1 does slow it down. Look at the Ike C&C Set, with 17k made and an order limit of 2, that took 10 minutes to sellout. If you allow one person to buy them all, how could that not be a faster sellout? Even if all the orders of 1 hit at the same time, there would be a random distribution of orders accepted spread over more buyers. There'a a list of factors that would cause a more equitable distribution of sets with a limit of 1.
     
    Last edited: Apr 12, 2017
  5. Cascade

    Cascade The Blind VAMmer

    Damn. It was that much. I remember reading it years ago. Guess I was off by a little lol
     
  6. statequarterguy

    statequarterguy Love Pucks

    Something is going on at the mint. They're over a day late issuing the weekly sales report. In recent history I've only seen it ONE day late when there was a Monday holiday.
     
    Last edited: Apr 12, 2017
  7. baseball21

    baseball21 Well-Known Member

    Because the website crashed for 7 of those 10 minutes and people couldn't even log in.

    One person didn't buy them all and as was explained in other threads the credit card charge limit and online que limit sets limits regardless of their order policy.

    Sure, if you completely ignore the Gold Kennedy and what actually happens with a limit of one. Your theory isn't even close to what the reality of a single order limit produced.
     
  8. baseball21

    baseball21 Well-Known Member

    Lol yea they don't mess around with that. They want to sell them fast and not worry about metal prices and know that you can pay or they can confiscate the money to get paid.
     
  9. calcol

    calcol Supporter! Supporter

    Under the plan I mentioned, for those lottery winners who didn't buy within a week, then the next households down on the list would get an email inviting them to buy. So, a ten percent dropout rate would resolve pretty quickly as long as total demand was there. Alternate plan is after one week, let the big buyers get all they want.

    Cal
     
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  10. statequarterguy

    statequarterguy Love Pucks

    I understand you want to reason it to allow you to buy as many as you want, even if it means using faulty reasoning. You never took critical thinking in school, did you?

    The website did not crash for the Ike Set, it was the new website, it went smooth as heck.

    1, 2, 3, people, whatever, I think someone said it was possible to get around the limits by arranging in advance to pay with a money order. Even if that weren't possible, a small number of people could buy them all with the online dollar limits.

    For the Kennedy gold, you're mixing apples & oranges. The fiasco over the Kennedy was created by selling them at a show, not online HH limits.

    We should just not address each other's post, as we'll never agree. We have a fundamental difference of opinion as to what is fair, thus what should be allowed.
     
  11. baseball21

    baseball21 Well-Known Member

    Yes but the demand was there because of the quick sellout everyone expected. If they had some crazy mintage on them a lot of people would have said eh maybe I will get one at some point. Look at the RP presidential dollars, the two which should have arguably been some of the best sellers lingered and crashed because they exploded the mintage so much. It's a catch 22, if people don't miss out or they aren't hard to get a lot of people lose interest.

    Also People would just claim the lottery was rigged anyway. Really though one of two things would happen. Flippers stop buying from the Mint which would kill their sales and business long term, or far more likely they would just buy from lottery winners and the same situation would be occurring with higher aftermarket prices
     
    Last edited: Apr 13, 2017
  12. baseball21

    baseball21 Well-Known Member

    Maybe not for you but some people had problems. 3 minutes or 10 minutes really isn't a real difference anyway
     
  13. Cascade

    Cascade The Blind VAMmer

    Very true. I was that way with the Reagan C&C set. And I still haven't picked one up. I will at some point though as my Grandfather and Father were friends of his and I met him a couple of times when I was a kid. Had the mintage been liked the Truman or Ike I would have been all over it.
     
  14. baseball21

    baseball21 Well-Known Member

    Exact same feelings. I doubt they will ever be hard to find so I will grab one whenever when there aren't other things on the list. The mints site still has them for sale which just shows how much that method actually kills their products.
     
  15. calcol

    calcol Supporter! Supporter

    I have to root for small collectors getting first choice even if fewer coins are ultimately sold. Still think if the lottery were setup right, it would work, and there would be a sellout when total mintage is strongly limited. Could do it so folks give a credit card number in advance, then on sale day, the computer would go down the ranked list until the mintage was sold out. From the buyer's perspective, not much different than trying to get your order in online with everyone else on release day. Folks love to gamble. You take your shot, maybe win, maybe lose. But it would be fairer.

    Wouldn't affect me one way of the other. My most recent date U.S. coin is 1942.

    Cal
     
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  16. sio2ga

    sio2ga Member

    MCM has them for sale for SEVEN time their costs. And it's not like the ones that graded 69 are a loss to them as they have these for sale at THREE times their costs! Marking the coin up $150 to $300 is shameful. People should comment on their facebook page and let them know how they feel. They have this coin up for commenting and it's not too far down this page https://www.facebook.com/ModernCoinMart/
     
  17. baseball21

    baseball21 Well-Known Member

    You are comparing a raw price to a graded 70 price. There is no comparison there
     
  18. sio2ga

    sio2ga Member

    Sure there is and there is no reasonable person that would not think that they are not gouging consumers.. Most modern proofs grade 69 or 70. A good many of these coins will grade 70. Enough that they don't have to mark the price up $300. After all, they are marking them up $150 for the ones that grade 69. Out of all of the coins they submit, a good many will be 70's and there will be very few that grade below 69.
     
  19. baseball21

    baseball21 Well-Known Member

    A 70 isn't a raw coin which you are trying to compare it too. Their markup is pretty standard for the first to hit the market prices. 69s are irrelevant to 70 pricing, modern proof 69s are basically raw now a days for most issues. I wouldn't buy an NGC one but their pricing is about what I expected. The mint is sold out of that product so their price is irrelevant
     
  20. Santinidollar

    Santinidollar Supporter! Supporter

    Apparently MCM will give you a price break on their graded ones if you accept one that is "backordered." I hope the individual collectors who have one backordered ain't holding their breath.
     
  21. sio2ga

    sio2ga Member

    "69s are irrelevant to 70 pricing"
    You must not have submitted very many coins for grading. The frequency of lessor grades and the prices that lessor grades command DIRECTLY affects the prices of 70's.
    And the price they paid for them is certainly relevant. I'm surprised how you don't see where that would matter when someone accuses someone of price gouging???
    There's no reasonable person that wouldn't think what MCM and the others are doing isn't wrong and isn't price gouging. There's no reasonable person that would defend them unless they were related to them in some fashion.
     
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