Dealers Confused by New America the Beautiful Sale Rules

webstandardcss · Dec 17, 2010

Dealers say new rules imposed by the U.S. Mint on the sale of 5-ounce silver bullion coins are far from clear.

“I think there is some question on exactly how those rules apply, and we don’t have answers to the questions,” said Michael Haynes, CEO of American Precious Metals Exchange, one of 11 companies authorized by the Mint to sell the new America the Beautiful coins.

APMX has ordered 3,000 sets, the maximum allowed per distributor.

“We have ordered them. That’s good. We’re players, but we need to understand the rules,” Haynes said.

New rules say the authorized companies can only sell one coin of each design to a household to ensure wide distribution of coins to the public. And they are to be sold according to a price structure set by the Mint.

“We understand we can sell one coin, but we don’t know what public means,” Haynes said. “We think it means citizens of the United States, but we are awaiting further clarification.”

The new rules just won’t work, said Ross Hansen, CEO of Northwest Territorial Mint, which sells bullion coins, but is not one of the 11 authorized purchasers.

“The U.S. Mint has made a mess of this,” Hansen said.
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http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=16518

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Dealers Confused by New America the Beautiful Sale Rules

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Dealers Confused by New America the Beautiful Sale Rules

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