Gold Mercury Dime 2016, Disappointment Courtesy of US Mint?

Hello, AS OF TODAY LC COINS HAS THE MERCURY DIME SP 70 FOR $350. AND THE SP 69 $295. AND THEY HAVE THEM IN STOCK. Just got the email from them.

 

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My only mistake was listening to people on this forum and becoming complacent with the idea that 125k was "a huge mintage" and "wasn't going to be popular".
Shouldve listened to my own instinct and ordered at noon on the dot. Luckily I did barely get an order in before the 30 minutes was up. Lol. Will just be waiting longer to get mine now.
Its just like anything else that's popular. If you want one, and didn't get one, you're going to pay more for it. Or forget about it and don't buy one. Anything under $300 is a deal IMO. Nobodys forcing people to buy them for $300 or 70s for $400.
If I missed out I would've bought one for $300 and not complained. And I'm not trying to promote them because I've already sold my 2 extras and the person is happy.

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Yes I got my 2 also and I will receive them this Friday. I had no idea that they were going to go that fast. I would have ordered 10.

 

Even that can have problems for popular items. Back in 2007 when they started the first spouse series you could subscribe to the series. They had to cancel that before the coins even went on sale because they already had subscriptions for over 60,000 coins of the 40,000 maximum coin mintage.

How would you like that, show up for opening day and find out that all the coins had already been purchased before they even went on sale?

And the collectors weren't that happy either when the aftermarket immediately crashes below issue price because everyone that wanted one already has it and there are a lot more available than there is demand for them.

The mint can't win. Have low limited mintages and the dealers and their proxies buy up a large percentage of them and a lot of collectors get shut out and have to pay higher prices in the aftermarket, they aren't happy. Have high or unlimited mintages and the dealers lay off, the collectors buy them up and then find that they are now worth less than they paid for them, they aren't happy. Either way the mint gets blamed.

They have, the site is a LOT better than it used to be. A couple years ago for this level of demand it would have crashed immediately and been down for hours. It used to be it couldn't handle 50K orders over a 8 hour period. This time it handled 122K+ orders in 30 minutes.

And destroy the aftermarket for everyone.

 

Wait 6 months and they'll be melt + 10%

 

I wouldn't bet on it.

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125k is a relatively large mintage when you compare it to many US Mint non-bullion gold products, large or small, past or present. That said, the US Mint’s offerings smaller and cheaper than $5/0.25oz has been limited over the years. There has definitely been a building demand for something other than a 1/10 gold eagle. I had no doubt this coin was going to be popular. I just didn’t think inventory was going to vaporize in less than an hour. Luckily, I was able to get mine after a short delay with ordering.

 

The major issue that came into play that I don't believe many people took into account was how many people wanted multiples for themselves.
If everybody played nice and only bought one so 125k different collectors could have one, ok, fine. Maybe it would've worked. But when you have alot of people keeping 2, 5, even 10 for themselves because it's a cheaper offering, 125k gets halved, or more fairly quickly. I anticipated this and suspected it would cause a problem.
You honestly get the sense that they couldve offered double the amount and they too wouldve been gone within the hour.

Itll be fairly entertaining to see what they do for the quarter.

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That wouldn't break my heart. Much of the handwringing surrounding this latest issue is from people who couldn't buy their ten to flip nine on Ebay, knowing they had to strike fast to make money because the extra value is essentially baseless.

 

You'll be eating your shorts in fifty years or so..........

RP dime.

 

I am supposed to get SOME of my orders tomorrow. Still waiting on others. I won't even say how many I am getting.... would make some of yall throw a hissy fit

 

Baseless to you but apparently others don't feel the same. If I could wave a magic wand I'd be much happier to have them minted to demand, and the mint selling them for $50 a piece so I could have the same product I want for much cheaper. I would've ordered a couple and been much, much happier. Unfortunately that's not the situation for us.
We're at the mercy of spot gold, the mint's goofy pricing chart and then finally the open market.

The Lincoln chronicles sets doubled in value and stayed there. How is that any different? They went on to produce the silver dollar in abundance beyond that set so I guess the copper pennies are propping the value up? The packaging?

Seems to me there's alot of sour grapes here.

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That's an understatement. (Are you British?)

It's gonna be VERY entertaining!

2nd ring of a 3-ring circus.

 

There's many mint offerings I like for the short & long run, but this isn't one of them. I hate to point out reality when all are so enthusiastic about this offering, but it appears most who bought multiples are not keeping them for themselves, they're flipping them - eBay has more ads for these than any mint offering I've seen (not a good sign). For past offerings, when eBay had close to this many ads, the price plummeted within a short period of time. Like many have said, better grab the meager profit while it lasts, if you have to liquidate your multiples.

 

Lol

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Exactly most of the mintage is gonna hit the market at the same time. I sat this one out and didn't even try to get any. The quarter is the one I actually want for myself.

 

People used to think Beanie Babies were worth a lot of money, too.

Would you be willing to pay the $300+ these things are trading for? If not, you are plainly advocating the fleecing of unknowing buyers for things you don't believe have that worth. If so, well, more power to you.

 

I also believe these will drop because there's simply too many people trying to flip them for profit. As @statequarterguy has stated already to much of the supply was bought by those with no intention of keeping them. There is a ton available and when they don't sell immediately there's likely to be a reduction in prices as some flippers get nervous and cut and run to avoid potential losses.

Also comparing to the 2008 1/10 fractional Buffalo in burnished finish which is a comparable finish to these dimes. That coin has a mintage of 17,429 (7x less) and you can readily pick one up between $300-400 if your patient and avoid overpaying for the coin itself or an assigned grade.

 

Post #42, last paragraph....

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I've seen your desk dave. Tell the truth, how much did you lose on the Beanie Baby craze