Hot Springs "P"....Who's Buying?

That is just ridiculous. I should be able to get a few and will probably hold them all unless they start going for moon money, then I may parts ways with one or two $)

 

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I wrote to Mr. Maben and Co. voicing my opposition to his offer before the coins have even gone on sale. I let him know how this negatively impacts the regular Joe Collectors' chance at obtaining these already difficult to obtain coins. MCM are indifferent to this and defend their "business" approach as professional, courteous and ethical... Well that's easy to do and certainly easy to claim if he only appeals to customers blindly forking over greater sums for his extra-marked up products and so remain blissfully ignorant in their happiness to pay him for the service. I wouldn't mind their offer (although $50 is chump change for what these may end up being worth to collectors) had it come AFTER the Mint sold out or lifted the 1/HH rule.

 

I'm not sure what the problem might be with the UHR. Because it is gold and because of the design, it had world appeal. An ungraded UHR will cost you ~$2700 now and that is if you can find one. It's more than 100% appreciation in 2 years.

On the other hand, these US Mint silver rounds, which also seem to be of low quality as well, lack the same sort of world demand, and are mostly appealing to "coin flippers" looking to make a quick buck. Good luck with that.

 

Purchases from the mint will be limited to one per household. (if that really means anything)

 

Thanks Krispy, I couldn't agree more. It will be that much harder since MCM has decided to try and hoard all they can get their hands on. If the average collector can't get one now, at least they will know who to thank. I believe it was the intent of the Mint to have these available to collectors and the general public at the rate of one per household. Not for the big dealers to scarf them up by setting up contests to see who can have all their extended family members order them to make a few bucks, just so they can jack the price up higher and resell to the people that they were meant for in the first place. MCM should have waited a few days and given the average collector a chance to buy them first. It sort of takes away from the enjoyment of the hobby of coin collecting, and makes it a race for the cash.

 

Why would MCM want to wait and give the public a chance to buy their own from the mint? They are a business with their own plan to make as much $$s as they can. While I don't agree with all the hoarding and price gouging, I realise it'll go on no matter what.

I'll try and buy one from the mint on Thursday.

 

It's not just a matter of business, profits and competing for those profits. There is a much bigger picture and other aspects to consider.

MCM's offer subverts the 1/HH rule in a big way. The rule was imposed by the Mint to make high demand, low mintage coin releases more fairly and EVENLY distributed among the buying public at the fairest price. MCM are playing the Mint's system brazenly and will increase the challenge that individual collectors have at obtaining these coins, and raise the premium on buying them as well. The commission MCM are offering for these will further flood the phones and servers at the Mint on release day. This will tax the system and frustrate the Mint's customers. People who don't care about the coins but want a meager reward will be inspired to profit, buying from the Mint and flipping to MCM for nominal gains where MCM stands to make much more. This is only the first coin in the series, and if future coins after 2010 have low mintages, this idea will continue to attract flippers and particularly dealers vying for the customers and those profits. Dealer competition will price out the individual and further subvert the fairness the Mint attempted to sell the product to the public. Where does it end? It ends with the Mint doing nothing to prevent the dealers from acting this way because they can't really. The Mint will simply increase mintage, and perhaps even increase unit costs per coin if there appears to be buyers willing to pay more than the Mint charges currently, which there appears to be at least 400 by MCMs immediate estimation. In short order, this hurts everyone, including MCM seeking profit and happy customers. No one gains from this sort of preemptive profiteering and the artificial creation of a higher premium market for these products. The entire plan is short lived, and we end up with a surplus of coins, which will be yet another modern precious metals composition collector coin release, getting minted into the millions where a few key coins exist at prices few can afford, the rest effectively creating more over priced pretty looking bullion that no one wants for anything but spot value down the years.

Yes, individuals also know how to and do indeed get more than 1/HH from the Mint using multiple addresses and friends/family for buying assistance. Yes they profit well too and even manage to get keeper sets virtually free of charge from flipping. However, individuals do not rake in hundreds of units each of these coins. This is the first 2010 "P" AtB coin release of five to come in this low mintage. MCM are seeking 400 coins (from this round) and 800 "happy customers", that is, those who sell to the coins to MCM (400 sellers) and those who buy them from MCM (400 buyers at above Mint list price inflated prices). How and who will monitor that MCM "only" buys 400 coins? No one will, and no one can do anything about it if they do manage to obtain many times more this amount.

MCM must really think their 400 buying agents are fools. Do they seriously think buyers can't sense the potential gains here? Individuals flipping the coins themselves can pocket more than $50 that MCM said they will dole out. There are already pre-sales on eBay asking for more than MCM will pay you, not that I agree with them either as they haven't got the coins in hand. But, soon will come the "in-hand" sellers with confirmed Mint orders and they too will ask more than MCM are paying. The potential gains MCM seeks to reap will be multiples beyond that $50 commission paid to an individual.

There are so many ways MCM do not respect this hobby, valuation of these collectibles, the Mint's rules, nor consider the deeper effect they will have as other big dealers attempt the same thing...

Yes, MCM have enjoyed a fine reputation and provide a nice service to collectors of modern US Mint products, but this approach goes beyond respect within the hobby and ethical marketing. Anyone who considers taking the MCM offer should ask themselves why they shouldn't resell the coin for more themselves if MCM is so confident they will do well with the coins they have graded and flip. Ask them to increase the commission from $50, but don't sell yourselves short, if considering their deal.

Of course, this is just my humble opinion in the context of this discussion.

 

your back!!!

 

Never left.

 

It's all about greed. Greed by Wall Street, the banking industry, some of the wealthy and now even the lower portion of the money pyramid; the collecting community. It's followed closely by control, in order to maximize the greed potential. Lastly it's about the "me" attitude. Me first, you last. This last one is where corruption hides. All this is the ugly side of human nature. This is why there is potential, and even conversation, of mankind being in for a great shock to his existence. There are weakness's in even the greatest of minds. The only place I have ever heard of, and doesn't have this, requires you to die first before you can get there. IMHO.

 

Breathe Krispy, breathe! But amen brother! LETS RIOT!

 

:u*meY:

 

Just to bring up an old thread about the UHR. Guess I should have bought huh? LOL No big deal! I still don't really care much for the coin when viewed in hand... and thats what counts right!?


http://www.cointalk.com/t85749/

 

Issued by 12 pm ET, sold out by 5 pm ET in the same day.

 

That is only what counts to those who missed out I bought 2 of them and think it is one of the most beautiful coins out there... plus they are worth almost 3 times what I paid for them and that counts for a lot

 

Stupid work, I should have called in sick. I missed this one.

 

What is sold our already?! I thought they go on sale tomorrow?

 

That is only my prediction for the April 28 release--a sellout in five hours.

 

OH! Ok, thanks for clearing that up! You scarred me there. I'm new to the coin collecting and I wasn't sure if I was missing something and missed out on the sale. Thanks for clearing that up.

 

I'll say May 3rd. That's cranking out 5000 a day provided the phones and site don't go down. They will be hard pressed to achieve this. I'll also guess at something else, delivery will be three to four weeks.