How or why does EBay allow the sale of items they know for a fact the dealer doesn't have?

There are at least 20, maybe more, dealers and individuals selling the Kennedy Coin and Chronicles sets on EBay now. Not a one is an absolute positive that they have the item. Why would they allow the sale of something that as for now doesn't exist?

 

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are they allowed to list items like this so long as they disclose they are "pre sale" items to be shipped at a later date?

 

If they get them. There is a limit and no guarantee that they will ever get one.

 

On items like Silver Eagles, I understand because they are sold directly to dealers. but these aren't.

 

All you can do is report them.

 

Yeah most of them pay people to buy for them

 

So, what is the difference in this and the same thing in Coin World or Numismatic News? Have you sent an e-mail to the editors of these publications?

Chris

 

I haven't read the advertisements in those. Are they like these? If so I will.

 

Trust me, MCM and Silvertowne ARE getting these. They have probably hundreds if not thousands of people they hire to game the US mint system. It seriously is not a question of if, the way the game is played right now.

Personally, the mint is missing a huge opportunity to reward good customers with these types of offerings. Make it only those who have been customers 3 years or longer, and have bought at least 8 items from the mint direct in those years, eligible to buy such sets first. Both numbers could be debatable, but you get the point. Make it so only long term customers of their other products get first crack at these. This would severely limit how much of the total MCM and Silvertowne could hoard, and possibly encourage more collectors to buy direct from the mint other issues.

For full disclosure I would not be one of these eligible, so this is not a self serving recommendation. I simply feel bad for collectors who patronize the mint for proof sets, mint sets, commemorative coins, etc getting hosed by MCM and Silvertowne on these coins. Its simply not right, and the mint should fix it.

 

It definitely needs fixing. But I suspect the companies you mentioned have been at it for well over 8 years. It should ruffle the feathers of every collector, or citizen for that matter, they own just as much of the Mint as these companies do.

 

Simply put, because they have money (they sell a lot) and people with money can do whatever they want regardless of the rules.

 

Hey if the mint gets paid they don't care who's buying them.

 

Capitalism - 'Merica


Everything modern should just be unlimited mintage. That way they can make everyone happy.

 

That's the point though, they should. In my business if we have a popular product creating a shortage we make sure the companies who have bought from us month in month out throughout the years are the first to get it. Anyone who only buys from us when its advantageous to them is at the bottom of the list to get it. Every business I can think of behaves the same way, since its not only the moral way of doing business, its also best for the business. I guess government bureaucrats simply do not worry about such things.

 

Yes they should. What ever happened to the customer first? It died. Profit overcomes everything. It's a shame and many businesses are turning towards that. But there's nothing we can do. Unless we all stop buying from them and force them to change.

 

The Mint being a government entity, does what they can to insure a price that the average collector, or citizen, can afford. No different than your water utility. Would it be right for the utility companies to sell the water all to one guy just because he has been their biggest customer for years.

When the rolling and distribution of circulation coins was contracted out, the companies who won those contracts were caught selling the error coins for profit. The governments solution to that was if you are caught doing it again, we will pull your contract. It can be done the same way on this. If a company is caught manipulating the collector series, then pull their ability to buy and sell dealer exclusive items such as the ASEs.

 

The Mint should treat the production the same way that popcorn is produced in the microwave. Once it drops to 1-2 "pops" per second, shut it down.

Chris

 

Not really because MCM and Silvertowne would also be on that long term customer list. In fact that would actually create the "Big dealers get first crack at the new mint products before the little guy." situation that the conspiracy theorists think exists now.

They are also BUYING those limited coins frrom hundreds if not thousands of collectors who get sets (and who also game the system just so they can sell them.)

Only way to "fix" it is to pass laws making it illegal to sell the coins for more than mint issue price. It wouldn't be profitable then for them to try and acquire large numbers of coins. Of course it would also guarantee that the aftermarket price any collector could get for their coins would be less than they paid for them.


Oh and in the case of the ebay pre-sales if they can't deliver within 30 days they are required to give a full refund.

 

I was referring sir to one chance per account who was a long term customer of the mint retail products. I believe this would not allow MCM to be able to immediately get a thousand sets after issue. Sure, they could buy them from collectors, but at least then long time buyers of mint products could profit.

Sure, could MCM game it a little? Yeah, but not like it is now. Sure, could some collectors use this to make a little money and sell to MCM? Yeah, but again at least the mint went through the effort of trying to offer hot offerings to those who had bought from them through thick and thin, not those who only cherrypick special offerings. I bought the 2011 ASE set for my son. I would not think twice if I would have been unable to because they gave preference to long term retail customers. However, if I missed out because dealers like MCM and Silvertowne are overwhelming the system with fake buyers, THAT would have pissed me off.

I truly, truly understand and agree with members here who are upset that they buy tons of less desirable coins from the mint every year, but get shut out of offerings like this. It really is not fair. The only reason the mint is in business is because they have a US government monopoly. Any private company operating like this would have been out of business years ago.

 

They should have to pay nonrefundable sellers and PayPal fees and have to pay interest.