My thoughts on the Kennedy gold fiasco

So me being a dealer who did not participate in this fiasco say's. Don't buy from these people,just go to the mint and buy a decent coin at the going price. Check the price out on a uncirculated coin set that sold from the mint for $10.

http://www.moderncoinmart.com/2014-...ecimen-68-early-releases-signature-label.html

I say buy OGP from the mint and enjoy your coins, don't get caught up in the hype of a new release.

 

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This concept is hard to understand for many “Free Marketers”, as can be seen by the way business is often conducted these days – they believe “Free” means anything goes.

 

Is there (really) a problem with the mint and dealers makin' money? Even if the dealers do hire people to stand in line? No, I guess it's okay... (my two cents).

But with regard to the chaos surrounding the reported "gold rush" at the ANA show, if it really was that bad (I wasn't there), may keep me away from attending shows where the Mint rolls out gold coins.

I personally don't collect the yellow discs myself, so maybe that's my own hang-up.

 

Buy the coin to enjoy and not the fancy wrapper.

 

No.

I'll strongly disagree with you Peter.

The US Mint used to have a policy of "No Over The Counter Sales" of New Release products that had "Household Ordering Limits in place, until the Household Ordering Limits were lifted. This meant that you could not order on the phone then drive down to the Denver Mint and buy 5 more. Walk around the block, then go in and buy 5 more.

They need to return to that policy which would allow fair and equal access by all who could mange to either pickup the phone or login to the site.

This would eliminate the lines and eliminate the TPG Labeling Rush and premiums with the exception of First Strike™ or Early Release™.

It was a good policy! It was a smart policy!

 

LMAO at the prices over something that will be worth darn close to face value in the not so distant future.

 

Those are SPECIMENS? What makes them so?
I don't think I've seen that grade, "SP," before. Well, I've seen something new...

 

It was a disgusting display of greed.
also, thumbs down to PCGS because you absolutely knew the first few would be graded 70! no chance in hell the first one graded would be a 68! sound pre arranged? lol
And how about Silvertowne paying & shipping in people to stand in line?

 

Finally have a few minutes to post some of my thoughts on this. First, in a hobby as big as "Coin Collecting" do you really think that putting out a product with a stated limit of only 500 per day isn't going to get some serious attention? Then do you think that putting a limit of "1 per person" won't also get the blood pumping? Even a small coin dealer is going to try to get in on such a deal... And I'll bet that more than a few "collectors" had their brains going on how to get more than one! The bottom line is that large & informed dealers did everything they could to get as many as possible. Profit on these was a "No Brainer", given the limits that were put in place by the mint. It was these limits that created the frenzy, not the coin or the place of release. Had the mint released these with a larger limit (say 25 coins), and had 2500 coins available at each of the 4 locations, plus phone / internet... sales would have been "brisk", but not crazy, Busloads of "line standers" would not have appeared, and I'll bet coins would still be available for those that wanted them at those "Live" locations. Then the craziest thing from all of this was the mint lowering the amount sold after the first day to only 100 per day. At the Denver Mint people were actually pushed to the street & trampled in the mad rush to be one of the first 100. About the only thing they didn't do to make matters worse was to require 2 people to purchase 1 coin. You really can't blame people, Dealers or Collectors, for wanting something that was insanely & artificially limited. It's just human nature. All of that being said, I sure hope the mint gets this figured out before the Silver Set release. Even if they discontinue "Live" location sales, if the limit is still 1-5 sets via phone / internet... You can bet that the Large dealers will get as many people on their computers & phones to fill their need of product.

 

Price has fallen alot on these coins, right ?