no respect for silvertown modern coin mart or Lee Minshull Rare Coins Inc

they dont the mint dosent know who they go to

 

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I was there and here is the deal. Anyone at the show was permitted to buy 3 of these coins. The big dealers were offering $150 - 200 profit per coin. The dealers didn't front people the money - you had to pay the mint $5070 for 3 coins. After you had your coins, they would cut you a check. My wife was bored out of her mind and volunteered to wait in line for 3 hours to make $600 - and who wouldn't.

 

This is good to know. I still dont like it but its good to hear the other side of the story

 

Yes, it is true what mill rat41 said but the price on Friday was 1690 per coin, limit of 3 per person. When they sold the first 1000 two days earlier it was 5 per person and $50 cheaper. Mint raised the price Wed. because gold want up and they raised it again online last Wed. My wife and I waited 4 hours in line Friday to get 6 and sold 4 for $200 over cost each. Sure, at times I wish I had kept them all and submitted to NGC for their special label seeing them going for $3k each on Ebay. The two I kept are going to NGC this Monday for grading but will only get a first strike or early release label. I asked for first strike but I'll see what they say they will give me. Then they will go in my safe for someday down the road.

But on Coin Vault the other night...I sometimes check it out just to see what they sell for..they were selling not only the reverse proofs but also the regular 2013 gold buffaloes with the special ANA label on them. Now I don't agree that the regular ones should get any special ANA label since they have been available long before the ANA show. Either way I won't buy one with the special label for the price they want. Gold is gold...it's only worth so much at any particular time.

Free market is free market. Whatever people chose to do with the RPs they bought in Chicago is fine with me. I am happy with the two I have now and someday I will by other gold coins.

 

I don't have any problem with a dealers paying someone a premium for the coins.

But the the Mint allowed dealers to start standing in line before the general public was allowed in. Not fair.

 

Was that line limited to dealers, or was it open to anyone?

 

I don't have an issue with the businesses or individuals that were involved with this, but I think the US Mint did not put much effort or thought into this PR move.

 

I agree that the mint was in error selling them at the show, but the mint didn't give any special privileges to retailers or TPGs.

 

According to the article, the line at the Mint's booth started forming before the doors to the show were opened to the public. So those people who had early access to the bourse floor were given an advantage. When the public was allowed in, they could take a place in line behind the dealers.

 

I was also told that the dealers or their surrogates were able to line up before the show opened to the public, which in my view was not fair to everyone else. In the future the Mint should devise a better way to do business such as maybe passing out numbers starting at a certain time after the show starts so everyone has an equal chance at getting what they want. We got in just a few minutes after 10am and the line was hundreds of people long already.

 

They probably got the special label because they were submitted at the show. If you have a special label for the ANA show, it goes to coins submitted at the show.

And anyone who wanted that advantage could have it simply by paying for an early bird pass.

 

Except an early bird pass would not do any good if people didn't know they were going to have the coins there until they got to the show. There was no absolute announcement that they would have buffaloes for sure. Doesn't matter now anyway.

 

After the first dispersal of coins on Wednesday, there was a general knowledge among those at the show that there would be a similar sale on Friday. This would have allowed folks to buy an Early Bird badge and take advantage of the sale.

 

If everyone could get in with an early pass at the same time as dealers, then it was fair enough. If the dealers got in earlier (to set up), then it's not.

 

One thing we have to keep in mind with the "dealers had an advantage" mindset is that folks had to wait for hours to pay for and purchase the coins. Therefore, the vast majority of dealers could not have afforded to have themselves or someone working with them be idle during the show while simply waiting for coins, which means that the vast majority of dealers (like myself) who knew about the sales simply could not partake in the sales.

 

I'd like to hear from the dealers themselves or g on silvertowne before forming an opinion.

Then again, we don't necessarily need to have an opinion about it.

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