Discussion in 'US Coins Forum' started by Garlicus, Mar 13, 2018.
Log in or Sign up to hide this ad.
It's just going to be small collectors that get hit with it. They won't risk losing the sales to anyone whose buying 6/7 figures or more in sales from them a year
I don't have my copy of NN handy but I can imagine this has come about recently due the excessive returns of one of the newer issues, not sure, maybe one of the medals? It was a huge departure from normal returns. There was mention of this in the stats in NN in the past couple of week.
I'm small time and I've only had to return two items in all of the years that I've been dealing with the mint. The OCD types are gonna be unhappy as the devil........
I stopped ordering from them at all because I had to return so many things. I get not everything is going to be a 70, but with the premiums they charge it shouldn't show up spotted already or with huge gashes either
I only received one shipment where I thought a coins was "unacceptable", but it was a golden dollar in an annual set and I was more interested in the ASE anyways, so I didn't even bother.
As someone who probably won't order as many as 50 items from the US Mint over a lifetime, I find this a rather high bar.
Well, that certainly doesn't beg any questions at all.
I get it, I really do; I'm sure there are big dealers that return a lot of stuff, and I'm sure there have also been episodes where lots of individual buyers returned things when an expected flipping opportunity didn't pan out. I also get it that many would view a detailed non-discretionary policy as a target for what they can get away with.
But the gold Kennedys I ordered were all obviously flawed even to my not-especially-well-trained eye, and half the silver anniversary Kennedys I got were flawed. Even the one platinum eagle I talked myself into buying had a big ol' spot on the reverse; I kept it anyhow, but I really should've sent it back.
Pretty sure that for me this policy will just mean I'm less likely to buy. I'm small-time, though; they won't miss me.
Lol 2 percent is going to be the first return for most people
That's the two I had to send back. Horrible.
The actual return policy section of their site is rather vague, so I'm sure that its up to the discretion of mint staff on who the 2% threshold applies to, probably volume buyers with purchases over $x's. I cant see them going after someone who returns one thing out of 5, twice.
That's exactly who I believe they'll go after if they go after anyone and aren't just trying to scare people into not returning things. The customer that orders 10 things and returns 2 is a problem for them. They NEED the volume buyers
What they don't need is volume buyers that return millions of dollars of product each year. One volume buyer like MCM or SilverTowne will return more than 1,000's of small buyers combined. The mint does not survive on volume buyers. They are better off selling to someone that is not going to return something just because it wont grade 70 or because the immediate secondary flipping market didn't materialize for the 1,000's of whatever they just bought. Denying returns to a small handful of large volume buyers would likely eliminate most of their returns each year saving huge amounts of money. They would need to cut off 1,000's of other buyers to accomplish the same things. How well would that go over? If this means volume buyers buy less, awesome. That means the mint will just make less. Special mint issues will actually be special and not just something to sit in inventory in larger dealer warehouses.
If the mint needed large volume buyers so badly, they would just become a whole sale manufacturer like they are with bullion.
Yes they do. You have it completely backwards. Without volume buyers they'd be in trouble. Those buyers are also the ones who hype up the products that get other people interested in them. They are also the buyers that generally don't return things, they just dump the stuff and move on.
If they were allowed too they very likely would. Why do you think dealers get discounted pricing and that they have started to incorporate more bulk volume product offerings like the proof ASE bundle?
That was part of the point, how insanely easy it is to get over their threshold. Basically any return will put a normal collector over their threshold.
Separate names with a comma.