U.S. Mint updates return policy

1 in 50 is 2%. Who cares about the volume buyers? I for sure don't. They are the ones who keep the person who is at work when the sale begins, from being able to get a coin at a fair price. Some people forget that the mint is a public entity.

 

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So what? 1 in 10 is 10%. How many purchases a year do you think regular people are making at the mint because it certainly isn't 50. As @baseball21 already stated this isn't going to ensnarl the high volume guys it's going to affect the average Joe.

 

You can bet that the regular Joe isn't one of the few that brought this on.

 

Wrong. You can bet the regular joe is exactly who they’re targeting.

Volume and bulk dealer policies aren’t really publicly discussed or announced by the mint.

 

Are you are saying that the big guys don't return coins

 

You're being naive if you think that any company ordering 6/7 figures or more a year is ever going to pay a return fee. If this had anything to do with those types of buyers it would have been addressed privately with them.

 

Who said they were going to pay anything? I'm sure that it would be a credit return. If we are talking ASEs, who cares if they return the lot, even though I'm sure when the presales are in the tank, many get returned.

 

ASEs sold to the distributors never get returned, they can't be returned which is why they are sold the way they are to keep the general public from returning them as spot moves.

The buyers buying at that level don't return anything without some major issue with the order, they just dump the duds quickly and move on.

You can bet money this policy had nothing to do with the buyers at that level

 

You act as if Walmart has first shot at anything the mint produces. Mint sets are in the tank, ASE's are in the tank, the only thing left with any volume, has limits placed on them. So who are these 6/7 figure buyers who never send anything back? As far as I know, there is a waiting list for most all limited sets that get returned, so why the big fuss unless it's something produced by order volume and can't be resold.

 

https://www.coinworld.com/news/prec...12-authorized-purchasers-for-bullion.all.html

Those are the 12 companies that purchase EVERY bullion coin sold by the mint to distribute to the public, the gate keepers if you will.

You can pretty much count on one hand the number of things that actually had a real waiting list over the last few years. Nothing even comes to mind last year that had one since they struggled to sell the returns for everything.

 

Nearly every coin dealer in the US can get bulk pricing discounts on any order of $5000 or more, and they can return any item just the same as you or I.

 

5k really isn't a big order, but that's still more than many other collectors combined will order all year. But just as an example what do you think costs the mint more in labor and return labels, one $5k order being returned or 100 $50 orders?

This policy is addressed at the customers that don't order much and are picky when they do. That's where they're losing money with the free return shipping and reshipping and processing the return ect.

 

They state in their return policy that it is their discretion as to if they pay return shipping, they are the ones holding the money. I believe if you conidered the lost revenue from the discount into the equation, the dealers will take the lead.

 

You don't get to consider that, if you charged them full price they would just buy less and they would be out the same or more. None of that has anything to do with returns either.

This policy is aimed at the small collector, no one else.

 

In 42 years of purchasing US Mint products, I have never returned coins nor cancelled an order. Years ago, it was a guaranteed sale, period. Exchanges were not permitted.

I did receive damaged packaging twice and it was replaced without charge.

 

I disagree. This policy is aimed at the big dealers who buy a ton of one product, hunt for the 70s, and return the rest. Over and over and over.

Remember the 225th Anniversary Enhanced Uncirculated Set? One big dealer returned thousands of sets.

 

Big dealers don’t return the rest generally, they sell them raw or dump them to other dealers.

Yes I do, and guess what someone who orders things 20k at a time will still be able to return them and not pay a single penalty for it. As I said you guys are naive if you think they’re going to lose massive business over trying to stick a big buyer with a return fee

 

Opinions...no facts yet.

 

Remember the good old days when we had 30 days to return, no questions asked?

 

I agree with baseball, for the really big dealers six and 7 figure type, it's not worth their while the full with returns. They just wholesale out the low-end stuff and slabbed the high-end. I don't think they're targeting the really small people either. It's more the mid-range sales customers that are probably causing the problems.