US Mint's slap at the individual collector?

Discussion in 'Coin Chat' started by thomas mozzillo, Nov 25, 2019.

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Do you feel the Mint did the right thing?

Poll closed Dec 2, 2019.
  1. YES

    5 vote(s)
    50.0%
  2. NO

    5 vote(s)
    50.0%
  1. thomas mozzillo

    thomas mozzillo Supporter! Supporter

    Instead of offering the unsold Proof 2016 W SAE to individual collectors these were sold at a discount to authorized buyers and other bulk purchasers at the average price of $29.38 each. When sold to the public they were offered at $53.95 each. Is there a reason these could not be offered again to the public? Also, has anyone seen these on sale yet at the discounted price?
    https://www.coinworld.com/news/us-c...6-w-american-eagle-silver-dollars-at-discount
     
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  3. green18

    green18 Unknown member Sweet on Commemorative Coins Supporter

    Was the product available between the release date and up until recently? If so, we collectors have no beef coming.
     
    thomas mozzillo likes this.
  4. baseball21

    baseball21 Well-Known Member

    Not the first time and won't be the last time. Collectors had every chance in the world to buy them as they were available for an extended period of time and just wouldn't sell.
     
  5. thomas mozzillo

    thomas mozzillo Supporter! Supporter

    I purchased one when they came out. (Probably at the pre-issue price). Do you (OR anyone else) know how long after 2016 they were available and what was the cost?
     
  6. PlanoSteve

    PlanoSteve Supporter! Supporter

    We bash the Mint a lot (myself included), & for many things. ;)

    But this is one time when they are actually operating like a legitimate business & attempting to minimize their loss. They are doing exactly as a real business would do to clear out unsold inventory. (De-trashing, as they put it, would actually cost them additional expense.)

    Kudos to them! :singing: (This time! :smuggrin:)
     
    thomas mozzillo and baseball21 like this.
  7. Derek2200

    Derek2200 Well-Known Member

    They should be at same price everybody.
     
  8. PlanoSteve

    PlanoSteve Supporter! Supporter

    No, they're doing what they have to do with unsold inventory, while at the same time throwing the dealers a bone. Works the same way in the real world.

    Now the dealers have to keep the inventory & they may liquidate them however they like. The Mint doesn't have the added cost of separating them out for recycling (de-trashing, as they call it).

    If the public didn't by them directly from the Mint when they had the chance, they're certainly not going to buy them from a dealer for a strong markup. So we'll see how that goes. The Mint & the dealers should be happy, & the public who didn't buy one already will have to wait & see.
     
    Randy Abercrombie likes this.
  9. baseball21

    baseball21 Well-Known Member

    You can get a discount from them too if you want to spends millions a year
     
  10. Conder101

    Conder101 Numismatist

    They were available through the end of January 2019, cost $54.
     
  11. Bambam8778

    Bambam8778 Well-Known Member

    I think so. Businesses will scarf them up fast and rid the mint of the inventory. I like that better than hearing if they would have melted them.
     
    thomas mozzillo likes this.
  12. thomas mozzillo

    thomas mozzillo Supporter! Supporter

    Since they were still available to the public until January, 2019 I have to agree with everyone who said that for once, the Mint did the right thing. I'm curious to know if the Mint has done this with other unsold SAEs, proof and Bullion. Also, what about unsold Gold coins?
     
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