Discussion in 'Coin Chat' started by Brian Calvert, Jul 3, 2019.
Log in or Sign up to hide this ad.
I normally just goog the coin itself. But recently got away from Google, no more for us... Too much into US !
I usually do not buy direct from the mint either, but just ordered a couple of platinum proofs and the new war in the pacific 5 ounce quarter for my uncle.
If you have a smartphone, I recommend the Coinflation app made by PCGS. It looks like there is also a Coinflation.com if you’re using a desktop computer.
When I fired GOOGLE I switched to BING. Similar results without their philosophical biases, censorship and news blackouts.
You can add in advertising and packaging costs as well. All costs are passed onto the buyer and once the coin is in the secondary market these costs no longer exist. It really doesn't matter what is minted onto the coin, in the secondary market it's just an ounce, a half ounce, etc. so the price is tied to the spot price.
Solution, dont buy gold from the mint. Mint sales are in decline and will continue due to high price. I myself have limit what I buy from the mint.
This is just an observation, but have you considered that the 3rd party sellers are not buying one or two coins at a time? They are buying hundreds, submitting them for grading and selling the high grades for huge profits. Maybe that is why they can afford to sell the ones that didn't make the grade at lower prices.
This is based on their numbers on the Mint quarterly report. As far as 3rd party sellers, that is not my concern as I will not be sucked in that profit scam.
As for the proofs they sell, as mentioned they have to cover production expenses which are higher for proofs and have to recouped through a smaller number of coins. Plus the proofs are considered "collector" coins and for such coins the mint is allowed to add a percentage over the total costs. That percentage used to be 20%, I don't know if that is still the current mark up, but from the prices listed in the OP it seems about right.
I think you're missing the point I'm trying to make. If 3rd party sellers can make a huge profit on the high grade coins, then they can afford to sell the ones that didn't make the grade at much lower prices just to move them out of their inventory. They've already made their profit on the entire purchase.
I didn't and I totally understand the profit motive. Its likely to be short lived.
The US Mint and the US Postal Service are in business to make money. That's why they come up with so many "manufactured collectables" like the gold dollars, the theme park quarters and the Kennedy half dollars. To keep your collection current you need to either pay the mint a mark up and hold a big inventory or give a dealer a mark up over what the mint wants. The USPS manufactures what is nothing more than wallpaper for the same purpose.
Part of the money that the US mint makes goes to the Treasury. All buyers from the US Mints are Donors to our US Government.
I agree completely. Many of the third party coin you see for sale are either in 68 or 69 holders, or were cracked out of 68 or 69 holders and put back into mint packaging. Then they sell them as "fresh from the mint", when in reality they are MS70 grading rejects.
If you buy from the mint, it may grade MS70. Buying it from a third party, its nearly guaranteed NOT to grade 70.
There are some 3rd party vendors who buys from the US Mint but they have to by $5K worth of coins and all are in bags. They they re-package them all for sale. I tried to buy worth $2K but the minimum re-seller account is $15K purchase.
Some 3rd party vendors must buy $5K, but you were told you must buy $15K. They must not like you. Maybe that is why you're PO'ed.
Correction it was $5K and it was originally $15K. They have change the minimum
Separate names with a comma.