By Louis Golino for CoinWeek …..
The widely and eagerly-anticipated 25th Anniversary American Silver Eagle sets sold out on October 27 in 4 ½ hours, but large numbers of collectors were unable to place orders because of problems with the United States Mint’s web site and telephone order options.
The sets are limited to 100,000 units and each household could order up to five sets. Each set has five different 2011-dated silver eagles.
Two coins are unique to the set, the reverse proof coin and the “S” Mint burnished version from the San Francisco Mint. It also includes a proof coin from the Philadelphia Mint, a burnished coin from West Point, and a bullion coin from the Denver Mint (but with no mint mark).
eBay prices already average close to twice the Mint’s $300 price, and one major dealer, APMEX, is offering to pay $425 per set.
Legions of frustrated collectors spent the entire day working the phones and computers, taking time off work if they could, and many were not able to order even one set to keep their collections updated despite spending the entire day trying to place an order.
There were two main problems. First, the five per household limit was too high and enabled dealers and others looking to make a profit to scoop up the majority of the sets without giving a chance to the average collector.
This contradicts the U.S. Mint’s stated policy of seeking to distribute its coins to a wide audience in as fair a manner as possible. I would be surprised if the Mint does not receive numerous complaints on this matter.
Second, despite repeated episodes like this in recent years, the Mint has refused to invest the money it takes to upgrade its ordering system so that it can handle high volume coin releases.
Some people argue that because most days the Mint does less volume, it would not be worth the expense. But that does not strike me as the right way to look at this.
The Mint knew there would be extremely high demand for this set because the American silver eagle is the most widely collected modern U.S. coin and the most widely traded silver bullion coin in the world. It is the 21st-century equivalent of the Morgan silver dollar.
The Mint made a decision to delay upgrading its ordering system until next year.
During the agonizing afternoon of October 27, the Mint posted the following message on its Facebook page:
We apologize to those of you having difficulty getting through to place orders for the 2011 American Eagle 25th Anniversary Silver Coin Set. Our ordering system has been running at capacity – in fact, orders were placed for approximately 25,000 sets during the first hour of sales.
We are committed to improving your online ordering experience and have recently awarded a contract that will result in a new, state of art order management system. We appreciate your continued patience and understanding as we work toward implementing this new system in 2012.
It is really hard to understand why the world’s largest coin dealer has yet to implement a 21st-century ordering system. Surely, it does not take that long to find a competent vendor.
The Mint sells tens of millions of American silver eagles and millions of other gold and platinum bullion coins every year. Any well-run business would use some of those profits to develop a system that can handle high-volume coin releases.
If nothing else, such a system would have a hugely positive effect on the way collectors view the Mint. The Mint has already lost a quarter of its customer base compared to last year. The fiasco with the release of the 25th-anniversary set is not going to help its already troubled reputation.
It does have a monopoly on these products, but if it keeps pushing its luck, it will continue losing customers and angering others.
Given all this, it is especially hard to understand why the Mint decided to compound the problem by having a five-per-household limit, which in any event was easily circumvented by dealers and e-Bay flippers, who simply had their friends and family each order five sets, borrowed their credit cards, asked employees to spend their time putting orders in, etc.
This is hardly the first time this has happened.
In 2007 when the two first gold First Spouse coins were released, the Mint’s ordering system was strained to capacity, and coins sold out in about the same amount of time as the 25th-anniversary sets.
In 2009, the Lincoln Coin and Chronicles set was another ordering fiasco, and earlier that year the first buyers of the Ultra High Relief Double Eagles also had to spend the entire afternoon trying to order. And there are plenty of other examples.
Most people seem to agree that the Mint should have used a one- or two-per-household limit, at least for the first week of sales of the 25th-anniversary sets. That would have made it far easier to get through online or on the phone.
The limit could have then been adjusted after the first week if sets remained. And the average collector would have had a fighting chance to order a set.
Other have suggested that in this era of 9% unemployment the Mint could have hired additional temporary staff to work the phones taking orders. This would not have been a huge expense and would have helped alleviate some of the problems.
I have always tried to be fair in what I say publicly about the Mint and to be honest, I really think the Mint dropped the ball on this one.
At least by the time the 30th anniversary of the silver eagle program rolls by, the Mint should finally have a better system in place.
Louis Golino is a coin collector and numismatic writer, whose articles on coins have appeared in Coin World, Numismatic News, and a number of different coin web sites. His column for Coin Week, “The Coin Analyst,” covers U.S. and world coins and precious metals. He collects U.S. and European coins and is a member of the ANA, PCGS, NGC, and CAC. He has also worked for the U.S. Library of Congress and has been a syndicated columnist and news analyst on international affairs for a wide variety of newspapers and websites.
“Most people seem to agree that the Mint should have used a 1 or 2 per household limit, at least for the first week of sales of the 25th anniversary sets. That would have made it far easier to get through online or on the phone.”
I disagree, it would have had even more people on the site trying to order since it’s likely the dealers clogging up the works with thier friends and employees trying to order for them. APMEX already buying for $425 already? How many people do you think they had clogging up the process at 5 per household? How many would they have had at 1 or 2? And they’re just one dealer.
If the limit was 1 or 2, then it would have given more time for people to buy. I doubt the dealers would have gotten double the amount of people to purchase.
As always, great article Louis.
I agree 100% on your comments on regards to the Mint’s ordering system. I cannot figure out why they couldn’t have just gotten extra server capacity and hired temp workers for a day or two. Do they really need to conduct studies, hire outside contractors, etc? Perhaps the wave of customer anger they get over this episode will force them to take a second look at their policies. I hope they fix things before releasing another high-demand product like this one. To continue to have these episodes is really inexcusable.
If the US Mint had an upgraded ordering system, these would have just sold out faster since the majority of people that successfully placed orders started at noon. If they had an even less equipped system than they currently have, the sellout could have taken several days instead, giving people that couldn’t get away from work a fighting chance. Maybe phone orders only would be a good approach for limited editions like this, since it would make the product available for several days or even weeks, giving more people a chance to try to participate.
I se the problem being the large dealers enticing the general public with this type scams. I guess there are people out there stupid enough to sell their sets to APMEX for $425.00 and then see them turn around and double and triple the price. The mint has to stop this type of business from happening in the future. One way to stop it is to let APMEX know that if they pull this little stunt again, they will no longer be direct dealers for the mint. Shut em off! If we all write our representatives in Washington, maybe that will help put a halt to this kind of business practice. Turn the heat up!
Stupid to flip a deal for 30% instant profit? C’mon, get serious.
Why are people up in arms about this? I suspect it’s because they
won’t get their quick profits in buying a $300 set that will be worth $400+ by the time it’s delivered. Everyone loves a bargain and everyone whines and complains when they MISS a bargain. This is just old-fashioned American sour grapes. Could the system be upgraded? I’m sure it could, but that wouldn’t stop dealers from taking part in the lottery of who gets ’em. There are VERY few
coin collectors who are NOT dealers. I’d venture to say that over 90% of all “collectors” are dealers to some degree. Even our esteemed columnist/writer claims to have membership in many professional organizations. Why? Maybe so he can buy, grade, and resell coins?
I suspect that “we have met the enemy and he is us.”
You hit the nail on the head!
I missed the bargain, and I will pay a premium to get a set off of ebay (when available). And I have no problem for paying that premium for such a nice and limited set. People may say I am overpaying, but I think this is a gorgeous set and a great addition to my collection.
I have over payed in the past, but made money in the long run when I was willing to part with some of my more rare items.
Rarity equals value in my mind.
I do agree that an upgrade is long overdue but I wonder if the SNAFU actually has some benefit for the average collector. If the system could handle vast quantities of orders in a very short time isn’t it possible that dealers and their minions could have sucked the mint dry in a matter of minutes? Having some sort of “brakes” on the ordering system probably prevents those capable of mass ordering from having a super advantage over the individual buyer. I think that the mint should take that into account when they implement a better system or many of us individual buyers will lose out on future hot items.
Thanks for raising some very good points. It is hard to say what would system would work best, but I continue to believe that a one per household limit, especially with some kind of enforcement mechanism, would help put the brakes on this kind of situation. It is true that a slower sell-out would probably depress secondary prices somewhat, but it would not really affect long-term demand.
My guess the mint will not do a 30th year set-and wait for the 50th.
I started collecting Canada’s Wildlife version of the American Eagle last year. They are more pure and have a reverse proof finish and most of all are a different reverse. I got tired of buying bullion coins just for a mint mark with the same design.
I do not necessarily subscribe to the theory that a faster ordering system and website crashes would help the dealers. For one thing, they have an advantage in the current system as crashes may prevent people from order (I was ready during the silver dragon fiasco and was unable to ordering one even after three hours of effort). Collectors with only one or two computers can get locked out fast, while dealers with a roomful of computers have a huge advantage and can keep normal people locked out while they run off with the loot. At least under a quicker system, it would be first in, first out.
What would be a better idea, in my opinion, is for the Mint to release anticipated high-demand products in the early evening (6 or 7 pm EST) when the average consumer is at home and can order. They could hire temp workers to man the phones.
Some points of interest. I’ve been a radio technician for nearly forty years. Whether your browser was Internet Explorer 9, Opera, or Chrome, this had no bearing, or significance in obtaining a connection. We have conducted line tests, and accumulated data to all aspects, including the additional detail of rendering. Due to the relays being jammed, and the servers being overwhelmed, there is not much you can do, including switching ports. I personally felt that ‘backchannels’ may have been prevalent, but the U.S. Mint states otherwise. The best solution in a situation such as this, is to make certain that all significant “cookies” are maintained in your operating system. I logged in at 11:45 A:M, due to the thirty minute timeframe; no activity. After the bell rang, I was amazed how quickly the servers slowed. Entered two in my cart, proceeded to check-out, and lost connection. Refreshed (big mistake) and was headed for disaster. After a half hour, I paid no attention to log in to my account, and added two to the cart. I felt by not logging in, would be a small benefit. Again, lost connection prior to completing transaction. When I finally managed to surface, I found 4 in my cart, when I only wished for two. However, I could not purchase those either, due to technical glitches. Anyways, worked the phone as well for about five hours, before being successful in placing order by phone. Amazement was surely in line, for I could not believe I placed an order via phone. Irrespective of this, my nephew, in Naples, Florida, managed to get hooked up within ten minutes and place order, around 6:00 P:M. I laughed, especially when I was online the whole time, and dialing for dollars, at the same time. In a sense, I cannot comprehend how posts are stating sell-out in 4 1/2 hours. To conclude, the placement of the relays, and location of the main server, in conjunction with your location, are highly relevant. I thought I had a great chance, seeing that my location was, I believe close to the mainframe, being on the East Coast, as opposed to the West Coast. Unfortunately, this was apparently not the case. This is why I felt that ‘backchannels’ had some bearing. Whichever way you look at it, it surely was a task I shall not forget, neither will a great many, especially those whom got shut out.
I have kind of enjoyed and have also been puzzled by some of the comments. I look at this from the following perspective. Why are proof sets produced? I would like to subscribe to the theory that they are specially produced mintage for collectors. So if I follow that line, collectors should be given first option. 1 per as some have suggested (open it up later) to the speculators, resellers etc. On the comment, that a collector is also a dealer, it would depend. I would state a true collector would only sell their coins as a last resort, such as a financial hardship. I can believe that dealer can also be a collector, but would think they would be doing that to support their true collection, and that would be a sideline. I think the US Mint, should do as someone suggested, quick turnaround resellers should be banned. Subscribers and those that order via the mint, from a reseller perspective should be banned. Do not know how to enforce that, but to me this is a hobby that I enjoy. I cannot state I know the solution, but “if these proof sets are made for collectors, allow the collectors a chance before the speculators”. I think it is a consensus, that we do not currently know a good way for that to happen. I will end this with this thought “I am not selling the coins I collect until I have to, and I wish that date never comes. When I pass on, my heirs can do as they wish with them”>
Perhaps a mail in order form that includes an affidavit that you are only buying one set with the understanding you will be required to return at your own expense any additional sets ordered by going around the rules. Or they could require social security numbers like the AP’s did last year. That would sure slow down sales! Then once the mail in orders have been checked for duplicate orders, the dealers can place large orders for their stocks. I know everyone wants instant gratification, but something along these lines would be much better for the hobby.
These fiascoes are turning a lot of people away from modern coins, and something needs to be done.
In any event, although every situation is a little different, past experience shows that even the existing, often flouted one per household rule has slowed things down. That’s why it took 30 hours, not 4, for the Lincoln C&C set to sell out.
Aside from some valid points you make Louis, isn’t the chase somewhat exciting?
I noticed in the article above that it was mentioned the bullion coin would come out of Denver. Is there an official announcement on this. If so this would be significant since it would make it 3 unique coins to the set. Inquiring minds want to know…does the bullion coin really come out of Denver
I’ve heard something about that, but I really do not know.
It took longer than 4 1/2 hours to sell out because of their old fashion set up. It took 5.5 hours for me to get a set. My daughter took 6 hours. I know three other people that ordered their sets in the 7th hour. Poor service, and as stated they don’t seem to care.
Actually, the U.S. Mint strives to perform their best, to please the masses. Many people seem to ponder on how to berate the U.S. Mint when things seem not to go right for them. However, it is no easy task to cater to everyone’s demands. We believe the U.S. Mint is still in charge, and their rules are spelled out clearly, within the boundaries they have enacted. In reality, the U.S. Mint has very professional, courteous and knowledgable people willing to guide, and assist the many. We have never found any basis, or reason to negate these fine qualities, in which the personnel of the U.S. Mint have truly abided by. I find it somewhat disheartening that you would toss daggers at the U.S. Mint, when in fact, your order was placed.
Let’s see… 3/5 of this “treasured” set is composed of coins available individually. The reverse proof is unique to the set, but was first created in 2006. That said, the 2011-S MINT MARKED uncirculated is the only unique prize. I believe many collectors and the major modern coin dealers will “trash” the 3 common varieties to the bullion category, slab the 2011 reverse proofs at extreme high prices and slab the 2011-S Mint Marked Uncirculated to sell at even more stratospherically high prices! The real danger collectors will need to watch out for are the now insignificant “Struck at San Francisco” ie: the so called (S) coins. Thanks to the slab grading services, this confusion would bilk collectors.
I still remember going to my local coin dealer in the early 90’s. Every Saturday morning, buying common date Peace dollars for $7 in AU/BU condition,Morgan BU’s for $12-$20. I had so much fun !!! I think we are faced with the new “entitlement generation” comming onboard, and now it is all about the profit…. RIP Dave Saur.
The 2011-P reverse proof is every bit as unique as the 2011-S uncirculated coin. The only difference between the 2011-S unc and the 2011-W specimen is the mint mark. Otherwise they are made from virtually identical die sets. The 2011-P reverse proof has 2 numerals different than the 2006 version (OK, big deal). In addition, the 2011 RP die has been prepared in a very different manner than the ones used in 2006. Based on the mint description of the process, I expect it to be visually different that the 2006-P coin.
The account and order information has just gone off line at the mint website. The entire site blinked briefly so it is possible that a database update is in progress. Give your information a look over as soon as it is back on line to make sure that all is OK with your orders.
That was weird. It is working now and it doesn’t look like anything changed. I could not even log out but now just did and went back in and all looks unchanged so it must have just been a momentary glitch.
I do not believe it was 4 1/2 hours to sell out of the aforsaid product, more like six plus hours. This can be confirmed by timestamps. I was on the site all day. Where does this information come from?
Hi Synoptic. I believe that the US Mint web page came on about 4:30 eastern, and put the info about making the waiting list as they said the 100k sets are accounted for. Later, they put out the SOLDOUT sign.
No, Bob that is not true. If you have followed my threads, you know that the timestamps can corroborate the hour, in which the waiting list was activated. It was well PAST 6:00 P:M. I can fully substantiate this fact, but cannot divulge any further information. I really cannot understand why people continue to post falsehood, and trying to dishearten a lot of people. I will say no more. Prove me wrong, once the sets arrive.
+++ Hello Bob
What do you think at this point in time? Maybe, there possibly could have been some leeway, you think? We hope you received your sets Bob.
Bob- Is that you from coincommunity?
I wonder if any of the “orders” that got on the Mint’s waiting list will be fulfilled. On another issue, I think these sets, going for about $600 on E-Bay right now will go much higher, over $1000. On another issue, the Mint, saying that a limit of 5 per household the first week, just goes to prove that The US Mint has no idea about demand for their products, and on what they’re doing, on running a business. Very sad. I think that any blogger here could do a better job.
The ‘waiting list’ is probably not going to be filled, unless some are returned; which I doubt, or the U.S. Mint finds details that such orders placed were not within the boundaries of their stated policy. Only in this sense, will those sets be moved to the ‘waiting’ list, shouls those events occur. The U.S. Mint knows exactly what merchandise appeals to customers, and to introduce a “limited” edition, is a measure calculated by the U.S. Mint, not only to appease the consumer, but more importantly to bring the revenue in. Ample time was given to all by the U.S. Mint, nearly a year in advance to prepare. Sufficient notice was given by the U.S. Mint. The U.S. Mint is trying their best to please the masses, and to answer their demands. This is no easy task when dealing with multitudes of people, with varying opinions. The collectors are always seeking limited products, and the U.S. Mint is well aware of this aspect. To please everyone, all of the time, is virtually impossible. Their will be other products down the road, if you missed out on this one. It’s not the end of the world, as some collectors view the missed chance, of obtaining a set.
A web page called Coinnews.net has the same information as I do and of course Louis Golino here. That’s all I can say. Think The Mint could have been swamped, and timestamps, and announcements may have been delayed? I do not know. Anyhow, so what? Who’s posting disheartening information? Me?, Louis?, Coinnews? If somebody is on the waiting list, hoping to get a set, they will be dis-appointed.
Regarding….The U.S. Mint knows exactly what merchandise appeals to customers, and to introduce a “limited” edition, is a measure calculated by the U.S. Mint, not only to appease the consumer, but more importantly to bring the revenue in.” The Mint could have sold 200,000 of these, in less than 3 days, made most collectors happy, and have doubled its profits, compared to what they did on Oct 27th with 100,000. Plus, having more sets available to actual collectors, dealers would be less of a factor.
Bob, Really. There is more than meets the eye here. We’re not pointing the fingers at anyone, especially Louis. I know of him, and his expertise in the field of numismatics. Louis is highly knowledgable. The fact remains, that many posts are stating theories, not facts. To quabble over the time aspect, in which not many know, is somewhat absurd. Yes, you do present a valid argument, regarding the production of more, but I truly believe that this is what the U.S. Mint has set in place, to please, and enhance the secondary market. You may consider this point, of having no bearing, and being unbelievable. Why do you think that the U.S. Mint did not produce more in volume? Do you really believe that the structure of the U.S. Mint is not capable of bringing in revenue, when needed? The only aspect I’ve heard of, in terms of money loss, is the Lincoln Cent. Plese correct me if I am wrong. Anyways Bob, are you a member of coincommunity? Your name rings a bell, just can’t piece it together yet.
Thanks synoptic, probably just writing with some emotion on this. Thats all. Just think they can do a better job. In a perfect world…. Me, no, just a regular collector. Waiting for my set.
I agree, one coin per household only made too much sense. I got my five sets after a lot of effort but would gladly have only one if it was fairer for all the collectors out there who wanted one.
Waiting List was posted at about 4:39 eastern time. I saw it with my own eyes. Sold out notice was posted later, but once they went to wait list, the set was basically sold out. And it is absolutely not true that the set was announced a year in advance. There were plenty of rumors, but the set was announced on Aug. 19 during the Chicago ANA show by the acting Mint Director. See my Coin Week story from Aug. 20.
Take a deep breath, everyone. These are just coins. If you did not get one from the Mint, life will go on.
I cannot show my proof at this time, but when all is said and done, I will make sure the proof comes to you first. I really cannot delve into this argument any longer. I do agree, these are just coins, but coins people wish to have.
You stated the bullion coins were struck at Denver. If this is correct this is out of the norm – the reason for doing so would be interesting. Hopefully it involved better quality control and handling than the the bullion coins that have been historically struck at West Point and now at San Francisco.
Can you dig further and confirm the Denver mint was used?
Louis, the bullion coin is coming from San Francisco, not Denver.
Please confirm that the bullion coin was minted at Denver.
Also the manner that the mint rolled out this product (ie its coming, to be sold on 10/27, then the issue price and household limit) actually helped the ‘pros’ and not the ‘average joe’.
I live in Hawaii… got in two orders… both within a half an hour (12:30 est). Yes it was busy…but I got through (chrome and quick checkout).
Denver does not mint Eagles (never has). The bullion coin and the S mint unc were minted at the SF mint.
Your very sharp.
Louis, are you sure about the Denver Mint making the non-mintmarked bullion coin in the set?
On Oct. 12, 2011, Tom Jurkowsky, director of the Mint’s Office of Public Affairs, told Coin World (Oct. 31 issue) that the non-mintmarked bullion coins were minted at the San Francisco Mint.
A month earlier, Deputy Mint Director Richard A. Peterson said in an announcement during an Aug. 19 collector forum at the American Numismatic Association’s World’s Fair of Money in Rosemont Illinois that the non-mintmarked bullion coin will be struck either at the San Francisco Mint or the West Point Mint (Coin World, Sept. 12 issue).
The Denver Mint does not have the presses to make the coins. Also, it would not be logistically practical to mint the coins at another mint, only to ship them to San Francisco, where the coins are already minted and stored, and where the sets are assembled. Finally, if the Denver Mint indeed minted the coins, the U. S. Mint would surely have publicized that information to increase the desirability and demand for the sets (three unique coins instead of two).
I was wrong about Denver. The bullion coin is from San Francisco for all the reasons cited above. Thanks for catching that.
I would like to contact you via phone, or internet, once these coins are delivered. I really cannot go into any detail online, but will certainly prove, beyond any doubt, the timelines in question. As far as the coins being announced a year in advance, I admit my error. Thank you very much Louis.
i followed the web site all day long ,after i placed my order ,the waiting list was posted at 4:30 eastern time i was right in front of the computer when they posted the message .So i do not know were you are getting these time frames ,but i was setting right there when it came up,with the message about the waiting list
I was present, as you were, from 11:45 till the expiration of the filled orders. As I have stated prior, I really cannot post further information at this time. However, I will most certainly show, without any doubt, the significance of the timeline in question, relating to order status. Again, I just cannot release any information at this time. If I display, in any way, my findings, I could very well incur the wrath of many, in which I care not to do. I have given this great thought, and most likely will not bring any details to the forefront. To speak with Louis, this I would do, and I know as fact, that he would agree. Sometimes, it is better not to reveal anything, for once something is revealed, everyone is capable of applying the same measures.
+++ Would you like to change course at this point in time?
If you are looking for a set on ebay, look out I just got an email stating a set was taken from their site for one of the following reasons — The listing doesn’t follow eBay guidelines.
— The item isn’t allowed on eBay or can only be listed under certain conditions.
— The listing contains pictures or words in it that may have created copyright or trademark issues.
I have it on the highest authority that E-Bay will not allow any of the 2011 Silver Eagle Anniversary Sets to be listed on their site, until the seller has the set in their hands. Here is a copy of a letter a seller received after ebay cancelled his auctions:
The following listing(s) has been removed and all associated fees have been credited to your account:
3207XXXXXXXX – 2011 American Silver Eagle 25th Anniversary set, 5 coins total
3207XXXXXXXX – 2011 American Silver Eagle 25th Anniversary set, 5 coins total
Because the 2011 25TH SILVER EAGLE ANNIVERSARY SET is in such high demand, requirements have been put in place for 2011 25TH SILVER EAGLE ANNIVERSARY SET sales. It has been reported that the MINT sold out of these within 5 hours. We understand that some sellers on eBay could have potentially placed their order in time, however we request that these coins are not listed unless they are in the physical possession of the seller. The strict requirement of not listing the item until you have it in your possession also applies to sellers with confirmed orders. Please wait until the Anniversary set is in your physical possession before listing it for sale.
We also suggest the following:
– The listing needs to include a unique photo of the item or items, and your User ID needs to be clearly shown in the picture (watermarks will not be accepted).
– To ensure buyer protection, PayPal needs to be the only accepted form of payment.
We understand that you may not have known about these requirements. However, please note that future violations may result in a range of actions, including listing cancellation, limits on account privileges, account suspension, forfeiture of eBay fees on canceled listings, and loss of PowerSeller status.
Thank you for your understanding and cooperation.
eBay Trust & Safety team
Synoptic12 as i said i was right in front of the machine when it refreshed and said waiting list,with the rules , so i have no idea what in the world you are talking about,because my friends that was on their computer at the same time said they seen it too.Every letter all other information including e-bay ,,coin news, coinews blog and evry other report said the waiting list came up between 4:30 and 5 o’clock eatern time.I senn it wiht my own eyes so you will never convince my of anything else
Apparantly, your eyes may be deceiving you, for at this point in time, we have proved that your basis has no foundation.
I hope you all decide not to sell them a $300.00 profit for 5 sets ,because if you do you are really going to loose alot of money $60.00 dollars a set profit is nothing for these sets,when people receive these sets and have the right pictures on e-bay these sets they are going thru the roof,there is no way i want let him have these sets for $60.00.I would sell them on my own before i sold them to him
it was at 5pm as the mint said i was 1 of first to place order on waitlist at 5:02
Well I am a small time collector, I knew about the release and I was very patient and got my order in at 12:22. The best news is my order shipped TODAY. Don’t open the box. I hope all these people ordering sets on Ebay realize that an opened set of 5 coins kills off 3 coins of the 5 pc set. WHy buy an opened set on Ebay when NGC or PCGS will not grade them as 25th anniversary. Just go buy coins on APMEX and save you money. An opened set will only justify 2 of the 5 coins. LJRambo111
My sets will go directly to NGC to be graded. I will them cross my fingers and hope to add a set of 70’S to my registered set. Please people don’t buy an opened set of 5 coins, your not getting your moneys worth.
Alright Laurence , are you employed by NGC ? Check the other threads about this set (Thanks for heads up !!!) I sent my 2006 silver/gold 20th anniversery set to PCGS and ended up only getting offered Spot for both coins when they were appraised in 1st release capsles. The two coins will more than make a profit when sold on secondary market. No need to waste $$ on sending three already released coins to be graded IMHO. :)
I believe that the dealers should give the the average coin collector a chance to get someting, because most the the dealers getr all the coins they want, at a discount and the average the retail buyer always gets the wrong end. Dont mention how many dealers used their friends, family and go blows, to get coins for them. 5 per family is more than fair too me. Give the little people a break. You could 5 per house hold for the first days and next day go one per family. Zero to dealers. I noticed one dealer on TV they said they had 1000 sets all ready. Before the sale went on..I hope that he Mint is not cheating us little folks.
Gregory, I agree. I was hoping to get my sons into coin collecting as a hobby versus video games :) I started to order two sets from the mint, got distracted and didn’t get the chance to place the order that day. I brought a set from the secondary market for them for christmas, thinking they were sealed cause they were in the box with the ‘a gift for you from the U.S. mint wrapping paper’, which appearenly I’m understanding now doesn’t mean “sealed set” (they were presented as an unopened set and I didnt know the difference). Paid way too much! So if the dealers get all the coins anymore, and the average person can’t get them and has to pay 2- 3 times over the original sales amount, guess I should be thinking of a different hobby for my kids to get in to. I haven’t even opened them to take a peek yet and my curiousity is started to get the best of me!!
From the comments I must be the only collector that did not know about the set. If the set is for collectors, do not limit the number of sets produced at such a small number. Why not sell the “unique” issues individually? Anyone working for the mint that did not think there was going to be this type of snafu should be fired. I have seen a lot of ways to allocate scarce commodities.
First off I want to say superb blog! I had a quick question which I’d like to ask if you do not mind. I was curious to find out how you center yourself and clear your mind before writing. I’ve had a difficult time
clearing my mind in getting my thoughts out there. I truly do take pleasure in writing however it just seems like
the first 10 to 15 minutes are usually wasted just trying to figure out how to begin.
Any ideas or hints? Appreciate it!