Login

Long Beard's Blog

14 Aug 2021

Now We Know.

| Long Beard

I tried to post this simple article I happened upon on the forum page but encountered three errors in displaying the text. So here is a simple yet short blog which sums up the frustrations felt by we the collector concerning the United States Mint. Enjoy!





The following was copied from a Coin World article,https://www.coinworld.com/news/us-coins/treasury-inspector-general-may-investigate-mint-sales?utm_medium=Email&utm_source=Lyris&utm_campaign=DigitalEdition



Concerning the availability of the Mint's numismatic limited products, the document said, "we plan to determine if the Mint is ensuring the fair and equitable availability of its products to all customers and assess the Mint's methods for establishing mintage and product limits for certain numismatic products.



Regarding Mint controls over the sales of "limited-production, investment-grade" products, the plan is "to determine if the Mint's practices adhere to established policies and procedures designed to ensure the broadest and most fair access." On the same subject, OIG also plans to scrutinize actions taken by the Mint relating to weaknesses identified in prior Treasury OIG checks, to see if actions adequately addressed issues noted.



As reported inCoin World, the U.S. Mint has received sustained customer flak for most of calendar year 2021 over the bureau's handling of the release and sales of multiple limited-edition numismatic products, all of which have sold out within a matter of minutes from sales launch.



Some Mint collector customers also complain about perceived unfairness in connection with a new dealer initiative. For some specific limited-edition products, the Mint has reserved up to 10% of the maximum authorized mintage to be parted out among 18 qualified dealers who comprise the Mint's Authorized Bulk Purchase Program, or ABPP.



The ABPP dealers can place orders the week before a scheduled public release and pick up that product from the Mint's contracted order fulfillment center before sale open to the rest of the public.



The ABPP dealers, who pay the Mint a 5% premium over the public retail price, cannot offer their purchases for sale until the public release.

U.S. Mint officials did not disclose details of the ABPP program until February 2021 whenCoin Worldconfirmed its existence with bureau officials.

Since then,Coin Worldhas sought the release of the identities of the 18 ABPP dealers, but so far, U.S. Mint officials refuse to supply that information.

Subsequent to a verbal refusal,Coin Worldfiled a formal Freedom of Information Act request for the release of the information.

In the months since filing the FOIA,Coin Worldhas received confirmation from the Mint's FOIA disclosure officer of receiving the publication's inquiry, but so far officials provide no further response.



Coin Worldhas also learned that the Mint notified ABPP participants ofCoin World'sFOIA efforts to obtain release of the names of the ABPP participants.




Comments

coinfodder

Level 5

Well well well. If you don't care about super rare bullion I am sure that people will find greater joy in buying rare, older coins from the LCS. And, you can probably guess that they have better customer service, plus all the modern rarities you want. Fodder

Kepi

Level 6

Great blog! I try not to deal with our Mint. I don't agree or appreciate the way they do business with the average collector. ; )

Longstrider

Level 6

As Sonny and Cher used to sing: "And The Beat Goes on". I should say, "And the Beat Down Goes On". American Eagle 2021 One Ounce Silver Reverse Proof Two-Coin Set Designer Edition Mintage Limit: 125,000 Product Limit: 125,000 Household Order Limit: 1 $175.00 This product will be available for sale on August 24, 2021, at 12 noon (ET).

Longstrider

Level 6

Coin World files a FOIA! How much you want to bet we get ) answer from the mint. Nice to read this. Thanks.

I. R. Bama

Level 5

I'm pretty sure that the mission statement of the mint isn't going to contain language about being good to collectors

Long Beard

Level 5

No but their marketing seems to be. They need to look at previous sales figures and readjust, eliminate several of those offerings that have measly sales. In many ways it's a repeat of the early commemoartive debacle.

CoinHunter

Level 5

Very interesting. Ya, the mint doesn't care about collectors as much as they should, if at all.

Mike

Level 7

Long Beard . The Mint for years and years has no love for collectors. We're second had citizens and a pain in there neck.I know you have been with us a wild now. But before allot of you got here we did the suffering. And complaing. . I also believe the grading companies are in on this. How are they going to grade all these coins. There will be allot. Raw there worth 85 dollars MS 70 thousands. With the equipment they have I have seen it. There should be no MS69 with the coins. But there will be. And you know the differance. Longstrider said it. He couldn't get the label he wanted. There for bulk buyers!!! So they are in with all this. No pass for the graders. You should get the label you want. Thanks.

Mike

Level 7

My friend Mokie . I put what you said in comments and my blog. 500,000. They still will sell out. But get rid of the bulk buyers. That's a big problem there are 18 of them. Take the percent away from them is nothing!

"SUN"

Level 6

I really don't think the mint is collector friendly

It's Mokie

Level 6

I firmly believe the Mint should NEVER be in the business of creating rarities. The can restrict the period of sale but they should not mint so few examples that the coins sell out in half an hour while their theoretical period of sales still stretch weeks into the future. Each of the Morgans and the Peace should have had mintages of 500K (or more), that would have been fair, that would have allowed anyone wanting a full set to amass a full set (without having to dip into the secondary market). The Mint needs to completely rethink its marketing.

Long Beard

Level 5

And that's where I agree. The mint is a business. Like any business, selling a product you know will be popular with low production figures is highly profitable. Since all business has complaints to one extent or another, finding that happy medium is the key. So that's where the mint needs to concentrate. Yes those mintage totals should have been a little higher, had they done the research before striking. Instead, they point to the cost of silver and the difficulty in acquiring it. If that were true, then other product figures (proof sets, commemoratives) should be adjusted based on previous totals. Finally, there is no reason why they can not offer products on an as ordered basis. Such as the Congratulation and gift sets. How many of those numerous offerings end up reclaimed to the smelter? Tons of silver.

Mike

Level 7

If your collection depends on the mint I have to try. If you don't try how bad do you need.it. They will put a spin on this. Yes they need lots of changes but I rather pay the mint price than the secondary market. Go to ebay look at the prices. I think Ryder will take the fall. That will satisfy many. Like I have said when the bell rings there here to pick me up. The Treasury runs the mints. Down to the price.I have complained there also. As we have said here for years. And years Buy what you want. Not what someone tells you to buy.

I. R. Bama

Level 5

It's true, I'm more interested in an historical coin than the new stuff coming out. But if I want something new, I'll find it at a good price on the secondary market down the road. I simply refuse to participate in a process that leads to frustration and anger over and over again. It's not good for me.

I. R. Bama

Level 5

There is only one answer to this. Stop buying from the mint. If you all continue to order from their website, then they have no incentive to improve. As a professional psychologist, I can with absolute authority tell you that you all continue to reward their behavior and expect different results. Is not the repetition of behavior in expectation of different results the definition of insanity? Complaints mean nothing. They still get the pay off. Thus they will not change. But, as I know, a profit has no honor in his own land. So sayeth the Good Book.

Longstrider

Level 6

Well said. Too true.

Mike

Level 7

I get the magizine. They told us what we have known for years. We're nothing. That's the bottom line. But if you don't try how bad do you want it? I kept at it kicked me of web browser down I am not a robot patience and I got what I wanted. This was the first time in years dealing with the mint I got the coins I wanted . Not only me but others. They had the same problems but stayed with it. . The S mint Morgan was still on sale at 12:47. . Never has that happened before. We believe they sold one coin then the other. . The coin was the San. Fran. Proof. 200,000 sold out in 15 minutes . I got kicked of there again and got it. I thought the fix was in. It was! I watch a show I don't buy but they have talked about the 18 bulk dealers for a while. As a matter of fact he is one.. I think there will be a spin on this. That's the way. Hopefully Ryder is gone. That would make anyone happy. I also found out that the one tenth gold coins are sold in tubes of 50 or 100 to certain buyers. You see them on ebay it says in hand and do not show the box or C.O.A. . A seller told me this.

slybluenote

Level 5

It certainly doesn't sound like a "level playing field" to me! I would have like to obtained one of those 2021 Peace dollars. I did try. I got notified that they were going on sale, but received errors on their website until it finally told me they were "sold out".

Golfer

Level 5

Since it's a contest to get in before a sell out, I've lost interest in this years products. Looks like the hobby is doing well if the mint can sell out and make their sales. Plenty of other areas to collect and be interested in.

Long Beard

Level 5

Notice the final paragraph. Proof of where the Mint's priorities lie, not with the collector.

We use cookies to provide users the best experience on our website. If you continue without changing your cookie settings, we'll assume that you agree to receive all cookies on money.org. You may disable cookies at any time using your internet browser configuration. By continuing to use this website, you agree to our privacy policy and terms of use. To learn more about how we use cookies and to review our privacy policy, click here.