• seperator

Palladium Eagle sells out according to script

Six-minute sellout.

In about the time it takes to fry an egg, the 2018-W proof palladium American Eagle sold out yesterday.

It went on sale at noon Eastern Time.

The Mint offered 15,000 pieces with an order limit of one per household.

Price was $1,387.50.

Like Pavlov’s dogs, we all did what we usually do when the bell rang.

Collectors jumped into action to buy as the clock struck 12.

Readers kept me informed and I would like to thank them for it.

One email to me stated, “My purchase of a proof palladium $25 was confirmed at 12:06 PM on September 6 after perhaps a dozen tries.”

Another sent me a copy of an email from a firm that was looking for individual buyers to help them build an inventory. It reads:

“Want to make $225?

“Here’s how:

“Purchase the coin here (link provided) today at 12 Noon ET from the US Mint.

“After receiving confirmation of the order from the US Mint, call our office at … and confirm the sale of the coin …

“Ship the order directly …

“Offer expires at 4 pm today.

“**Only confirmed orders can be sold to us and MUST be shipped to us immediately.”

Many coin firms had to do something like this.

It is difficult for a dealership to sell a popular coin with an order limit of one.

Offers to sell or to auction the new coins appeared immediately on eBay.

This morning you can buy the coin for $1,999 in a government package.

If you want top graded coins, you have a choice.

For $3,995 you can acquire a Professional Coin Grading Service PR 70 First Strike with a special label autographed by Thomas Cleveland, U.S. Mint AIP master designer.

Priced at $3,499.99 was a Numismatic Guaranty Coproration PR70 Ultra Cameo First Release.

Several collectors have sent me emails to tell me of their successful purchases.

And to put the cherry on top of this numismatic sundae, I have also received a complaint email about the whole process.

“Once again the United States Mint lets collectors down with a six minute sell out, miraculously, even with a one per household order limit.”

I have received no complaints about the Mint charging too much money.

That usually only happens when something fails to sell out.

The price of $1,387.50 was well below the trading value of last year’s regular palladium bullion coin issue.

APMEX quoted it at $1,782.40 when I checked.

A regular business would have set the issue price at the trading price of last year’s coin.

But the Mint will get no thanks for saving buyers approximately $400.

As I say, yesterday’s performance was flawless and will be repeated next time Pavlov rings his bell on a special Mint offer.

Buzz blogger Dave Harper won the Numismatic Literary Guild Award for Best Blog for the third time in 2017 . He is editor of the weekly newspaper “Numismatic News.”

Tags: , , . Bookmark the permalink.

One Response to Palladium Eagle sells out according to script

  1. furmacs says:

    I have to say it takes all the fun out of coin collecting when all this comes down to is making a profit on Ebay while simultaneously ripping off honest coin collectors–sellers on Ebay are charging more for the coin making this close to $2100. A little overpriced in my mind. Yes I did NOT get a palladium proof coin so maybe it is just sour grapes. However, I was making an honest living and actually working while the palladium coin was on sale at the mint.

Leave a Reply