Having second thoughts about buying that American Eagle coin? Well you better make up your mind fast. The U.S. Mint has cut its return policy from 30 to seven days.
“It aligns with our new pricing methodology for precious metals, which now can change on a weekly basis,” said Mint Deputy Director Andrew Brunhart.
The return policy, which went into affect Feb. 10, pertains to s all numismatic products, including gold and platinum.
“The effect is this will reduce the number of speculators who purchase numismatic products for arbitrage reasons anticipating a rise in the price of precous metalsa nd then returning them when the price declines,” Brunhart said.
“The U.S. Mint is really not in the arbitrage business.”
Brunhart said the Mint wants all of its customers to have a fair opportunity to purchase U.S. Mint products that reflect the actual existing market conditions.
“The catalyst is consistency,” Brunhart said.
The seven days will be calculated from the day the customer receives the product (“And since the vast majority of our products are shipped with Fed Ex we know when that is,” Brunhart said) through the postmark or time and date stamp of the return package.
More information is available at the Mint Web site www.usmint.gov.