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Slam dunk bounced out of the hoop

It is easy to get caught up in buyer enthusiasm.

We witnessed that Aug. 1.

It was the first day of sales for the 225th Anniversary Enhanced Uncirculated Coin Set.

The first person in line at the American Numismatic Association World’s Fair of Money illustrates this.

When I began talking to him, he expressed an interest in buying 10 sets.

As time passed and dealers talked of getting 500 at a crack, things changed.

When he finally went to the Mint booth sales counter and placed his order, he bought 30.

Simply listening to others around him led him to triple the size of his purchase.

He had been waiting for two hours.

In that heated environment, it felt like a sure thing.

We knew that online orders had been halted after a few minutes.

We knew that over-the-counter sales at the Denver Mint cleaned out the supply.

We were simply waiting for the last sets known to be available to be offered.

What could be more slam dunk than that?

Now eight days later, there seems to be buyer’s remorse setting in.

The slam dunk has bounced out of the hoop.

The sets were put back on sale Aug. 3.

Six days later they are still available.

Last night the Mint revealed that as of Aug. 6, a total of 217,514 of 225,000 sets were sold.

Ordinarily, it should not take long for the last 7,486 sets to be snapped up in a buying stampede.

Unless the herd has begun running the other way.

Original buyers seem to be changing their minds and canceling their orders.

New buyers have emailed me.

They tell me they have made their purchases of two or three sets each.

There simply cannot be enough new buyers at two or three sets at a time to offset overeager original buyers canceling orders for 10 times that number.

I’ll bet that the 217,514 sales number will be lower when the Mint updates it next week.

I will also bet that the first person in line at the ANA convention regrets getting carried away.

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.”

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4 Responses to Slam dunk bounced out of the hoop

  1. tlehmer says:

    Received three sets in the mail yesterday that were ordered in those first minutes of availability. I think the Mint did a great job of producing an unusual set of collector coins. In fact I ordered 2 more sets along with some presidential coins ( US Mint free shipping promotion ). The Mint marketing however, is questionable without limits. Too bad for the profiteers who are not actually coin collectors.

  2. CoinGuru says:

    Where do I begin… I have a small coin shop, I was there, and I bought these sets.

    I went the day before the show opened to the public and renewed my ANA membership asked the mint official if there would be a line and she said there would be no line until 1:00 p.m.

    I assumed that there would be a line anyway, so I went early.

    In fact, I was the first in line outside the show at 8:00 a.m. and was there until ANA members were allowed in at 12:30 p.m.

    I promptly rushed back to the Mint Booth…

    There was already a line 30 people long consisting of 95% dealers from the show and 5% early bird purchasers.

    I was the first person in line at the booth without a dealer badge or early bird badge.

    Which means I was the first person in line who didn’t pay $150 or more for a better spot in line.

    You could tell there was fervor around these sets, not because of the set itself but because of the potential to get the limited edition ANA First Day label from the grading company on the set at the show that day only.

    I went to the show with the intent to buy the maximum allowable limit, not knowing if it would be 10 or 20 sets like the Denver Mint’s store… They anounced the limit would be 500 sets per person and then the decision making process had to begin…

    Should I buy 500 sets?

    > Only if I can flip most of them here at the show… so…

    How many sets did the mint bring to the show?

    > If they brought enough for everybody there won’t be much of an aftermarket at the show itself… seems like they brought enough for everybody…

    Will the sets sell out here at the show?

    > Chances are they won’t… so there won’t be an aftermarket at the show

    After waiting 2 more hours in that line for a grand total of 6 1/2 hours I finally got to the front of the line, bought my box of 38 sets, and sent them all in for grading at NGC.

    I got them back today and am happy with my grades, I’ve already sold 3 Specimen Grade 70 sets today and made over $100 each set.

    No, I don’t have buyer’s remourse.

    I’m happy I got them.

    Now if you ask the people, dealers, in line who did buy 500 or more sets (Several dealers bought 3000+ sets with the help of others in line) they may have a different outlook.

    It’s all about having the customers who have an interest in these sets.

    The reason so many large purchases are being returned is because the large consumer network companies attempted to buy out the whole supply and cut out other buyers.

    When the mint came out two days later and said they still had more sets for the public, it scared the large buyers and made them realize they might not be able to create a monopoly on them so they started cancelling their orders.

    I’m confident that this will be a popular set with collectors in the future becasue it is the first version of this set produced. Every penny, nickel, dime, quarter, and dollar collector will need these coins to complete their collection.

  3. I’m happy friendship you coin guru. You didn’t get greedy. Anyone who bought 500 sets or 3000 with t he help of others are not collectors I consider them greedy people. They only want a big hit. Well I looked on EBay and thought of sending a message to all these thieves. Basically that’s what they are. Buy cheep rip everyone off. Now who’s laughing. I am. The shoe is on the other foot and they don’t like it. I thank you for your honesty. As far as the so called sellers on EBay let me ask you how does it feel? How does it feel to be stuck? I’m enjoying every minute of this. It’s about time things turned the collectors way. Enjoy your sets. Mike.

  4. Sorry my spell check went nuts. Mike

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