From the Apr. 14 Numismatic News E-Newsletter:
Should the Mint limit orders in the first week to just one item per household?
Here are some answers sent from our e-newsletter readers to Editor Dave Harper.
It depends on the item. Annual sets like proof sets, uncirculated sets, commemoratives: no. Special sets, especially those with a silver Eagle or a set that includes a coin with a special finish: yes.
St. Louis, Mo.
What would it hurt to limit the initial offering of U.S. Mint products the first week to one per household? The true collectors would have their chance to get a coin for their collection and the speculators could move in the second week and clean out the vault.
Not to just one. Maybe five per household would be a better quantity, as we have three collectors in my household. If it were limited to just one, two members of our household would not be able to get the coin. Unless it did not sell out, which in most cases it would.
I personally think that collectors are tired of paying the inflated prices coin dealers get on some of theses items. It is my opinion that the problem lies with greedy coin dealers and will in the long run deter new young collectors, as the coins are getting too expensive for the younger generation to collect.
Even though big marketers could still line up multiple individuals to make purchases, it’s unlikely they could have 1,000-plus people in the loop. The hobby collector would stand to have a much better opportunity to buy an offering firsthand.
Cape County, Mo.
Yes. I have collected coins for 63 years, and I have given up on what used to be called a hobby! I cannot tell you how many Mint orders I have tried to order, only to be told by the Mint, “sold out.”
How about the gold Mercury dime? I think that one sold out in an hour! You really think about it and I have come to the conclusion that the United States Mint has become the world’s largest precious metals junk dealer. On a lot of their items, you can wait for the aftermarket and buy items below their selling price. Proof sets and uncirculated sets to start with. I for one totally blame the United States Mint for the decline of this hobby. If you want to take it to the total business arena, then you dealers can just get used to swapping your junk among yourselves.
Yes, I believe they should have a limit of one new coin per household for the first week.
Bob D. Allen
Yes I like that idea!
That would depend if the coin was a limited edition or not.
Yes. This will give every interested collector a chance to buy the product.
A big fat no.
Once again the Mint has screwed the collector. The big companies scooped up all the sets and are making a huge profit on them. They should have a first day limit of one per household.
I think that would be a great idea that the Mint limit items to one per customer for the first 3-7 days....that way everyone has at least a chance to get an item before the dealers buy them all up.....
Yes, they should, as it will reduce the number of people who purchase Mint products with no intention of keeping them, just to resell them on ebay at a profit. Of course, there will always be some buyers who may want to purchase multiple quantities of an item to give as gifts, so it probably won’t be possible to make everyone happy.
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