Included within a weekly sales report issued by the United States Mint was the information that authorized purchasers have ordered 75,000 America the Beautiful Silver Bullion Coins out of the total 165,000 coins that the US Mint made available.
Based on this information, it seems that some of the US Mint's 11 authorized purchasers either chose to not buy the coins from the Mint or are still evaluating the situation. This is an abrupt change for the bullion program that was expected to immediately sell out at the authorized purchaser level.
Due to the extremely limited mintage of just 33,000 coins for each of the five designs issued for 2010, the coins are being viewed as collectible rarities rather than bullion products. After one primary distributor started accepting orders for the coins at high premiums compared to their acquisition cost, consumers complained, and the US Mint halted the program.
The relaunch of the program was announced later in the week. In order to participate, the primary distributors would be subject to new terms and conditions which capped premiums, required distribution directly to the public, and imposed order limits of one coin per design per household.
On Friday, December 10, the 11 current authorized purchasers were able to begin placing orders for their allotment of 3,000 coins of each design (total of 15,000 coins). By placing an order, they would be acknowledging and agreeing to the US Mint's new terms. The US Mint had cautioned that violation of any of the terms may be grounds for suspension of removal from the US Mint's authorized purchaser distribution network.
The primary distributors are still allowed to place their orders until Friday, December 17, 2010 at 3:00 PM.
If any of the primary distributors does not place an order for their allocation, the excess coins available will be made available on a comparable allocation basis to the other active distributors on December 20, 2010.
The US Mint's 11 authorized purchasers are: A-Mark Precious Metals (Los Angeles), Conis N Things Inc. (Massachusetts), MTB (New York), Scotia Mocatta (New York), American Precious Metals Exchange Inc (Oklahoma), Dillon Gage Incorporated of Dallas (Texas), Prudential Securities Inc. (New York), The Gold Center (Illinois), Jack Hunt Coin Broker (New York), Commerzbank (New York), Fidelitrade (Delaware).
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Any way to know who other than APMEx and Fidelitrade have them?
Here are the five AP’s that purchased coins.
Coins ‘N Things
MTB
Jack Hunt Coin Broker
FideliTrade
American Precious Metals Exchange
If APMEX has them, why don’t they sell them? Are they waiting to see if they can get a larger alotment with the other dealers not taking their allocations?
This whole thing has been so weird.
On another site someone has posted the long-awaited statement from APMEX that doesn’t really say very much:
“We have received instructions from the U.S. Mint regarding the distribution of the 2010 America the Beautiful Silver Bullion Coins. In accordance with those instructions, we have ordered our maximum allocation of 3,000 sets, each set with five coins for the 2010 year. We expect delivery of the coins late next week.
Because the Mint discontinued the program and then relaunched the program with different requirements on distribution of these coins, we have asked the Mint a few questions for which we await the responses so we may fully comply with the new program. Please be patient while we receive clarification on the distribution and we receive the coins we have ordered. We anticipate we will able to provide additional information late next week.
Thank you for your cooperation and understanding in this matter and, as always, we value our relationship with you.
Respectfully,
David McCarty
Director of Marketing
American Precious Metals Exchange”
I am very curious as to how these coins will be distributed. I felt after the price gouging by the “preferred dealers” the mint would have wised up and sold them directly to the public. What I see happening now is that most of these coins will go to from the “preferred” dealers to other dealers and wind up getting slabbed before the the average collector gets to see them. And they will sell for big money.
I just talked to an agent from Monaco which isn’t even one of the special 11 and he told me that he had a customer that was buying 11 sets at $1600.00 per set. They aren’t even supposed to be sold to secondary dealers. I had a set on order from Monaco for $1000.00 and he said the price would not come down any but it may go up. That is not what the mint has said they would sell for.I canceled my order.
Mint Director Edmund Moy is resigning. I hope that the next director is able to differentiate between bullion and collectors coins. They US Mint’s authorized bullion dealers now appear to be in control and are playing games with the public, delaying, and trying to figure out a way to make sure they can capitalize on and gouge everyone for the ATB Parks Coins. This so called bullion is being sold at online auction places for over $500 per coin. When was the last time you saw new silver bullion sell for $470 over spot price?
A lot has been said and commented on and complained about with regard to the marketing of the 5oz ATB silver coins.
Nothing has been done to inform the collecting public .
It seems to be nothing more than greed on the part of those in control of these coins.
I Personally am looking to sue one or all of the ” BIG ELEVEN ”
I have the means and desire to do so.
RUPERT
Somone needs to sue the primary dealers and the mint should sell these coins directly to the public.
Anyone who pays over $1,000 a set is getting ripped off as the price of these coins will drop as more get into circulation.
We already see this on Ebay where at first sets were around $5,000 and now under $1,500.
I pity the poor suckers who paid $4,995 on HSN. Anyone who buys coins on Home Shopping Network is a fool and getting ripped off.