What are my odds?

[jtryka]

So this morning I had to get up really early to drive to some meetings, like so early that it was still during the time when the message boards are uber slow for maintenance, so I see that gold is up again approaching $1,800, and I think to myself, I recall the $5 gold medal of honor coins are about $450 each, or pretty close to melt at that point. Since I liked the design I've been wanted to get them, and I figured it's now or never since you know the mint will be jacking up the price.

 

So just before 5:00 am I ordered one of each, unc and proof. But then I received an e-mail from Numismatic News with the alert that the mint had removed all the gold commems from the website for repricing. So what odds do you give me that my order will actually be filled?

[mtnstyne]

I would say if you got a confirmation number your good.

[jom]

I said "you're hosed" because I thought that was the funniest response.

 

jom

[Walkerfan]

If you have something in writing, you're good but if not, anything goes!!

[ultra-crepidarian]

I would say 100%. The US Mint suspended sales for all numismatic Gold Eagles, Gold Buffaloes, and First Spouse Gold Coins. However, the Mint did not suspend sales of the $5 gold commemoratives. They should have, but they didn’t.

[cpm9ball]

Do you know Slim? He's dating a Catholic woman now. They go together real well.............Slim & Nun!

 

Chris

[johnny9434]

I think they emailed you back and asked if you still want them. Other wise you got hosed

[jtryka]

No e-mails yet except for the original order e-mail...

[WoodenJefferson]

Has there been a charge yet associated with the credit card?

[BillJones]

I think you will get an email telling you can buy them if you are willing to pay more.

[ultra-crepidarian]

You will get your coins and they will cost you $444.95 for the mint state and $454.95 for the proof (plus shipping of course). It is not even an issue.

 

The Mint never suspended sales of the $5 gold commemoratives. If the e-mail you got from Numismatic News actually said that, they were wrong. Are you sure that the e-mail said that? Bullion gold was suspended and re-priced but not the gold commemoratives. The process the Mint follows to change the prices of the gold bullion coins is different than the process they follow to change the prices of the commemoratives.

 

The issue price for the uncirculated gold commemoratives is still $444.95: $35 of that amount represents a surcharge payable to the Congressional Medal of Honor Foundation. The gold content of the coin is .241875 ounces of gold, so at $1800 per ounce, the Mint is selling approximately $435 of gold and paying $35 to the Congressional Medal of Honor Foundation. The Mint is losing money on every gold commemorative coin they sell based on the current market price of gold.

 

That is why I am saying that the sale of these coins needs to be suspended. Feel good about your purchase. You donated $70 to a worthy non-profit, you beat the Mint at their own game … that doesn’t happen often and finally you got some really pretty coins.

 

[michael]

agree with bill jones

[rons]

I think ultra hit it on the head. You will receive those coins at the price you ordered them. Great buy

[Conder101]

If the e-mail you got from Numismatic News actually said that, they were wrong. Are you sure that the e-mail said that?

I probably got the same email. It links to the Numismatic News story. The direct quote from the story is:

 

A spike higher by the price of gold Aug. 9 forced the U.S. Mint to pull all of its numismatic gold products off the market for repricing.

 

Note that it says ALL of the numismatic gold products.

[WoodenJefferson]

Did a black helicopter swoop down and take jtryka?

[ultra-crepidarian]

If this is what the OP read I certainly understand why he would be concerned about getting the commemoratives he ordered.

 

The statement released by Numismatic News, as you reported it, was indeed incorrect because the gold commemoratives (which certainly qualify as numismatic gold products) were not suspended at that time. The Gold Eagles, Gold Buffaloes, and First Spouse Gold Coins were suspended and have been subsequently re-priced.

 

However, the Mint recently has suspended the gold commemoratives for re-pricing. They finally realized they were losing money on every coin they were selling. I still contend that the OP will get his coins at the price he ordered them at. The Mint will honor that order. If I am wrong, I certainly want to know it: Please keep us up to date.

 

[jtryka]

Did a black helicopter swoop down and take jtryka?

 

I heard them coming so I hid in the garage behind several cases of bottled water and canned goods (can't buy MREs at the Army surplus store anymore since that would get me on the terrorist watch list).

 

Back to this, I got an e-mail on Friday saying the package was shipped so I can only assume I will get my coins. And like others, when I saw that "numismatic" gold was being repriced I thought that meant commemoratives, since I thought (could be wrong) that they changed all the other bullion related items several years ago to automatically reprice based on bullion values, i.e based on the spreadsheet, if closing gold price was $1,500 to $1,550 then proof gold eagles would be $1,750, etc. So if they had the spreadsheet all set up and adjusted bullion prices automatically, why would they need to suspend sales to reprice?

 

Seems odd to me, but then again I don't work for the government, and hence still have common sense...

[TomB]

You will get the coins at the price that you paid.

[ultra-crepidarian]

Did a black helicopter swoop down and take jtryka?

 

I heard them coming so I hid in the garage behind several cases of bottled water and canned goods (can't buy MREs at the Army surplus store anymore since that would get me on the terrorist watch list).

 

Back to this, I got an e-mail on Friday saying the package was shipped so I can only assume I will get my coins. And like others, when I saw that "numismatic" gold was being repriced I thought that meant commemoratives, since I thought (could be wrong) that they changed all the other bullion related items several years ago to automatically reprice based on bullion values, i.e based on the spreadsheet, if closing gold price was $1,500 to $1,550 then proof gold eagles would be $1,750, etc. So if they had the spreadsheet all set up and adjusted bullion prices automatically, why would they need to suspend sales to reprice?

 

Seems odd to me, but then again I don't work for the government, and hence still have common sense...

 

Read this blog article posted yesterday, it might help clear up things. The Mint currently doesn't have the authority to change prices of commemoratives the same way they do the other goal coins they sell. Any price changes for the commemoratives have to be posted in the Federal Register and that takes time. Your timing in purchasing your coins was impeccable.

[jtryka]

And they both arrived today and are beautiful, the only thing I don't like is the "$5" denomination. Call me old fashioned by I would have preferred "Five D."

[jtryka]

"This product is temporarily unavailable for product repricing."

[RGT]

And they both arrived today and are beautiful, the only thing I don't like is the "$5" denomination. Call me old fashioned by I would have preferred "Five D."

 

I agree. The use of the $ sign on coinage just seems "tacky". I'm not sure why, but I don't like it.

[RockMyAmadeus]

And they both arrived today and are beautiful, the only thing I don't like is the "$5" denomination. Call me old fashioned by I would have preferred "Five D."

 

I agree. The use of the $ sign on coinage just seems "tacky". I'm not sure why, but I don't like it.

 

It looks awful. It reminds me of nothing more than a casino token.