FACTORY SECONDS? posted by Eagles-R-it

[CSJournals-migration]

DO THE BIG GUYS ON THE BLOCK I.E. AUTHORIZED PURCHASERS, INTERNET SELLERS, AND BIG STORES GET THE BEST COINS FIRST?

 

I guess this is my time to vent. I bought 14 of the baseball hall of fame coins from the Mint. I got through very reasonably early on the first day of sale. I thought I would get my coins rather early because of that. But every day the date for delivery kept getting pushed farther and farther back. I bought 14, 7 ea. of the proof and unc. in hopes of finding 5 to send in for grading and hopefully getting the 70 grade. The order came in waves beginning the middle of July, yes July. First 3 coins, then 5 coins, then 4 coins and finally 2.

 

Well my disappointment was NONE of the 14 would have made a 70. Each and every one had something, like marks, dings, rubs, black spots, scrapes and the like. And because They came in waves, I never thought of sending them back, cuz they came in such a haphazardly way. A couple would not have gotten a 68. So much for my theory that buying enough should get some worth sending in.

 

Now for today. I ordered 4 of the Kennedy gold anniversary halves. In the same spirit that one or two should be good to get a 70 grade. Not so. all of them were poorly struck on the reverse, two had marks or scratches, and one, which has nothing to do with grading had a damaged wooden show box. Needless to say I am PIS d oooofffff. Of course, they are going back.

 

So in the mean time I called other folks to see how their adventures went, and one chap who works for one of the BIG boys said they had 85% of their Kennedys come back a 70. Three other regular folks I talked to sent in a total of 7 to be graded, and NONE came back a 70. What does that tell you? It tells me that common Joe Blow doesn't get the cream of the crop.

 

I know I will be lambasted over my rant and greed, but damn, this can't be co-incidence can it?

 

I welcome comments and tongue lashings, good or bad. Let me know your experiences etc.

 

Thanks everyone, and have a great day, I am cuz I am going to the post office to mail back the Kennedy's.

 

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[RWB]

I'll bite...How would this operate?

 

What is supposed to occur and what do your think occurs?

What are the benefits and to whom?

[Ultra Cameo Collection]

Factory seconds. Don't you mean thirds!

 

I know submitting is more than just picking out the nice looking ones and expecting great results, and this is why I have never submitted anything.

 

Submitting is not a get rich quick scheme. If you didn't know the large submitters do a review on their coins they submit. They pay a small fee to get the graders to give their opinion and if it isn't a 70 then return it and don't encapsulate it. The caveat is that it requires a large submission. That eliminates just about everyone except for the big guys.

 

You could have received coins that were previously returned by other customers. You can by all rights return the coins as you stated you are going to do.

 

I just let the big boys play their games and I wait until the hype has worn off and then I can get the ones I want for reasonable prices. I have paid way more than I should have for a handful of coins over the years and it was an expensive lesson.

 

Good luck to you in your grading adventures.

[coinman_23885]

I just let the big boys play their games and I wait until the hype has worn off and then I can get the ones I want for reasonable prices.

 

Exactly, those PF69 and PF70 coins will drop in price and will likely be available at lower prices in the future. Remember that the coins will be minted to demand.

[Ultra Cameo Collection]

To demand? There could be half a million if the demand is strong enough.

[coinman_23885]

To demand? There could be half a million if the demand is strong enough.

 

That is my understanding, yes. That's why I don't understand the premiums in the secondary market for the coins today.

 

Source: Coin World - http://www.coinworld.com/insights/united-states-mint-limits-gold-proof-kennedy-half-sales-at-ana.all.html

 

J. Marc Landry, the U.S. Mint’s acting associate director for sales and marketing, said during a July 16 teleconference with numismatic media that the Mint anticipates having 40,000 coins available for sale and immediate shipping on the first day.

 

The issue will be struck to demand, he said (emphasis added).