US Mint New Return Policy
The US Mint has announced a new return policy, which cuts the eligible return period from 30 days to only 7 calendar days. The new policy will go into effect tomorrow February 10, 2009 at 8:00 AM.
This new return policy was no doubt created in response to the US Mint's recently implemented precious metals pricing policy. Under the new pricing policy, the prices for gold and platinum numismatic products can be adjusted as often as weekly if the price of gold or platinum moves across certain thresholds.
Since the prices for products could be adjusted weekly and the old return policy allowed customers to return products for up to 30 days, this gave customers the opportunity to return products and reorder them if precious metals prices moved against them. Under the new return policy, this opportunity is greatly diminished.
In fact, I think many customers may have trouble complying with the policy when trying to return products for non precious metals inspired reason. Seven calendar days is a very short period of time.
The new policy seems to be an overreaction, which swings the pendulum from an extremely liberal policy to an extremely strict policy. The US Mint could have easily taken a different approach that would have preserved an element of customer service while protecting them from precious metals price exposure.
They could have potentially implemented a separate return policy for gold and platinum products. (The US Mint does have a separate return policy in place for Direct Ship Circulating $1 Coin orders.) They also could have allowed a longer return period for obviously defective products. Under the new policy, if you receive coins with obvious manufacturing defects and don't send them back within 7 days, you are apparently stuck with them.
Do you think 7 calendar days is too short? Discuss on Coin Network.
Here is the exact wording of the return policy from the US Mint's website:
Returns, Replacements, and Exchanges
* If for any reason within 7 days (except for Circulating $1 Coin Direct Ship Rolls) of receiving your product you are dissatisfied with your purchase, return the entire product for refund or replacement. Shipping charges will not be refunded.
* The United States Mint will not accept partial returns nor will it issue partial refunds. For example, if you receive a United States Mint Silver Proof Set™ where one coin is in unacceptable condition, you must return the entire Proof Set, not just the one coin, to receive a refund.
* To return your product, use the reverse side of your packing slip to let us know why you decided to return your item(s) and your desired resolution (replacement, refund, or exchange) for each item. Use the provided return label or address your package to:
2799 REEVES ROAD
PLAINFIELD IN 46168
* For your protection, we strongly recommend that you return your order by insured mail and save the receipt for your records. The United States Mint is not responsible for lost return shipments.
* All refunds will be credited in United States Dollars.
Note: The US Mint's policy posted online lists the first line of the return address as "Fulfillment Center" however recent receipts have this listed as "PBGS."
Labels: US Mint