American Veterans Disabled for Life Silver Dollar Sales Ending December 13
Sales of the American Veterans Disabled for Life Silver Dollars will conclude at the US Mint on December 13, 2010 at 5:00 PM ET. This is one of two commemorative coin programs that were authorized for this year.
The silver dollars issued under the other program celebrating the centennial of the Boy Scouts of America previously sold out of the maximum mintage in August.
The Disabled Veterans Silver Dollars originally went on sale February 25, 2010. Initial pricing was $33.95 for the uncirculated version and $35.95 for the proof version. The maximum authorized mintage was set at 350,000, with an ordering limit of 100 coins per household in place for the start of sales.
In the first three days of availability, the US Mint recorded sales of nearly 100,000 of the commemorative coins, representing 28% of the maximum mintage.
After an introductory period, pricing was adjusted to $35.95 for uncirculated coins and $43.95 for proof coins.
According to the most recent sales figures, the US Mint has sold 262,778 coins. This is made up of 186,941 proofs and 75,837 uncirculated coins. The pace of sales has picked up in the final days of availability, with more than 7,000 coins sold in the past two weeks.
By law, the US Mint is mint and issue the commemorative coins for the entire calendar year. However, as in the past, sales will conclude earlier to allow time for order fulfillment and shipping.
Other Mint News
The Abraham Lincoln Presidential $1 Coin Cover, which will be released on December 30, 2010 will have a maximum production of 37,000 units. This compares to a production limit of 32,000 units for each of the other 2010 American Presidency $1 Coin Covers.
Similar to the situation for the Mary Todd Lincoln First Spouse Gold Coin, the US Mint must be expecting higher demand for the Lincoln product compared to other Presidents.
Separately, the US Mint dispatched a brief blurb yesterday through one of their RSS feeds indicating that next week the US Mint's website will get a "fresh, new look." This might be further extension of their recently adopted new brand promise and identity.
New Coin Grader Capsule: Coin Grading Disagreements
Labels: Commemorative Coins
posted by Mint News Blog @ 10:32 AM
28 Comments:
Buy a few "Vet" coins for the good of the vets, but keep up the ATB discussion:
"Guys if you have the time please contact The Mint Office of Legal Council @ 202-354-7280 concerning specific dealers such as APMEX charging exhorbitant prices on these coins."
Ask talk to the "bullion department" and if busy they WILL call you back.
You may want to mention that
1-Today is the Mint stated day Dec 6 for availability and they are NOT available.
2-Mark up to $56/oz for bullion not reasonable
3-"Low" mintages should always be sold directly from the mint.
And remind them that under current law they are legally required to distribute bullion through the authorized purchaser program (unless the NPS is going to distribute these by year end).
What is the most recent update on the status of these coins anyhow?
No update on the ATB Silver Coins yet.
Here is a list of things they *might* do:
http://goldandsilverblog.com/america-the-beautiful-silver-bullion-coins-on-hold-0125/
Michael, Thanks Much!
Regarding the high price complaints.... Apmex could have sold ALL their product allocation to secondary market and prices would be even higher than $1395. Even if numismatic is offered for less that is an illusion because as soon as they sell out in a half day the eBay market will be double ir triple offered price.
Sounds like sour grapes by those who did not order early and missed out. Obviously the market can handle a high price point due to low supply and high demand.
I like that idea about increasing the premium that the AP's pay. The Mint could always lower it for them next year, but for this year the premium should be raised to leave the AP's their normal markup amount when selling them for the high prices. That way at least most of the initial markup goes back to the taxpayers through the Mint.
This is offtopic a little bit, but who elese received a big tub of popcorn from APMEX recently?
"Regarding the high price complaints.... Apmex could have sold ALL their product allocation to secondary market and prices would be even higher than $1395. Even if numismatic is offered for less that is an illusion because as soon as they sell out in a half day the eBay market will be double ir triple offered price.
Sounds like sour grapes by those who did not order early and missed out. Obviously the market can handle a high price point due to low supply and high demand."
You are missing the entire point: APMEX is not allowed to charge such high premiums (100%) on the bullion that they are allowed to have a monopoly on the distribution of from the Mint. It's that simple.
Imagine if they are allowed to get away with this, in a few weeks they could charge $60 for 2011 Silver Eagles and $2800 for 2011 Gold Eagles!
It doesn't matter what the secondary market does with the coin prices - APMEX is the first market, and not allowed to price gouge. Making them follow their agreement with the mint will help plenty of people get the coins at a fair price. That is much better than making everyone pay 100%++ premiums out of the gate, which is what they tried to pull!
I ordered a set and I still complained to the mint about the price gouging.
I wouldn't be surprised if there are anonymous shill posts from the dealers here trying to sway opinion their way.
Apmex does this every year.
And I agree with poster about increasing the premium APs have to pay as the solution. There is no way the Mint can control the price for the entire supply chain. There is going to be a massive premium on these coins by the time they get to end consumers. It is only fair that the Mint gets this premium and not the APs.
I believe the price APMEX has charged is fair, it's the market. Actually, the market is even higher and APMEX priced them artificially low.. I also believe it's the Mint that should get the premium though, and not APMEX. APMEX should get a "reasonable" margin.
News on ATB Silver Bullion Coins:
http://news.coinupdate.com/us-mint-establishes-conditions-for-atb-silver-bullion-coin-distribution-0572/
Michael, EXCELLENT ARTICLE on the other site!
FANTASTIC!
THIS IS A HUGE VICTORY FOR CAPITALISM!
SICK EM MOY!
YAY!
all apmex presales = cancelled now
Whew! What a relief. Now at least we have a fighting chance of a unit set.
"I believe the price APMEX has charged is fair, it's the market. Actually, the market is even higher and APMEX priced them artificially low.. I also believe it's the Mint that should get the premium though, and not APMEX. APMEX should get a "reasonable" margin."
... what part of APMEX signed a legally binding agreement that they cannot charge excessive premiums inorder to obtain their share of the bullion distribution makret do you not understand?
Why do so many people mistake APMEX and the Authorized Purchasers for/compare their prices on new coin releases to "the secondary market" ... AUTHORIZED PURCHARERS ARE NOT THE SECONDARY MARKET ON NEW BULLION RELEASES, PEOPLE! THEY ARE THE FIRST MARKET AND CANNOT PRICE GOUGE ON NEW RELEASES! IT'S A FACT, AND THE MINT PROVED IT.
What great news!! The Mint has given us an early Christmas gift. Now where can we find them for $850 a set??
Michael--It sounds like the APs who agree to abide by the Mint's new rules for ATB bullion distribution are yet to be identified. Would you and other readers please post the authorized APs' names as they become available?
I agree that this is the most equitable way to prevent hoarding and allows most of us to have a shot at one set. Congrats Mint...a little late but not too late!
I'm not sure how many of the authorized purchaser will actually able to abide by the new rules. They are set up to resell the coins in bulk to other dealers, not to the public in small quantities.
I have the list of 11 primary authorized purchasers in the latest post.
http://mintnewsblog.blogspot.com/2010/12/atb-silver-bullion-coin-premiums-capped.html
Price controls have never worked. We learned that in the 70s. The price to the end customer will be $2000 per set minimum in a day.
Apmex may in fact be the only one. So instead of a $579 markup on a 3000 sets, they'll get a $75 markup on 33,000 sets. So they make over $700,000 more than they would have. Well done US MINT! That'll show them.
Gainesville coins has removed the 5 oz'ers from their site.
What about the VETs?
Unfortunately the Disabled Vet coin is another poor design on a more deserving commemorative. Therefore not much to comment about it. You buy it out of patriotism, to honor the disabled vets, and/or because you collect commems. That may be enough reasons for many to buy but not enough for a sell out.
Bought one, love it, for a great cause, better price especially at the start, than the 2010 proof ASE. I'll take the Veterans cause any day over 5 oz hysteria. "Think of them, they thought of us".
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