ATB bullion coin orders flood A-Mark site
- Published: Jan 23, 2011, 7 PM
A-Mark Precious Metals in Los Angeles was flooded with so many orders Jan. 18 for its allocation of 2010 America the Beautiful .999 fine 5-ounce silver bullion coins that after just a few hours, order taking was suspended for the remainder of the day.
A-Mark announced on its specially designated Web site, www.buyatb.com, that interested buyers could register with A-Mark if they would like to be contacted when the firm received additional sets.
“The first 250 who register will be eligible to purchase a set on Tuesday, January 25, 2011,” according to a notice posted Jan. 19 on the BuyATB.com site. “We are not accepting phone orders, only buyers who register here will be contacted, based on inventory and availability.”
A-Mark is one of the U.S. Mint’s nine authorized bullion coin purchasers that chose to participate in the distribution of the 3-inch, 5-ounce silver coins.
Two additional authorized purchasers chose not to participate.
Each of the 11 authorized purchasers was to be allocated a maximum of 3,000 of each of the five 2010 5-ounce silver coins. Each of the nine authorized purchasers that chose to participate ordered its 3,000-coin per design allotment, and each later also was allotted a portion of the allocation from the two authorized purchasers that chose not to participate.
A-Mark indicated on its Web site that the five-coin sets were offered at $875.33 per set. Customers who purchased the set reported a shipping charge of $99.
A-Mark did not respond to Coin World’s inquiries about its sale of the 5-ounce silver coins by press time Jan. 21.
Prices on the secondary market for certified five-coin sets were in some instances more than five times the price being charged by the authorized purchasers.
On Jan. 18, Home Shopping Network was offering certified ANACS Mint State 69 sets for $4,799.95 per set, with a complement of 210 sets available.
Meanwhile, some collectors who had placed orders for noncertified sets with Fidelitrade, a Delaware-based authorized purchaser, reported Jan. 19 that they have received e-mails that their orders for the America the Beautiful bullion coins have been accepted and are being processed, with arrival anticipated sometime during the next four weeks.
Fidelitrade announced the opening of sales of the coin on Jan. 6, with payment accepted only by check delivered by mail or private carrier. On the morning of Jan. 7, as Fidelitrade began receiving orders via overnight delivery, the firm stopped accepting new orders.
The firm charged $929.20 postpaid per set. ¦