US Coins

Mint officials explain new bulk program for dealers

The U.S. Mint’s decision to offer up to 10% of the production of Proof 2021-W American Eagle, Reverse of 1986 silver dollars to dealers before their Feb. 11 general release created a firestorm among collectors who were shut out of obtaining any example from the Mint.

Images courtesy of the United States Mint.

The U.S. Mint issued a detailed explanation March 19 of its new Authorized Bulk Purchase Program, which allows qualifying dealers to purchase select numismatic products before sales open to the general public.

The official announcement came weeks after Coin World had asked multiple questions associated with the program.

Coin World first reported on the ABPP initiative in its March 22 issue, after certified Proof 2021-W American Eagle, Reverse of 1986 silver dollars pedigreed to the program were offered on the Coin Vault cable television program.

In total, 18 qualifying dealers were accorded the opportunity to purchase, combined, up to 10 percent of the overall production available, several days before sales opened to the general public Feb. 11.

The ABPP buyers were able to pick up their early orders on Feb. 8, at the Mint’s contracted fulfillment center, PSFWeb, in Memphis Tennessee.

The ABPP dealers have to pay a 5 percent premium above the retail price listed for each select numismatic product, plus the cost of picking up the product early.

The dealers were also able to place orders for up to 25 single Proof 2021-W American Eagle, Reverse of 1986 1-ounce $50 gold coins and 45 four-coin sets before public sales of those products opened March 11.

Under an active embargo agreement, the ABPP buyers are only allowed to resell the early purchases “on or after the Mint’s official on-sale date, time, and conditions, such as household order limitations,” according to the Mint

“This new program is structured to better meet marketplace product availability on the initial on sale date, by expanding the distribution of Mint products,” according to Mint officials.

ABBP applicants must be active members in the Mint’s existing Numismatic Bulk Purchase Program (NBPP) in good standing for at least two years, have a two-year revenue average with the NBPP of at least $500,000 annually, and have a history of full compliance with the Mint’s excessive returns policy.

“This new program will help to enhance the distribution of numismatic Mint products as they go on sale, expanding availability of our products by utilizing well-vetted business partners that have long-term relationships with the Mint’s Numismatic Programs,” according to Mint officials. “Not all Mint products will be offered through this program, and no more than 10 percent of products with limited quantities will be distributed under this program.

“No discounts will be given to ABPP members, and some products will carry a premium.

“The products available through this program will be distributed equally to Authorized Bulk members.

“The Mint will not ship product to ABPP members, who must provide their own product security and transport.

“Pick-ups will be allowed three days prior to the official on-sale date.”

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