When the United States Mint offers customers a limited-edition product with highly restrictive household limits, dealers and collectors can end up competing for the same coins and sets.
For the ModernCoinMart division of Asset Marketing Services LLC, a company that focuses on modern U.S. and world coin products, buying the products is a matter of meeting its customers expectations, according to Andy Salzberg, who directs MCM and who recently provided insight into how it does that.
Salzberg said its customers expect the firm to have limited-edition U.S. Mint products available for sale soon after they are offered by the bureau. To do so, however, has not been an easy task. Because the Mint imposes household ordering limits on limited-edition products, dealers seeking to offer the products to their secondary market customers need to be creative to secure significant quantities.
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Dealers like MCM are under the same household ordering limits as any other U.S. Mint customer, since the Mint does not offer bulk discounts on limited-edition products.
MCM reaches out to multiple individuals or entities to secure a number of products to fulfill its customer demand. This often involves offering a customer a bonus: the customer orders the product from the Mint and resells it to MCM at a pre-established price that can be almost double the issue price, depending on the product.
For example, the 2015 Presidential Coin and Chronicles sets, featuring Harry S. Truman, Dwight D. Eisenhower, John F. Kennedy and Lyndon B. Johnson. Each set contains a Reverse Proof 2015-P Presidential dollar and Presidential 1-ounce .999 fine silver medal, both of which are exclusive to each set. Each set also includes a U.S. postage stamp reflective of the president. The 2015 sets are priced at $57.95 each and have been among the Mint’s hottest 2015 sets.
Before the Harry S. Truman set went on sale June 25, ModernCoinMart solicited its customers offering premiums to any who would sell their sets to MCM. The Mint placed a household ordering limit of five sets on the 17,000 Truman sets available.
The sets sold out in 15 minutes on opening day.
MCM sent out another customer offer before the Aug. 11 launch of sales for the 2015 Dwight D. Eisenhower Coin and Chronicles set, which had a household ordering limit of two sets. The firm offered to pay its customers $250 total for the two sets they bought.