New Coin Deal

[Euclid]

Seems like I’m seeing more cancellations of last Thursday’s coin than usual. Unclear if the Mint is cracking down or if the system allowed too many to be sold. The coin was available for almost 24 hours, so seems like an odd time for a crackdown.

Makes sense - wasn't it a very low mintage?

[syr73]

Makes sense - wasn't it a very low mintage?

9,100, but it stayed available for almost 24 hours.

I guess it would be funny if it really sold out at 12:18pm on Thursday and everyone was fooled.

[yos9694]

9,100, but it stayed available for almost 24 hours.

I guess it would be funny if it really sold out at 12:18pm on Thursday and everyone was fooled.

That's more likely than a crackdown IMO. The mint is a fundraiser for the us government, I don't see cracking down as one of their prerogatives.

[Cat18]

Has anyone had last week’s 21EHN ship out?

[syr73]

Two canceled, none shipped.

[jackst]

did anyones eagles on backorder ship yet?

[YossieW]

In the past there have been many disscusions about people reneging on commintments they made to "coin buying groups" when the price of mint coins have skyrocketed, recently there have been multiple cases of those buying groups now asking for people to cancel their orders if they were backordered or telling people if your coin does not get to us by x date we no longer can take it when that was not part of the terms when the deal was originally agreed to, especially when its a known thing that orders are taking much longer then usual to process and ship
I am not saying every buyer is doing this but here are some recent examples

"We need these coins by tomorrow, Wednesday 10/13!
We will provide overnight labels to ensure we receive the coins on time!
If your order(s) are on backorder, please cancel the order(s) with the US Mint as we cannot accept it after the 13th."

"If your coin is not yet shipped from the US Mint, please cancel your order as we are past 30 days. If you have already received your coins, ship them to us immediately. We need all the coins shipped to us by Friday."

"Please cancel any backordered Eagle S 21EMN mint coins from 8/12"

while i feel when you agree to sell to somone you should honor your word but if buyers are going to change the terms as they go how can you not expect sellers to do the same thing?

[Euclid]

In the past there have been many disscusions about people reneging on commintments they made to "coin buying groups" when the price of mint coins have skyrocketed, recently there have been multiple cases of those buying groups now asking for people to cancel their orders if they were backordered or telling people if your coin does not get to us by x date we no longer can take it when that was not part of the terms when the deal was originally agreed to, especially when its a known thing that orders are taking much longer then usual to process and ship
I am not saying every buyer is doing this but here are some recent examples

while i feel when you agree to sell to somone you should honor your word but if buyers are going to change the terms as they go how can you not expect sellers to do the same thing?

Let's name them. And wikify after.

1) I got an email like that from Pointsmaker.

[sddd]

seller cancelling because it went up in price is unethical
buyer calcelling because of waiting is at worst a grey area. If the mint said to wait a year, no one would expect that to be assumed in the agreement.
A normal delay is expected.
what is within the boundaries of "normal" is debatable and likely a difficult halachic question.

[Euclid]

seller cancelling because it went up in price is unethical
buyer calcelling because of waiting is at worst a grey area. If the mint said to wait a year, no one would expect that to be assumed in the agreement.
A normal delay is expected.
what is within the boundaries of "normal" is debatable and likely a difficult halachic question.

The same logic applies in reverse (and I got this psak from a rav, a previous time when the market price shot up): when committing to a buyer no one expects it to go up by so much.

[jew]

If I understand correctly, all the buyers cancelled 8/12 coins because the value,
not the delay..

seller cancelling because it went up in price is unethical
buyer calcelling because of waiting is at worst a grey area. If the mint said to wait a year, no one would expect that to be assumed in the agreement.
A normal delay is expected.
what is within the boundaries of "normal" is debatable and likely a difficult halachic question.

[Elishagotts]

If I understand correctly, all the buyers cancelled 8/12 coins because the value,
not the delay..

PFS did not cancel btw, but the delay caused the value to drop, any buyer taking it now will likely incur a significant loss

[yosefsv]

buyer calcelling because of waiting is at worst a grey area. If the mint said to wait a year, no one would expect that to be assumed in the agreement.
A normal delay is expected.
what is within the boundaries of "normal" is debatable and likely a difficult halachic question.

With the 21EMN Coin, the buyers have committed to buy backordered coins that were expected to ship 10/14.
The buyers may have hoped it will ship sooner, but that doesn't make it a grey area.

[CountValentine]

The bottom line is they are asking to cancel because the price dropped. Lets see them ask to cancel on a coin that goes through the roof. They will wait until the cows come home. 

[yosefsv]

Has anyone had last week’s 21EHN ship out?

Yes (but back to USPS )

[jackst]

did all the buyers back out of the August 12th deal because I know of a buyer (from on here I didn't commit to him) that said he has no problem with backorder and fully committing to them. or some buyers kept their commitment?

[jackst]

mint started shipping out their backordered August 12th eagles

[yosefsv]

mint started shipping out their backordered August 12th eagles

+1 Mine changed today to "USPS First Class Mail".

[Euclid]

mint started shipping out their backordered August 12th eagles

Still waiting on the Peace and Morgan dollars from 8/3 and 8/10

[myi]

The Uncirlated Gold 1oz started shipping today as well.