Thursday, August 14, 2014

Off the Wall US Mint Coin Pricing Leads to Big Buck Jobs for the Homeless (Until the event was shut down because the homeless smelled)

The US Mint on August 5 launched the sale of gold Proof Kennedy half dollars at the American Numismatic Association World's Fair of Money in Rosemont, Il.

The Mint was selling the coins (limit one per person) at a price of $1,240. They are apparently worth a lot more.

The first four coins purchased at the Mint were sold to a dealer for a total  of $20,000 (Coin World). Authenticated first strike coins are now selling on E-bay for more than $9,000 (Kitco).

But here's how things really got crazy.

Some dealers bussed homeless to stand in line and to buy the coins (Coin Week). Reportedly,they were paid a few hundred dollars to stand in line.

But they apparently smelled and the the American Numismatic Association shut down the Mint from selling anymore of the proof coins. There were also known gangs at the event. A long time insurance provider said “It was the first time ever I felt unsecure on a bourse floor” (Coin Week).

“The Mint and the ANA made the decision to ensure the safety of those wanting to purchase the coin and the safety of their own employees,” the Mint said in a press release issued Aug. 7.


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