(Updated: The commission has increased to $145.05, a $60 increase from the initial offer.)
Another new coin deal August 3rd, 2021. PFS Buyers Club has another coin deal on two limited edition Morgan Silver Dollars. See details below.
Background (skip if already familiar). The US Mint regularly releases limited-edition coins to collectors. The coin sets are often limited by household, but end up worth more than the initial cost. PFS Buyers Club is a website broker that recruits regular folks to buy their allotted coin set with a set markup amount, with the agreement that they will sell it directly to PFS Buyers Club. For example, you might pay $300 for a coin and they’ll agree to pay you $350 for it (including prepaid mailing label) – a fixed profit of $50.
I believe the closest analogy is to other collectibles like limited-edition Nike shoe drops. The US Mint benefits from the scarcity, and can continue to sell these collectibles at a profit far above the minting cost.
Deal details: On Tuesday, August 3rd at 12:00 pm Noon Eastern Time, there is a new fixed profit opportunity. Two limited edition Morgan Silver Dollars are being released, with each one having a purchase limit of three per household (2 coins x 3 sets of each = 6 coins max). The cost of each Silver Dollar is $85.00, times six coins plus $4.95 shipping charge, for a total of $514.95.
Total net profit opportunity of $155+. PFS will pay you a fixed commission of $85.05 now $145.05 for a full 6-coin order, on top of your cost for the set. ($660 total.) You’ll also earn credit card rewards on your ~$500 purchase (worth another ~$10 here at 2% cash back), or also possibly satisfying the requirements for some $500+ value credit card bonuses. This makes the net profit at least $155.
I have had reports of the Fidelity 2% back card not awarding points on US Mint purchases. I have used a BofA card (earning an effective 2.6% back with Preferred Rewards) without issue. AmEx says they don’t award points for bullion and precious metal, but in my experience US Mint purchases are not coded as bullion or precious metal. You may still choose to avoid them to be safe.
Note that the eventual value of the set may exceed that elsewhere – you may be able to get more on eBay, for example – but if you want to make that bet, don’t promise to sell to PFS Buyers Club. Just buy it on your own and try to sell it yourself. Keep in mind that eBay seller fees can be quite high, you run the risk of the buyer claiming you sent them a box of pennies, and you’ll be responsible for other costs like the proper shipping with adequate insurance. The PFS Buyers Club price includes a free prepaid mailing label (including insurance) and they will pay you via eCheck (no fees), paper check, or PayPal.
Here are the two coins: Morgan 2021 Silver Dollar w/ D Mark and Morgan 2021 Silver Dollar w/ S Mark. In May, they offered the Morgan coins with the O and CC Mint marks.
Note: This coin is not expected to ship until October, but they also won’t charge your card until October. But be around that you’ll need to be around to receive the package and then drop it off at FedEx.
My past experience. I used PFS back in March for the first time, and everything went smoothly and I was paid my money in full without issue. The amount of communication was great and better than expected; I was kept up-to-date every step of the way. The total time commitment was about 30 minutes for $400+ profit, including the stop at the Fedex store to drop off the box with prepaid label. The eCheck option worked great – I printed the check out at home and deposited immediately via mobile app. PFS has a very solid reputation online, and I referred several blog readers last time and did not receive a single complaint. The primary issue is that the coins usually sell out quick, so you have to be fast.
If you want to jump on this, you can sign up to join PFS Buyers Club here. Sometimes these deals fill up, so I would sign-up and opt-in sooner rather than later. You can still opt out of the deal until an hour prior to the coins going on sale. PFS will provide *very* detailed instructions. Read them ahead of time, and follow them carefully to help you buy the coin before it sells out. If you use that link as a first-time buyer, I will receive a referral fee the first time you successfully sell your coin for a profit. Thanks for those that use it, and for those that already used it in the past. I will be opting in myself as well.
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If these coins will be so scarce after the release, how about trying to sell them yourself on a platform such as eBay during the holiday season?
You can should you have the time, inclination and risk tolerance. JP sums those risks and costs up nicely above. Plus market risk should the price of silver drops or if the foreseen collect-ability of these wane. Or lock in a profit and “pay” someone else to do it. Simple arbitrage.
I think it’s worth the risk to try to sell these on your own. You would have six different coins to sell, which you would easily sell on Ebay, especially if the spot of silver rises even slightly between now and October. The real unknown factor is, how diluted will the selling pool be at the time these coins actually come to market? It’s a fact that these coins will be gone within the first 5 minutes of the release time on Tuesday.
For me, its totally not worth the risk. Ebay charges WAY too much. Its insane. And too many scammers out there. I just hope these people aren’t a scam as well.
Good news for readers, the deal price is bumped up from $85.05 to $145.05 per order!. Good luck !!
Good points, clearly there is enough potential profit to go around as PFS created a pretty substantial and repeated business around it. This would certainly be a good one to try out with the lower priced silver coins.
Used payment method Paypal (needs to link discovered card to paypal account) to earn extra 5% cash back.
Thank you for that, had totally forgot!
On second thought, I found this about PP at PFS plus the category will expire in Sept so best not to use…
“Please make sure to use a credit card that you expect to be active in October. The Mint may give you issues trying to change the payment method. The mint typically disables PayPal checkout on limited releases, so please make sure you have a credit card ready”
FYI, I don’t know if it’s Chase or the Mint, but my purchase of the previous deal at the end of July was unceremoniously reversed. It no longer appears as pending in my card history or on my statement balance for last month or this month. I’ve not seen this happen before for any other charge. My order had been in the pending state. I’ve not received any communication about this from anyone.
(It is the first large purchase I’ve ever made on this card, so maybe that made it suspect.)
Good luck!
I doubt it was reversed. What you saw pending was a card authorization which shows a pending and then falls off after several days. The Mint doesn’t actually charge your card until they ship the inventory, which is expected in the Fall for this offer and the previous one.
This one took me longer to work through. All kinds of errors and a time where the Mint accused me of using automation when in fact I was only reloading the cart due to their timeouts, bad gateways, and page doesn’t exist errors. In the end, I got the order in, though. Took a bit more work than last week.
See what your order status is at the Mint? History is stored there. Perhaps you can call & offer a differnent credit card before they sell it to someone else?
Got in today, much easier than in the past. Still batting a thousand! (technically 100 percent)
As a long time viewer of MMB, i have to say I’m not a fan of this type of content. Mainly because I am also a casual collector of coins and prefer to purchase directly from the mint which is, of course, impossible with services like the one your are shilling for here.
I hate to ask this, because I probably don’t want to know the answer, but what’s the expected tax treatment on the profit on something like this, and does that add weight to potentially making the hill not worth the climb?
Is there any opportunity for them to change their mind and not buy? Sorry didn’t read all the contract.
I just hope it isn’t all on you…have to sell to us, but if we change our mind-don’t have to buy.
Also-someone posted in July’s opportunity about paying damages for lost opportunity costs. Wondering what happens if you ship and coins or lost, they say they didn’t receive them or some other scam.
I get it behooves them to corner the market in these and have as many soldiers as possible out buying for them, but feel skeptical. Hope its not a long con. Honestly J-I know you make money off these referrals and good on you. (Their website did say they aren’t paying blog referrals though) I don’t mind you getting the $20 bucks, but don’t risk your reputation on something that may not be legit.
Also…
Don’t know what happened with the mint. They used to sell at just above spot to cover their costs of minting, At most, proof coins were most expensive at $50 above and uncirculated $20 above, but man…coins are often 20% plus over spot. That was when gold was running up to 2000 an ounce in the aughts during the crisis. Makes me skeptical of the government. Are they short on the gold? Are they anticipating a big spike in gold and want to keep anyone from hedging? $500 over spot is really messed up. They just changed that within last two years to start charging that crazy kind of price.
My order of the Morgan silver dollars still shows as “processing” status two days later. Anyone else? Best policy is probably the wait and see, I suppose.
Mine says the same thing. I think it’s fine, as they aren’t supposed to ship until October.
Thanks! And is your 4-coin American Gold Eagle Set from July showing on Backorder status? I’m only being a little neurotic about this because I entered both of these orders in such short succession without having been through a full cycle of the process to better understand what’s typical. Some of the PFS E-Mails are a bit strange as well with wording like, “We’d note that most of the orders we are tracking are officially on ‘backorder’ status, not ‘processing’. We are not clear to why this is and hope it is nothing to worry about.” It strikes me as a little odd to send a message worded that way. Oh well! Fingers crossed.
I am not having a great experience with PSF. One email. I had to contact them because my coins were arriving today and I haven’t heard from them.
After I did contact them, I received an email with all sorts of updated terms and new things they require you to do.
Also it’s always been a little weird you can’t open to confirm receipt of the items. Nothing to stop them saying the box only had one coin or some garbage. I don’t know if I should send these in. I really don’t like people changing their terms in the middle of the deal and really the communication is not at all anything like you’ve described.
I understand you have concerns as this appears to be your first time and you haven’t even received your package from the US Mint yet, but I would ask that you have some patience. PFS tracks your package on their end very closely, and will generate the shipping label *after* the tracking number shows that is has been delivered. You expressed concern in your email to me that the package is arriving Friday and you can’t send it back within the two day window due to the upcoming weekend, but the email is very clear that you have two *business* days to send it back, so if it arrives on Friday, you don’t have to send it out until Tuesday. I don’t believe that is an unreasonable timeframe.
I fully expect that if you allow things to unfold and follow their directions carefully, all the terms of the deal will be fulfilled. I just sent out my last box of coins yesterday, which was the third one this month. I have already gotten paid (check deposited and cleared) for the first two.