Jun 032014
 

We have heard a number of complaints from those who tried unsuccessfully to order the 2oz Poseidon coin from our website overnight. I am sorry you did not succeed – obviously not everyone could with a mintage of a just 1,500.

The Poseidon coin’s design-appeal and low mintage created incredible demand. Half an hour before it became available for sale online we had more than 450 customers logged into our website waiting to buy. That figure increased as we moved towards launch time with even more buyers chasing the first tranche of our website’s allocation of 300 coins.

The speed and volume of orders to hit the website caused many of the problems that have been described to us.  I apologise if you were left ‘hanging’ for any length of time before our system indicated that the coin was no longer available. This is a shortcoming of our systems we’re aiming to resolve under the website replacement program.

The other complaint we have heard is that a few dealers have been offering Poseidon coins on online auction sites at prices significantly over our recommended retail price. This has led to claims that they were given preferential treatment. In fact, each dealer received only a tiny allocation which was correlated to the number of preceding Zeus coins they took.

On the question of dealer pricing, unfortunately there is very little we can do. As discussed previously on our blogs, we are unable to ‘fix’ the price at which third parties sell our coins under Australian consumer law.

Congratulations to those collectors who did secure the amazing Poseidon coin via our website – you are the proud owner of an extremely sought-after release!

POST A COMMENT

 

  54 Responses to “Issues relating to Poseidon 2oz Silver Coin”

  1. Ron,
    Please make sure you upgrade your website ASAP, it’s unbelievable that this still happens after years of complaints. It is also unbelievable that at most a couple thousand users can effectively DOS attack your site – it’s 2014 & this should not happen on such low volume. The web layout is great, fix the back end stuff because it’s letting you down big time.

    I got up at 2am on a working day and was left hanging for an hour after that before realizing I was not getting anything. It’s not sour grapes, got one from downies in the end, just something that needs addressing.

     
  2. What is sad is that product was put in the basket giving the obvious illusion that buyers had one allocated to only get it snatched back during the check out process. Your choice of words leave much to be desired Mr. Currie, as I am never left hanging. There is always a way to obtain something for sale. I assume many that were logged in waiting to buy were simply flippers and don’t care about the coin itself, but what they can charge over the issue price to someone else.

     
  3. My credit card has Perth Mint charge on it since I started order process when it was in stock but was placed on “120 minute” hold. Will this charge disappear since I did not get one? Disappointed in your website since I was on at 12:01 and the website was not even loading for me. Sat for over a half hour before I could even get order placed before the “process wait time” and was still unsuccessful.

     
    • Hi Nathan

      The charge on your credit card will be removed in these circumstances. Please allow 5-7 working days for this to happen.

      Kind regards

      Blog Team

       
  4. Thanks for explanations.
    Let me ask some questions:
    1 . what is planned to make by the time of Gades’s release in order to avoid system lag?
    2 . what is planned to make in order to avoid buying up of coins by several resellers? Tracking on IP? Something another?

     
  5. This so called explanation does NOT cut it! This 300 number is significantly LOWER than the online sale allocation of #1 Zeus. That means Perth Mint ADDED other so-called distributors, who are nothing but blood sucking middlemen who make enormous profit on the back of collectors.

    Another thing is the TRUE reason for PM changed their mind, limiting 1 each person is because of their DECREASING allocation for online order. If they were not doing this, the sale would be a total joke. Since a couple of big buyer could Buy the 300 In several orders!!

    I recommend Perth Mint learning from U.S. Mint,
    1. Gave everyone Equal opportunity, including Dealers. For example, for HOF and 5oz collector version of ATB coins, dealers will have to join the average public to buy them online!

    2. Put ALL mintage on at the same time, best time, Perth mint morning after 9am, i.e. US evening time. This way, people in Australia do NOT need to stay overnight online, and people in the U.S. do NOT need to take a day OFF from the work!

     
    • I’m 100% agree with you!
      Everyone should have a same chance of getting it! Especially on low mintage such as 1,500.
      The sales manager on this coin might got some “grey income” from the dealer.

       
  6. Thank you for addressing the problems encountered yesterday with the Poseidon launch. Compared to other high-demand launches, this one was definitely more frustrating as I and almost everyone else I know kept getting error messages when trying to order.

    I would suggest that given global demand for this product, a moderately higher mintage for the 3rd coin may be in order. Perhaps 2500, which would still make it a low mintage piece.

     
    • Actually a higher mintage to compensate for Perth Mint’s error for THIS POSEIDON coin is in order. A higher Hades mintage would not solve this problem at hand and would do nothing to complete anyone’s collection.

       
  7. In an age where additional server capacity is always available at the flick of a switch, 450+ customers, in ecommerce terms, is like a mosquito bite to an elephant.

    Out of interest, what does a “tiny allocation” amount to these days in real figures?

     
  8. Even thou there are over 450 customers logged on to Perth mint website at that time, since the mintage is 1500, which means we should be able to get at least one. BUT, unfortunately, I was not able to get one after the system was processing.
    In your system, if some one has put the coin in the shopping cart, you should -1 stock from your inventory, after waiting the long process, then your system tell us there is no stock available. What kind of system is this !!! and how many actual stock is provided from YOU (Perth mint) at that time.

     
  9. What exactly does this mean?

    “chasing the first tranche of our website’s allocation of 300 coins.”

    Does this mean more are coming? Your site says unavailable, not sold out. Some transparency here would be helpful in assessing where and when people choose to buy coins from you again.

     
  10. That was a simple way of saying “sorry you’re s**t out of luck, it’s not our problem.”

     
  11. Do not be saddened by the black hearts of scoundrels and profit chasers, for this is but one fine piece of a greater many that are more deserving of numismatic appreciation. The Mint of Perth are surely not the last word in innovation, and there will be those that will have learned the lessons from this sad tale. So cast aside the greed and the desire, and there is little more than the two cold ounces of metal that remain. For where enjoyment ends, collection will also find its end.

    Regards.

     
    • Beautifully composed FictionD. Thanks for your unique perspective.

      Blog Team

       
    • I have the sad task of selling my Zeus on ebay and ending my collection. I will not be buying Hades like this without Poseidon. The only real solution to this problem is to put out another 500 for members of the Perth Mint only who ACTUALLY collects these coins to compensate for the speculators. Why give speculators the satisfaction of banging collectors with profits. Perhaps they can put one with a privy like they always do with their Kooks and Lunars Series.

       
  12. Will there be more “batches” for sale on the site or are they all sold out? Thanks in advance for your response?

     
    • Hi Mark

      We have no more allocation to sell on the site. As you can see, the chances of any coins being returned to us from other channels is virtually zero.

      Kind regards

      Blog Team

       
      • Here’s a suggestion to fix this mistake: Up the mintage of the Poseidon Coins to get this out to the collectors only. If this problem is not fixed, the sales of Hades will suffer. I personally will not buy Hades without Poseidon. Let all who register with Perthmint and have an interest in these coins know about the next batch and not the dealers who already bought and reserve one per customer.

         
  13. The coins in this series are awesome pieces – any chance that this series will be extended with additional greek gods next year?

    Thanks!

     
  14. Since you guys at the Perth Mint did not save me a Poseidon and I have a Zeus and can’t continue the collection, I will have the unpleasant task of selling my Zeus coin. I hope more legitmate colelctors follow suit and lower the demand for this collection at the expense of the speculators.

     
  15. The “technical” difficulty with the Perth mint website where I put one in my shopping cart at 12 noon EST or 12AM perth time is all BS and the reason you have a lynch mob outside of Perth Mint. I too missed buying the coin this way and because of my dissatisfaction with the way this is handled, I am selling my Zeus. They should apply the limit to ALL including the dealers.

     
  16. I was one of those people that was left hanging,,,What annoys me is that sellers on ebay have over 25 of these coins and are not interested in collecting but making a huge profit this is unfair and why is it that us every day hard working Aussies have to get out of bed at 2.00 am in the morning because it suits the USA buyers this is crap…i was told that over 80% of these coins had been allocated to the USA market this makes me want to flip my Perth Mint coins and spend my hard earned cash elsewhere…here is just one person whom has flipped 25 of these coins at US$429.99 plus nearly $50 US to post them….Come on Pert Mint stop trying to fool us why cant these issues be purchased during a normal hour of the day and not while yous people are home in bed sleeping peacefully

    http://www.ebay.com.au/itm/161320684822

    http://www.ebay.com.au/itm/2014-SILVER-GODS-OF-OLYMPUS-POSEIDON-COIN-2-0Z-ANTIQUE-FINISH-PRE-SALE-/161325608228?pt=US_World_Coins&hash=item258fc16d24

     
  17. As one of those who missed the coin because of the glitch caused by buying from speculator coin dealers such as those at ebay and those that overcharge for coins and were sold 15-25 of them, let me make a suggestion to the mint- coin another 500 of these Poseidon coins and offer 1 per customer for each collector that requests them. If it raises the mintage to 2000 and devalues the coins for those dealers, tough luck to them. This is the right thing to do Perth Mint. i would even accept a coin with a privy mark or a mark that says, “Second issue” of Poseidon. YOU guy at Perth mint turned this Poseidon market into a speculation circus by selling 15-25 of these coins to ebay dealers and other dealers banging collectors with prices as high as $399, you should fix this mistake. No one here will buy the Hades coins and this third coin will tank in sales. I myself am ready to sell my Zeus coin. This is no way to do business with collectors.

    Jeff

     
  18. It is interesting to me, silence Blog Team on inconvenient questions is caused by that they consider a solution or the opinion of real collectors is indifferent to them

     
  19. Greetings Blog Team,

    When do you expect these coins to start shipping? Have you thought about the idea of making the series available via subscription for those that have purchased the first, second or both? It would certainly benifit the actual collectors of the series so they know they would be able to get them all directly instead of having to buy in the secondary market for a large premium. For the third coin has the mintage been set in stone or is it possible for an increase? I would like to thank you in advance for time and reply.

    Take care,
    Mark Rex

     
    • Hi Rex

      Coins are being antiqued in batches and shipped immediately. Hopefully a batch with your coin is not too far away! Thanks for the subscription idea – we’re not in a position to comment further on this yet. Unfortunately, the question of increasing the mintage of the final coin in this program is not possible.

      Kind regards

      Blog Team

       
    • You want to tell, what if I was compelled to buy the first and possibly the second coin from resellers, I should be deprived of chance to buy at least the last in PM?
      And if the reseller bought both coins on PM, they will automatically receive also a third?
      Are you sure, what you care of real collectors? Whether reseller are you?

       
  20. Thank you commenters. We are listening intently to the conversation here and appreciate the views of those with constructive criticism.

    I have already acknowledged shortcomings with our website during busy periods and apologise to everyone who had an unsatisfactory experience. We have a major web replacement project underway to address these problems but the complexity of the Mint business in all its divisional activities means our integrated solution is still some way off.

    In July we will be trialling the day-time launch of new products on the web. This means that the Mint’s Customer Service telephones will be open for ordering and website support. For this trial we will also be able to release our full web allocation of new products in a single batch. All being well, these measures will remain in place permanently to help alleviate similar situations to Poseidon in the future.

    Coin dealers are an essential part of the coin industry and play an important role on behalf of all major mints worldwide. As I have said before, for legal reasons we are unable to control the price at which dealers offer our products for sale. We provide a recommended retail price, but under consumer law that is all we are entitled to do.

    Despite initial skepticism in the Gods of Olympus concept, our dealers supported the product by taking 80% of the Zeus mintage (then an unknown quantity). Despite applications for vastly more Poseidon coins, they received exactly the same percentage for the second release. In response to incorrect speculation, in both cases the Mint had 300 coins available for direct sale.

    Regarding the suggestion that we increase the mintage and “re-mint” Poseidon coins, I can categorically rule this out. Collectors who have successfully acquired the coin purchased a product with a stated maximum mintage of 1,500.

    Even if it were possible for us to strike an additional 500 coins, it would not be nearly enough to satisfy the likely demand and then there would be call for another 500. Where would it end?

     
    • Thanks for addressing the issues on this post. I know I suggested increasing the mintage but I retract that idea for a better one- limit the distribution of coins to 10 to dealers that overprice the coins such as gainesville coins, muenzdachs.de, aquacoins, and other speculators that overprice the coins. The ones that follow the suggested prices such as newcastlecoins, directcoins, or downies should get unlimited or if you like to limit them, 25 coins. I guarantee that more people buy from those that charge $179 than the ripoff speculators that charge $400.

       
    • The day-time release trial is an excellent idea: if things go wrong, Perth Mint staff will be able to fix the problems immediately (even if the problems cannot be fixed immediately, at least Perth Mint staff will be able to take down the products causing the problems and put up an message to indicate that the problems are being fixed).
      As for the management of coin dealers, I can understand Perth Mint’s viewpoint and I think it is quite fair. Dealers can set whatever prices they wish. If they do not have buyers, dealers will adjust their prices accordingly. Price is a reflection of supply and demand.
      I do not work for Perth Mint and I do not gain any financial benefits from Perth Mint in expressing my opinions above.

       
    • Ok then, Mr Currie.
      If a re-mint is off the table, then what about the minting of an alternate version, like with the Wedge-Tailed Eagle and it’s 1oz high-relief, 1oz proof, and 5oz high-relief?

      I’d certainly go for a 5oz version if it was anything like the WTE; rimmed, encapsulated, in a standard PM box, and at a similar mintage of 5000.

      I’ve got a Zeus, but I won’t be chasing Poseidon or Hades because, for a while, I’ve been in two minds as to what I’ll actually be missing out on. I’ve not really seen the appeal in putting nice designs on a postage-stamp sized canvas, and for such a nice design, not protecting it never did feel right. (Constantly thinking about various ways to protect an unprotected coin is something I’d rather not waste any more of my time doing.) The case is ok, but it just takes up so much storage space compared to the size of the coin it holds, and the square COA doesn’t even fit inside the round case.

      I guess I’m not really one of your “collectors”. Rather than collect coins in a series, I just pick and choose what I happen to like where I find it; the silver WTE being a 3 out of 3 example of what I saw as perfect. Maybe that has set the bar too high for anything else I’ll now look at.

       
  21. For all those I offended on this blog when i suggested an increased mintage, I apologize. I was one of those dissatisfied customers that didn’t get the coin directly from Perthand I flew off the handle but the good news for me is that I was able to trade for a Poseidon coin and will buy the Hades so I have calmed down since. I like Rex’s idea and the US mint uses the subscription idea on the America the Beautiful 5 oz coin “P” Mark and I am a subscriber. I think perthmint should follow suit and do the same. If there are more subscriptions than Perthmint can handle then some should be turned away. Perth can limit the number of subscriptions to 300 on a first come first serve basis. If you miss subscribing you’ll have to take your chances on buying the coisn in the general market. As far as the speculators are concerned, what will happen to the ripoff artists is that they will not sell their coins and will end up putting them on special deals. The ones that followed the suggested pricing of $179 have already sold all their Poseidon coins and will sell all their coins on the Hades batch.

     
  22. I will be selling my Zeus coin, as I cannot complete the series now…while getting as far with the Poseidon coin as seeing the rotating icon for verification ( With VERY low minutes ) and getting my credit card charged for the item.

    Anybody who actually got this far in the purchase process, should be able to take allocation priority over dealers …especially after we find out here that only 300 coins were made available for purchase on the website.

     
  23. I thank Mr Currie for always listening to our complaints and continually trying to improve the service….

    I think why most collectors were so upset, is the fact that we logged in at or before the time, waited throughout the whole server down process (1hr 15 min approx) and then when we finally had the product in our cart, “paid” and then waited another 20 min just for the product to be “out of stock” – thats a 1hr 35 min waste of our time (and for some at extremely odd hours with the need to work the next morning).

    The problem came thereafter when the mint released more coins in batches throughout the day – this I feel should have been kept for those who tried so desperately throughout the night to secure a coin rather than placed back on the website for sale.

    Either PM should have been able to see who was trying to purhase online during the night (I am pretty sure this is possible) BUT if not, then at least keep the stock aside as the Perth Mint would definitely have been expecting phonecalls from customers complaining about their bad experience during the night and kept 1 per coin for them.

    If there was still leftovers after a 24 hour period after receiving the complaints, then put the rest on the internet to sell.

    I appreciate the fact that the server / website will be upgraded in the future, although I think it should have been a warning sign with the release of the lunar dragons and should have been done sooner.

    Alas, its not the server that we irritated about, its about how you fix the bad online service that was offered that night, and sadly nothing was done about that, hence my suggestion above!

     
  24. Just a small point I wanted to make was that being such a popular release vs extremely limited press a lot more people were going to be dissapointed than be pleased. It’s just part of the fun of the hobby.

    I’m not weighing in on the resellers as I only buy my coins for issue price. As someone mentioned before there are a number of great sellers that do this and I support them also.

     
    • Part of the sport of collecting is giving all collectors a fair chance at a first come first serve buying basis. If the Perth Mint is going to screw over collectors for the sake of selling all the coins to dealers so that dealers can get a huge mark up to take advantage of colelctors, then there is no point in buying anything from perth Mint. At least with the U.S. mint, collectors get the first chance to buy then whatever is left over after the first day of release, they sell the remaining coins to dealers. Perhaps Perth Mint gets a kick back from the dealers who sell at a mark up. Who knows because it seems that way. I will make these accusations because Perth Mint ignores the collectors and constantly favors dealers.

       
  25. From the actions of Perth Mint, it seems like all they care about is just selling all the coins and don’t care to whom. Dealers buy them in large volumes and perhaps by Perth Mint selling 1200 to them and only 300 to the individual buyers, Perth Mint probably gets a kick back from the dealers that overcharge on the secondary market. To me, this is not a collectible environment because collector’s coins supposed to have a chance to be obtainable when they first come out. Instead, collectors were barred from obtaining them fairly with this fake website problem in favor of ripoff mints getting a majority of the coins. I see that since Zeus was not demanded by dealers at first, Zeus was easier for me to obtain and perhaps since there were fewer bids from dealers to get them, more Zeuses were put out to indiviudals than Poseidons. Sinc emy trade for a Poseidon fell through, I will sell Zeus. I have been seeing Zeuses pop up more on ebay as people are dumping them because Perth Mint did itself a disfavor by their actions with Poseidon.

     
  26. Certainly don’t agree with raising the mintage for Poseidon. Hundreds have purchased at inflated dealer prices who now have their money, so it will only hurt those fortunate enough to have obtained one (sadly not including me…).

    I do think an alternate version would be a great idea and it certainly wouldn’t be the first time the Perth Mint have done something similar. A 5oz version would be the logical move as the artwork is certainly detailed and impressive enough to look good at that size. Mintage at 1,500 and the current packaging is large enough to accomodate the larger format.

     
    • I agree that there should be an alternative version or a different size. I would continue the collection to Hades even if my Poseidon were different just like I continued my gold panda even though I was unable to obtain the 1/4 oz 1998 gold panda BUT the Chinese mint coined the 1/10 ounce to satisfy collectors and to give them a second chance at getting the 1998 design. I have all 1/4 ounce gold pandas except 1998 which is my only 1/10 ounce and I wouldn’t have continued my collection if the mint did not put out these smaller denominations. They were unfair with the 1/2 and 1 ouncers though but they satisfied most collectors with the 1/10 ounce who also missed the 1/4 ounce.

       
  27. You promised to have the website upscaled following the Year of the Dragon fiasco when the site crashed then. It’s been two years with still no update as to when we can expect better web service, despite the fact that the mint’s prices have more than tripled with the price of silver hovering around $20/oz. Trying to purchase a coin for over an hour and half is unacceptable. And then receiving an email hours later asking me to continue the checkout absent the coin (with more coins being released throughout the day) is even more unacceptable. The mint should consider having a preferred clientele status for retail customers who buy at a certain dollar level.

     
  28. I think it needs some rules such as as a buyer we have to register and pre-order the coins so it will help to avoid this problem. Buyers are many but not able to accommodate their demand so that they will get nothing and likely it’s affecting your reputation. In addition, regarding your retail price, you have to determine the lowest and the highest price. It’s fair and will protect anyone who wants to try his or her luck in this market.

     
  29. Hey guys, just wanted to say that some people already got the coins.

    Here are videos and real pics: http://thecoincollector.org/gods-of-olympus-poseidon-2014-2-tuvalu

     
  30. People, stop complaining about websites crashing, huge price increase etc. If you really want to have a coin with such a low mintage you gotta just dig deeper into your pocket.

    Everybody knows why the website crashed! It is because most of us asked our friends, family etc. to buy coins for us because some of us simply like to have more than 1 coin and the mint simply imposed a 1 coin per customer limit.

    No matter what they do the website will always crash because when another coin so popular as this one comes out then there will be a crash again and again.

    Look…there are so many other interesting coins that the mint makes and are also as limited as this one.

    If you were not lucky enough or fell asleep well that’s too bad. Do you know what would happen if the sale was during the day?! The whole website would crash for a couple of hours and because the sale was during the night the problem was much smaller.

    Look this may sound hard to you but just buy it on ebay when the coins get cheaper in a couple of weeks. The hype always comes just after the new coin is issued. Patience and heads up 😉

    Lets stop trolling and bullying the mint’s workers. Lets stop criticizing the dealers that sell the coins for over $400 since they are helping in keeping the price of those coins. This is in their and the collector’s interest since nobody would collect coins that are not in demand.

     
    • Does anyone want to trade for one of my Zeus coins. I have 3 of them I bought early on but they are useless with Poseidon to complete the collection. Sometimes I wish Zeus was a stand alone. Poseidon coins are staying at $400 a coin but Zeus is going down. Perhaps because people are frustrated with this fiasco.

       
  31. I find it odd that some American dealers have had the Poseidon in stock for close to 2 weeks and one even already has a supply of graded coins, yet other U.S. and Australian distributors of Perth products have not received their allocations. Do you expect to ship the rest of the coins soon?

     
  32. IF ANYONE DOESNT BELIEVE THAT THE PF IS NOT SELLING MORE COINS TO CERTAIN DEALERS AND GETTING LARGER KICKBACK’S ,,,,,,, YOUR NUTS, HOW IS IT POSSIBLE TO BUY FOR $365 5 POSEIDON COINS ON EBAY BEFORE THE ACTUAL RELEASE DATE IF ONLY ONE IS ALLOCATED PER REGISTERED CLIENT??????????? PERSON HAD LIKE 15 AVALIABLE???????????? I’VE BEEN A RARECOIN DEALER FOR 13 YEARS, AND CLEARLY SEE WHATS GOING ON,,,,,,,

     

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