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Gods of Olympus – Hades 2014 2oz Silver High Relief Rimless Coin

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Gods of Olympus – Hades 2014 2oz Silver High Relief Rimless Coin

Gods of Olympus: Controversy, Excitement and Resentment

The Perth Mint has released the highly-anticipated Gods of Olympus: Hades 2014 2oz Silver High Relief Coin earlier today and it was an absolute ‘feeding frenzy’ to say the least. I discuss this and the overall lessons that can be learned from the release of the coins in the Gods of Olympus coin series in this article.

It seems the latest and last release by The Perth Mint in the Gods of Olympus coin series is seeing like its predecessors, especially the Poseidon coin, its fair share of controversy, excitement and resentment. The order process at The Perth Mint website was again testing the patience of most buyers. This while most couldn’t manage to get their hands on the Gods of Olympus: Hades 2014 2oz Silver High Relief Coin after excruciating waiting times.

Needless to say, fortune and extended excitement have favored those who could manage to get their hands on the coin directly from The Perth Mint via their website, not through means and ability in most cases, but pure luck. Well done to them and to everyone that tried, despite the odds and favoritism stacked against them.

This while other buyers, especially those who successfully ordered both previous issues directly from The Perth Mint, were favorited and got the opportunity to order the coins before launch. Whether this opportunity was extended to all buyers, who fell within the respective categories at various dealers and/or retailers, including The Perth Mint, is something that will remain a mystery to me. It will also remain a mystery exactly how many coins were left for direct sales at The Perth Mint website after all the pre-orders went in, but it couldn’t have been a great number of coins, especially if one considers the number of people that harbors resentment towards The Perth Mint today.

Loyalty should be rewarded, but…

More than one coin collector seem to for one question the extent to which dealers and/or retailers, including some collectors, are benefiting from the favoritism shown by The Perth Mint before the release of the last coin in the Gods of Olympus coin series, especially considering the highly limited mintage of only 1,500 coins per issue.

E.g. as forum member, old silver guy, notes at Silver Stackers: “By the way, I don’t think retail stores should get a reserve amount of the coins. They retailers should be place on the same playing field as the rest of us….Do you agree????” Bullion Baron at the same forum answers: “Dealers take a risk buying and stocking a variety of Perth Mint coins, some of which sell slowly (or not at all and they have to sell them for smaller margins or under cost)… the popular coins they receive an allocation of makes up for that. So even from a non-dealer perspective I don’t think they should be limited in the same way as retail buyers.”

I feel it cuts both ways, because there are many collectors who also buy and stock a variety of Perth Mint coins of which many never increase in value, while most dealers are in a position to rake in profits most of the time. As a collector myself, I feel it wouldn’t have hurt dealers too much if The Perth Mint would have rather chosen to make the total mintage of coins in such a highly popular coin series available directly via their website. I mean, the whole series is made up of only 3 coins, so there is no way that dealers would have suffered any extensive damage, if any, to their businesses.

Rewarding loyalty can be a great thing, but when it gets too exclusive and unbalanced, it can create a great deal of resentment. This resentment can course more harm than good and one can rightly ask: Are the benefits gained by a limited selection of dealers and collectors, through favoritism, business deals and what have you, worth the damage caused by the resentment a large portion of your target market now have as a result of it?

I mean, many tried to order the coins previously issued in the series directly from The Perth Mint, namely the Zeus and Poseidon coins, but were simply not successful. This was by large not because of failure or lack of loyalty on their part, but simply because they were out of luck considering the realities they had to face. Despite this, many of them are strong supporters and buyers of Perth Mint coins in general. So where exactly is the reward for their loyalty that extent way and beyond just one coin series or the failure to successfully buy one coin in the Gods of Olympus coin series directly from the mint (justification to be disqualified to pre-order the Hades coin)?

Synergy…

I can comprehend the points made by all parties, but I still feel that releasing the total mintage via The Perth Mint website would have leveled the playing field, extended the benefits to the greatest number of people and limited the level of resentment experienced now.

This would have most likely instilled a strong sense of fairness and would have embraced synergy to the fullest extent where 1 + 1 = 3. It would be good for the Gods of Olympus series and for most parties involved. Hopefully The Perth Mint will seriously consider it in future coin issues as and when it becomes necessary. It is for one already speculated that The Perth Mint plans to release a Goddesses of Olympus coin series next year.

I am of the opinion that they’re now sitting with a huge risk that many folks are not going to come to the party the next time around, especially if much needed changes are not introduced. In fact, after the latest controversy, many folks have already indicated that they will be selling their Gods of Olympus coins that were previously issued in the series, which has now come to an end.

It will surely be interesting to see how the above is going to affect prices, especially considering the strong price performance of coins previously issued in the series (before the latest controversy and despite previous controversies). It is of course difficult to say with certainty, but I expect prices to remain at levels much higher than the launch price of all three coins in the series, namely AUS $162.73 per coin (more or less USD $140). I expect this series to do relatively well moving forward, despite all the controversy, especially if one considers the extremely low mintages and the fact that there were only 3 coins issued in the entire series. In fact, contrary to popular believe it may do well as a result of all the controversy. This of course doesn’t take away from the reputational and other possible damages suffered, both real and perceived. This is not even to mention the resentment it caused. 

If I may draw a line of comparison with the issuing of virtual or crypto coins out there, almost all coins that are pre-mined by a selective group before launch, suffer extensive reputational damage to some extent or another. The same could be said when it comes to the distribution of coins in the Gods of Olympus coin series. A few benefit at the expense of the majority.

Thus, it should be clear that while loyalty can and should be rewarded, it can back fire in a huge way if not done in a fair manner (or even when just the perception exists or gets created that it was not done in a fair manner).

Greed…

It is certainly not exclusive to the Gods of Olympus coin series, but I cannot help to wonder about the extent to which greed has and is playing a role.

The same can of course be said of coins that were previously issued in the series, but how many have bought the Hades coin because they really like the coin and how many have bought it purely with a profit motive in mind and/or to flip it? I mean, jokes abound about how Hades is taking a dump (lol) and more than one collector have indicated that they will not buy the coin on the back of a bad design. Despite this, many who believe the design is bad have tried to buy the coin and some did so successfully. If they didn’t buy it for the love of the design or to complete their collections, then logic dictates that they bought it primarily with the motive to flip it for a profit.

There is of course nothing wrong with the notion to buy a coin in order to flip it for a profit, but greed can be a right bastard, especially when driven by favoritism, right?

Mintage Limits…

In retrospect, would higher maximum mintage limits have prevented all the controversy, excitement, resentment and perhaps regret on part of The Perth Mint? Are there lessons that can be taken away in terms of maximum mintage limits?

I highly doubt The Perth Mint expected that the Gods of Olympus coin series is going to generate this much attention, healthy and otherwise, especially considering the “extremely limited mintage” of only 1,500 coins per issue. I am of the opinion that if they did expect this extremely high demand prior to release, they would have most likely increased mintage limits to at least 10,000 coins per issue. I mean, how many would have correctly guessed well in advance that high relief, antique finish coins depicting three brothers out of the Greek mythology, namely Zeus, Poseidon and Hades, would generate this much attention? Needless to say, if they did predict all of this accurately in advance and still went ahead with it regardless, then they are right bastards to say the least.

Thus, The Perth Mint may want to consider higher maximum mintage limits before releasing high relief, antique finish silver coins again. If not, then chances are that we’re going to see repeat of the above, something that will ultimately not bode well for neither The Perth Mint nor the majority of coin collectors out there.

Conclusion

Was the release of the Gods of Olympus coin series an abject failure? I think not. Were the coins fairly released and/or distributed, even when reward for loyalty can possibly be used as a justification for such a distribution? I doubt it. Has greed played a role? Yes. Are there lessons to be learned? Certainly.

Gods Of Olympus Hades Silver High Relief Coin Pre-Ordered

Gods Of Olympus Hades Silver High Relief Coin Pre-Ordered

Gods of Olympus: Hades 2014 2oz Silver High Relief Coin

Gods of Olympus: Hades 2014 2oz Silver High Relief Coin

Gods of Olympus: Hades 2014 2oz Silver High Relief Coin And the Success of the Series this Far

Collectors of the coins in The Perth Mint’s God of Olympus coin series are eagerly awaiting the release of the final coin in the series, namely the Gods of Olympus – Hades 2014 2oz Silver High Relief Coin. We discuss this coin and the success of the series this far.

Gods of Olympus Zeus 2014 2oz Silver High Relief Coin

Gods of Olympus: Zeus 2014 2oz Silver High Relief Coin

For those of you who are not familiar with this coin series…

The Gods of Olympus coin series kicked off with the release of the Gods of Olympus: Zeus 2014 2oz Silver High Relief Coin earlier this year by The Perth Mint, which was followed by the release of the Gods of Olympus: Poseidon 2014 2oz Silver High Relief Coin in June this year. When it’s all said and done, the series will be made up of 3 coins, depicting the most prominent gods in Greek mythology, namely Zeus, Poseidon and Hades. Each coin will have an antique finish and each will be struck in 2oz of three nines fine silver (99.9% pure silver).

Gods of Olympus Poseidon 2014 2oz Silver High Relief Coin

Gods of Olympus: Poseidon 2014 2oz Silver High Relief Coin

Price performance this far…

The series heated up considerably after the release of the first coin, the Zeus coin, and was firing away on all cylinders by the time the second coin was released, namely the Poseidon coin. Prices have settled down since then, but still remains at extremely high prices relative to the launch price(s).

Both releases saw a limited mintage of only 1500 coins each and an almost immediate increase in price on the secondary market from the launch price of AUS $162.73 (more or less USD $140) in both instances. See the table below to get an idea of the price performance of both coins over the last 3 months… prices are quoted in USD…

Gods of Olympus Price Stats

Feeding frenzy…

It was an absolute feeding frenzy when the previous two coins in the series were released, especially the Poseidon coin. What is expected to happen this time around?

It is no secret that the website of The Perth Mint crashed several times shortly after the release of the Poseidon coin. The buying experience was nerve-racking earmarked by excruciating wait times, especially for those who couldn’t get their hands on one before the sell out. Needless to say, it will firstly, be interesting to see if the website of The Perth Mint holds up this time around, and secondly, whether the mint will choose again only to release a relative small selection of coins directly to the public (which will certainly not help to quench demand and may lead to chaos again). Nonetheless, I expect another ‘feeding frenzy’ when the Hades coin gets released in October this year, because who can say “no” to the excitement of the hunt, especially when pure luck gets more than its fair share of attention? I also expect, moving forward, that prices of all coins in the series will without effort remain at substantial levels above the launch price(s) over the short to medium term. There are of course no guarantees.

Whether prices will remain high over the long-term is anyone’s guess. However, I do feel that prices should hold up quite nicely. I mean, these highly limited edition silver collectors coins (works of art in my opinion) have a lot going for it. The art and/or design work is exceptional to say the least, although I have at this stage no idea how the Hades coin is going to look. Despite this, I expect it to score high marks as the previous coins in the series. In addition, The Perth Mint is well-known for issuing mint products of an extremely high quality. This is not even to mention the rest of the positives that should help to keep the Gods of Olympus coin series attractive to coin collectors across the globe for a long time to come. I mean, the packaging itself is something to die for. 

Thus, those of us who are lucky enough to get our hands on the Gods of Olympus – Hades 2014 2oz Silver High Relief Coin at the launch price will certainly have something to smile about. You could probably save money by playing the waiting game, but this coin series certainly seems to have a lot more going for it than just hype.

Make no mistake, flippers will certainly flip it, but in the ultimate equation true collectors will collect it and save it for generations to come. This will most likely help to keep prices relatively high, especially on the back of such a highly limited edition series. This is not even to mention the fact that each coin is unique in its own right, individually and otherwise.

2014 Gods of Olympus POSEIDON 2oz Silver Coin

2014 Gods of Olympus POSEIDON 2oz Silver Coin

 

Perth’s Poseidon Coin Lottery, Odds “Stack”ed Against Us

Congrats to those who purchased Poseidy straight from the Perth Mint. You slayed the Corporate greed beast and won one for the Common Man!!!!!!! I guaran-damn-tee you only 40 to 50% of the 1,500 coins were available for the “public” to purchase. Shame on you Perth Mint, you deserve a major “time out”.

Poseidon Sell Out Madness

Poseidon Sell Out Madness.

Poseidon Coin Sells Out! Koala High Relief Coin

Poseidon Coin Sells Out! Koala High Relief Coin.

Perth Mint Website Crashes as the Poseidon Coin Sells Out Almost Immediately

Perth Mint Website Crashes as the Poseidon Coin Sells Out Almost Immediately.