Don't you hate it when Mints do this - Same product, different privy or box!

[BackyardBullion]

After this weekend's very exciting sell out of my spherical hand poured silver globes I have had about 6 separate enquiries from people who have missed out on the limited mintage of 25 and have requested a stand-alone silver globe.

Now before I go on with this post I just want to reassure anybody and everybody who might be reading this I categorically will NOT be producing any standalone globes.

 

The main reason for this is that part of the whole process of me creating a unique product that has a specific mintage is that they are exclusive. As a consumer of silver and gold products from various mints around the world it is always very frustrating when a new variation of an existing product comes out and dilutes a product and an investment which I have already made. Whether that be a privy Mark or a special edition with a different display box for example. Even up as high as the Royal Mint we see this - they have created a number of strike on the day sovereign or sovereigns with special presentation boxes which are ultimately exactly the same as others.

 

So as a small producer of products which are limited I am very firm in my belief that when I declare a mintage upfront that is what the mintage will be. 

 

I know we have had discussions on privy marks before on this forum and the various iterations of Royal Mint Sovereign's have also been the hot Topic here before...

 

But let's jump into the hypothetical, I just want to stress again this is NOT happening - this is just me finding out general market opinion on something which I suspect I already know the answer to.

 

How would you feel if I produced stand-alone globes for special requests. Even if you have not bought one of the globes would it make you look at Backyard Bullion as a brand differently? If you are one of the lucky few who picked up a globe I'd love to know what you would have said (and shouted at me!) should I have released a number of other globes upon special request.

 

I should just say there is one other globe in existence which is my 5 oz prototype globe this one I will be keeping solely for myself but beyond that this mould will not see another iteration until at least 2019. But even then I might well make something different or bigger, so it might well be that this mould is completely retired - and if it is as a onlooker to the Backyard Bullion brand and business, would you think it's a good thing for me too publicly destroy this mould on camera so that you then have no further doubts that the 25 that were created plus the prototype are indeed unique and cannot be recreated?

 

Makes interesting food for thought as I said this is a completely hypothetical situation - remember I am categorically NOT producing any more globes, but I'd love to know everybody's opinions!

[Bullionaire]

I think it depends how you sell/describe it in the first place. If you say it's a limited edition of 25, then it should stay as that (as effectively, some of the premium that people are paying is for that rarity). If 25 was just the amount you made initially with no mention of 'mintage', then I'd say making more would be fair game.

 

You don't have  to destroy the mould either. I'm sure people trust you by now! (And anyway, you could always just order another mould to start making your standalone globes... ? )

[engire]

I agree with @Bullionaire. It all depends how you advertise it (reliability of communication/information). For me the limited mintage was something against the premium. 

[Roy]

It had to happen ?

Yes, if I were a buyer of the original batch of 25, I'd be annoyed.

But, the capitalist b'stard that I am, I want you to make money because a business that doesn't make money doesn't survive.

These globes are done. The SilverForum bars and the BYB bars, however, still survive and to all intents and purposes are the same? 

Same-same, but different.

It wouldn't take much ingenuity to create another product from this mould. Same-same, but different ?

Perhaps in sterling silver? Copper?

Perhaps mount it on an axis? (technical illiteracy here)

Antiqued, colourised would be cool- with the oceans....

You'll be fine as long as it is NOT the same. Just different ?

[richatthecroft]

I’ve never bought into the whole privy mark thing, but some collectors do.  Each to their own.

I do think that the Royal Mint are pushing too many incarnations of the Sovereign in the last year or two however, it has been a busy year anniversary wise for the Royal family, maybe the release of these ‘special’ Sovereigns will slow down. 

I am all for any business/individual making money, so if a product will sell, manufacture it, and sell it- nothing wrong with that, but it can lead to negative consequences such as cynicism of the buying public and it could also serve to cheapen the brand.  

In terms of having a set mintage, such as the case with this product BYB,  like you say, 25 should remain 25.  It wouldn’t be right to take any commissions for 5.4oz Globes. It must be an extremely difficult challenge to assess what demand for a product might be before capping a mintage- I guess you win some, you lose some. But I think always, less is more but the implication being, you always need a steady supply of new ideas in the pipeline. 

I believe however, you should be absolutely free to take commissions for similar products- perhaps one off 10oz Globes; a 5.4oz mirror finished Sphere...I could go on but won’t.  

 

[Roy]

You could always make the same product, but to a lower standard and a lower mintage....pour them on your birthday and charge more for them?

BYB Globes: P.O.T.D. 

?

[Rat]

As one of the unlucky few who missed out on the globe I am a bit torn about this.

Selfishly I really want one and think who cares about mintage. However if I was one of the lucky 25 who managed to order one I think I would be a bit cheesed off if another batch was produced just because of demand. 

As a supporter or small businesses I always think where there is demand you should always try to match that with supply as Roy says that’s how you make money. But on balance creating something with a clearly stated mintage and then producing more could impact the BYB brand and reputation which will make a difference in the long run. 

So on balance I guess that I will have to wait until next year and make sure I get my order in early. Next time I intend to be at the front of the queue ?

 

[PansPurse]

I think sticking to the limited mintage is definitely a good thing and demonstrates clear integrity to your customers. I'm not massively cut up about not getting in on limited editions of things in part because I understand that new exciting things will come along.

Destroying a mold on camera might feel a little over the top, IMHO, but it kinda fits your brand of authenticity, like with having everything hsllmarked

[BackyardBullion]

27 minutes ago, Roy said:

You could always make the same product, but to a lower standard and a lower mintage....pour them on your birthday and charge more for them?

BYB Globes: P.O.T.D. 

?

So funny you mention this @Roy 

BYB is proud to announce....

I only jest ?

[Roy]

1 minute ago, BackyardBullion said:

So funny you mention this @Roy 

BYB is proud to announce....

I only jest ?

You'll do well...at least 1817 gullible fellows out there ? ?

[AgD]

What about using just half the mould and mounting a half globe and maybe try to make some other planets  (small of course) then you've got your theme BYB goes to space ?as @Roy said same-same but different 

[Lr103]

My initial assumption with these globes was that you would not make more this year, but would in the future.  However if it does turn out that you never make these again, as a buyer I would be more likely to pay an even larger premium if you developed a reputation for single mintage items (assuming of course I also liked the design). 

In any case, as others have said, I would be supportive of however you determine it's best to run your business....higher volume, lower margin, or lower volume with a higher margin.  I can see logic in either, and as long as you let customers know your intention in terms of mintage, and as you said don't play games with privy marks or special boxes to then inflate the stated mintage, you will be fine.

If it were me, I wouldn't destroy the mold though (...however it might be good for YouTube views ?)

[Seasider]

1 hour ago, AgD said:

What about using just half the mould and

making it a very small drinks cabinet.

[BackyardBullion]

Getting back on topic....

I appreciate everyone's comments on this - it is very interesting.

As a producer I would much prefer to have things as unique as possible and as exclusive as possible. I want my brand to be something that I would like to buy if I were a customer.

I also think that having people miss out and left wanting (whilst disappointing for those who miss out) adds to the desirability of my hand poured silver in the future and also helps desirability for the second hand market where people who have purchased these globes have a better shot at cashing in some profit in the future.

So, people like @Rat will have to wait until 2019 for their planet earth!

All your comments have been very helpful and I will be doing a video on this for Wednesday, should be a good topic for a ponderous Wednesday!

 

[Bullionaire]

 

[PansPurse]

1 hour ago, Seasider said:

making it a very small drinks cabinet.

OMG Genius!

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[morezone]

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[BackyardBullion]

Back on topic 

@Thelonerangershorse You said something about a flat earth?

I have thought about making this as a variation or companion piece - but I am most certainly a Round Earther and not sure if I can do it ?

One thing that is very evident for me as a small producer is that I have the luxury of choice to create what I want and how much I want.

Taken from the Royal Mint's website

If the UK government says jump, the mint asks "how high and how many privy marks?"

At least I can dictate how I run my business!

[PansPurse]

You could perhaps do a Discworld Earth, four elephants and Great A'Tuin?

[SILVERFINGER]

Just now, PansPurse said:

You could perhaps do a Discworld Earth, four elephants and Great A'Tuin?

Superb idea, I would buy one of those, would copyright etc still be a factor now that Terry Pratchett is dead ?

[Cornishfarmer]

Saturn would look good

[Bullionaire]

2 hours ago, SILVERFINGER said:

Superb idea, I would buy one of those, would copyright etc still be a factor now that Terry Pratchett is dead ?

Think copyright passes to your family etc when you die doesn't it? Otherwise you'd have loads of talented people ending up dieing in mysterious circumstances just so people can get at their copyright

[PansPurse]

3 minutes ago, Bullionaire said:

Think copyright passes to your family etc when you die doesn't it? Otherwise you'd have loads of talented people ending up dieing in mysterious circumstances just so people can get at their copyright

I think there's a lifetime plus X year's basis before stuff ends up in the public domain

[Thelonerangershorse]

I didn't mention Discworld, I just asked about a flat earth.......  with elephants and turtles.