Q. David Bowers
Price Structures and Discount Schedules
Price structures, discount schedules, and ordering specifications for the 1988' Olympic coins exceeded in complexity anything seen up to this date. Three different price and discount categories were set up for the distribution of the 1988 Olympic coins:
(1) SUGGESTED RETAIL PRICES: Prices at which the coins were to be sold to the general public.
(2) SCHEDULE A PRICES: Schedule A required a minimum purchase of $10,000 with each order. Transportation costs were to be paid by the Mint. Coin returns were not allowable. Orders could be placed by corporate headquarters only (and could be shipped only to corporate headquarters, not to branch selling locations). Payment was due before shipment. The eight Olympic coin options could be mixed to meet minimum dollar requirements and would not include any other coins (such as regular issue 1988 Proof sets). Schedule A participants were allowed to take advantage of all of the eight Olympic coin options.
(3) SCHEDULE B PRICES: Schedule B was intended for major accounts and required a minimum purchase of $1 million during the life of the program. Transportation costs were to be paid for by the Mint. Coin returns were allowed up to 15% of the total order. Order placement could be by corporate headquarters or selling locations, and shipment could be to corporate head-quarters or selling locations. Payment was due before shipment or by a letter of credit with 90-day terms. Participants under Schedule B could also take advantage of a consignment arrangement whereby one "standard package" had to be purchased as a minimum for each selling location. Qualifying for this consignment option were federally insured institutions (and rare coin dealers having gross coin sales of approximately $100,000). Accompanying the order were to be a letter of credit and an agreement containing "an equal employment opportunity clause." If gross coin sales exceeded $100,000, other conditions would apply, and the Mint would advise on these. The only options allowed Schedule B participants were the Proof Olympic silver dollars, the two-coin Olympic Proof sets, and the regular (no Olympic coins) 1988 Proof sets.
Prospective dealers in the Olympic programs were given "ten golden reasons to join the team": (1) Stimulate consumer traffic. (2) Help a good cause. (3) Benefit from powerful national and local advertising. (4) Contribute to American achievement. (5) Share the Olympic spotlight. (6) Build good will and a winning image. (7) Gain the support of a nationwide public relations effort. (8) Enhance special areas and events ("use them to... lend importance to other events"). (9) Increase sales with dramatic point-of-purchase displays. (10) Join a U.S. government program.
Options and Prices
Options and prices for the 1988 Olympic coins are given below (Options 3 and 4 did not relate to silver dollars and are included here for information only):
(1) Proof 1988-S silver dollar, suggested retail $29, Schedule A price $25.50, Schedule B price $ 26.88,858 coins were sold this way. (The Mint noted in a June 7, 1990, release of sales figures that all figures are subject to minor corrections; the figures given here are the latest numbers available.) A coin in a plastic capsule was housed in a maroon velvet presentation case with a hinged lid and a plaque of the Great Seal on the lid. The case and a descriptive certificate were enclosed in a maroon cardboard box imprinted on the lid with the Great Seal and "United States Mint / 1988 Olympic Coins." The box was placed within a maroon slipcover Similarly imprinted.
(2) Uncirculated 1988-D silver dollar. Retail price $27, Schedule A price $24, Schedule B price not applicable. Sales: 139,084 coins. Packaged similarly to the 1988-S Proof silver dollar.
(3) Proof 1988-W $5 gold. Suggested retail price $235, Schedule A price $207, Schedule B price not applicable. (This option is listed here for information only and does not relate to 1988 Olympic silver dollars.) Sales totaled 42,618 coins under this option. Each coin was in a plastic capsule on a maroon felt tray in a maroon velvet presentation case with a hinged lid with a heraldic eagle plaque on top. The case was mounted in a maroon cardboard box, the lid of which was imprinted with the Great Seal and "United States Mint 1988 Olympic Coins," all within a maroon slipcover similarly imprinted.
(4) Uncirculated 1988-W $5 gold. Suggested retail price $225, Schedule A price $203, Schedule B price not applicable. (This option is listed here for information only and does not relate to 1988 Olympic silver dollars.) 10,629 coins were sold this way. Packaged similarly to No.3.
(5) Two-coin Proof set containing the 1988-S Proof silver dollar and the 1988-W Proof $5 gold. Suggested retail price $260, Schedule A price $228, Schedule B price $230. Sales totaled 225,534. Coins in plastic capsules were housed in a maroon velvet presentation case with a hinged lid and a plaque of the Great Seal on the lid. The case and a descriptive certificate were enclosed in a maroon cardboard box imprinted on the lid with the Great Seal and "United States Mint/1988 Olympic Coins." The box was placed within a maroon slipcover Similarly imprinted.
(6) Two-coin Uncirculated set containing the 1988-D silver dollar and the 1988-W $5 gold. Suggested retail price $250, Schedule A price $224, Schedule B price not applicable. Sales totaled 38,971 sets. Packaged Similarly to No.5.
(7) Four-coin Proof and Uncirculated set containing an Uncirculated 1988-D silver dollar, a Proof 1988-S silver dollar, and Uncirculated and Proof examples of the 1988-W $5 gold, mounted in a mahogany box. Suggested retail price $550 (later cut back to $510), Schedule A price $510 (presumably later lowered), Schedule B price not applicable. Sales amounted to 13,313 sets.
(8) Prestige Proof set consisting of an Olympic 1988-S Proof silver dollar in combination with a regular five-coin Proof set of 1988. Suggested retail price $45, Schedule A price $42, Schedule B price not.. applicable. Sales amounted to 231,661 sets. Each set was mounted in a maroon plastic holder with hinged covers (like a book) of maroon suede with a plaque of the Great Seal mounted on the front cover; white satin interior cover with USA five-ring Olympic logotype imprinted in silver, and red, white, and blue ribbon. The holder and a descriptive card were housed in a maroon cardboard box imprinted with the Great Seal and Prestige Set designation. (Regular five-coin 1988 Proof sets, not containing Olympic coins, were listed at the suggested retail price of $11, Schedule A price $8.75, Schedule B price $9 to distributors participating in the Olympic program.)