March 22, 2018 – The United States Mint (Mint) announces an update to its Numismatic Customer Return Policy to address the issue of excessive returns.
The American Liberty 225th Anniversary Gold Coin, issued in 2017. © United States Mint.
For many years, the United States Mint has been pleased to offer customers the option of returning any Mint product for exchange or refund within seven days of purchase for any reason and without restriction. A review of customer data indicates that the current unrestricted return policy facilitates the practice of excessive returns, which results in significant additional costs to the Mint.
Effective immediately, the Mint reserves the right to limit or refuse returns from purchasers who demonstrate return rates that exceed two percent. This update does not apply to valid issues of product quality. The Mint will advise in writing customers engaging in the practice of excessive returns with a “first notice” and ask them to review their order history and consider making changes to their purchase practices based on the updated return policy.
The Mint will send customers who continue to either return products for refund or exchange above the normal rate a “second notice” advising that the Mint will no longer accept returns from their account. A continued pattern of excessive returns will result in suspension of the customer’s account. Under the modified policy, the Mint reserves the right to charge a fee for excessive returns, but does not plan to implement such a fee at this time.
This minor change will only affect a small percentage of customers. More importantly, it will ensure that the Mint can continue to offer an exceptionally generous return policy with no impact to the vast majority of customers.
You can find the Mint’s website here.
The history of the US Mint is explained in this video.
More about the Mint in this interview conducted by our editor Ursula Kampmann.