How Much Money is Too Much Money For a 1.75 Inch Challenge Coin?
I recently saw a post online from last year that read so and so regrets spending x number of dollars on challenge coins. This statement brings to light some questions I feel need answering and what better way to answer those questions than by writing a blog post?
First I do not pretend to know anyone’s cost tolerance, however given my day to day experience in this industry over the last 12 years the prevailing trend seems to be people looking for the lowest possible price.
I have already declared openly on this website’s homepage that we do not offer the cheapest prices around. But after reading this story I must admit that I was even surprised by the price some people will pay or have paid for custom challenge coins.
One thing I would like to note here is that I have been involved in some ferociously competitive price estimate battles with other challenge coin vendors and have been surprised at the quantity levels my competitors still charge a coin mold fee at. For those that don’t know a coin mold or coin die is created and used to stamp or cast your custom coins. This is essentially the set up cost for creating your own custom coins.
This story deals with Wisconsin Attorney General Brad Schimel and his purchase of kicking ass every day challenge coins. According to this story there were two thousand coins purchased at approximately five dollars per piece. Allegedly this coin measures 1.75 inches is made of brass and is gold plated.get your price quote!
I’m going to start my inquisition into this matter by asking, are we really talking about 24 karat gold plated coins or are we talking about shiny gold electroplating? There is a huge difference between the two in cost and value. Obviously an actual 24 karat gold plated coin would have some extra value but it’s more of a keepsake or commemorative value rather than a
I can sell this coin for a profit because of the 24 karat gold plating value.
I have a hard time understanding why someone is paying five dollars or almost five dollars per coin for a 1.75 inch coin at two thousand pieces, when our 1.75 inch coin with your choice of metal finish and paint color on both sides starts at four dollars per coin.
Admittedly I am not privy to the complete list of features that were included on this coin but it’s still curious nonetheless how someone managed to be charged five dollars per coin at the two thousand piece price point.
I want to go on record as saying that I’m an advocate for business. I believe businesses serve an important role in the community. However there are also businesses who exploit the lack of knowledge of their customers. Having said that, this seems to be one of those occasions. What makes it worse is that these coins were likely purchased with tax payer money! This means that if the person responsible for choosing a vendor failed to do their due diligence and proper research or vetting of potential vendors then it was the tax payer that ended up overpaying!
The truth is that custom coins can be created using a variety of base materials. Some are most cost effective than others. Aluminum, iron, copper, brass, zinc alloy and pewter can all be used as base material for your custom coins.
I’m going to conclude this post by saying that while we are not definitely not the cheapest custom coin vendor, we are cost effective and we’re a whole hell of a lot better at the two thousand coin price point than whoever this Wisconsin Attorney General purchased his coins from.