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in Wayne, Mich.ДЄnd no complaints about Rarities are on file at the Industry Council for Tangible Assets, a Washington trade group for dealers and manufacturers of collectable proof sets.Дelivery lag time and the requirement that orders be accompanied by payment in full are standard in the minting business because it takes months to develop new proof issues and because minters say they canвЂ™t produce without receiving money in advance. Some of RaritiesвЂ™ 300 dealers complain that deliveries have trailed orders by as long as 10 weeks-which can cause crippling cash crunches, because dealers generally have to make up-front payments on orders.ДЇor instance, dealers paid for the Sneezy issue immediately after placing their orders three weeks ago but may not begin receiving them until the end of the month.Дelivery time and the quality of the proof sets have improved with each issue, said Michael Armstrong, owner of Wayne Family Coin & Gold, Ltd. With the success of the Disney proofs has come the dilemma of meeting production and quality demands while maintaining delivery deadlines.

They are cautious purchasers, he said, but are wild about Disney. Terry Gram, owner of Stamps & Coins at Hobby City, a Rarities dealer in Anaheim, said foreign buyers are a reliable barometer of success. Simpson said he also plans to export Disney commemoratives and California gold pieces to Japan.

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He said he has snagged licensing agreements to produce proofs tied to the Hollywood Walk of Fame, characters from the вЂњPeanutsвЂќ comic strip and the 10th anniversary of the movie вЂњStar Wars.вЂќ There is no guarantee that Rarities can match its current success, but Simpson is optimistic. Also minted were 20,000 half-ounce silver pieces, 5,000 five-ounce silver pieces, 5,000 tenth-ounce gold pieces and 3,500 quarter-ounce gold pieces. Rarities produced 20,000 one-ounce silver вЂњSneezyвЂќ pieces, which retailers price at $35, nearly double the wholesale rate. Simpson, however, said he will not increase the number of medallions in each limited edition because it would decrease their value. He declined to give further financial information about the company, which recently increased its employees to 70 to handle the crush of orders for the Disney medallions.Д«ecause of the demand, dealersвЂ™ supplies are being rationed and Rarities is being pressured to produce larger runs of each of the Snow White proof sets. Simpson said sales from the Disney commemoratives will make Rarities solidly profitable and will boost revenue to $50 million in the privately held companyвЂ™s current fiscal year, which began this month. So, Simpson said, the existence and availability of the quarter-ounce, half-ounce and one-ounce gold pieces is never mentioned in state promotional campaigns devised in Sacramento.Дespite slow sales of the California gold piece, RaritiesвЂ™ status as official state minter helped boost its reputation and was a factor in the Disney contract. The state exempted the medallion from sales tax because it earns royalties from each sale, but the state never intended to be its marketer, said John Babich, deputy director of the state Department of General Services.

вЂњWeвЂ™ve spent nearly $1 million on it, but the state hasnвЂ™t marketed it,вЂќ Simpson said. Ironically, RaritiesвЂ™ recent success resulted from its biggest failure, the official California gold piece that Rarities began minting for the state in 1984. Simpson, 36, said his father, grandfather and great-grandfather were jewelers, but he branched from that field into the private mint business because he decided that the growing popularity of minted, limited-production proof sets would make him more money than gems while practicing the jewelry craft. Something the experts call вЂњDisneyana demandвЂќ caught Rarities owner Ian Simpson by surprise and has given him a production challenge he has never before faced at his 10-year-old mint, which claims to be second only to the federal government as the nationвЂ™s largest minter of proof sets-newly minted coins or medallions made specifically for collectors.

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So far, with six more from the Snow White series to go, Anaheim-based Rarities has grossed $25 million. The coin-sized medallions, minted and issued by Rarities in an exclusive deal with Walt Disney Co., were expected to bring in $2.5 million when the agreement was signed last year. By 11 a.m., the sales board was filled with scribbled numbers, dealers had tied up phone lines trying to place orders and those who did get through had gobbled up $1.5 million worth of the silver medallions.Д«y dayвЂ™s end, orders had been placed for $2.5 million worth of the Rarities Mint вЂњSneezy,вЂќ the fifth in a series of 11 medallions based on the key characters in Walt DisneyвЂ™s classic, вЂњSnow White and the Seven Dwarfs.вЂќ Opening day of the Sneezy sale was a madhouse.