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Before I bust open all of my proof and mint sets........

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Valued Member
United States
279 Posts
 Posted 07/04/2010  02:25 am Show Profile Bookmark this topic Add johnstac to your friends list Get a Link to this Message

This all started when I was putting together a state quarter dansco that included proof and silver proof versions. I was asking in the forum about the best way to get these state proofs. They recommended that I buy both the state and proof set for each year. Made sense. So I started doing that. I also started buying UNC sets and earlier proof sets that I could then use for all of my mostly empty danscos.

So, in getting to my question, who has ever heard of something being worth more after it is opened than in its original package? I began to break open my first proof set. It was a 2006. I twisted it and heard it crack and then I could see where I could lift up the plastic on one side. But.....I couldn't do it. It was to painful.

Sure I like danscos but I'm not sure if I like them well enough to break open these proof and UNC sets. The only dansco that I have nearly completed is my Lincoln set but I felt a little different about that.

And as to worth. while I have never asked this question, I believe that even before I ask it, I assume the answer will be yes. In 20, 30 years from now or even if the Lord takes me tomorrow, will my coins be worth more in their original sets or in albums?

Edited by johnstac
07/04/2010 02:28 am
Pillar of the Community
United States
2535 Posts
 Posted 07/04/2010  04:28 am  Show Profile Bookmark this reply Add morgans dad to your friends list Get a Link to this Reply
In my opinion, I believe there are many schools of thought on this subject, 1st some Proof/Mint sets are worth more pieced out and some are worth more as a set.

I collect Proof/Mint sets from the early 50's to date, I also collect the same coins, contained in these sets in Dansco albums, that said, I would, if you were only going to buy the one set to "fill" your albums ( which is what I believe is your original question ) fill the album. Or just do both, buy 2 of every set and have the best of both worlds!!
I would also say this is a hard thing to do "breaking" open those sets, but in the end, what ever you would feel comfortable doing, go for it, as far as breaking open a set VS keeping it intact for the monetary perspective, check out ALL the information you can find and YOU make that decision, it is your call, again, some sets are worth more, depending on your outlook, apart.

I have done some "cracking" open sets, for my albums and ALL the coins look great, the sets together is an awesome look also!

PS, I hope this did not confuse your already "on the fence opinion"!!Good luck, Mike.
Bedrock of the Community
United States
12926 Posts
 Posted 07/04/2010  08:56 am  Show Profile Bookmark this reply Add just carl to your friends list Get a Link to this Reply
Not so odd a question. Almost any item if sold as a completed item sells for a lot less than all of the parts. Think of a car. You take an old car to a junk yard and get about $100 for the entire car. Then you decide to buy all the parts there to remake a similar car and find that each piece costs a small fortune. Now all the parts comes to about $20,000 or even more. Same with almost anything. You could buy all the parts to make a solar light for your yard and pay possibly over a hundred dollars or go to Walmart and buy one for $5.
You could buy a Proof set from the Mint for say $20 and then go to a coin store and see all the separate coins from that set for a total of about $50 or even more.
At a coin show I recently saw a dealer selling each 2009 Lincoln Cent Copper for $2.95 each. More than he paid for the completed Uncirculated set from the Mint.
Complete Proof and Uncirculated sets from the Mint in the future may or may not sell for more or less than the original price. As an example see the 2011 Red Book pages 334 to 339 and you'll see many examples of some sets going up and down in prices for the complete sets. At a coin show or coin store, each coin from any of those will sell for way more than the original price.
just carl
Valued Member
United States
403 Posts
 Posted 07/04/2010  09:48 am  Show Profile Bookmark this reply Add Whytlash to your friends list Get a Link to this Reply
Kinda reminds me of an experience I had several years ago that changed the way I collect.

I would purchase, each year, the clad proof coins from my Dealer for my albums - Lincoln, Jefferson, Roosevelt, and Sacagawea (wasn't doing Kennedy's then or State Quarter Proofs). After a couple of years he told me I should just buy another Proof set and crack it because I'm paying almost as much for those four coins as for an entire Proof set.

OK, fair enough. But think about it: My dealer is telling me to spend LESS money. Being a regular customer, who spent quite a bit of money with him yearly, he was simply telling me the most economical way to achieve my collecting goals without concern over the individual sale. He was thinking of the "Bigger Picture."

It is common for the individual coins to sell for more than the set total. And, my guess is, there are only so many sellers that will tell you that.

That is what I've done ever since, buy two proof sets - one for the Proof set collection and one to crack. For a few years now I've needed all the coins for albums so I have less leftovers.

Having moved two states away, I sure miss that guy.

Steve
Valued Member
United States
484 Posts
 Posted 07/04/2010  11:28 am  Show Profile Bookmark this reply Add weavus135 to your friends list Get a Link to this Reply
this is interesting. I need to go back a month or so and look up a thread I had started about opening a mint set. My set was just a mint set (not proof, not silver, not US) I asked about opening the case and putting them in another storage option (in my case 2 x 2s) It was interesting because most of the responses I got there were "keep the set together" and "don't open the case it is worth more as is". So why is it that a US proof set is better to 'crack' open and sell/store the parts rather than a dark side mint set. Is there some sort of 'double standard' on the subject?
Bedrock of the Community
United States
12926 Posts
 Posted 07/05/2010  2:51 pm  Show Profile Bookmark this reply Add just carl to your friends list Get a Link to this Reply

Quote:
I would purchase, each year, the clad proof coins from my Dealer for my albums - Lincoln, Jefferson, Roosevelt, and Sacagawea (wasn't doing Kennedy's then or State Quarter Proofs). After a couple of years he told me I should just buy another Proof set and crack it because I'm paying almost as much for those four coins as for an entire Proof set.

Very smart business man. He simply lost a few cents now and in the future may well sell you something for dollars. You have to admit you now trust him a real lot more than before.
just carl
Valued Member
United States
403 Posts
 Posted 07/05/2010  7:52 pm  Show Profile Bookmark this reply Add Whytlash to your friends list Get a Link to this Reply
Carl, by the time that came around I had been buying from him steadily for a few years. Had bought from him first back in '91. But when I started collecting with earnest in '97 I was a "regular customer", and the purchases started getting larger. I had given him my want list each year, and when I would show up he'd hand me a bag with stuff in it from my want list that he kept pinned to a board in the back.

My guess is that for the average customer he would just sell them the individual proofs. But when you spend a couple grand a year, and get more personal in some conversations (he was a retired electrician and I had been an electrician - so we had some common personal ground) the tone of the relationship changes. You are part of the "gravy train" that keeps his business alive and flourishing. And he was not adverse to giving you a few bucks to gain more than that back in loyalty. I have mentioned him in posts before. When I'd hit the coin shop and pick out several things, often he would just give me a 5% or 10% discount, without my asking. I rarely haggled with him because his prices were fair.

On a few occasions while walking out of the store with a couple of hundred bucks worth of stuff in a bag he's grab a 5 or 10 dollar item off the shelf and toss it to me and say "Here, have fun with that!"

Just a local business that does only coins and sport cards, trying to make a living. I support that!

Steve
Valued Member
United States
403 Posts
 Posted 07/05/2010  7:59 pm  Show Profile Bookmark this reply Add Whytlash to your friends list Get a Link to this Reply
Weavus, I think I remember seeing your post. I don't know anything about foreign mint sets, but if you were told my a majority to not break the set, I would go with that. There are some coins that sell better in their original set, and some that don't. I don't know that it's a double standard. There are U.S. sets that don't gain any additional value when broken into there individual coins. It's all based on the individual set. It's not an across the board type thing.

But all of that only comes into play when you are trying to sell something. Sitting in your collection, it doesn't matter.

Steve
Bedrock of the Community
United States
12926 Posts
 Posted 07/06/2010  4:44 pm  Show Profile Bookmark this reply Add just carl to your friends list Get a Link to this Reply
Here is something to think about when it comes to purchasing loose proofs or uncirculated coins. Around me there are 4 coin shows a Month, every Month, all year long. At one of the bigger ones there is a couple, Husband and Wife, dealers that sell coins and some jewlery.
Mostly they sell massive amounts of separate proof and Uncirculated coins and they have one of the bussiest tables at the show.
Due to the man's name is the same as mine and his wife is also a Cancer survivor similar to me, we usually spend a little time just talking. They told me their main and usually only income, aside from Social Security, is from this one show. Every year they order many, many sets of each from the USMint and break them all open, place each coin in a 2x2 and POOF, their is their inventory.
They are so famous for having all those loose proofs and Uncircs that their clientel is basically continuous all through the show. By the time the next issues come out, they are are sold out or close to that.
just carl
Valued Member
United States
151 Posts
 Posted 07/06/2010  6:28 pm  Show Profile Bookmark this reply Add pfriddle to your friends list Get a Link to this Reply
Correct me if I'm wrong but I'd think there would be a difference between proof and mint sets as far as "cracking" them. The proof coins are still proof coins out of the set. The mint set coins are just uncirculated once you break them out (excluding satin finish, unreleased coins, 2009 copper pennies ...). If I'm filling an album, I wouldn't pay more for a nice coin from a mint set than I would for the same coin from a bank roll.
Cracking the mint sets starts to make sense if you have a valuable coin (like a really nice Franklin half) in a set.

Just my thoughts.
Pillar of the Community
United States
996 Posts
 Posted 07/06/2010  7:25 pm  Show Profile Bookmark this reply Add Brucec to your friends list Get a Link to this Reply
When I opened my 1st State Quarter silver proof set to send them to NGC to be graded I was surprised to how easy it opened not sealed at all, mine were simple lift the two pieces apart.
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