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SelfDelusions
New Member
United States
2 Posts |
 Posted 11/06/2009 1:56 pm
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I have been looking into purchasing a 1947 Mint set as a gift. I have never purchased collector coins before, and I am somewhat confused about what is out there. I know an authentic Mint Set from 1947 runs over $1,000, which is out of my price range. It should also contain 2 of each coin.
I am finding sets that are 1 of each coin, the sellers are calling them Mint Sets, and the cost is much lower. So I assume that these are sets that dealers have put together. Is that correct?
Also, they are saying the coins are uncirculated. Are these coins truly uncirculated? Or is this a term referencing the quality of the coins as opposed to actual circulation?
Thank you in advance for any insight you can provide!
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SeatedNut
Pillar Of The Community
United States
1484 Posts |
Posted 11/06/2009 2:07 pm
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SelfDelusions,
First, welcome to the forum!
You are correct in all of your points, but may be confused about what constitutes "uncirculated".
-1947 Govt issued mint sets contained two coins of each denomination from each mint - True
-Sets with single coins of each denomination are compiled by inserting an uncirculated coin (one of each denomination) from each mint - True (These are usually in Capital Plastics holders)
-A coin is determined to be uncirculated if it shows no signs of wear or rub, especially on the highest points of the design. Surface marks from contact with other coins are a part of the minting and storing process and are allowed on uncirculated coins.
-The only way to insure the coins are uncirculated is to have them examined by a professional.
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Erwindoc
Valued Member
United States
175 Posts |
Posted 11/06/2009 2:10 pm
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Welcome to the forum and the hobby.
Finding a truly original mint set will be very expensive. There is also no way to tell if the set is truly original and contains the original coins. Most of the coins in the original mint sets have attractive toning and can be sold for a premium and would therefore be removed and potentially be replaced with a similar coin.
Uncirculated could be interpreted as such, but it most likely refers to a grade that has been assigned to the coin. Most people refer to uncirculated as graded MS60-70. But adjectives like choice uncirculated and gem uncirculated have unofficial industry standards for grading too.
If I were you, I would do some research as to what the grading system means. I would consider buying certified examples of coins until you are comfortable with grading coins on your own. Not all grading companies are the same, but PCGS and NGC have the best reputations. ANACS and ICG are two others that you could consider buying as graded coins.
The members here are very helpful and can provide you lots of assistance in starting a collection!
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SelfDelusions
New Member
United States
2 Posts |
Posted 11/06/2009 2:50 pm
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Thank you for the welcome and the help! I very much appreciate it.
It appears that I have some work to do as far as educating myself about this hobby, but it all seems very interesting to me.
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