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Received Change From Mint And Proof Sets - What's Happening?

 
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Pillar of the Community
Norway
1358 Posts
 Posted 09/23/2017  4:38 pm Show Profile   Bookmark this topic Add UltraRant to your friends list Get a Link to this Message
Something's happening and I'm not sure what it is. Maybe some of you know more about what's going on.

I have a few local coin shops. Some are abroad but visited frequently enough to call them 'local'. Some of them only accept cash and with those I have a deal that I pay cash up to a certain amount or do a bank transfer for larger orders.

I visited those shops recently and got very shiny, UNC and even proof coins in change. It turns out that -and trust me, they don't know each other- both of them found out that those coins are worth more to them when using them in the cash register than in mint or proof sets. Apparently no one buys those sets anymore, so they just end up on the shelves for a few years, which costs money. Strange enough, commemorative coins are apparently hotter than ever. And also individual coins by year still get sold. This seems to happen simultaneously in both Norway and The Netherlands. I'm a bit surprised and puzzled by this. Does anyone know what's going on?
Valued Member
Canada
206 Posts
 Posted 09/23/2017  9:17 pm  Show Profile   Bookmark this reply Add OttawaVoyageur to your friends list Get a Link to this Reply

No clue what is happening, but certainly interested in following this discussion!

How old were the coins you got in change and what do you mean by ''individual coins by year still get sold'' ?

Pillar of the Community
United States
7189 Posts
 Posted 09/23/2017  10:16 pm  Show Profile   Check edweather's eBay Listings Bookmark this reply Add edweather to your friends list Get a Link to this Reply
Maybe it's a bit of a marketing plan.
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United States
82381 Posts
 Posted 09/24/2017  12:33 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
I have had this happen before at coin shows. Dealers break up mint and proof sets, separating out the gem coins for sale, but giving the dinged and otherwise damaged ones out as change.
Pillar of the Community
Norway
1358 Posts
 Posted 09/24/2017  05:31 am  Show Profile   Bookmark this reply Add UltraRant to your friends list Get a Link to this Reply

Quote:
what do you mean by ''individual coins by year still get sold'' ?


Coins taken from a roll, for example.

It's really funny, in a way: If I want a coin set from a few years back then I pay maybe 10% over face value, but if I buy the individual coins, taken from a con roll, then I pay about 50% to 500% over face value and I don't have a package to keep them in...


Quote:
I have had this happen before at coin shows. Dealers break up mint and proof sets, separating out the gem coins for sale, but giving the dinged and otherwise damaged ones out as change.


Sounds plausible. I haven't seen them break out the packages myself, I just noticed proof coins and MS-65+ coins in change. So that's what got me started.

I'm just wondering if anyone will pay more for an individual gem coin than for a gem coin in a coin set? Probably only when doing proper marketing?
Edited by UltraRant
09/24/2017 05:37 am
Valued Member
United States
260 Posts
 Posted 09/24/2017  07:57 am  Show Profile   Bookmark this reply Add beachnut to your friends list Get a Link to this Reply
There's a coin shop near me that I've made two purchases. I'm not in there enough for him to know me. Both times he gave me undated buffalo's, common wheats and a UNC 1964 LMC as change. In my opinion he's doing it to keep me coming back.
Marketing tool for sure.
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Canada
635 Posts
 Posted 09/24/2017  10:36 am  Show Profile   Bookmark this reply Add loonielewy to your friends list Get a Link to this Reply
My local coin store does not go that far as to break up sets, but he does have high quality change, and I think he even holds the nice loonies to give to me. I like it. Good marketing tool for sure.
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Edited by loonielewy
09/24/2017 12:39 pm
Valued Member
United States
261 Posts
 Posted 09/24/2017  12:28 pm  Show Profile   Bookmark this reply Add nautilator to your friends list Get a Link to this Reply
Doesn't especially surprise me... when I was a kid a coin shop once gave me change in older (common) wheaties and an undated, mutilated Buffalo nickel. Nowadays I realize that mutilated Buffalo nickel was one that someone had just started turning into a hobo nickel, actually.
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United States
82381 Posts
 Posted 09/25/2017  09:03 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
I'm just wondering if anyone will pay more for an individual gem coin than for a gem coin in a coin set? Probably only when doing proper marketing?
Individual coins always sell for more than they do as part of a set. I have no problem buying and breaking sets since I need them all, but not everyone collects all denominations. Someone who only collects half dollars may not want to have to mess with liquidating the unwanted coins. Sure, they could spend them just as easy as the dealer hands them out in change, but I think it is a mental thing.
Pillar of the Community
United States
7988 Posts
 Posted 09/25/2017  10:04 am  Show Profile   Bookmark this reply Add CoinCollector2012 to your friends list Get a Link to this Reply
He's probably doing that to free up space in his shop. We have the same problem at the shop I work at, where we have several large Banker's Boxes full of proof and mint sets that we can't sell because no one wants them or the boxes are in really bad shape. Our solution so far is to break them apart and make rolls out of them to sell on eBay. At the very least, they take up a whole lot less space when they're in rolls.
Sets in progress... Mercury dimes, Washington quarters, 7070 Type Set, WLH Short Set
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United States
82381 Posts
 Posted 09/25/2017  3:31 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Our solution so far is to break them apart and make rolls out of them to sell on eBay. At the very least, they take up a whole lot less space when they're in rolls.
That is a good idea. You will be ready if the modern proof market ever becomes more profitable.
Pillar of the Community
United States
509 Posts
 Posted 09/25/2017  3:56 pm  Show Profile   Bookmark this reply Add CLS12 to your friends list Get a Link to this Reply
I've received proof and UNC coins, 2 dollar bills and even beat up silver certificate for change at the LCS I used to visit before he retired. I never received one, but I know he gave an IKE as change to a guy while I was there. I believe this was a regular customer, who came in to buy Ikes regularly
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United States
82381 Posts
 Posted 09/25/2017  4:04 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
I never received one, but I know he gave an IKE as change to a guy while I was there. I believe this was a regular customer, who came in to buy Ikes regularly
That would have made me happy.
Pillar of the Community
Norway
1358 Posts
 Posted 09/27/2017  05:04 am  Show Profile   Bookmark this reply Add UltraRant to your friends list Get a Link to this Reply

Quote:
Individual coins always sell for more than they do as part of a set.


Must be an American thing. Here, a 20 kroner from any of the last 20 years will cost you 30 kroner, no matter the quality. So even MS-70 would sell for that.


Quote:
Our solution so far is to break them apart and make rolls out of them to sell on eBay. At the very least, they take up a whole lot less space when they're in rolls.


That sounds like a smart solution in the US. Here in Norway and Netherlands, bank rolls are usually only used and ordered by high cash turnover institutions, as bank rolls cost quite a bit of money (handling, shipping, administration, etc). As such, you rarely/never see an individual with a coin roll here.
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United States
82381 Posts
 Posted 09/27/2017  11:43 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:

Quote:
Individual coins always sell for more than they do as part of a set.
Must be an American thing. Here, a 20 kroner from any of the last 20 years will cost you 30 kroner, no matter the quality. So even MS-70 would sell for that.
I was speaking for mint issued sets. I can almost always buy a mint set in the OGP cheaper than individually buying each coin that is in that set.

The question is do I need every coin in that set? If not, I will pay (relatively) more for the coins that I do need so that I do not have to worry about disposing the others (even though I could make some profit if I took the time ).
Pillar of the Community
United States
1470 Posts
 Posted 09/27/2017  3:55 pm  Show Profile   Check Andrew99's eBay Listings Bookmark this reply Add Andrew99 to your friends list Get a Link to this Reply
You can break up proof sets from the 60's and sell the nice Franklin halves for more than the set price. I do it all the time. The proof pennies and nickels are just a by product. I've tried to get creative and sell runs of them, like a date set from 56-63 or something to just get rid of them. I wouldn't fault anyone that would just give them away in change. As for Silver Certificates, if you want to buy at $1.10 to sell at $1.40, its your time to spend. Again, I wouldn't fault anyone that would choose to just give them away in change.
The collection is in your mind. Dispose of your albums and free your mind from the tyranny of holes.
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