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Advice Needed On 1956 Intact Proof Set

 
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Author Previous TopicReplies: 11 / Views: 504Next Topic  
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 Posted 10/28/2020  09:37 am Show Profile   Bookmark this topic Add Kcm to your friends list Get a Link to this Message
I find myself, at times, in over my head. At issue for me: An ungraded 1956 proof Type 1 Franklin half—white, not cameo. My research sends me off a cliff time and again as I attempt to gauge a ballpark value. Those I've found online range from one fifty to four figures depending on the grade on the slab label. I see a few unslabbed on Ebay for far less.

I crave a value estimate for one (like mine) still in original government packaging. I'd settle for advice on having it graded and/or slabbed?

Kevin



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 Posted 10/28/2020  10:06 am  Show Profile   Bookmark this reply Add Blind Squirrel to your friends list Get a Link to this Reply
I think others will probably tell you to look at prices for what has sold, verses what is for sale. I can buy this set for $19.00 at my local coin shop. Not saying you don't have something, just don't believe all the hype you see on line. Welcome to the addiction.

Also, to answer your question, Most won't slab coins unless they are at least worth $150.00 to off set the TPG cost.
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 Posted 10/28/2020  11:26 am  Show Profile   Bookmark this reply Add dave700x to your friends list Get a Link to this Reply
It would need to be PF65 to PF66 to justify the TPG grading cost and I would recommend NGC for Franklin halves.
1883-O Nut
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 Posted 10/29/2020  07:28 am  Show Profile   Bookmark this reply Add Earle42 to your friends list Get a Link to this Reply
Being a Type 1, its obviously a better coin. But looking at eBay sold items, it seems they have to be PF67 before people are paying more than 150.00. I cannot tell in your pics if the marks are on the coin or the plastic.

If you like slabs just b/c you like slabs, then go for it. If you are doing it to sell and get a better price...its a gamble as grading always is. Grading is not scientifically done/verifiable, but instead (allegedly) three trained people give their opinion on it. See this post:
http://goccf.com/t/346174#2967242

Being human, if your coin is put in front of the graders when they are having a good/bad day, or if they are fatigued from their 8 hour shift of staring at coins...well it could go good or bad for your coin's grade!

Also remember the grade is not actual. What I mean is if you broke out a coin and resubmitted it (even) to the same company, there is no guarantee it would be slabbed at that grade again! Subjectivity makes for a shell game.

As to original government packaging, no added value.

Now that I have been totally non-committal in my advice...please understand that this is the way it is.

Dealers the above and, through their experience in handling a lot more coins than the average collector, can play the game well. But even experienced dealers get disappointing results at time and then its time for them to decide if gambling for the higher grade is worth cracking out and resubmitting or not.

You might try posting better pics in the grading section of the forum so we can help you get an idea of what we think it should be graded as (not that it will or will not).
- When I value " being right" more than what IS right, I am then right...a fool.
- How much squash could a Sasquatch squash if a Sasquatch would squash squash?
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 Posted 10/29/2020  09:05 am  Show Profile   Bookmark this reply Add Kcm to your friends list Get a Link to this Reply
Thank you, Earle42. You know me as KCM on another forum. The moniker was already in use here. It was an image you posted on that other forum that sent me to explore my '56 proof sets. I was pleased to learn I have both types. In the age I purchased my coins, very few collectors or dealers were aware of varieties now considered common knowledge. If not for your kindness in posting the aforementioned image, I'd be yet unaware of its information.

This is my first post on this forum. I see I misled a member. I must take time to introduce myself to any willing to read this crap I write.

Like you, I've been in the world quite a long while. I am by no means new to coins. I am, however, a babe in the woods in the modern age of coins. I was quite active in the 1960's '70's and '80's. I've spent since 2017 "catching up" to the modern coin era. Half a century, I'm discovering, is a long sabbatical from a cult so active.

In this age, I'm a unidirectional coin collector. No acquisitions contemplated. Still, I did purchase some replacement Walking Liberties on Ebay. Those in my collection were just too high grade to leave in place. I am planning to have fun liquidating the very large collection I placed in attic storage a half century ago. Not only must I determine what it ought to be worth, I must determine what I have.

I spend time now assigning serial numbers, listing coins on spread sheets and logging research data. On a day, I will delete my Photograde estimate column from a copy of the sheet as well as my NGC price guide column, my PCGS price guide column and I'll begin to haggle. I'm sitting on eight unused PCGS vouchers they send each year I join and I have a credit balance of $250.00 at NGC. If not for the pandemic closure of PCGS and consequent time extension all eight of my 2019-2020 vouchers would have expired unused. Did I mention my babe in the woods status? I've yet to begin to worry about profit margins. Understandably, no one on these sites pays heed to the 28% IRS likes to make on coins and the sensibility of denying IRS some pleasure by spending a portion of theirs on risky grading. I'll send IRS whatever's left over so as not to spend toomany of my remaining years behind bars.

As to grading this coin, I'd already made up my mind not to violate the ancient packaging in order to have a third party grade attached to just one of the packaged coins. I did my probe to see if someone would proffer a good reason to change my mind on the matter. I was, on the other hand, hoping for encouragement of the mind set I adopted.

My overall mission is to garner good info like that just gained. "As to original government packaging, no added value." goes on the spreadsheet. "Type 1" was very recently appended as was "Type 2" to the line with the other set. I'll need this record of guidance to move to the actual liquidation stage. Having it will allow me. It will allow me competently take a loss to put Coin A back in the world because I can see that done better 'an I shoulda on Coin B etc.

Kevin
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 Posted 10/29/2020  10:31 am  Show Profile   Bookmark this reply Add dave700x to your friends list Get a Link to this Reply
I must say I'm not disappointed that you intend to keep the proof set intact. I have done the same (so far) with mine as well.
1883-O Nut
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 Posted 10/29/2020  11:28 am  Show Profile   Bookmark this reply Add Kcm to your friends list Get a Link to this Reply
Yay! For our side!

It really does make a lot of sense, whether to a coin historian like me or a coin economist like so many others.

Proof sets are present-day mongrels, as we know. We know just as well that the count of uncracked proof sets, as well as undamaged sets, and also the ratio of silver vs. clad sets etc. is rapidly declining. This hobby rises - wallet in hand -- when it sees a red flag of rarity on the horizon.

Kevin
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 Posted 10/29/2020  11:52 am  Show Profile   Bookmark this reply Add mtuma3 to your friends list Get a Link to this Reply
I've shown this before, but I don't trust the plastic they used back then. I've had a couple sets go bad.

I keep my pre-65 sets in Guardhouse boxes w/airtites.

This is my 1956 set...


Mark
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My7070
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 Posted 10/29/2020  1:21 pm  Show Profile   Bookmark this reply Add Kcm to your friends list Get a Link to this Reply
I hope, when my relics leave me, they fall into the hands of one like you.

Kevin
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 Posted 11/01/2020  8:30 pm  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
I take all proof sets and break out the coins for Albums.
just carl
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 Posted 11/01/2020  9:13 pm  Show Profile   Bookmark this reply Add Kcm to your friends list Get a Link to this Reply
Help me understand, please, the goodness in that idea?

Kevin
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 Posted 11/04/2020  12:27 am  Show Profile   Check westcoin's eBay Listings Bookmark this reply Add westcoin to your friends list Get a Link to this Reply
mtuma3 - That is one nice looking way to display a proof set. Very nice!
"Buy the Book Before You Buy the Coin" - Aaron R. Feldman - "And read it" - Me 2013!
ANA Life Member #3288 in good standing since 1982, EAC Member #6202, NBS Member, 2¢ variety collector.

See my want page: http://goccf.com/t/140440
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