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When A Silver Proof Is Cheaper Than It's Cu-Ni Counterpart!

 
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Author Previous TopicReplies: 11 / Views: 485Next Topic  
Pillar of the Community

Australia
817 Posts
 Posted 07/12/2021  6:48 pm Show Profile   Bookmark this topic Add David Graham to your friends list Get a Link to this Message
Going by EBay sold listings, it seems the Cu-Ni 2002 Golden Jubilee 50c PNC is fetching almost double the price of it's silver proof cousin. Given that there were double the number of Cu-Ni minted, that's a pretty expensive bit of wrapping and bits of sticky paper. Never thought a proof coin would cost less than non-proof, especially when it's silver. Doesn't make sense as a coin collector.
Pillar of the Community
United States
2344 Posts
 Posted 07/12/2021  7:30 pm  Show Profile   Bookmark this reply Add Oldfordman to your friends list Get a Link to this Reply
That's interesting. How are the mintages when compared to each other?
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Australia
13808 Posts
 Posted 07/12/2021  7:31 pm  Show Profile   Bookmark this reply Add Sap to your friends list Get a Link to this Reply

Quote:
Never thought a proof coin would cost less than non-proof, especially when it's silver. Doesn't make sense as a coin collector.

Happens in the Franklin Mint series all the time. For some countries, Franklin Mint mass-marketed their proof coins, but their Unc coins got less coverage in the marketing materials. Net result is fewer Unc than Proof coins were sold, so fewer were made, with resultant increase in rarity and price for non-Proof surviving examples.

Quote:
...that's a pretty expensive bit of wrapping and bits of sticky paper...

Here's how to tell if it's the wrapping that's adding value: what do the out-of-packaging raw coins sell for? Or the slabbed coins, if there are enough slabbed examples for a statistical analysis? If the coins hold their value even when removed from the packaging, then it's the coins, not the wrappers, that people are collecting.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
Pillar of the Community
Australia
817 Posts
 Posted 07/12/2021  7:52 pm  Show Profile   Bookmark this reply Add David Graham to your friends list Get a Link to this Reply
According to Numista, 32,102 of the Cu-Ni PNC were minted.
"To mark the 50th anniversary of Queen Elizabeth II Accession or Golden Jubilee a new design was released by the Royal Australian Mint in 2002. This coin was originally intended to circulate but this decision was overruled after advice from the Treasury that there were enough 50 cent pieces already in circulation. This version was only available in a PNC issued by Australia Post. These are very rare and sell for upwards of $120."
Mintage for silver proof was 17,500.
Sap, does the mintage for the PNC mean that all were sold or is it possible some were scrapped? Couldn't find any slabbed or out of PNC cover coins on the sold items search.
Edited by David Graham
07/12/2021 7:53 pm
Pillar of the Community
New Zealand
2937 Posts
 Posted 07/12/2021  9:42 pm  Show Profile   Bookmark this reply Add Princetane to your friends list Get a Link to this Reply
I am not suprised at all, this Royal Tatt always has its collectors and the coin is likely a bubble more than anything else.

Also we need to get past this "Silver is a rare and precious metal" mentality. Yes silver is better than all this muck metal money running around - but its not precious or rare. The fact someone like me has 6kg of silver coin and most of it is worth way above its melt bears well next to the 4 grams of Gold I own, and that coin is only worth what it is because its Gold.

Think of it 1906S half sovereign (Has $350 gold worth $355) vs 1938 Crown ($30 silver, worth $550). And then add to that mix 2012 Red Poppy $2 (Has 2 cents of metal, FV $2 and cat value over $100).

Finally most Silver NCLT and Proofs is issued and sold at prices way above melt value (Average one ounce coin is 2x Silver Value for bullion and 4 - 8x for themed coins - after 25 - 30 years they drop to around 1.2x melt). Also if they mint 10k of a silver NCLT/Proof - most sell, those that don't are melted, the sold ones mostly remain in cases and collections - they don't get rarer unless its a rare error or some mistake with it.

Now take a base metal coin - it circulates in the millions or more, many are used and destroyed, mint and UNC coins become more scarce and desirable. Also a circulation coin unless NCLT is released at it's face value - not some hyped up price and no pointless ring box or certificates of authenticity.

My 5 cents.
Loving Halfcrowns. British and Commonwealth coins 1750 - 1950 and anything Kiwi.
If it's round, shiny and silvery I will love it.
Pillar of the Community
Australia
817 Posts
 Posted 07/12/2021  10:19 pm  Show Profile   Bookmark this reply Add David Graham to your friends list Get a Link to this Reply
Princetane - I agree with you on blinged bullion however the Cu-Ni PNC was never released for circulation so assuming all 35000 minted were sold and in the hands of collectors, there's double the number compared to the silver and yet they are double the price of silver. Maybe it's the fact the item is sought by coin and stamp collectors that has driven the price up.

I do like silver but would prefer to spend my money on silver that is 20+ years old as it does not fall into the Limited edition mint-mania price frenzy that occurs with recent coins. Mind you, 1.5 million for a super mario game? Some people just have too much money.

BTW - is your 5c worth base metal or silver?
Edited by David Graham
07/12/2021 10:45 pm
Pillar of the Community
New Zealand
2937 Posts
 Posted 07/13/2021  05:08 am  Show Profile   Bookmark this reply Add Princetane to your friends list Get a Link to this Reply
I have been on my soapbox a lot lately - so probably quicksilver or corrosive lead!!

I agree, the most value for money Australian silver coin out there is AU/UNC Florins of the 1941 - 1963 period. A lot of historic coin for little outlay!
Loving Halfcrowns. British and Commonwealth coins 1750 - 1950 and anything Kiwi.
If it's round, shiny and silvery I will love it.
Valued Member
Australia
102 Posts
 Posted 07/13/2021  09:28 am  Show Profile   Bookmark this reply Add polarboy to your friends list Get a Link to this Reply
Wow this is all quite interesting as I have been eyeing off that PNC for a while and never found one anywhere near a price I was willing to pay. Having said that pretty much all the PNC's on ebay have sat there for the last few months at least. I guess an inflated price is all theoretical if nobody is actually buy or selling.
Pillar of the Community
Australia
817 Posts
 Posted 07/13/2021  5:18 pm  Show Profile   Bookmark this reply Add David Graham to your friends list Get a Link to this Reply
Polarboy - Out of interest are you scoping that PNC for the coin or the stamp (or both?)
Valued Member
Australia
102 Posts
 Posted 07/13/2021  11:43 pm  Show Profile   Bookmark this reply Add polarboy to your friends list Get a Link to this Reply
David for the coin I suppose I do have a nice little collection of PNCs and I do like the queen.
Pillar of the Community
Australia
1819 Posts
 Posted 07/16/2021  7:09 pm  Show Profile   Bookmark this reply Add Mr T to your friends list Get a Link to this Reply
I don't usually get the non-circulating commemoratives but when I do I always go for the base metal stuff because it's more "circulation-like". Maybe others think the same way?
New Member
Australia
24 Posts
 Posted 09/13/2021  01:34 am  Show Profile   Bookmark this reply Add MachinMachinMan to your friends list Get a Link to this Reply
If you can find this sought after PNC for under $75 snap it up I say! It's value has stood the test of time.




Wouldn't pay more than $40 for the silver proof.


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