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 Replies: 28 / Views: 7,892 |
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Valued Member
United States
157 Posts |
So, I restarted my coin collecting hobby last year at age 35 after taking a 20+ year absence when I was a kid. As a kid I collected only our of circulation. Being an adult, my budget is much larger, and I set a goal of first collecting complete modern series business strikes in BU (with exception for early-year Lincolns) and modern proof sets. The business strike collection is going well, and the proof sets are now complete from 1964 on. However, I'm no longer feeling the love for proof sets. A year ago, proof coins seemed cool because they were so shiny and remarkable specimens of their business strike counterparts. Now, after handling so many business strike coins, proofs seem to me like they're in some sense "fake" even though I know they're legal tender coins. In addition, there's the issue of storing and display of all of these proof sets. The only commercial solution I've found for display are Eagle display albums, but going that route I'd spend as much on displayas I did the coins themselves (if not more!), which seems crazy. There's also always the option of storing in a box, but if I have coins, I want to display them, not put them away in a box. So now I have 48 years of proof sets sitting around that I'm not really so jazzed about having anymore, even though I've had them all less than a year. I now wish I would have saved my money and simply used it to purchase other things, like silver Roosevelts, silver Washingtons, Franklins, or something else for the modern business strike series in my collection. Then there's the question of what to do with them now that I've fallen out of love. I suppose I could dump them back on ebay, where I purchased almost all of them from, but then after you take into account ebay and PayPal fees, I'm out quite a bit of dough if I manage to sell at the price at which I bought. On the other hand, I could crack out and try to sell coins individually after which I'd probably do a little better than break even, but that would be horribly time consuming. Another option is to crack out and just expand my business strike collection to include proofs, but then that just opens another can of worms, as my obsessive-compulsive completionist nature would then dictate that I collect the full series of proofs for all the series I collect, even old proofs like the 1909 Lincolns. Keeping for investment value seems silly as these things look to be terrible investments (and I didn't buy for investment, I bought to be a hobbyist). Thoughts? |
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Pillar of the Community
United States
7840 Posts |
IMO, Proofs are too nice, they are specially made for collectors, and incurred the specialized price. I would prefer the business strikes over proofs 9 out of 10 times (the ASE Reverse Proof is an exception). I would sell them, but don't expect to get too much for them. Check to see if you have an Cameos, which seem to be hot nowadays. Success! Edited by oih82w8
01/13/2012 10:37 am
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Pillar of the Community
United States
1302 Posts |
I think you are learning and that's a good thing. Collectors always buy things they think they want at first and then have that moment to reflect and reconsider. A proof run of 1964 on is a good thing. My advice, is to sit on it and think about it for a while, even a year or two down the road. Silver is off its price for now- so there is no use selling at the bottom.
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Pillar of the Community
United States
716 Posts |
It sounds to me that you have fallen totally out of love with your proof sets and no longer want them in your collection. If that is the case, and you can afford it, I would sell them and use the money to add to your business strike collection. To use your own words you are a hobbyist, not an investor - so take the loss. The coins in your collection should be ones that you enjoy.
Another thought-give them away as Christmas/ birthday gifts. Do you have grandchildren? (Oops, I see you are probably too young for that.) Anyway that is just another option.
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Pillar of the Community
United States
2651 Posts |
I don't know what proof sets go for but I would say hold on to them until silver jumps up....sell them and buy Key date Lincolns.
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Valued Member
 United States
157 Posts |
Thanks for the advice thus far. As far as waiting on silver values to rise, they won't make much of a difference. The only ones I have with any silver in them are the 1964 (90% Kennedy, Washington, Roosevelt), the 1968 (40% Kennedy), the 1969 (40% Kennedy), and the 1970 (40% Kennedy). So only about $40 or so in actual silver value. Even if I was concerned about silver value, I could still sell 1971 and later(which is all clad and base metals), and hold onto the ones with silver.
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Pillar of the Community
United States
1817 Posts |
Since you are willing to part with your clad proofs, I'd suggest waiting since there isn't a particular high demand for them right now. The only one that has a good premium is the 2008 clad set, all the focus lately has been on the silver proof sets. It's ok to buy coins/sets in the early phase of your collecting, it helps narrow down what you like and what you can afford. Once you have 250+ posts you can sell here at CCF and avoid all of the e-Bay fees.
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Valued Member
United States
404 Posts |
I was at my local coin shop on Wednesday and picked up a 1961 Franklin Proof he busted out of the cello and sold it for spot. The coin almost looks plated. I can see why the lost interest in proof sets.
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Pillar of the Community
United States
7187 Posts |
I have a preference to proof coins but primarily silver and especially cameo proofs. I stopped proof set purchases in 1980 but returned to the silver in 1992. As you have seen there is little premium for the clad proof sets but if you are accumulating date and mint sets they are needed for modern sets such as Kennedy halves Washington quarters etc. Since you have them now and you could take a loss in their sale I would keep them in the event you decide to go with the date and mint collections aforementioned. |
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Pillar of the Community
United States
560 Posts |
Unless space and money is an issue, I would hang onto them. The clad sets from the 70s and 80s are never going to be worth much (IMO) but you might fall back in love with them at some point. Or decide to include proofs in some of your sets - then you would have to buy them again.
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Moderator
 United States
187862 Posts |
Quote:
Another option is to crack out and just expand my business strike collection to include proofs... I was going to suggest this until I read this... Quote:
... but then that just opens another can of worms, as my obsessive-compulsive completionist nature would then dictate that I collect the full series of proofs for all the series I collect, even old proofs like the 1909 Lincolns. That definitely adds a complication. For what it is worth, the Dansco albums only make room for the the modern proof-only issues. If you were to go the Dansco route, the albums would limit you. However, it may not stop you as it is very easy to make a customized Dansco to hold those other proofs. Quote:
...and I didn't buy for investment, I bought to be a hobbyist Good to see that.  |
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Pillar of the Community
United States
2541 Posts |
Sell all the proof sets and save up to buy older proof sets. They were much rarer.
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Valued Member
United States
157 Posts |
Again to all, thanks for the advice. Bizybackson - regarding waiting to sell until there is more of an interest in proof sets, from I've learned from these forums and other collectors is that there's never really been that great of an interest in them. Thus the large bins of sets that dealers have at shows that they've probably had sitting in inventory for years. It seems to me like I could get 10 years from now the same amount I could get now. That being the case, maybe I should take the few hundred dollars I get from the sale and nab a nice short set of silver Roosevelts, buy a few semi-key Lincolns, start in on a Walking Liberty half set, or start building a "classics" type set. muddler - I'm working on what I would consider date and mint mark sets for all moderns, but I've only been including business strikes; a lot of completing a series or a set is how you define the series, and I've thus far decided that proofs aren't part of those series. I think at the end of the day my proof sets will likely end up on ebay, and whatever losses I have I'll chalk up to the cost of education. Maybe to satisfy whatever small desire I have to own proofs, I'll build myself over time a "modern proofs cameo type set" (excluding state quarter/ATB reverse and presidents) with silver for the Eisenhower, Kennedy, Franklin, Washington, and Roosevelt. Thanks again all! |
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Valued Member
United States
470 Posts |
Try fishing for a less stressful hobby.
Edited by Andrew289
01/13/2012 2:06 pm
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Bedrock of the Community
United States
19935 Posts |
I too have lost interest in proof and mint sets for the most part. I've sold a ton of them the past couple of years and intend on selling more. Value wise they are stagnant and they are also common, there's plenty of supply vs demand.
Part of my loss of excitement was seeing mountains of these at my local shop. They seem to come in everyday and my dealer has piles of them. On my last trip he had an employee cutting some open to make proof rolls....a more profitable item than a set.
My philosophy on collecting is changing as I get older. I'm on a determined run to reduce my quantity greatly and go with fewer, higher grade coins.
Lincoln Cent Lover!VERDI-CARE™ INVENTOR https://verdi.care/
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Bedrock of the Community
United States
10034 Posts |
If you have any woodworking skill at all, I think a simple solution would be to make a frame that would hold multiple sets for hanging on the wall. It would not be a hard thing (with a router or table saw) to make  Make a channel in 1X1 lumber:  Maybe a woodworker online here like jdfindring or nickelsearcher would be willing to make a deal with you if this idea appeals to you. Seeing a bunch of these mirror surface gems hanging on the wall in displays might be a good way to start enjoying their look again. |
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Replies: 28 / Views: 7,892 |
Posted 01/13/2012 11:01 am
