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 Replies: 15 / Views: 1,278 |
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Valued Member
United States
386 Posts |
I had an opportunity, and took it, to buy this complete set (without the 1955 & 1972 DD's). The entire set is in MS-65.
Let me tell you the history of these coins.
My local dealer (and teacher)has been collecting for over 40 years. About 30+ years ago he had an opportunity to buy from a banker one roll of every denomination (pennies, nickels, dimes etc...)in every mint-mark that this banker/collector was stashing away in a safe since 1941, year by year.
At this time my local dealer could not afford all of the rolls, so he bought all of the Lincolns.
All of these Lincoln rolls were uncirculated, straight from the bank.
They were taken out of the vault only when the sale was made.
My local dealer then made one set in a Whitman for himself, and sold the rest slowly over the years. Word got out that he had these and over the years they got gobbled up. I started going through what was left to complete what I could. Obviously quite a lot of dates/mintmarks are now not available as they were sold out.
To give you an idea of how this banker took care of these rolls, he took all of the steel cent rolls and had them in oil so they wouldn't rust/deteriorate.
This set in the Whitman album has 3 great attributes:
1. Every coin has been in two hands. The original owner/banker and the local dealer. Straight from the rolls and into the book.
2. They are true MS-65's.
3. These coins are from one source.
My local dealer will get out of this business in a few years, and he wanted this collection to survive and not be broken up. I thought it was a great gesture on his part, because he cares for this set. I'm honoured he offered it to me, and I am proud to have it and will keep it and pass it on to my kids if they pursue the hobby.
I picked up the set for $400. It may be a bit more on Saturday when I pick it up. We are finalizing the price.
When I have it in my hands, I'll post some pics. The 1943 steels are beautiful, with an excellent rainbow tone.
Thought I would share this story because not only is it a great set with a great story, it is a set that I am proud to own.
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Pillar of the Community
United States
2150 Posts |
If your happy with the deal than go for it. I can say without a doubt that he is asking VERY, VERY strong money for it. You could pick these coins up raw way cheaper with a little patients.
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Valued Member
 United States
386 Posts |
I know it's on the pricier side, but I like the history of this set and I would prefer to spend the limited time I have for collecting chasing my other interests. I still have to search and build the rest of the Lincoln dates.
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Bedrock of the Community
United States
11951 Posts |
Quote:
I can say without a doubt that he is asking VERY, VERY strong money for it.  It is a interesting story and if it is something you want, than you should buy it. I would have a few concerns. The big two would be. Most banks I know, do not get rolls of all mint's. If you are saying this set is from only one mint then it really is not a very good deal. If there are coins from P,S,D mints .. then I would worry about the story. But a set of all three mints would still not make this a good price. When you over pay for common coins like this, you may never get your money back .. if you ever did want to sell. One last thing, not sure what you mean by, had the steel cents in oil and now they have a rainbow tone. This sounds like the coins may be considered damaged coins now, artificial toned. I am trying to say this as nice as possible, and not run down a set of coins you may want to purchase. I feel you should get multiple opinions before you decide on spending this much money. |
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Pillar of the Community
United States
2150 Posts |
Man, I keep thinking about this. To be completely frank, I would pass on this deal. I would not pay for " the story ". The '41-'74 set can be had in very high grades for a lot less. If you have the disposable income and don't mind over paying it's really none of my business. As a Lincoln collector for the past 10 years I hate to see people get ripped off.
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Valued Member
United States
386 Posts |
I do appreciate all of the advice.
How much do you think you can put a set like this together for? I did research it, but I would like to hear from you who have been collecting Lincolns for a good deal of time.
Also, if you were to put this together, how would you obtain these coins? Shops, shows, internet etc?
To be clear, this set includes all mint marks.
Edited by sjh241
08/15/2012 9:31 pm
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Pillar of the Community
United States
597 Posts |
ok I put a set together exactly the same grades and all right off ebay and teletrade it cost me $47 more than yours but they are all graded by pcgs and go from 1943-1979 I am now working on ms-66 1980-present for the ms65 just make a list be patient you can buy them for under $4 a piece look to combine shipping and dont jump the gun there will always be more if its not cheap enough dont buy |
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Valued Member
United States
386 Posts |
Your set has all the mint marks, correct? How long did it take you to make that set?
The $4 is an average price, or did you have to pay more for some of the scarcer ones like 42S (and some of the others)?
Your set cost that you are quoting includes shipping? Did you also have to, in any cases, return/exchange coins that you received that were not up to your expectations?
Thanks for any info that you can provide, as I'm looking to compare internet purchases and costs vs. the other methods (shows, shops, etc....
Sounds like you made a nice set, and good luck with the new one.
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Bedrock of the Community
United States
11951 Posts |
Looking at price guides at MS 65 coins I can see where this looks like a good deal. In my experience not all coins coming from a roll are going to be MS 65 or better. Really take a good look at them if you are going to buy. Lincoln cents in these years drop a lot of the value in grades under MS65. I bought a lot of my BU Lincoln cents 20 or 30 years ago and they were very cheap. I also put away many BU rolls of both wheat and memorial cents .. I think there are many collectors like me.. that have a lot of spare Lincoln's .. finding people like that would be your best chance of getting a good price. Also working out a good relationship with coin shops may help getting these at a good price. Or watching ebay for nice sets to come up. If coins for these years are selling at these prices.. I will be sorting my spares and posting them on here .. or ebay |
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Bedrock of the Community
United States
11951 Posts |
Quote:ok I put a set together exactly the same grades and all right off ebay and teletrade it cost me $47 more than yours but they are all graded by pcgs and go from 1943-1979 If the coins were like reupman's all slabbed PCGS MS 65, then that IMO would be a nice price and a nice set |
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Valued Member
United States
386 Posts |
I know that the prices below MS-65 drop like a led zeppelin.
I've looked at the coins a few times. They look nice and at the grade. I've seen a few that could are borderline, but not in the scarcer dates.
The person who made this set took the best coin from each roll and dropped it into this album. It was the best from what were BU rolls.
I appreciate the advice. If I do take this set, I will try to try to seek out more people with UNC rolls and have spares for the dates that I still need to get.
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Pillar of the Community
United States
597 Posts |
if the coin is certified I have never had to return it but I do buy alot of doubles by accident like less than 1 min left I dont have time to check and see if I have it lol. what I do with doubles and coins with lower grades is hold them until I have alot! then I sell them all at once to try to get over the thousand mark. then I can buy a really expensive coin with those extras. some people end there auctions at 4 am those are where you start.
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Bedrock of the Community
United States
20753 Posts |
As already noted it sounds a bit like a sales pitch that someone had rolls from every Mint, all brand new, from every year. And only from 41 to 79? None from any other years or Mints? Sounds like a sales pitch to sell those sets. If in Whitman Folders too, not a good place. Are all the 60's there? All the 70's? He had all the 41's in Oil? Please inspect all the coins carefully. Brand new from the Mint but MS-65? And just why would anyone that knows anything about coins use those Whitman FOLDERS?
All in all, if your happy with that set, hurry and get an Album for those and get them out of that Folder.
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Valued Member
United States
386 Posts |
The collection is in a Whitman album, not folder.
The set has every coin, in every mintmark, 1941 through 74 except for the 1955 DD, 1972DD and the 74S.
The coins have been in the Whitman album for a very long time. I know this from someone who has seen the same coins in the same album over 20 years ago.
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Pillar of the Community
United States
2150 Posts |
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Valued Member
United States
386 Posts |
It's a nice set. However, a lot of these coins would have to be replaced; they are not at the condition I'm looking for. I understand the point you are making. Thanks.
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Replies: 15 / Views: 1,278 |
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Posted 08/15/2012 6:57 pm
