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 Replies: 82 / Views: 8,838 |
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Pillar of the Community
United States
3276 Posts |
And by the way, all mint and proof sets I have ever owned I have broken out. But I put them all in albums :)
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Pillar of the Community
United States
3184 Posts |
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Moderator
 United States
187446 Posts |
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Some dealers will pay face value, not many will pay over face. Selling them to a dealer for face value is still better than dumping them at the bank for the same. At least it is better for the coins.  |
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Pillar of the Community
United States
1590 Posts |
I have to make a statement in my capacity as a dealer. I would never make an offer for less than face to a customer. I feel that is just so insulting. I know there are dealers out there that do that. In fact I recently had another dealer offer me $18 for a $20 roll of Sac's. I thought he was joking, but he was dead serious. So I know it happens. At the height of the great silver melt I was only paying spot for pre-65 proof and mint sets; essentially getting the pennies and nickels for free. But in most cases the sellers had purchased those sets for much,much less than what I was offering. Now I did pay a premium for pre-55 sets. My price for the sets containing the 40% halves was spot for the half plus face. Usually at around 5 to 6 bucks. Sell them for $8. Modern proofs bid would be face plus 10 percent. Mint sets are a bit trickier since there are some pricy ones out there. But again usually at face plus 10 percent. More for the 82 and 83 substitute sets. I agree though that they are a glut on the market. This is not an offer to buy, because I don't use this forum for business. I use this forum for my personal enjoyment. This is where I kick off my shoes and relax. Having said that; if some one like GR58 walked into my office with rolls of MS coins and proofs as removed from sets I would offer 25 to 50 percent over face per roll. For the Ike Proofs I would offer $2 per coin. Why? Well a couple of reason. First is the numbers game. Lets say I buy a roll of MS Roosevelts for $7.50. If I find one MS68/9 in this group I have just made my money and then some. I can sell the rest for 25 cents each and more than make my money back. In fact just selling the coins for 25 cents each I can make my money. But you have to have a broad market. If you can sell complete short sets on ebay you can make your money back. Lots of collectors will buy say a set of clads from 65 to 80 for $10. Proofs. I have actually bought a roll of proof Ikes for $2 each and turned around and sold them for $5 bin w/free shipping and sold like hotcakes. Profit per piece 1 dollar each. Set up the template, change the pic; an hours work. A lot of dealers imho are too lazy. How often have I heard 'it's not worth my time"....yeah...buddy that hour went by no matter if I was drinking soda and watching tv or making an ad on ebay. Time will always pass, assigning a dollar value to it and not working is just an excuse to be lazy. Waiting for customers to walk into the office is a good way to lose money. Being arrogant and low balling your customers is also a good way to lose money. Offering less than face value is terribly insulting, yet I acknowledge that it does happen. Ok, off my soap box; point is if you worry about the bottom line and not about "wages" you will make money. Edited by jmkendall
10/23/2012 1:03 pm
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Valued Member
United States
383 Posts |
This is exactly how I've gotten a large portion of my collection. My LCS takes all of these mint sets and proof sets and breaks them up. He then tosses all of the non-keepers into a bucket for me, along with any Ikes, and sells them to me for face. I usually get about $100 per week this way, and wind up dumping $80 or so, back to the bank.
He says that he'd rather see my kids and me enjoy them than just dump them himself.
I keep any and all proofs, and many BUs in the hopes of turning them around for a profit. I've yet to do that, though, so I just hoard.
This adds to the enjoyment for me: getting these coins at face. This way I know I'll never lose money on them!
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Valued Member
United States
383 Posts |
Also, as some of you have seen from my other post here... https://goccf.com/t/132289I sometimes get coins for less than face. That's always a fun day! |
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Pillar of the Community
Russian Federation
5172 Posts |
To the OP (and whoever else in this thread has a bunch of loose proofs they don't know what to do with): if you aren't afraid of international shipping, send some proofs over to me  I don't have any proof US coins in my collection... not yet anyway. I suppose if I find the time and money I could reply with a Soviet proof commem... they're reasonably cheap over here ($3-5 a piece for the newer ones), and being post-1961 aren't yet illegal to send out (if I can get a decent package anyway). |
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Pillar of the Community
Canada
535 Posts |
That is a beautiful lot of coins in the photos GR58. I am of the opinion of a few others on here. Instead of dumping coins at the bank, I would gladly pay double face value plus the shipping. Some people prefer circulation strikes but I just love the look of proof coins.
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Moderator
United States
187446 Posts |
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I have to make a statement in my capacity as a dealer. I am very glad you did, because it is good to get this perspective into the conversation. Quote:
This is where I kick off my shoes and relax.  |
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Valued Member
United States
366 Posts |
Wow, I guess I will have to consider what I do long-term with my hoard of proof sets... I've been a buyer for 20 years and never really sold much. For the sets from 1950-1970, I took the nice DCAM coins out, had them graded and sold most... but I still have huge numbers of full sets which I have never tried to pick the PR68+ coins. I need many more hours in every day.
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Bedrock of the Community
 United States
11951 Posts |
I did not think this thread would go on as long as it has.
I have been giving some thought to the responses. It seems everyone has a little different point of view. That might be dependent on where they live and what level of collecting they are in.
In defense of dealers that may pay less than face value for proof sets. When the offer less it may be because they are over stocked on proof sets and really would not to buy more. They buy them at less then face, then turn around and sell them to buyers like me at face. Stamp dealers have been doing this for years.
I would not run a dealer down for trying to make a little profit. I have been to many coin shop in my life, most have large inventories of mint and proof sets, that sell very slow. It is not the same as a dealer paying $50.00 for a $500.00 coin. If I had a dealer with in driving distance that would pay me 10% over face, I could pick up a thousand sets easy to flip. I think that would not last long.
IMO mint and proof sets are far from being a good investment. It is the same as slabbed coins, buy the coin
not the package.
Couple years ago I was putting together a Kennedy Dansco.
Sitting in a coin shop with my list. Looking at the inventory and seeing sometimes it was cheaper to buy the whole set, then just the individual coin.
As for taking the proof coins back to the dealers to get face value, instead of dumping at the bank. They sold them to me cheap because they did not want them, I saved them from breaking them open and dumping them at the bank.
As for these coins .. I did get some messages from CCF members that wanted some coins .. I will try to help some of them out.
There are a few times where I like to sell some coins to buy other coins .. but I am not really looking to get into it as a business at this time.
Maybe we need a thread for people to share their style of collecting to help others understand each other better.
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Moderator
United States
187446 Posts |
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When the offer less it may be because they are over stocked on proof sets and really would not to buy more. True. It could be there way of saying that they do no need them, but will take them if you a desperate. |
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Pillar of the Community
United States
3755 Posts |
I get that they may have a ton of the sets. But then you simply say, sorry, I have a ton of these already. Saying give me your quarter and I will give you a dime is NOT the way to do it IMO.
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Moderator
United States
187446 Posts |
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But then you simply say, sorry, I have a ton of these already. I agree. I have only witnessed one dealer offering below face. However, he was doing it in jest with a group of us who understood what he meant. It was a hypothetical question; I doubt he would ever do it for real, choosing to do as you suggest. |
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Pillar of the Community
United States
2270 Posts |
It used to be easy to dump the leftovers. You couldn't get much for them but it would almost pay for the sets. I guess there are just too many sets on the market right now so all the buyers have ample supplies. When the economy strenghtens someday the supply should dry up pretty quickly. A lot of the older sets have suffered so much attrition there just aren't very many left.
Time don't fly, it bounds and leaps.
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Replies: 82 / Views: 8,838 |
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Posted 10/23/2012 04:46 am
