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 Replies: 8 / Views: 960 |
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Valued Member
United States
251 Posts |
I just procured a 1963 and 1964 Philadelphia mint sets, and was wondering something, as these are my first ones. It seems the value of the coins individually in MS-63 or better is higher than the value of the set intact, according to the 2008 RedBook. Any point in breaking the set up and having the coins graded? Is the expectation that the coins in the sets would grade at MS-63 even reasonable? What should a mint set grade at? I would think minimum MS-60. Example: (All current values from 2008 RedBook) 1963 Mint Set - $25 1963 Franklin half - MS-63 $12.00 / MS-65 $70.00 1963 Quarter - MS-63 $7.00 / MS-65 $15.00 1963 Dime - MS-63 $1.50 / MS-65 $6.00 1963 Nickel - MS-63 $.50 / MS-65 $1.00 1963 Lincoln - MS-63 $.15 / MS-65$.30 I can see that if they all graded at MS-63 it might not be worth it, but if they graded at MS-65 then it might be...I was wondering what your thoughts were on this. I am new at this hobby and appreciate everyone's opinion. Thanks. |
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Bedrock of the Community
United States
12437 Posts |
quote:
I just procured a 1963 and 1964 Philadelphia mint sets
If you only have the Philly coins, you are missing the other half of the mint set from Denver. Could you perhaps be referring to a proof set? As far as breaking up the set for grading, that is generally only worthwhile if you are competent at grading high MS coins(MS-64+). Franklin half dollars are a bit trickier since you can sometimes find a FBL example- fully struck lines on the Liberty Bell add a premium to the value. By definition, all coins in a mint set should be at least MS-60 since none have seen circulation. The quality of older mint sets is no different from business strike coinage as the coins were not treated any differently. Sometimes, coins in a mint set will be hazy or have spots from the packaging or holes in the packaging. Recently, the US Mint started making mint sets with coins that have a special satin finish and these are higher quality than coins for general circulation. Sometimes, coins in a mint set will be hazy or have spots from the packaging or holes in the packaging. |
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Moderator
 United States
6563 Posts |
I have bought some newer silver proof sets and cracked them out and put them in 2x2's and I made a decent profit from them on ebay. I never really looked into how much I could have made from having em slabbed |
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Valued Member
 United States
251 Posts |
Sorry Biokemist6, I do have the proof set, my mistake. Either way, that looks like it just reinforces the values. The sets are in the original yellow mint envelope.
Does proof vs mint set make a difference in your answer?
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Bedrock of the Community
United States
12437 Posts |
The only changes I would make to my statement are that the grades would be listed as PF instead of MS and FBL do not apply to proof Franklins as the bell lines on a proof coin should be fully struck. However, proof coins with a cameo or deep cameo appearance do carry a price premium. The vast majority of older proof sets were brilliant proofs as opposed to the standard deep cameo coins of today's proof sets. Some of the first few proofs minted with a fresh set of dies would have a cameo, or frosted design-mirrored field, appearance. How much cameo can make a big difference in value- those would be the ones to look for if you want to split up sets.
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Bedrock of the Community
United States
14454 Posts |
quote:
Could you perhaps be referring to a proof set?
I think this is what they are talking about because in 1963 they still put the proof sets in the envelopes (that looks kind of like a mint set would today) and I sold a 1960 proof set on ebay when I first started collecting coins that was still sealed from the mint (for my grandfather) and called it a mint set and would have never known what it actually was until someone who bought the coins let me know after they had received them that it was in fact a proof set instead of a mint set |
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Bedrock of the Community
United States
20753 Posts |
This is frequently asked question. First of all unless you are planning on selling those coins, for a collectors point of view,leave them alone as sets. If you are contimplating selling them, by all means break them out and use as individuals. I wouldn't waste money on grading and slabbing. Just put them in a 2x2, write proof on the 2x2 and sell. The reason for each coin being worth more than the whole is the same principle as anything. If you went to buy all the parts to make a car you would probably pay thousands more than just buying the car. Ever notice you take a whole car to a junk yard and get about $50. Then you go to the same junk yard and try to buy a few used tire rims and find it cost almost your %50. Go buy electronic components to build a TV set. Again, the parts cost more than the TV set.
At one of the coin shows I frequent there is a couple that sells lots of separate proof and uncirc coinss in 2x2's and what they do is order many, many from the Mint, break them all out and sell separately. They make lots and lots and lots of money.
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Bedrock of the Community
United States
17884 Posts |
There can be a lot of risk involved with trying to get moderns slabbed like you were thinking.
Let's assume it actually was a mint set and you sent them in and were lucky enough that ALL of them came back as MS-65
Cost of set $25
Slabbing fee for five coins $50 - $70 depending on the service
Shipping and insurance $15 minimum
Total expense $90 - $110 If you already happen to have the set $65 - $85
Total retail of the five coins in MS-65 $92.30
Dealers offer when you sell at 10% - 20% back $74 to $84
Total profit if you already happen to own the set $1 - $9. If you bought the set, a loss of anywhere from $6 - $35
And that is if they all come back as MS-65 If either the quarter of half comes back as a MS-63 any chance at a profit disappears and losses become MUCH worse.
So what at first looks like a great way to increase your profit $25 set worth $92.50 if you get it slabbed, actually once you consider all the expenses, is an almost certain loss.
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Valued Member
United States
251 Posts |
Thanks Conder101, that is a great answer. Makes a lot of sense.
Jim
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Replies: 8 / Views: 960 |
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Posted 11/15/2007 2:23 pm
