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 Replies: 7 / Views: 3,658 |
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Valued Member
United States
124 Posts |
I've been trying to sell my proof sets to coin dealers and they dont even want them for face value? I guess they don't want the trouble of breaking the sets open to give them as change in their store. Don't know what to do with them, I don't want them anymore. Thinking of just spending them as change. This are the Presidential dollars proofs. Some online dealer pays like $1 to $2 over face value. After shipping etc what's the point. Better off spending them myself. Good thing I stop collecting proof sets in 2013. Proof sets are just shinny change one coin dealer said. I guess he's right. |
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Bedrock of the Community
Australia
21786 Posts |
I would't break the sets up. Just put them away, and forget about them. It is possible that a profit will never made on them, but at least they are more valuable than just face value.
Don't be discouraged.
We just need to be more circumspect, when it comes to buying mint product. Like any other marketing game, it pays to do some after market research first.
Understand what you are buying.
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Valued Member
United States
83 Posts |
How many do you have? If you have a whole stack, it might just not have the profit margin.
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Valued Member
United States
83 Posts |
Edit: and are they in good shape? I completed the years I wanted at APMEX, but some of the ones I got for fill in are a bit scruffy, and my LCS only orders what he knows I will buy Edited by ShinyCat
04/24/2016 03:06 am
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Bedrock of the Community
United States
11951 Posts |
Maybe it is just your dealer.
Of course many dealers get very overstocked in common
mint and proof sets, some still have value.
You posted you stopped buying them in 2013. Does that
mean you have the 2012 and 2008 sets? I would not break
open those sets .. or sell them for face.
Many collectors use the mint and proof set to fill their
albums. If you have not done that or maybe sometime in
the future plan on putting some modern sets together,
save them foe that
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Pillar of the Community
 United States
4591 Posts |
They are a glut on the market and won't ever be anything but. At yesterday's coin show they were in the $5 bin. Which means he paid $2.
Even the 50s and 60s... I have a dealer friend who made his living for the last year or so by buying mint & proof sets from those years where at least one of the coins was a gem. When he had enough gems he would send them off for bulk grading. So his COGS is something like $15. He sells them for $25-35 based on 'rarity'. Tough way to make a buck. The problem is that rarity is partly because nobody bothered to grade and slab these common dreck.
Take the 1958 Washington 4208 graded MS, MS65/66/67: 1,346, 1,617 and 294. 1552 graded PF, 67/68/69: 466, 153 and 12. $32, $42 and $185 in the PCGS price guide...
I have to ask him what he did with the rejects... probably puts them in 2x2 and sells to the dealers which stock books selling retail.
-----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/ |
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Pillar of the Community
United States
7191 Posts |
Another reason to only collect silver proof sets. At least they retain their silver value.
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New Member
United States
40 Posts |
Why did you buy them in the first place? If you're in this hobby for financial gain, who told you proof sets would be a good investment? if you're NOT in the hobby for financial gain and instead like collecting things, then it sounds like you have a GREAT collection of proof sets and I would keep them!
I collect proof/mint sets (have them all back to 1950), and my reason for collecting them is the same reason someone collects all Morgans, or all walking halfs - to collect them! I have OCCASIONALLY purchased extra(s) proof or mint sets of a specific year for the investment/resale value, but since I know I'm in it for the enjoyment of the hobby, if it never amounts to anything, at least I know I have 2+ of a great year to admire.
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Replies: 7 / Views: 3,658 |
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Posted 04/24/2016 03:04 am
