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 Replies: 14 / Views: 1,734 |
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Pillar of the Community
United States
887 Posts |
So I'm working on a Washington quarter set. Didn't have any intentions of doing so, but long story short, I'm now working on one. Goal is have pretty close to an MS set, with luster being primary, then wear, then damage to a degree. In other words, if I find a coin with nice luster, good details, but a rim ding at a good price, it'll work. Nice thing about the Washingtons is there really aren't too many key/semi-key dates to worry about, and I like to get those out of the way first. So that brings me to the 1932's. The Philadelphia is a wait for the close to perfect one to come along, as they have no significant premium in higher grades. I attribute this, as I do with most coins, as having to do with number of coins minted, of which there were about 5.4 million minted. But when we look at the Denver and San Francisco minted 32's, I don't follow the costs. There were more 1932-D's minted (436,000) then 1932-S's (408,000). So why does the Denver command as much as 3-4x as the San Francisco? To me, this is lop-sided. Are there other coins where a mint or year of higher mintage command a higher premium then the same coin (different year or mm) with a lower number of minted units? What causes this phenomenon? Edited by Beefer518
06/30/2017 9:03 pm
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Bedrock of the Community
United States
11951 Posts |
Mintage numbers do not always coincide with servial rate of a year/mint of a coin. Quarters saw heavy use during the depression years. I think you will find that many of the pre 1940 branch mint, Washington quarter, will be harder to find in AU grades and higher. I do think it is a fun set to put together. I hope you enjoy the challenge as much as I did. |
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Valued Member
United States
186 Posts |
What GR58 said. Sometimes a coin will have a higher mintage but a lower survival rate, making it more expensive. Popularity also plays a huge role. For example, 396,000 1927-s Standing Liberty quarters were minted but you can probably get one with at least $20. Meanwhile, the 1923-s Standing Liberty quarter has a mintage of 1,360,000, about 3 times higher than the '27-s, but the cheapest one you can get will be at least $200. Edited by Benja
07/01/2017 12:14 am
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Pillar of the Community
United States
5854 Posts |
Quote:
Are there other coins where a mint or year of higher mintage command a higher premium then the same coin (different year or mm) with a lower number of minted units? 1911-S Indian $10 Mintage: 51,000 Value in MS-65: $24,000 1933 Indian $10 Mintage: 312,500 Value in MS-65: $500,000-800,000 1909-D St. Gaudens $20 Mintage: 52,500 Value in MS-65: $26,000 1913-S St. Gaudens $20 Mintage: 34,000 Value in MS-65: $25,000-35,000 1921 St. Gaudens $20 Mintage: 528,500 Value in MS-65: $500,000+ 1933 St. Gaudens $20 Mintage: 445,500 Value in MS-65: $7.59 million These examples are a bit extreme but it should make it very clear that a lower mintage does not always equal a higher value. As already mentioned, one factor is the survival rate. Some coins, like the two 1933 coins, have unique circumstances that leave very few surviving to the present day. Other coins, kinda like the 1932-D and 1932-S quarters, have few survivors in higher grades but are relatively plentiful in lower grades. The second factor is demand. You will often find some coins that have high mintages and a relatively high survival rate but still have a higher value than another coin with a lower mintage and lower survival rate. The reason is one is demanded while the other is not. |
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Pillar of the Community
United States
4211 Posts |
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Pillar of the Community
 United States
887 Posts |
Thanks for providing additional examples. But the question remains; why do these coins with greater numbers demand a premium? In the argument of survival rate, wouldn't there be approximately the same survival rates for the 32-D as there is for the 32-S, and others? And what creates the demand? The demand argument is also kind of odd, as the supply for those are greater, so shouldn't the supply and demand economics theory stand? Why would it be different for coins? I just don't get it. The gold coin examples are understandable, as the melting of millions depleted supply in unknown proportions, so any of the pre-1933 gold coins could be in very short supply.
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Bedrock of the Community
United States
94367 Posts |
Your question is a good one since the two coins were produced at the same time. My guess would be that, with mint roll hoarding by dealers already in vogue at that point, more '32-S rolls were saved than Denver rolls, accounting for the spread in unc values - which has persisted for many decades. Such hoarding also stunted the upside potential of, for example, the '31-S nickel, which is valued in MS-65 at just about the same price as the common 1934 (the next date minted). There are many examples.
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Pillar of the Community
United States
4211 Posts |
There are those that say with the 1932-S mint Washington...it was expected to be a low mintage coin so it was hoarded quickly.
No one expected the 1932-D Washingtons to be a lower mintage coins so they were not saved in mint state condition as much.
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Bedrock of the Community
United States
94367 Posts |
We are essentially saying the same thing. More rolls of '32-S saved than '32-D.
Same thing happened with the '36-D quarter.
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Pillar of the Community
United States
5854 Posts |
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And what creates the demand? The demand argument is also kind of odd, as the supply for those are greater, so shouldn't the supply and demand economics theory stand? Why would it be different for coins? Let's say coin A has a mintage of 1000 with 10 surviving examples but only 5 people want it and coin B has a mintage of 10000 with 1000 surviving examples but 2000 people want it. In this example, coin B is going to have a higher value even though there are much more of them. There are not enough of coin B to go around so each person will be in competition with one another. It is like playing musical chairs. Coin A has enough to go around so there no need to for any one of them to make a high offer knowing that there will be opportunities. The numbers in this examples may be made up but there are many real world examples that are exactly like this. Trying to provide an explanation for why a coin is demanded is often difficult. Sometimes there are events like the Statehood Quarters program that are highly influential but most of the time there is no clear cut reason. The reasons that people want a particular coin are varied, individualistic, and personal. They often can't be summed up into a simple narrative. |
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Bedrock of the Community
United States
17884 Posts |
Quote:
In the argument of survival rate, wouldn't there be approximately the same survival rates for the 32-D as there is for the 32-S, and others? And what creates the demand? In general collectors tend to hoard S mint coins more than they do Denver. Also in the 1930s there was probably a greater population in California than the the Denver area so more collectors in California as well. So more 1932 S coins saved than D mint. Higher survival rate means lower price today. Edited by Conder101
07/03/2017 6:11 pm
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Pillar of the Community
5464 Posts |
All good replies to your questions. Great info! I'm working on the same set you're working on. I get a little wrapped around the axle from time to time on this myself. I recently picked up a PCGS 32-S AU58 for $290. Not sure if I got ripped off or not but I liked the coin. I'm breaking them out and filling holes. It's the lowest grade I have of the set. All the rest are 63's or better. I only need the 32-D and 36-D, so these guys in mint states will be a bit pricey!
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Bedrock of the Community
United States
94367 Posts |
@USSID18 -  to the CCF! |
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Pillar of the Community
5464 Posts |
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Bedrock of the Community
United States
20753 Posts |
And so much depends on popularity of a coin. |
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Replies: 14 / Views: 1,734 |
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Posted 07/01/2017 12:14 am
