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 Replies: 17 / Views: 2,731 |
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Pillar of the Community
United States
7276 Posts |
I was recently at the LCS and while there a collector came to sell his entire collection. (Off topic, I would have purchased some things from the collector if I could, but that's not the point). The collector had about 50 proof sets and the LCS states, I'll offer you face value for each proof set. I was a little taken back, I would expect some premium, but the LCS explained that they don't sell. He gets so many and they pile up that it makes no sense for him to buy more. I then followed up with another LCS that I'm friendly with and they also only offer face as there is no demand for Proof Sets. The only sets they offer more are the silver series. I've picked up a few sets that I wanted and honestly the cost has been minimal so I tend to agree with the LCS.
So the question for the community are recent proof sets pretty much worth face value?
Edited by hfjacinto
07/23/2020 1:35 pm
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Moderator
 United States
188130 Posts |
Not sure of that, but I do know the coins will sell for more individually than as a set. Collectors of particular series only want to buy the coins they need. On the other hand, if you collect all series then buying proof sets is the cheapest way to go. I break them apart to fill my Dansco holes.  |
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Valued Member
 United States
220 Posts |
It really depends on what errors you can find in the sets. There are about a dozen proof coins on the top 100. I think I would buy all the sets at face value I could get my hands on.
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Valued Member
United States
442 Posts |
I see lots of non silver ones sell for $4-6 at local auctions. Newer ones that have 4 Presidential dollars and/or 5 different quarters sell for a little more. It's usually more than face, but the auctioneer is taking 20% out of that. |
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Pillar of the Community
 United States
7276 Posts |
Quote:I see lots of non silver ones sell for $4-6 at local auctions. Newer ones that have 4 Presidential dollars and/or 5 different quarters sell for a little more. It's usually more than face, but the auctioneer is taking 20% out of that. This has been my experience. I purchased a 1969 proof set for $5, a 1987 for $3 and the 2009 one with the Lincoln commemorative coins for $14, I could see the LCS offering $1-$2 for the ones with 5 coins (1, 5, 10, 25 and 50) if they are only getting $4-$6. Edited by hfjacinto
07/23/2020 4:55 pm
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Pillar of the Community
United States
7276 Posts |
Quote:
Not sure of that, but I do know the coins will sell for more individually than as a set. Collectors of particular series only want to buy the coins they need.
On the other hand, if you collect all series then buying proof sets is the cheapest way to go. I break them apart to fill my Dansco holes. This is true. When I wanted to get the Lincoln Commemorative in proof, it was $10 for 4 Lincoln cents or $14 for the full set with 18 coins. |
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Pillar of the Community
United States
1667 Posts |
As far as coin shops go, yeah, the modern proof sets don't really sell and they just sit on them so as a whole they only want to pay face value (in the case of a 1987 proof set, 91 cents!) it's what they will offer. I mean I get their point, it's just going to sit there and more people are going to come and sell more and it's just going to sit there. What I don't agree with is them selling them for $7,$8,$10, $12, $15 each after they've bought them for 91 cents. it ticked me off about my LCS, he offers face for proof sets if people sell them to him, but he sell the 1987 st for $12 and won't budge, and he could wholesale it based on the greysheet for almost $5.00 it is what it is. Don't sell to them. same set you can probably sell for $4-$8 on ebay, but then there's the fees and the hassle. I dunno. Like I said, it is what it is. it's a business they gotta make money somehow. |
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Pillar of the Community
United States
7276 Posts |
Quote:
it ticked me off about my LCS, he offers face for proof sets if people sell them to him, but he sell the 1987 st for $12 and won't budge, and he could wholesale it based on the greysheet for almost $5.00 That would annoy me also. Considering I paid $3 for a 1987, I was fine pay 3X face value. |
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Bedrock of the Community
United States
12817 Posts |
Quote:it ticked me off about my LCS, he offers face for proof sets if people sell them to him, but he sell the 1987 st for $12 and won't budge, and he could wholesale it based on the greysheet for almost $5.00 Quote:
That would annoy me also. Considering I paid $3 for a 1987, I was fine pay 3X face value.
I know we'd all LIKE to have an LCS sell us proof sets at face. However... an LCS has to pay utility bills, rent, and salaries to keep their BUSINESS afloat. So yes, there will be markup. You're complaining about a markup of $5 or so on stuff that is petty much worth face value. Fine, don't buy if it is so insulting to you. Gripe all you want about the prices an LCS charges. It is certainly your right to find it cheaper elsewhere. Spend your time and burn your gasoline driving all around town to find it for one or two dollars cheaper, if you can find it at all. No, I am not an LCS. But I do know business and am capable of seeing the larger picture from time to time. Try negotiating. Buy a nice coin and ask them to sweeten the deal with a proof set, for example. Edited by CelticKnot
07/28/2020 10:38 pm
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CCF Master Historian of USA Commemoratives
United States
12265 Posts |
@CelticKnot: I agree with you 100%.  Collecting history one coin or medal at a time! (c) commems. All rights reserved.
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Bedrock of the Community
United States
12817 Posts |
Thank you, commems. Bumping this to make sure the crickets are listening.
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Moderator
United States
188130 Posts |
I agree, too. |
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Pillar of the Community
United States
7276 Posts |
Since I have no idea what the post was about, I'm going to clarify: Quote:
I know we'd all LIKE to have an LCS sell us proof sets at face. NO ONE said this. I have no idea where you got that from?Quote:
However... an LCS has to pay utility bills, rent, and salaries to keep their BUSINESS afloat. So yes, there will be markup. You're complaining about a markup of $5 or so on stuff that is petty much worth face value. Fine, don't buy if it is so insulting to you.
No one was complaining about a $5 mark up. They were complaint about an $11 mark up on an item that cost .91 cents. AND the greysheet has it for $5. We understand an LCS has costs but to charge $12 for an item that costs $1 seems high. CONSIDERING that I picked up the same exact item for $3 at another LCS.Quote:
Gripe all you want about the prices an LCS charges. It is certainly your right to find it cheaper elsewhere. Spend your time and burn your gasoline driving all around town to find it for one or two dollars cheaper, if you can find it at all. Well we do have the right to grip when something costs more than what is reasonably expected. I have to LCS near me and BOTH are selling the same item for $3, its not worth it to buy it from another at $12.
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No, I am not an LCS. But I do know business and am capable of seeing the larger picture from time to time. Try negotiating. Buy a nice coin and ask them to sweeten the deal with a proof set, for example. I can agree and do agree with this. In no way am I bad mouthing LCS, heck I love LCS and I actively do business with them, but in the example from big kingdom, charging $12 for a $1 with a $5 greysheet is too high. So I still don't understand your rant?  Edited by hfjacinto
07/31/2020 10:16 am
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CCF Master Historian of USA Commemoratives
United States
12265 Posts |
A LCS can charge whatever it wants for the coins it sells - just like any other business can set its own prices. The LCS isn't forcing anyone to purchase its coins!
Collecting history one coin or medal at a time! (c) commems. All rights reserved.
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Pillar of the Community
United States
7276 Posts |
Quote:
A LCS can charge whatever it wants for the coins it sells - just like any other business can set its own prices. The LCS isn't forcing anyone to purchase its coins!
Correct and one can choose to buy or not buy from that LCS. I have 5 near and I only purchase from 3 as I didn't like the prices of one and the selection of the other. Edited by hfjacinto
07/31/2020 11:53 am
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Pillar of the Community
United States
6130 Posts |
As much as I can appreciate the nostalgia and human aspect of a brick and mortar coin shop, I honestly can't say that I support the LCS acting as a middleman for a 50% cut while services like ebay exist that allow collector-to-collector sales for a 10% cut. It doesn't make sense to sell a proof set to your LCS for 91 cents when you can sell it on ebay for $4-5. It doesn't make sense to buy a proof set from your LCS for $12 when you can buy it on ebay for $4-5. I have only ever gone to a handful of brick and mortar coin shops, and my experience has been that they were all overpriced, with poor selection, and the owner seemed disinterested in any patrons under the age of 40. I hate to see people lose their livelihood to the internet, but most coin shops could run from people's homes with less overhead, and thus lower prices and better profit for the owner. |
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Replies: 17 / Views: 2,731 |
Posted 07/23/2020 3:06 pm
