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 Replies: 14 / Views: 16,119 |
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Valued Member
United States
119 Posts |
Hi all,
I stopped by 3 coin shops today in Houston, picked up some Danscos and bought a few Silver Proof Sets that I needed, as I'm trying to collect all of them from 1999 and up.
First thing I noticed - alot of the sets I looked at contained at least one coin that was blemished or discolored. Now I already own 4 sets and have had them for a few years and they never discolored. So I asked two of the dealers about this, one of them told me that the casing is not airtight and that the elements will cause the coins to blemish/discolor over time. The other told me that Silver will always eventually discolor regardless of where it is stored.
I managed to find two sets to my liking anyhow and bought them. I wanted to know if you guys agree with the statements the dealers made.
Secondly, the third dealer I spoke with told me it's a bad idea to 'invest' in proof sets; he illustrated this point by showing me the market value of previous proof sets that have not increased in value. He suggested I invest in key date coins instead.(He did have a bunch of sets for sale so I do think he was telling me his true opinion).
The collector in me wants to complete the sets, but I also want to be market-conscious.
So I was wondering if you all think it's wise to spend money on these Silver Proof sets, given what I learned from the coin dealers today.
Thanks all for your input it's much appreciated!
AC
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Valued Member
United States
442 Posts |
Im going to stick with the business stike ATB coins since they don't seem to turn up in circulation very often. The Hot Springs Quarter was once the lowest mintage issue of the series, but now that title rests with the Yellowstone Quarter- at least for now. The table below shows the preliminary production figures by design for the 2010 America the Beautiful Quarters and 2010 Presidential dollars. 2010 US Mint Coin Production by Design Denver Phil. Total Hot Springs Quarter 34.00 M 35.60 M 69.60 M Yellowstone Quarter 34.80 M 33.60 M 68.40 M Yosemite Quarter 34.80 M 35.20 M 70.00 M Grand Canyon Quarter 35.40 M 34.80 M 70.20 M   |
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Pillar of the Community
United States
2734 Posts |
I have the 1992-2010 Silver Proof Sets simply because I like them as a collection.  Agreed, most recent Proof Sets are not "investments", but with Silver Proofs, you have an intrinsic metal value and lower mintage numbers than Clad Sets. Can Proofs be bullion? Read this thread. |
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Pillar of the Community
United States
1213 Posts |
Personally, I wouldn't "invest" in the Silver Proof sets as they most likely won't increase significantly in value as a collectible item. They may from a bullion standpoint. However, if you like them for the coins, then they're worth getting.
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Pillar of the Community
United States
508 Posts |
If you enjoy collecting them, then more power to you. That's why I've been buying em. I don't see much investment potential in them, unless your able to get a bunch of 99 Silver Proofs for cheap. ^_^
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Valued Member
United States
497 Posts |
I wouldn't invest in the sets because you pay more than silver value. The money made will most likely just break even on the extra you paid for the actual coin.
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Valued Member
United States
463 Posts |
If your patient you can get them at melt value ;)
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Pillar of the Community
United States
2120 Posts |
If you collect coins purely for investment, you chose the wrong investment.
If you collect coins because you like to, and want to maximize return on your collection, then its worth it to pick up a set or two imo.
Noone realizes what is going to be worth a ton of money, until its too late.
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Pillar of the Community
United States
3278 Posts |
I have most proof sets since 1970 and really enjoy all those proof coins. My wife has put a proof set in my stocking at christmas since we got married in 1987. She accedentally got silver proof a couple times, one being 2000, she missed it by one year.  Anyway for investment value, probably not good, as a collection,very nice. If I didn't get them what else would I have? I few more dollars in my 401, I doubt it, probably a few more pounds on my stomach. |
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Moderator
 United States
187702 Posts |
I like them for my collection as well. Breaking apart proof sets is the easiest way to fill the album holes.  I am not really concerned with the investment side, but it would be good to know if the coins will hold their value. |
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Pillar of the Community
Canada
3692 Posts |
I can never understand why anyone would "crack" a proof coin, already in a collectible package, only to place it in a non-mint package.
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Moderator
United States
187702 Posts |
Because I collect coins by series; I want to fill the holes in my album. It is my choice and what I chose to do with the proof sets that I buy.
In my opinion, the mint package adds zero value to the coins. This is especially true for the proof sets for the last several years, which are easily opened and resealed. There is no guarantee that coins in the set have not been "downgraded" by a cherry-picker.
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Valued Member
United States
182 Posts |
Silver rising to all-time highs, again and again. What happens then: sets of silver proof quarters whose sale price was less than the current bullion price- go to melt. Again and again, silver has been melted en masse as folks reap the rewards of the price of their proof sets, and it happened to the common junk issues of all older silver. Take a look at some older Washington, Mercury, and other silver issues. Key dates rose substantially after the post-Hunt price rises, after the great melts which occurred afterward. This will also happen to current issues. Once silver outpaces the sale price of a set, it gets cracked and goes to melt.
Also, folks we give our sets to, well maybe they collect, maybe they don't. In that case,your sets could go to melt sooner than you think. Not everyone shares our passion for this trivial pursuit, so there will be hoppers filled to melt all the time, forever. Prices on the remaining sets will rise. Gotta. People need cash.
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Pillar of the Community
United States
1547 Posts |
I've heard of dealers sending these off to the smelters to meet their contract obligations. The good news to collectors/investors is, that means that much less supply.
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Valued Member
United States
167 Posts |
if you want the quarters you can usually get them for a few bucks over silver at APMEX. Also check some antique shops you can sometimes find things there for less if they are having a sale. as for the poor quality - it really seems to depend on the dealer. Some of the ones I've seen on ebay and in auctions are awful. One dealer that I go to always has great ones, because he only buys the good ones and dumps the rest. Investment who knows, collection - if you like them. I like them, I think that they are great to show to kids, etc - since they can't really break it while looking at it. |
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Replies: 14 / Views: 16,119 |
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Posted 10/09/2010 08:45 am
