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 Replies: 30 / Views: 5,388 |
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Valued Member
United States
362 Posts |
I have noticed while I have been on E-bay that the prices for modern Proof Sets, 80's to mid 2000's have really tanked at least compared to even a year ago. Just wondering if anyone has a thought as to why that is? I was thinking either interest in them has waned or they were overvalued to start with. Lucky for me I got all of mine really cheap except the earlier sets 1950's to 60's.
So, what is everyone's thoughts on this? Thanks!
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Bedrock of the Community
United States
20753 Posts |
Not a lot of people collect them.
Yes they are very overpriced to buy from the Mint.
Most people do buy them from the Mint so difficult to sell anywhere else.
Not easily stored as with just coins. Many people leave in the original boxes anyway so they just don't get advertised or shown off like coins.
Not a lot of people go around looking for an old Proof set as they do for coins.
They take up a lot of room too so one more problem.
And if it wasn't for so many Album manufacturers having slots in their Albums for Proofs, possibly less than 10% would be even made.
A Proof or Uncirculated Set is sort of like Commemorative coins. There are those that do collect them, but just not anywhere near as many as with separate coins.
A good example is look at all the posts on this forum. How many are discussing Proof sets?
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Pillar of the Community
United States
2602 Posts |
I suggest that over the last year or two, the market has become flooded with common material, such as Proof and Mint sets, common wheats, Buffalo nickels, Indian cents to the point the prices have softened. The market has become flooded due to folks being strapped for cash and having to sell their collections to make ends meet. |
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Pillar of the Community
3352 Posts |
Hmmm? ... yes, I agree that proof sets are quite cumbersome to store and that they are very lousy if you like showing-off your coins in albums (I usually end-up popping them out and ticking them into my albums anyway) ... but I must admit that I still buy each year's proof set when it shows-up at the post office, because I think that it is probably slightly cheaper than buying all of the individual coins in proof condition, no? (I may be wrong? ... it's happened once before) ...
=> plus, isn't there a little bit of Christmas-type enthusiasm when you first see that brand new set of coins when they first arrive => I'm sorry, but when I see that shiny set of brand new coins, I quick-draw for my wallet! ... yup, there's a sucker born every minute!
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Pillar of the Community
3352 Posts |
Con't
=> and yes, in all honesty I realize that "new" coins and/or new coin-sets probably aren't worth nearly as much as their original purchase prices ... but knowing that I own every single proof set since my birth-year (1963), makes me feel OCD-wonderful and "someday" I'm hoping that I'll grow old enough to see these sets become as monetary-valuable as they are OCD-valuable ... I have dream!
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Valued Member
United States
333 Posts |
Perhaps now is the buying opportunity of a lifetime? Though, that's probably true for a number of different investment vehicles at any given time.
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Valued Member
 United States
362 Posts |
Mine don't take up too much room,they fit just like books on a shelf. I do agree that they do not see the light of day often but neither do coins in binders or albums unless we pull them out? And I too buy from the mint now but I may stop and wait until they go down in price but since I am NOT patient.....I know a bad habit to be in in this hobby, I don't know if I can wait several years for the price to go down. Heck with the UNC sets I still need a few later years and they STILL want $30+ for them. Lucky for me I completed all the proofs from 55-present this year.
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Bedrock of the Community
United States
17884 Posts |
They sell a lot more sets than there really are collectors (Forget what the mint says about there being 150 million collectors. it is probably closer to 2 million with maybe a half million being serious collectors.) The State Quarters ended and now a lot of those pseudo collectors are trying to "cash in" their State Quarters only to find that there is no aftermarket. For the earlier ones, well the general trend for all proof sets is down once they get to be more than five to ten years old. Are they overpriced from the mint? Hard to say. Our proof sets tend to cost a LOT less than the proof sets of most countries. And most countries limit their sets to 100 - 200 thousand sets or less. Do you think it would be better if they limited the proof set to 100,000 sets and charged $125? |
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Pillar of the Community
United States
4867 Posts |
For me personally the sets are just now too large with all those dollar coins. As since I do not like these edge lettering dollars I'm not giving them the time of day, just spend them. And I don't wanna spend all that money on annual sets when most of the coins I am not interested in.
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Pillar of the Community
United States
1817 Posts |
Proof sets are generally over priced @ the Mint, but I buy 1 anyway to add to a tradition started back in the early 70's. They are much cheaper on the aftermarket, except for the sets with silver coins (1992-present), those have risen in lockstep with the price of silver. The coins are nice, but I agree with TheForce, there are too many of them, 2009 being the prime culprit in this regard.
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Pillar of the Community
United States
1064 Posts |
Agree with stevex, they've had that Christmas feel to them; I always got them for the kids as Christmas presents, and really enjoyed looking at their shiny, flawless perfection. I credit those stocking stuffers for getting my younger son started in a life-long enjoyment of the hobby. He has a desk full of commemoratives, ASE's, circulated everything, star notes, the works: my older son could care less, never caught on with him. I have tons of proof sets also, but never really thought about their value- they're just purty!  |
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Pillar of the Community
United States
4132 Posts |
I agree they're minted in numbers so large that they over-saturate the market for them. I think the silver proof sets will do a fair bit better, not so much because of the metal value, but because they're the "premium" version. If you're going for the proof set, why not go for the nice version?
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New Member
United States
1 Posts |
I am new to coin collecting and have been buying some modern (1968-2010) proof sets from ebay. Perhaps this isn't the correct thread but I'll let it fly anyway since you folks seem to know about proof sets. The quality of proofs I've been receiving have been poor. Out of 30 lots, 8 of them contained what I think are damaged coins. There are some obvious flaws, black fungus, black spots, milky haze etc. The one that has me puzzled are the sets that have some white stuff either by the rims or on the face edges of the coin. I assume, that this is some type of environmental damage creeping into the case? At first I thought it might just be a case rub, but it appears to be either on the coin on under the cover? Sure would appreciate your comments about this, since I don't have a clue. |
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Pillar of the Community
United States
4867 Posts |
I often wonder how many proof sets out there on ebay have had cherry picked coins swapped from other sets then selling us the inferior coins in their place. Maybe I am too suspicious minded in that regard. |
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Valued Member
United States
397 Posts |
I don't know about anyone else, but when I run into someone with a proof set they tend to have many multiples. Most modern mint sets are also sold in bulk on ABC. Remember, one good sale on ABC can put 100,000 units in the market in a single day.
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Pillar of the Community
United States
1590 Posts |
Most of the local dealers are so busy with bullion that Proof sets are going for $5 each. Unless it has silver in it. Even the 68 and 9 are only selling $8. The 70 for $18. The uncirc sets are going for $4 to a high of $12.
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Replies: 30 / Views: 5,388 |
Posted 08/17/2011 5:45 pm
