Getting the kids involved

Does anyone buy yearly mint sets for their kids even if the kids are too young or don't have an interest in coins right now?
I am debating whether or not to get them for my kids and pack them away, or would a better idea be to purchase an ASE or other nice coin for each year. I wonder which would be a better investment in the long run.

What do you guys do if anything?

 

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You will probably receive a lot of good advice here.

You might want to consider buying a set of error coins for the kid's birth year. Every kid in the USA might have a mint set or a proof set of their birth year. However, your kid would have a unique set of error coins. I'll find & post a representative photo.

 

Thats a great idea since the kids were made in error also! just kidding. Looking forward to hearing more!

 

Here is a 1989 off center set.

 

I was bought a 1990 mint set and ASE for my birth year and was given it to me when i was about 10 or so. I think it is a pretty good idea to get for a kid!

 

Wow that is neat. I do not even have one error coin myself! I am not so sure these would be in my budget compared to mint/proof sets or ASE's. I have 10 years to catch up on for the kids.

 

If the goal is to pass down something to your kids later on in life - there is many different routes you can take. Doubt there were be anything from their birth years that will be a "good investment". Now, if you want to get them involved in coin collecting, that is different. Recommend buying a Whitman fold out map for the National Park quarters and try to find them in circulation. If you dont get them in circulation, take them to the coin store every year. My boys love it.

I started 2002 and 2004 birth year sets for my sons in NGC MS67 or better for business strikes and PF70 for proofs. Boys like when I get a new coin if that is "their year".

 

I'm going to take the boys to the Dearborn show this weekend and see if anything excites them as well.

 

I just picked the year 2000 arbitrarily & searched Ebay for error coins. Right now you could buy these coins:

Clipped dollar $149
Struck by grease filled dies half dollar $1
Couple off center state quarters for $25 each
Broadstruck dime for $10
Many off center cents for $1 to $5

Assembling a year set for 10 years ago should not be a problem. Of course, the half dollar & dollar coins are the tough ones. With some searching, you could find a 2000 half about 15% off center for less than $50. Good luck.

 

I would definitely try to get the kids involved in one point or another. I love the idea of an error set.
Proof and mint sets, while being less unique are more affordable. You could also go with the idea of doing a complete birth year set, all U.S. coins from that year, and maybe even world coins too.

 

Oh wow, thank you for the info. I'll check out some prices at the show.

 

To get an idea of prices, you can go to (Ebay-Coins-US Coins-Errors) and search for your kid's birth year. It is quick & informative.

If you attend the Westchester NY show this weekend, then you would find Richie Shemmer of Rich Errors exhibiting there.

 

Forgot one other thing - i bought my boys 2 cheap plastic 3 ring binders and some 2x2 flips and insert pages. When we find some coins in circ, I let them put them in the book. I try to teach them about how to hold coins, touching, etc, but they are 6 and 7 - so that doesn't work well. So, I let them hold the junk stuff and mess with it to give them the fever!

 

My dad still buys the mint sets. One for me. One for my bro. Every year....

I've moved on to other sets and other US coins. Coins with beauty. =]

 

My daughter's been hard at work on a State Quarter P/D set for over a year now. Like that idea a bunch...it provides more involvement, rather than just "Here's some coins, don't take them out of that package." imo.

We also, however, have taught a few financial lessons through "coins". She's learned some basics of investing and saving through ASEs. Any time I'm going to a coin shop, she's welcome to come along and purchase ASEs (or any other silver..her preference is for ASEs to date) with her own money. We then "match" her silver contributions at 33%. For every 3 oz of silver she buys, I buy one more. We call it her "401D (for dad) Matching Plan"

Not only has she learned some conservative savings habits already, but has learned how to watch markets, how to research trends, how to calculate returns on investments, the idea of "vesting", she's scratched the surface of fiat vs hard currency understanding, and has learned several numismatic principles such as understanding weight and composition, and some early basics of grading.

Not bad for 11

 

Damn. I need to get in on your 401(D) plan. My TSP, ANH on a drip, and other investments don't match that plan!!! Haha!

 

http://www.daveramsey.com

 

It`s not an easy task getting kids involved in anything that does not involve video games or other useless distractions, but it`s even harder to predict if they will actually take to a hobby.
I would try to get a feel for what they would like as far as coins go. There are older coins with various designs on them that kids would love, as well as newer bullion issues with various animals. (Canadian wolves, Australian Koalas etc.) The choices are many.

If one is concerned about the value of the coins that they would purchase for their kids, I would seriously consider ASEs. Inflation is indeed on it`s way, and many including myself are pro-PM.

I was at a show this past weekend and the dealers were all in unison that non silver proof sets are near dead. You`d be lucky to get 30% of book value for proof sets if You were to sell them. But concerning kids.....who really cares? As long as they`re happy and involved in the hobby......that`s all that matters. There`s more to life than worrying about what everything`s worth. : )

 

How would you get an error set like that '89 off center? '89 happens to be my birth year. I don't have any kids, but I just bought myself almost all of the sets from my birth year, I may be missing one or two. I have the proof set, P and D, and prestige set...think I'm missing premium and an ASE.

I wish someone had gotten them for me when I was born, I would have loved it. Not sure why my parents or grandparents didn't really, because they are the ones that got me started with kennedys, ikes, and SBAs.

I'm debating getting my friend something for his son who was born this year, but I don't know how to go about doing it...I'm afraid he'd think it's weird.

 

To get an idea of prices, you can go to (Ebay-Coins-US Coins-Errors) and search for your birth year. It is quick & informative. The tough coin is going to be the 50 cent piece. I have three or four minor (15%) off-center half dollars dated 1989. I think you should be able to find one for your set.