Hey guys I wanted to get Coin talks opinion on something very debatable but important to me and I think most US collectors today, my coin dealer that mentored me had a distaste for proof sets he just didn't like them or the american eagles proofs he felt they were a bad investment, I have always felt they were a decent investment. over the years I have acquired over 650 proof sets, now I'm at a crossroads of should i sell them and buy key date numis or buy more silver or just keep the proof sets. I'm very torn as to what to do and thought this would be a great thing to get some opinions on how does Cointalk feel about US proof sets!! the reason this has come up is someone has offered me 100% dealer buy price on all my proofs and its a great offer to sell them all at ounce if that's what is the best thing pleas help me I need some opinions!
The crux of your question is one that is repeated here time after time. And the answer is always the same - coins are very poor investments and should never be purchased as such. Buy coins because you like them and for no other reason.
I assume that you mean that the "100% dealer buy price" is Greysheet "Bid". If so, it is better than you would get from any dealer. Before you close the deal, have you checked for all of the "No S" varieties or other Proof varieties of individual coins? Do you have any silver proof sets? Silver is back on the rise again. Chris
I would keep the silver proof sets and sell the rest. You will have all the examples you will ever need. I have been trying to liquidate all mine for over a year now. Mint sets are just too common place to get a better offer than you have already received. They are just tying up your cash from buying the other more interesting and valuable pieces.
Proof and mint sets from the late 1960's to the 1990's seem to have a huge supply and not much demand. If you can get a decent price for them I would suggest liquidating them. Most dealers don't want them because they can't sell them and thus have to wholesale them at heavily discounted prices because they just tie up space and money sitting in inventory.
Kind of shocks me you don't feel coins are a good investment, can you elaborate on why you think they are a bad investment, or are you saying to just not buy them as an investment?
That's how I feel about now too but, I always thought they may rise greatly in value in like 15-20 years compared to what i have into them, but if the price just stayed them same that would hurt a lot.
The "No S" varieties are listed in the Red Book under "Proof and Mint Sets". It starts on p. 344 in the 2013 book. You can check the CPG for other varieties. Chris
Coins are a poor investment if you don't have exceptional knowledge, sales acumen or skill. They can be a great investment to the long time numismatist. If this offer is dealer Greysheet bid then take the money and run like heck before the buyer wakes up.
Oh okay haha yes I have Checked for the No S, I'm sorry I was thinking you meant there where error sets to cherry pick or something thanks for the help!
Its not a dealer making the offer, is a person who wants to own them. I totally agree with you there about numismatics.. I was just wanted him to expand on being a poor investment... I built my business out of good numismatic investments and purchases made a nice profit opened a pawn store and now I collect all the coins gold and silver I come across or get through the shop, witch is a huge investment because I have thousands in numismatics I'm collecting up and was shocked to see GDJ say that. Of course I have a venue to pay extremely good prices, Ive had people trade 35-45proof sets(some silver) sets for an Xbox 360 and some games. In my opinion is there is more uneducated sellers in this market then in a long time people are inheriting small collections of valuable coins and just quickly selling them for the first offer they get or just throwing them on ebay with a super low BIN. I believe in this market if you are educated you can make a better investment in numismatics then ever before there is so many places to pick up coins at 25%-50% of the grey sheet or even less i do it all the time!
I already posted this but i wanted to reply to you with it as well i have read a lot of your posts and was just curious as to your comment on this one,, in my opinion there is more uneducated sellers in this market then in a long time people are inheriting small collections of valuable coins and just quickly selling them for the first offer they get or just throwing them on ebay with a super low BIN. I believe in this market is you get educated you can make a better investment in numismatics then ever before there is so many places to pick up coins at 25%-50% of the grey sheet i do it all the time! so do you think i should just liquidate my numismatics and buy all silver, buy a stock or land for a better investment?
recent years proof sets and silver sets are selling like crazy and getting exspecive i dont know if its a fad or not. but if it keeps going the way it is then thoes people buying may start thinking they need the rest of the years. also some single coins in proof sets have a higher value then the whole set complete. theres no telling where there headed but id keep the silver and "keydate" sets.
it takes a while but if you learn the numismatic market you can make good money. I have made thousands over the years in numismatics. mostly what I have now are my keepers but I still sell some for upgrades.
If you've read a lot of my posts then you should already know because I have literally posted the same thing hundreds of times. But to make it easy for you, do an advanced search of the forum. Use investment as your key word and type GDJMSP into the posted by member box. You'll find all the reading you want.
awesome I didn't know you could search peoples posts like that thanks a lot GD! I was meaning more recent posts i have seen you make since my joining ill be sure to look at your investment views, take care!
