Hi all, Newbie here again trying to learn all I can. I see terms like registered set, first strike (How can you tell unless someboody pulls it out of the mint and hands it to you?),above melt etc. can you all tell me what these mean? and any other commonly used terms or acronyms. A lot of times I'll read a thread were these are generously used and I get lost. Thanks!!
Hello Sabatka: A registered set is a mint set or proof set authenticated and graded by one of the Slab companies. First strikes are a con game unless a mint offers them with a postage stamp of the same year. As dies wear out and are replaced with new dies, there are new first strikes. Melt value is the bullion value of a coin if you were to melt it. Just over melt value means the dealer is offering you a coin for an amount just above melt value. Hope this helps.
Thanks Clinker! What do you mean by offering with a postage stamp? I also have a set of 50 state quarters where they come in an envelope with a first day stamp (or something like that) is that what you mean??
Oh, one more thing... You say a registered set is mint or proof set graded by a slab company. I buy mine from the mint with COA's. Would it still be necessary to send the whole set in it's original box to one of these companies for grading? Thanks
A Registered set is where someone is working on a set....like a set of Wheat Cents...or Washington quarters....they will have all of the coins slabbed or buy them graded one by one and put them on a list on the websites of PCGS or NGC...many many people do this and in turn compete with the others to get the best set. A Proof or mintset fromt eh Mint isn't something I would get graded...most of the time the set is worth less than the cost of grading. Speedy
I agree with Speedy on getting mint sets and proof sets certified. They are worth more as a set because they are in special holders. Some people break open mint and proof sets to remove a coin that is available only from that set. i.e., the 1970 D half dollar. The 70 D was not minted for circulation. They think the coin will out price the entire set because the single coin is now available to more collectors (supply & demand), but the set is worth more. Clinker
So you think you've got a problem with this coin lingo, huh? Well it's not because your new. I've been collecting coins for well into the 60 year bracket and never heard most of these terms in the past. For some reason every hobby, type of job or organization nowadays has to have thier secret code of terms. Way, way back there was only Good, Fine, Uncirc and Proof. We has NO Red Book, NO coin nespapers, NO coin albums, NO coin clubs and absolutely no special terminology for coins. Now at my age I am supposed to learn all this? Not a chance. Just to old. I once printed out piles of sheets of paper with all the terms of coins on it and have never looked up anything yet. If I can't understand something I just move on. Good luck to all your young and willing to learn people. I'll stick to things like HEY THAT LOOKS NICE.
Carl, or else you must be really, really, really old! You honestly want these young whipper-snappers to outdo you on a daily basis? With my 74th birthday staring me in the face, I consider any day that I don't learn something new to be a great big failure.
Carl, I'm very happy to hear you say that given your experience and knowledge, which is much greater than mine. I also tend to think the hobby is too technical and attempts to be too precise. I'll never be able to intellectually accept the idea that an MS64 coin should sell for five times the price of an MS63 coin of the same denomination, year and mint regardless of the reputation of the grading service or appearance of the coin. I sometimes see AU coins that look better to me than some MS63 coins. What I read and hear just doesn't support what I see and feel, and as a result I haven't been buying many coins this year. It's like having a numismatic brain cramp because I don't like the "rules" but can't change the rules.
Ditto!! This is exactly how I feel about the hobby, or at least as little as I know now. People are so up tight about a scratch on a coin made by dust, but at the same time they are willing to spend big bucks for someones mistake when the coin was made. Now that is what I call funny
