Sure - it's a great way to collect. For years and years and years I bought coins and sets directly from the US Mint. You can break up the sets and collect individual series or you can collect the sets themseleves. It's all up to what you like
I would also recommend modern Mint products to the new collector. It's hard to make a buying mistake that way. Just remember, the quality control is not as good as some folks are led to believe, so if you're not happy with something you buy from the Mint, you should return it for exchange. It's also a good idea to read as much literature, and talk to as many older collectors as possible, so that when your ready to branch out into collecting historical coinage, you'll have some basic knowledge to work with. Good luck.
Thanks for the feedback. One follow up question to the U.S. Mint, is it better to buy the Proof or Mint grades, do collectors prefer one over the other.
You'd have to define what you mean by "better". Based on the context of your question - I can only assume by better that you are asking which will be worth more in the future. But I'm afraid that's a question no one can answer for you unless they have a crystal ball. Only the individual can determine what he/she likes to collect. You should never collect a coin or series just because someone else tells you to. And it is certainly not wise to collect coins because you think you can make a profit - in all likelyhood you won't. There is a saying that a friend of mine uses about making money on coins. I have never heard a statement that is more true. " The most money I have ever made on coins is on the ones I haven't sold." Think about it
The description for proof and mint are a little different, with proof costing more. Was wondering if say you had the same coin but one proof and one mint could you tell any difference.
Absolutely - the difference between a Proof and a business strike of the same coin is like night and day. Business strike coins - the ones you see & use - are produced on high speed coin presses. They literally spit out thousands per minute. Proof coins on the other hand are struck with much slower presses and are struck more than once to bring out the maximum detail. Proof planchets & dies are also specially prepared, they are highly polished which results in a Proof coin with fields that have the reflectivity of a mirror. You can literally see your own reflection. The devices of a Proof coin have a cameo or frosted appearance as well.
I must say I like the tone of this thread. People that are excited about buying from the mint means the hobby is doing well. Several years ago I was advising everyone NOT to buy directly from the mint. Further, many people that I spoke with flatly stated they would never again purchase mint products except from the secondary market. The reason? For a long time you could buy mint and proof sets from coin dealers and coin shows for much CHEAPER than the original mint issue price. Think about that for a moment. In the late 70's through the mid/late 80's, the issue price of proof sets were in the $7 to $11 range. Yet as recently as the mid 90's you could find boxes and boxes and buckets and stacks and more stacks of these sets for $4 to $6 at any show and most coin shops! Some people were so angry that they bought proof sets in the 70's and 80's directly from the mint and had to sell at a loss 10 or even 20 years later! And who could blame them? So our stance was simply this...don't buy from the mint...wait a year and buy from us and you'll get the same product at a better price...a very true statement for its time. Then something happened. The proof sets from the early 90's went up in value (frankly I think that's about the time that a LOT of people stopped buying from the mint but that's just speculation on my part). Then when the green box sets came out in '94 they were a hot item. Most of the years that followed were hot, too. Then to add fuel to the fire the states quarters program began in 1999. Proof set and mint set prices continued to rise, as did their popularity. Today they are once again riding high, despite huge mintage figures. People buy them and are eager to get duplicates. Everyone loves to talk about the new sets and even more, we all love to show them to our kids, friends, neighbors, coworkers etc. This is what coin collecting should be. An immensely enjoyable hobby to be shared with others. 20 or 30 years from now will these sets be worth LESS than the issue price? Is history doomed to repeat itself? Could be, but personally I doubt it. The new 9 and 10 pc sets at the turn of the new century have changed proof/mint set collecting forever, IMHO. Anyway like I said, it's very nice to see a positive thread like this regarding mint products. Nick
Well, Nick, I certainly didn't want to give anyone the impression that I was excited about buying from the Mint. Quite to the contrary, I haven't seen anything that they have to offer, that excited me, in a long time. My response was to the OP's question about whether buying from the Mint was a good way to start coin collecting. I believe it is a good way for a beginer to get started, but certainly not the only "good" way, or even the best way. What I like about this approach, is that it is hard for a newbie to get burned. They are pretty much gauranteed to get what they've paid for.
After thinking about and searching the net and reading books I think it would be better to start buying from the U.S. & Canadian Mints instead of buying on ebay. With ebay its hard to tell what you are actually getting.
The only real downside to buying from the mint is the quality as GDJMSP mentioned. While they have a decent return policy, some issues sell out, so you may have to settle for what you get. While buying on the open market may cost a bit more, you can at least view the coins before money changes hands.
Speaking as someone who sells on eBay (and also buys), I agree with you 100 percent. You need to be very knowledgeable before being assured of a good deal on eBay. There are a lot of crooked sellers and it is easy for someone inexperienced to get burned. Ebay is an excellent source to see what the going value is for many coins, however. Researching value on eBay doesn't cost you anything and it's safe. If you see something on eBay that looks like a good deal to you, post it on the forum and ask opinions. That is a good way to learn and everyone here loves to help
