If you theoretically could purchase modern ('71 on up) clad proof and mint sets at face value, what would you do? I don't see a ton of value in these and don't collect them, but face value is a pretty reasonable price. Interested in any thoughts.
I've collected them from the beginning of the 'modern' era and I could give a hang about what they are worth. They're collectable.
Most certainly I would buy them up until I could buy no more. You make two points: You do not collect them You are looking for return value Even taking into consideration those two points, you cannot lose in obtaining NCLT at face value. At worst, you deposit/spend the coins for returned value and are possibly left with reusable containers to store coins you do collect or could even resell to add value to your "investment". You do not have to see a "ton of value" for something to hold value. Many people do not see value in these issued sets because they are looking for a quick flip investment and/or do not quite understand that we should be preserving these specimens for posterity. Although these sets may be in abundance now and for the near future, that is not always going to be the case. These sets are regularly broken apart for a particular higher grade specimen to be sent off for entombment. Sometimes they are broken apart to fill folders and albums. Sometimes they are broken apart for need of immediate spendable money (or by ignorant family members looking for some quick cash). Just today, I grabbed a number of half dollar rolls and sitting at one end of a roll is a nice proof staring me in the face. This coin originally was inside one of those government issued plastic containers. So how did it get into a circulation roll? Why are there so many high grade examples of business strikes and proofs entombed in sealed plastic? It's because these original government packages are being broken apart. Even if these OGP sets never see "tons of value", they are still historical specimens that attest to the technology, marketing, and aesthetics used by our mint in presenting them to the public of today.
It's such a silly question, because it's asking someone if they would take the money they already have, and, at absolutely zero risk to them, put it into a nicer version of that same money. Anyone who wouldn't convert 100% of their spending money into 1 to 1 exchanges of proofs of their coins would be a fool. Even in the worst case you could spend them. In the best case you could make a nice amount of money. In the realistic sense you could make a little money. Short answer: yes, I would buy proof sets at face value.
Thanks everyone. I figured the resounding answer would be ‘yes’ buy all you can. I think that makes sense for a few dozen sets or even a 100 sets or something. I guess the logic doesn’t change as the number increases. So i’m On board for proof sets. Does your thinking change for modern mint sets?
These sets are treated with great abandon by the market but someday this won't be true. It won't be true for exactly the reasons NPCoin listed. The coins often are available nowhere else (where are you going to find a '73-D quarter or a proof dime?) but the sets are unloved and unwanted. Countless millions of these coins are cut out of mint sets every year and put into circulation. While the wholesale demand is still small I've watched it ratchet higher every year for decades and the day will come that the rapidly falling supply is tiny compared to the slowly increasing demand. Modern collecting and markets are wholly dissimilar to older coins. Year after year there is a fairly steady supply of bust half dollars and when prices rise there are more collections sold. Where will the supply be for '73-D quarters? These were spent and the majority of those in collections were pushed into folders and stored in basements or desk drawers. Many will have been spent or otherwise degraded. I believe that higher prices will have very little effect on being able to acquire these coins. If (as) prices rise collectors will take notice and more will desire their own collections. This might not happen for many years yet and higher prices are bringing sets out of the woodwork now but I believe once the supplies of dealers is exhausted there will be few more to satisfy this new demand. I'd be surprised if the aggregate number of mint sets in dealer inventory exceeds about 10,000 of each date and some dates a lot fewer. These are paltry numbers in a country with 320,000,000 people in it and tens of million collecting coins.
To complete some of my modern sets I've bought proof set runs in bulk at various auctions fairly cheap. My intention was to break out the coins by denomination and add them to sets. This is much cheaper than buying individual proof coins.
I totally agree with cladking! I hear from a lot of collector friends that it is not worth their time to collect mint and proof sets. I, on the other hand, have collected mint, proof and silver proof sets. I have at least 2 (sometimes more) of every mint set (1958-date), proof set (1955-date) and silver proof set (1992-date), in OGP. I also have 1 each proof set in OGP from 1950 thru 1954. I also always order an extra set each year which I break out and put in my albums.
Where is a good place to buy proof sets. I would like to collect sets for each birth date of my kids and grand kids.
Believe it or not the best place is the corner coin shop. These sets tend to be pristine and not picked over too much. Take a look before buying since there are bad ones. eBay is a good place as well. Prices are lower and so is average quality but you can still find nice sets. Wholesalers can sell you large numbers cheap but most wholesalers cherry pick them and sometimes very deeply. I don't believe it's a good idea to buy them retail but this is where you'll find the highest average quality. A lot of these sets sell very cheap. if you're paying face or close to it you can buy quantities and cherry pick them yourself. Again though the best source will usually be the corner shop that buys them from heirs of the original purchaser in many cases. A lot of these sets are tarnished now days but the tarnish is often removable if caught early enough.
About 10 years ago, I bought a large lot of 1971 and 1972 mint sets. I paid $3.95/set...about twice face value. I felt that was a good price then. I'm still looking for a 1969d to 1972d Type-B (proof reverse) Washington quarter, assuming they actually exist...but that's a different topic.
Collectors may not love them but dealers sure seem to. I get a set occasionally for no particular reason, just to add to my collection.
