I usually don't watch the prices on mint sets, especially the ones past 1959. I was surprised to see 2004 mint sets costing over $60. What happened?
They are asking too much I don't know where you are looking kortgawain, but there are several 2004 silver sets on ebay right now for under $50. Examples: $33.83 with 26min left; $34.33 with 55 min left; and two "Buy it Now" sets for $44.95. I'm guessing demand is really up on the silver proof sets especially the 1999. Want to sell one of your 1999 sets to me????
Robert, I am talking about the regular mint uncirculated sets, not the silver sets. I apologize for not making that clear.
I understand the economic reasons of supply and demand, but how many mint sets were sold? Have the dealers bought up more of the sets than normal creating a false shortage? I assume the nickels have the most impact, but it's not like no one knew they would be in the sets. It seems strange that this one year would stand out like this but for the nickels or a false shortage or both.
One factor might be that both mints of the keelboat coins were very poorly made. Many people looked through roll after roll to find a nice example and failed. The mint set coins are far nicer and gems are much easier to find in the sets. The biggest reason is probably simply that these sets were withdrawn from sale much earlier than most expected. This left lots of people to buy them on the secondary market. These sets will in time have to stand on the value of the coins in them. It's possible the keelboat coins can sustain them but don't forget many (if not most) of the sets will not have nice nickels in them. Most of the finest coins made in the last forty years have come from mint sets.
The 2004 mint sets were sold out early in the year and, in my opinion, this created a demand (real or imagined) among collectors. There was a big rush once the set sold out and the price went up $20.00 almost overnight. I personally think that the coin market will settle back in the near future and prices will adjust.
Thanks for the information. I had not realized that the mint sets sold out early in 2004. If there is a limit on 2005, I'll bet it sells out early too. The "satin finish" lure will most likely draw many multiple orders that would not have otherwise occurred. I do wonder how this albums will be handled now. Previously, I would just break open a mint set and fill my albums, but now I am thinking that I will not use mint sets, but will instead will go for business strikes where I can find them. This should be interesting. Also, what will the album makers do? Will they just leave the satin finish designation off? I don't think so; at least not for all of them. They are probably wanting to have a conference with the Mint executives to demand more lead time on these types of changes.
Ok, I'll take the bait; was there a limit on the production of the 2004 mint sets? I have never thought there was, but I am sure interested in learning.
For whatever reason the mintage for the 2004 uncirculated coin sets was the lowest since 1963 creating an overnight shortage, given the number of collectors today for any set containing the state quarters. Similar to the mintage figures given for the 1999 silver proof set in fact.
Mint sets have a very high attrition and this is especially true for those ordered early in the year. Many people buy these just to cut them up to keep their date/denomination sets up to date. These are sometimes sold by subscription or buyers just get in the habit of ordering early. Later sales are less likely to be destroyed immediately. Some collectors are getting coins in the mint sets which appear to be like the business strikes. These are probably the result of die wear but will still be better than anything you're likely to find made for circulation. It just gets curiouser and curiouser.
According to the U.S. Mint,the decision to abruptly discontinue production of 2004 products was because of the urgent need to get started on the 2005 coins.This resulted in an almost overnight doubling and tripling of the issue prices.Unfortunately,I only ordered one of each for myself...:-((
I'm guessing that like the 2005 bison nickel rolls, the mint is going to produce the heck out of the mint sets this year to help fuel and fulfill the hype. I'd watch for the next few years to be of lower mintages.
This sounds like a safe bet except their production limit could be well under the demand. These are massive sets and apparently are a little more labor intensive than previous issues. In the past they've always raised prices whenever demand has approached capacity and this acts as a huge brake on demand. I'd guess 2,000,000 is the upper limit and with the intense interest in these they just might approach it.
