Ebay Vs. US Mint

new guy here, first time post..

im very new to collecting coins, (not counting stuff liek the wheat pennies i pull from my pocket every time i see them stuff like that)

im trying to educate myself as much as i can, and this is a very nice forum, and i can tell alot of educated people involved.

ok, enough of my rambling, here is my question.

i bought some stuff from USMINT.GOV last week, and bought some stuff off of ebay that came from the us mint.

on usmint.gov the "2009 United States Mint Presidential $1 Coin Proof Set" costs $14.95 plus the $4.95 s/h
good deal in my opinion.
ok, i bought FOUR of this same set off of ebay, with FREE shipping it was not buy it now,(i paid 32.50 for the four sets) but you can look and see that buying them in "lots" of 4 or 5 bring around $35 or less....

is this a good deal?
or is there something im overlooking......
why would ebay sellers CONSISTENTLY lose money doing this?

i have looked and looked to see if im buying a "different" set than the one at the usmint...but it looks the same to me.

please advise
Dino

 

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Some sellers buy the proof sets just to break them down and submit the individual coins for grading and certification. The presidential dollar proof sets are often sold as "leftovers" for less than list price.

 

Ok, I'll bite. If they break down the clad proof set and then sell the presidential dollar proofs separately, how do they get the box?

 

Well if you look around on ebay you will see empty boxes or holders for sale all the time. Plus some dealers by a lot of sets - so the ones they determine not worthy of grading they put into the boxes and sell them.

 

Indeed.....If they were offering '07 sets it wouldn't ba a problem as those proof sets were packaged differently.

 

Makes sense.....

 

I prefer to purchase my sets directly from the Mint. Sets from dealers/ebay'ers have been gleaned and the true Gems are usually not resold. (My opinion)

 

The sets being sold on ebay have probably already been picked over. The top quality pieces wereb removed for grading and then the leftovers reassembled into as many full sets as possible for sale on ebay. The sellers lose some money on the ebay sales, but make it up on the profits from the graded 70's.

 

i really can't understand ...

 

do you meant he sets i have, that the slabs have been opened and then resealed?

or just the coins looked at and then the sets where "culled" and the culled set resold on ebay?

they look pretty sharp to me, but i have not got trained eyes like you guys.
thanks,
Dino

 

It's possible that some of the coins could have been "lifted" and replaced with other coins....mint slabs can be opened rather easily. The only way you really know that your coins haven't been picked through is to buy them directly from the mint.

 

I would say that a full 90%+ of US mint issued sets/coins trade for less then their original sale prices on the secondary market. When they are brought to us we pay a certian percentage under greysheet bid for the sets depending on which sets/coins they are. That's how I get the sets for less then their original issue price and am able to offer sets under their original prices.

 

Bedrock, if you are just starting out DO NOT waste your money on anything comming out of the mint. Study the Red Book and any other reading material you can find on coins so you can evaluate your investments better. I only wish someone would have told me sooner, I would have not wasted so much money. Stay away from e-bay.

 

Investing? It's all about collecting......

 

I tend to buy my proof sets from the Mint. That way you have first crack if it is a high grade coin or gem...

 

why stay away from ebay? just curious as to why?

 

After thinking it over I guess I was a little hard on the Mint. It's all about what you want to collect and the condition of the coins that satisfy you. As far as e-bay , just be careful. I read an artical in the latest Coinage mag that really opened my eyes to just what kind of "shifty" buisness goes on there. I suggest you read it also.

 

buy from the u.s.mint and sell it via e-bay.

 

Ken, first again Happy Birthday. What I really wanted to find out is opening mint sets. I've bought the Prez Proofs before and couldn't get it open without my youngest daughter being able to tell it was opened. What is the best way. Ah!!!!!!!! to only be fifty- nine again.

 

Proof Sets

I have 160 proof sets that are missing the cents. I sent them all into PCGS for grading. I would be glad to sell the Dollar cards for $10 a set. What else am I going to do with them. Also I don't purchase the sets from the mint. The mint sells their coins in two places.

One : Online, or direct to the consumer

Two : Major dealer outlets. To be a major dealer outlet you HAVE to spend $500,000 per year. You then get the sets at a discount rate. The dealer I get them from will sell them in 100 group sets for $29.50. That is cheaper then the mint and I know he is not loosing money and he has to be making at least $2.00 to $3.00 a set.