Scrolling through ebay, I notice that some mint sets from 1960 on up are selling below $15 and sometimes less than $10. I would've thought they would go up in value over time. What's the deal?
If you visited a coin show you'd find literally thousands of the sets available and the vast majority would be priced under $10. There are a few things that people who have only been collecting for 4 or 5 years are not aware of. One of them is that as a general rule, mint sets and Proof sets do not increase in value very often. In fact many of them decrease in value. Some even sell for less than issue price from the mint. But because the coin market has been bullish ( increasing prices ) for the past 4 or 5 years - and for the first time since 1989; many collectors mistakenly have the idea that these past few years are typical of the way the coin market works. That includes mint & Proof sets that increase in value almost immediately. Nothing could be further from the truth.
I've seen posts that were further from the truth ... When I bought my stepson a proof set to help jump-start his collection, I bought the 1972 because I could get them from a local dealer for $7.00. I've seen 1972 Mint sets advertised at less than $5.00, IIRC.
These sets are the greatest values in the hobby. Sure the typical set that sells for $5 is worth little more than this but that's exactly my point. The typical set that sells for $5 will contain about $3 face value in coins which will wholesale for about $6 when you cut them out. More interestingly is that most of the finest coins made in the last couple of genera- tions are found ONLY in these sets. In many cases these coins will have huge premiums because they are scarce even in the sets. Huge percentages of mint and proof sets have been busted up and they are get- ting increasingly difficult to find. Twenty years ago you could find thousands of these sets at the typical mid sized coin show but now days you're lucky to find dozens of the mint sets though proof sets are typically a little easier. Not only are the best coins contained in these sets but often the second best can be found ONLY in these sets as well. In fact with many of the mint state dimes and quarters there is simply no other source for uncirculated examples at all. Try finding a coin like a 1969 quarter or '71 dime that didn't come from a mint set. You're unlikely to find them even in years of looking. Of course, all of the proof coins are found only in the proof sets except for the many millions of stragglers which escaped into circulation. The reason these prices are low is really very simple; there is extremely little demand. Old time collectors have no interest in later date coins and most of the collectors of these are newer, younger collectors. If more than a few start collecting these coins then you'll see a very changed price structure but more importantly you won't see these sets any more. The few remaining sets will quickly be destroyed to make denomination/ date/ mintmark sets. No doubt many are amused by these statements but keep in mind that the '50-D nickel achieved a price of nearly $150 in 1964 in todays money. A '50'D nickel is far more common in unc than most of the clad quarters and dimes and there are nearly twice as many collectors today. Perhaps people will never collect these coins in large numbers and prices will never go very much higher but the fact remains the sets are grossly underpriced even rel- ative to the current demand which has been growing sharply for years.
[Old time collectors have no interest in later date coins and most of the collectors of these are newer, younger collectors. If more than a few start collecting these coins then you'll see a very changed price structure but more importantly you won't see these sets any more.] Extreamly helpful post!!! I am fairly new to collecting and I am one of the few that you talked about collecing Proof sets. I collect these for many reasons. I feel that like land there is only so much to go around. if they make a 10,000 they cant make any more.. they just cant make anymore 1968 Proof sets I know there are a lot out there but unless WW3 breaks out the population is only go to grow and so will coin collecting. It might not be in my life time that I see great growth in coin prices on the sets that I have. but I hope to build a base for I hope my children/Grandchildren. Ahh to dream.. Ryan
So which do you think is going to be a better investment....unbroken proof sets or unbroken mint sets?
Mint sets were made in much smaller numbers than proof sets and have had much lower prices and much higher attrition. In the past many collectors didn't include the proof coins in their sets but this may not be true in the fu- ture. Proof coins now have the S mint mark which should add to their appeal to many collectors. There are also the silver proofs and cameo coins. The high quality of these is a welcome break from drab quality of most of the mint set coins. Perhaps the greatest thing the mint state coins have going for them is the huge spread in quality from the worst to the finest. In a few cases the qual- ity tends to be excellent and in a few it tends to be very poor but the range present on all these issues. The low survival rates coupled with the frequently low quality means some coins are quite scarce in attractive condition. They're not only scarce in top grades but they're sometimes scarce in gem or even in choice condition. There is a lot of room for growth since collecting levels are still quite low and many of those who are collecting them haven't been in the hobby long enough to acquire a high level of sophistication as collectors. I've always set mint state and proof coins aside based on level of preservation and have concentrated on the mint state coins. A rare variety is worth keeping even in VG but a typical '72-D 25c (which was normally well made) was worth saving only in ch Gem or better. Today things have changed a lot and such considerations as to whether mint sets or proof sets have more potential are relevant. My guess is the proof sets will appear in ten years to have done better but the mint sets will sell individually based on the quality of the coins in the set. Published mint set prices will look like there is only anemic growth in this market because these prices will apply to the sets with nothing of note in them. But, two mint sets out of three today do have at least one coin that is nicer than most and some sets are just loaded with nice coins. It is these nicer coins that are likely to do well. There will be a set premium on all the mint and proof sets in the long run but my advice would be to collect what you enjoy and try to set aside nicer coins. If you want to buy intact sets as a speculation on capturing a potential set premium wait until you can get a premium for better quality and use that money to set aside ho- hum sets. There are never any gaurantees and there is no sure thing.
cladking is quite right - there are no guarantees. But if you look at the sets from the 50's and current values - typically the mint sets sell for more. Up until about 1960 anyway - then they even out for the most part.
If u can find the earlier mint and proofs sets in nice condition(No spots or milking on proof sets) pick them up.I am trying to put together a complete set of each along with the silver and silver premier sets. I feel that the popularity of these items can only increase, along with the collecters tring to find them.There have been millions of mint and proof sets that have been cracked open, so, finding them will only be harder.Expecially the low mintage years.
cladking, Very thoughtful posts. I've always believed that the coins/sets most likely to go up the most in price over time would probably be something that is (1) relatively unpopular and therefore inexpensive today, and (2) gradually decreasing in availability. From your report, the mint and proof sets seem to fit the description.
I collect proof sets as part of my overall collection. Just try finding a decent looking 1955 flat pack. I went to 3 shows ( about 40 or 50 dealers at each) before I even found a '55 and had to pass it up because is was in such bad shape. It took me 2 more shows before I found one worth buying.
The older mint sets are getting harder and harder to find - especially nice ones. And if you get lucky enough to find one with cameo coins - they can be rather pricey.
