Hi, Looking to buy some Dansco Albums for the coins, and I am faced with a problem- buy the albums with the space for proofs, or not? I don't know much about proofs, so what's your opinion on getting with or without? All I know about proofs are that they are struck better, so they generally come out better. Are all the coins today made in a proof model also? When did this start? How would I know it's a proof? Do any leak into circulation, or are they only made for collectors? ..and lastly how much would I have to be willing to pay for proof coins? I know that's a lot of questions, so any answers would be appreciated. Thanks a lot!
Well do you want proofs or not...its up to you Well proof coins have a mirror look and one look at a coin will tell you if its a proof or not....take some time and look at a coin shop at some proof coins. Every now and then somebody will break a proof set open and put the coins in CIR. Well that depends on what coins you are going to collect and the grades....if its franklin half dollars I have proof that I have gotten for $2.00 but the 1950 is 200.00 and up. What I have done is a lot of sets in circulated grade and some BU and now I'm going back and doing some MS-6_ --PF__ Hope this is some help---I know that others will help too Speedy
It is up to what type of sets you are wanting to collect. Some folks decide to collect all of the circulation strikes and the proofs for a "complete" set, while others go for the complete circulation strikes, etc. Some folks that are putting these coins in a Dansco album will break up mint and proof sets to fill the album with a pristine set. Others only fill with circulation coins. Basically, it is up to you..... Cris
djsauter There is no wrong way to collect. I would not suggest putting proofs in albums, because it is impossible to put the coin in the album without touching it. This will leave some mark on the coin. If you want to take proofs out of the original holder, or buy them by the piece, put them in a nice AirTite, Kontain, or some other nice holder.
The first true Proof sets were struck in Great Britain during the reign of George II in 1746 but there were examples of pattern and Proof coins issued as early as 1547 - also in Great Britain. The first US Proof coins were produced in 1820 but I'll be danged if I can remember what they were right now. The first US Proof set was produced in 1836. But Proof sets were not produced on any regular basis until 1856.
First, the term "proof" merely indicates that the coin in question was struck with highly polished dies and possibly with a higher than normal pressure. Historically, proof coins were struck as examples of a particular strike or design. Today however, they are struck in larger quantities as "presentation examples" for collectors. Second, I agree with National Dealer, there is no wrong way to collect. If you want your collection to include one example of each year and mint mark, then leave the proofs out. If you want to include all examples struck of a particular modern coin, then include the proofs. Third, if you do decide to collect the proof examples, (again as per National Dealer) avoid putting them in albums. Fourth, again if you decide to collect the proofs, check out the price guide at http://www.pcgs.com for retail price guides that include proof issues. Remember when reading the prices that the guide is presented as just that, a guide. Some dealer's prices will be more and others less. Lastly, proof coins can be purchased as single pieces or in sets. For example, if you are collecting state quarters including proof issues, and you wanted your coins for 2004 you would: a.) purchase a mint set including each of the Brilliant Uncirculated (or single BU samples from bank rolls, b.) purchase a proof set that included one copy of each of the coins, and c.) purchase a silver proof set that included the silver proof example of the coins.
Hey cdcda, I liked everything you said except the PCGS price guide. They are traditionally higher than most. GDJMSP is correct again. Very few proofs were made before 1856. Almost all were presentation pieces given to specific people. "Friends of the mint". Regular Proof sets began in 1936
The PCGS price guide - in my opinion - is a joke. Not only does it not reflect the prices one would expect to receive from a dealer - it does not the reflect the prices one might expect to receive from anybody - retail or otherwise. Even David Hall offers coins for sale - at retail - for less than half of what his price guide says the coins are worth.
Due to the numerous variables involved in retail coin pricing - geographic location, sales method (catalog, Internet, show, etc.), grading, and more - it is difficult to find any one price guide that could be considered overwhelmingly accurate. Think about the dealer greysheet, which every dealer carries with him or her to every show. What would happen if it was truly considered accurate and coins were purchased based on the wholesale prices listed therein? If you concede that a retail price GUIDE is a necessity, and that it can only be considered a guide, then the PCGS guide is not that bad. Just like Coin World Trends is not that bad, and others are not that bad. I recommend them only because, at least, they sometimes reflect real world trends in the industry unlike the Red Book - which lists "retail" prices which are 1 1/2 years old by the time most people buy the book. What do you believe is the best source for retail prices?
I have been looking long and hard for a decent retail guide. I am not sure one exists. I do like CoinWorld trends, but this is often over inflated numbers also. I love to show our numbers versus these two guides, just so the customer knows the difference. Maybe one day soon, someone will be able to take the same type of info used for the greysheet and convert it to a retail guide. While the greysheet isn't exactly perfect, it is widely accepted as close as we can get.
The Greysheet is considered to be accurate. Thousands of dealers and collectors alike buy and sell coins based on its prices every day. But as you say - they are wholesale prices. In actuallity - there are no truly accurate retail price guides. You see - all of the price guides - with one exception - list only the highest realized prices for a given coin. Coin Values - the price guide issued monthly in Coin World does list a high and low price for Mint & Proof sets. The best way to arrive at an accurate value for a given coin in a given grade is to follow the auction results and take an average. It's too bad the price guides don't do this - but big numbers sell magazines - small numbers don't.
The same as I stated below - realized auction prices. But since this can take a bit of work - I often refer folks to Coin Values with the caveat that it - like any other price guide - is just a guide. Another way would be to use the Greysheets ASK and add 20%. You are correct - they do have a hard time realizing a profit. Nonetheless a great many of them buy coins - even common coins - based upon the Greysheets. What many collectors fail to understand is that even the Greysheet is just a guide. But usually one strictly adhered to. The only difference is that when buying on a wholesale basis most dealers offer 10% - 15% below BID and when selling ask for 10% - 15% above ASK. Usually the two parties strike a deal somewhere in between.
The perfect answer! A coin is worth exactly what one party decides to sell it for and what one party agrees to pay for it. Not a penny more or less. Maybe the perfect guide for a collector is interaction with our collectors and dealers ;-)
Thanks to everyone who responded, all your answers were very helpful to me. I decided to go without proof slots, and today got the Lincoln Cents and Jefferson Nickel albums. Very nice!
