1950 proof set dilema

I was at my local coin shop today and the owner was talking to one of the other regulars and he mentioned that he had something to show this other gentleman. He goes into the back and comes out with a stack of 40's and 50's mint sets and 50's proof sets in original government packaging, and asks, "you like proof sets right?" The other guy laughs and says "as long as it is 1964 or earlier, you know I like them!" and he begins working his way through the stack. He gets a little ways through and the dealer pulls out one more box, it is about 2.5x2.5x1 inch in size and the guy just stops and says, "is that a 1950 proof set in original packaging?!" The dealer grins and says, "look closer..." and the guy responds almost in awe, "is it still sealed?" It is!

So anyway, the guy drools over the thing for a while (I don't blame him) and he eventually asks if the dealer intends to open it up. He is aghast that someone would have suggested damaging the packaging (this thing was pristine, the box was in phenomenal condition, no marks, digs, discoloration, etc.) to see the coins and he asks me (cause it's obvious that they have my attention) if I would open it. I immediately respond "Yes! I collect coins, not mint packaging!" and he replies, "then you can't buy it!" The scary thing, is I'm not sure he was joking.

So the dilema is this: If you owned a 1950 Proof set still sealed in it's original, undamaged mint box, would you open it? I would likely open it before I left the store, but then again, I'd prefer an open one so that I could look at the coins before I made my purchase.

What would you do?

 

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I'd definately open it. I'm not in it to make money, I'm in it for the fun. What fun is it to not see what you just purchased?

 

It's like a toy, the only thing you can do with it when it is unopened is look at it, when you open it you get to "play" with it.

 

More than likely I would open it....while more than likely you would pay more for an unopen set and then lower the value some by opening it I think the coin are what matter.....if there is a CAMEO in there you have done great....if not then maybe you have just done ok....but if it was my set I would have to think about it for a few days.

Speedy

 

Cmon Speedy, you know that you would open it as soon as you paid for it looking for the Special Franklin you want. : )

 

ROTFL!!!!
You know me too good
I would just have to see if that Franklin was CAMEO!

Speedy

 

That was my exact thought! There is NO WAY I'd even make it out the door of the shop before I opened it. The best analogy i could think of was when I was a kid and I collected baseball cards. The '89 Upper Deck and the '90 Leaf sets had really valuable rookie cards in them (Ken Griffey, Jr. and Frank Thomas, respectively) and the packs were expensive in the early nineties (for a Jr. High student) because of them, but I always opened ever pack of cards that I bought (I even chewed some of the gum,lol). Even if I bought out of date packs I always opened them, same thing here for me.

 

Now change the question a little. In order to buy it you have to pay double sheet. (assume this is the normal premium for sealed sets) Now do you open it knowing that if there is nothing special in the set it has just lost halfof its value or more? (Possible hairlines, stains from rusty staple etc.)

Your chances of a wonder coin worth a bundle is slight, chances of losing half your money is huge. Do you open it?

 

Which was why I would buy two "toys". one to play with one to save for later. :goofer:

 

Do you buy a car without driving it?
Do you buy new shoes without trying them on?
Would you buy coins without seeing them?

I'd want to see them before I paid for them.

 

Open Open Open LOL

De Orc :kewl:

 

well I have a 1960 Mint set that remains unopened, then i went and bought another opened one.. so umm.. I think i'd be able to leave it alone for a while

on the other hand.. depends if it smells like dead rat or not

 

Why would someone buy sight unseen. The set could have spots or worse.

That dealer is something else if he thinks someone will buy a proof set and not want to see the goods. I don't see where unopened means more money either. If the coins are cameo then then dealer would not want to sell at a loss.

Where is this dealer's store or better what's the name of the store?

 

Suburban Chicago, and FWIW I like shopping there, they routinely let me dig through unsorted junk silver and sell me whatever goodies I find for melt. So far I've found a 1921 half and a nearly complete Unc set of Franklins as well as all of a set of Mercs minus the 21, 21-d and 16-d including a fair number of AU58-MS63 coins.

 

He intends to offer it in an upcoming auction, unopened. (The shop has regular auctions).

 

Sounds like a decent place to shop to me. There are plenty who buy the older ones "unopened" on ebay. Me, I couldn't go too long without opening them I don't think.

 

OK, I would buy the set unopened , if I could get a good price. I would ebay it for a premium to someone who wants an unopened set as there are collectors who would pay a ton for that. Then I would take the proceeds, and purchase a 1950 proof set that was out of the packaging.

I would then keep the slight,(maybe more than slight) profit made on the transaction.

Bill

 

I'll buy it as it is. Coins may be one thing, but I have to argue that packaging is another thing. How many original packaging do you see from the 50s? Not too many these days as many would have been eager to open it. If I was buying the set, it will stay as it is.

To be exact, why bother opening the unopened set when you can find a set that is already opened? Possibility to find error coins, or you feel that you might be deceived? I'm not interested in either. Mint products I think are taken too lightly.

 

If the dealer is reputable. Absolutely do not open. It would decrease its value considerably. Proofs and mint sets are much more valuable unopened!!