I have been purchasing silver proof sets for a while on ebay. I do it as an investment in silver. I only bid for the silver content, so I feel like I'm getting the other coins for free! 99% of the time I don't win, but I get lucky from time to time. I like the proof sets, and it's cheaper than paying the premium for the Silver Eagles. One thing that surprises me is the unbelievable premium the 1999 and 2001 sets are going for. While the mintages are "low" compared to other years, I would hardly call them scarce. I can find several of these sets on eBay on any given day. Curious as to other opinions. More hype than reality? or worth the premium?
I just returned to coin collecting in 2005 after a 30 year hiatus. I asked a similar question about the 1999 silver proof sets in another thread and learned something interesting. Apparently, there was a "one per household" limit on sales for the 1999 silver proof sets. When coins (or sets) are more widely distributed, there's less "dealer dumping" on the market and prices generally perform better over time. There were more sets sold in 2000 (I guess because of the Millenium). 2002 sold less than 3000 more sets than the 2001, but the Red Book lists the 2002 silver set at less than half the price of the 2001 ($70 vs. $150). I don't know "first hand", but I would guess that by 2002, the order limit had been lifted and a greater concentration of these sets were bought by dealers who cherrypicked the best examples and sold the rest off to a non-assuming public. Another event that occurred during this period was a change in die preparation technique. Up until 2004, dies were sand blasted to produce the frosted devices. Beginning in 2004, the Mint began switching to a lazer process that's much cheaper and lasts longer. I believe the change to the laser process may account (in part, anyway) for the 10x increase in PF70UCAM coins graded by NGC/PCGS...and may partially account for the premium earned by the earlier, lower mintage sets. I've always thought the 2002 set was a "relative sleeper". The Red Book list prices for the 1999/2001 silver proof sets were $400/$200 in the 2009 issue and fell to $350/$150 by the 2010 issue...whereas, the 2002 set remained steady at $70. FYI...You may want to consider picking up a few of the 2009 Unc sets before they go off sale (June 15) from the Mint. That's the only place to find non-proof, 95% copper 2009 cents. As of May 27th, there were only 764,000 sets sold. :secret: EDIT: It may be worth noting that the Mint says... ...they really don't say they're stopping sales altogether. Does this mean that the "average Joe" can order Mint sets (or other products) via mail? If so, were do we get the order forms? Or is this just a legal "CYA" so they can continue selling to dealers, but not the general public? Who knows? I tried to examine this issue in the "Stunningly Obtuse" thread.
Yakpoo, There was no "one per household" limit on the 1999 Silver Proof Set. I bought multiples of them for myself as well as others for friends who didn't have an account with the Mint. Berneck, The biggest reason for the huge jump in price for the 1999 Silver Proof Set was the fact that the States Quarters Program drew millions upon millions of new collectors into the hobby. Unfortunately, many of these new collectors did not get started until after the 1999 set was no longer available. It simply boiled down to the law of supply and demand. There were only 804,565 sets available for millions of collectors. I'm not sure why the 2001 Silver Proof Set is as high as it is, but if I had to make a guess, I would probably think that it had something to do with the New York States Quarter. New York City, alone, has a population of about 8 million residents; the Statue of Liberty has always been a popular collectible, and there were only 889,697 sets produced. Chris
You are correct...I misquoted the reference. There was a two (2) per household limit...according to MikeNoodle.
The limit was actually 7 sets. I ordered 2 sets and later order 5 more after they (US Mint) raised the limit. Here is the press release from the us mint to support my facts. http://www.usmint.gov/pressroom/?flash=yes&action=press_release&ID=93
I think the 2001 set probably has significance not only because of the New York quarter and the large population, but also because of September 11th that same year. I remember many people I knew and worked with were holding on to their New York quarters after that. I'm sure that spurred demand as well... I already have a 2009 mint set, but I think I may purchase another set or two. I may also pick up a couple more silver 2009 sets. The proof cents are beautiful! I am buying a 2010 proof buffalo next week for my bother who graduated law school this year. I was waiting to order them all at once to save on shipping. Which is a little risky because the mint can always yank them before that end date... One thing that has me absolutely astonished is how apparent it is that these 2009 Lincoln cents are being hoarded. I have been purposely spending cash every chance I get, just to get back change. I have not come across a single centennial cent yet. In fact nobody I know has seen one "in the wild" hahaha I see them all over eBay, but just can't bring myself to pay a premium.
Thanks schatzy...but the reference you give says that the Proof set had an original limit of two (2) sets per household and was being raised to seven (7). It then goes on to say that the rise in the limit would delay the release of the SILVER proof sets by a month...which would remain at a limit of two (2) per household. Am I reading that wrong? Perhaps they raised the limit on Silver Proof sets sometime after the initial release (I wasn't there; I don't know). In any event, I think MikeNoodle's central point is well taken...greater distribution creates upward pressure on prices. :thumb: EDIT: I see that the Mint eventually did remove the two (2) set per household limit, but it wasn't until 15 Dec 1999, after 58% of the sets had been sold.
I live in the DC area and have come across a few "in the wild"...but not many. The 1955 series (P,D,S) Roosevelt dimes are a great example of hoarding. There were only between 12-18 million of each issue minted, but due to hoarding, they're worth about the same as dimes issued with a mintages 10x greater. The 2009 "zinc" cents won't be worth spit for sometime to come. The 95% copper cents are a different issue. Between all the various proof sets, there will be around 2,000,000 of the proof 95% copper cents minted. Since the 95% copper Unc (satin proof) cents are only issued in the mint sets, they may see sales of less than 800,000. Add that to the fact that the Mint was having trouble with these cents prematurely tarnishing, you may see billiant red specimens selling at a premium in the "not-too-distant" future. (jmho)
I just took a look at my mint set. The cents look nice and pristine. However, there is a dislaimer inserted regarding the possibility of the copper cents tarnishing.... I guess the mint add it after some people may have complained. I hope when I order some more sets I don't get some rejects....
There was an article a while back in Coin World or Numismatic News (the two I get) that talked about a delay in the release of the 95% copper cents due to manufacturing problems. I'll try to post a reference if I can find one. Never grow old; the mind is the second thing to go...I can't remember the first. EDIT: I think this is the article I read that led me to believe the Mint was having an unusual tarnish problem with the Unc (Satin Proof) 95% copper Lincoln cents.
I searched the Mint's archive of press releases and see that the two (2) set per household limit was in effect until 15 Dec 1999 at which time they lifted the limit. 58% percent of the silver proof sets had been sold by the time the limit was lifted. I don't see any reference to a limit on the 2001 silver proof sets...just a disclaimer that reserved the right to do so at any time.
