1999 Silver proof set price

Discussion in 'US Coins Forum' started by silver surfer, Mar 1, 2010.

  1. silver surfer

    silver surfer Senior Member

    Took a trip to the flea market yesterday,nothing too interesting a lot of cleaned morgans and peace dollars selling for around $30.
    One vender who had the 99 silver proof set wanted $250 for it,i offered $200
    No dice.
    What do you guy's think? is it still worth $250,would you have grabbed it for that price or can it be found elsewhere for less.
     
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  3. d.t.menace

    d.t.menace Member

    $250.00 is a little high. On recent auctions on the bay they're going for $200.00 to $215.00 or so.
     
  4. fretboard

    fretboard Defender of Old Coinage!

    Why does this particular year sell for more money than the rest of the silver years?

    I just bought a silver proof set for 2009 last year and it was around $54 dollars or a few higher. What was it about 1999? thx
     
  5. yakpoo

    yakpoo Member

    One factor (amoung many) that affects the market value of coins is "distribution". Dealers with hoards of modern commemoratives often depress values for a time by making more supply available that can be absorbed by the market...the 2006 Franklin commemoratives are a good example of this. The corollary to that is the Mint's "one per family" releases; the Lincoln Coins & Chronicles set is a good example.

    I suspect the 1999 Silver Proof set was more widely distributed than the others. That, coupled with the lower mintage and the use of the "old method" of proof coin production, make an MS70 UCAM Delaware quarter a rare find...inflating the value of the overall set. I think the 2002 set could be a sleeper once the coins are more greatly distributed...you'll have eBay to thank for that!!
     
  6. namvet4

    namvet4 Junior Member

    To your question: That price is high IMHO . . .
    Yesterday I attended a monthly "coin show" advertised as "40 tables" which was really only about 24 dealers. Checked the prices offered on the 1999 US Mint Silver Proof set and was quoted $225.00 by two different dealers.
    I did not make an offer since I am seeking two(2) 1999 sets. One dealer offered to supply me the second set at the same price, if interested.
    The overall condition of the sets being shown was, at best, moderately worn. The exterior boxes had flap tears and scuff. The lenses showed evidence of moderate handling . . . Just about what I expected at this type of show.
    (The "dealers" I inquired with were both honest and told me that this was not their primary source of income . . . They were part time dealers based on their full time hobby of collecting coins.)

    If I am going to pay what I consider a premium, I am going to search for the Mint product in as close to original issue as possible...
    just my p.o.v.
     
  7. namvet4

    namvet4 Junior Member

    To that point I offer the following:
    Source: About Com: One Per Person Coins

    Your thoughts ? ! ?
     
  8. yakpoo

    yakpoo Member

    To a lesser extent, there are guys on CT that brag about doing the same thing. I don't have a problem with it if they want to put in the effort. Dealers have families to feed, too. I like it when the Mint restricts distribution...makes it more fun for us casual collectors. If the dealers still "get over", good for them...at least have to work for it!!
     
  9. green18

    green18 Unknown member Sweet on Commemorative Coins Supporter

    Mintroducts.com (an example) has these listed for $240. Last year around this time they were selling for $299. Seems to be coming down slow and steady. I remember when these were going for $400.

    Side note: I think (just can't get to the paperwork right now) that I bought this set 2 1/2 years ago for $299. I thought, at the time, I was getting a good deal (I missed the '99's 'cause I didn't re-enter the hobby till 2000). Patience is a virtue, a saying that I did not adhere to. My feeling is that these sets are going to continue to drop in price.
     
  10. green18

    green18 Unknown member Sweet on Commemorative Coins Supporter

    Look at the freakin' post time.....what are we on, Guam time?
     
  11. yakpoo

    yakpoo Member

    LOL...didn't notice that! Someone needs to set the date on their server.
     
  12. yakpoo

    yakpoo Member

    Scott Travers has a few nice books on coin investment. He makes some really good points...I only wish I could force myself to follow his advice.
    For instance, he talks about the negative aspects of buying US Mint 5000 coin bags of early date Memorial cents (of which I have quite a few).

    His point is that as you sell coins of a particular date, demand drops which drops prices. You'll drag that bag around for a long time before it's empty. I think most folks are just trying to complete their silver proof States quarter collections. Once they've completed their collections, fewer people compete for the remaining sets.
     
  13. green18

    green18 Unknown member Sweet on Commemorative Coins Supporter

    This is realy "messin'" with me. I don't know wat freakin' day I'm in....;)
     
  14. AuSgPtHoarder

    AuSgPtHoarder Liker of Shiny Things

    1999 was the first year of the larger silver proof sets (it was 9 coins in 1999). The mintage totals were actually higher than in previous years, however, as it turns out, they were the lowest-mintage silver proof set of the past 10 years (until the 2008 set). At approximately 804k, the mintage was around 10% lower than the next-lowest (2001 at ~890k). The 2008 Silver Proof Set mintage is estimated around 775k. I believe the 2008 is the big bargain out there. Cash is still king, and the value of the 2008 likely won't be realized until all is well in our economic world again.
     
  15. Shoewrecky

    Shoewrecky Coin Hoarder

    The reason why it goes for extremely high prices is due to dealers not being able to buy many sets at one time, it was the first year that the state quarters came out and from what i can tell it is one (if not the lowest w/ 804,565) mintage out of all silver proof sets that contains presidental quarters.

    That's my 2 cents.

    -Shrek.

    P.s..my laptap is driving me insane :desk:
     
  16. dond2885

    dond2885 Junior Member

    The 1999s silver proof set had a mintage of 804,565 and sol for 31.95. The next two lowest mintage sets were 2001 and 2002 with mintages of almost 900,000. Still comes down to supply and demand. Like the Lincoln cents last year the log cabins had the smallest sales from the mint, then everyone panicked and went overboard on the last three.
     
  17. mikenoodle

    mikenoodle The Village Idiot Supporter

    This is the Silver Proof Set Mintage, however, the quarters (which is a large reason that people collect these sets) are also available in a silver quarters only set, and therefore the 2008 silver quarter mintage is much, much higher than the 1999 silver quarters.
     
  18. I am in the market for a 1999 silver proof set as well. I am thinking that the price is going to continue to drop and am waiting to buy until it goes under $200. TC
     
  19. GDJMSP

    GDJMSP Numismatist Moderator

    There was no limit on the '99 sets. You could buy as many as you wanted - but nobody wanted them at the time.

    So dealers did not buy them in any quantity. The sets were most sold to private individuals. And as demand for the sets increased when the SQ series' popularity caught on - prices began to creep upwards.

    And you must remember, at the time ebay was only 2 years old, it didn't even exist until 1998. And as more and more private individuals began selling the sets on ebay they began demanding more and more money for them. And the higher the prics went - the higher the prices went.

    Then, in the last few years, reality began to set back in. And prices began dropping. They will likely continue to drop until they reach parity with the rest of the sets. Same for the '01 sets.
     
  20. mikenoodle

    mikenoodle The Village Idiot Supporter

    Doug,

    I am unsure what set you are thinking about, but it wasn't the 1999 Silver proof set. With the 1999 Silver proof set there was a limit of 2 sets per street address, and absolutely no bulk sales.
     
  21. AuSgPtHoarder

    AuSgPtHoarder Liker of Shiny Things

    That's a great point. I guess in time, the market will tell us what the true demand for the silver proof sets, outside of the state quarters is.
     
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