1999 Silver Proof Set Spiking and Tanking

This set simply illustrates the peak and valleys of coin values. The set was the first year the silver state proof quarters came out. In 1999 my wife and I were thinking about buying a set when I think it was around $45. Then they went up astronomically to around $350-$400 in 2005. But, and this happens in many cases with modern US mint coins, it dropped, and the other day I was at a shop where they were selling them for $66!!

I saw a similar price spike with the Baseball HOF dollar, and I would bet we will see a similar situation with the 2016 Mercury Gold dime.

 

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It is the Connecticut State Quarter that raised the price. Why, I don't know.

Similar to the 2012 silver proof sets. The Kennedy half is the coin that raised the price.

 

The 1999 Silver Proof Sets were undersold with less than 805,000 sold. Of that 805,000, a bunch weren't sold on the first go around and sat in the US Mints Vaults, unprotected.

Year 2000 and 2001 suffered the same fates. Given the fact that the price was $31.95 for each set (compared to the CnClad sets at $19.95) they just were not selling.

In 2001, the US Mint offered the 1999 and 2000 sets again at the $31.95 price. The only trouble was that due to inadequate storage, a lot of the sets were all fogged up and in some cases ruined.These were returned.

In 2002, PCGS began the Set Registry Program and prices took off. Especially for the 1999 and 2000 Silver Proof State Quarters.

On November 10, 2003, a PR70DCAM PCGS Georgia Quarter sold for $1,610 and then it was off to the races. The highest Price paid at a Heritage Acution was for a PR70DCAM Delaware coin which sold for..........$17,250 on Dec 4, 2007. Thats right around the time that the 1999 Silver Proof set was peaking in price at close to $500 per set.

A majority of the multi-thousand dollar Silver State Quarters sold thru Heritage were Delaware coins with a spattering of others. Georgia comes in 2nd Place for highest price at $6,037.50 on Nov 30, 2007 but that $17K Price for the Delaware got a LOT of folks buying and submitting these coins. I imagine that it drove the prices up considerably.

The downfall to these magical prices was.......the end of the State Quarters Program where they were now out of the public's eye. Again, if nobody is interested, then they simply will not sell.

However, of ALL the State Quarter Silver Proof Sets, the 1999 still commands a slight premium over the rest.

I wished that I had purchased more than the two I got at issue price.

Today, I wish I had sold the one set I have left when the prices were high but, such is the Collectors Market.

It goes up, then it goes down with few coins ever really retaining their hyped prices.

There are some exceptions but not all that many compared to the all the various coins issued by the US Mint as Collector Pieces.

PS: There was once a time when the CnClad 2001 Proof Set routinely sold for more than $100 because of the Sacagawea Dollar and no doubt, some kind of a registry scramble.

Ref: https://coins.ha.com/itm/statehood-...-67529.s?ic4=ListView-ShortDescription-071515

Ref: https://coins.ha.com/itm/statehood-...-60979.s?ic4=ListView-ShortDescription-071515

 

I came close to being able to buy one of these sets last week for $30. Then at the last moment someone else woke up and started bidding. We went back and forth for a bit and I let him have it for $50. Still cheap but I'm just not that interested in the set.

 

"The downfall to these magical prices was.......the end of the State Quarters Program where they were now out of the public's eye. Again, if nobody is interested, then they simply will not sell."

This is so true for modern hyped coins. The next big release becomes the new focus and the last hyped issue drops in price. If you don't get something at issue price, better to just wait it out. TC

 

The highest price that I got for any of the silver proof sets was in 2013 when I sold a 2005 set for $750. Of course, that was because it contained the KS SQ, FS-901.

Chris

 

19Lyds - thanks for you excellent explanation and details on the rise and fall of 1999 Silver proof set price. I have been buying proof sets I think since 2003 for my kids to have after college.

 

Lee, If I recall correctly, the 1999 Silver Proof Set sold out and was limited to 2 per street address and as such were sold at a premium on the secondary market. That's why the prices skyrocketed after their release and why they differ from the rest.

As the sets distributed to people who wanted them, prices settled and they have now finally fallen to what I would consider the real market value.

 

I have the 1999 silver and clad sets. Bought them back in 1999 I'm guessing. I didn't even pay attention to their valuations as I just enjoyed having them.

 

I remember this very well as my mother ordered a silver proof set as a gift for me in 1999 and made my brother (who lived with her) mad because he could only order 1 from the Mint afterward.

 

That's very interesting. Quite a while ago I purchased a PCGS certified (I think in PF69 CAM) 1999-S Connecticut state silver quarter for $20. I simply liked the coin and never thought it would be worth much more than its silver content. The 2016 Red Book (I know that it's not the ultimate word on value) lists it, along with every other silver quarter issue that year, at $30 in PF-65.

In any case, this provides yet another example of why one should wait to buy brand new mint products. Nearly all of them (of course exceptions exist) skyrocket in price, then finally settle, like sand on the tide, down to a reasonable price in a matter of time. Novelty and speculation increase the price of a particular new realease at first and, as other things become newer and shinier than that particular coin, the novelty slips away. By that time, anyone who would have paid big $$$$$$$$ has either paid the amount, probably regrettably, or given up. And who knows, after a year or two you may not even want the thing anymore. And that makes for BIG savings.

 

I don't understand... I paid $31.99 from the Mint... had I waited (ANY length of time), I would have paid more

I think it's best to buy from the Mint, rather than a secondary market, especially right after a Mint sell out.

 

Yes, you're correct. In this case buying from the mint right away would have saved more even some 16 years later. The price may continue to fall over time, but waiting 20 years is a bit too long. In my case, I never wanted the set, just the Connecticut quarter, so I guess I ended up saving about $11.99.

What I should have said (or wanted to say) is that waiting for the secondary market to drop will pay off. If you missed the initial mint offering then you'll overpay, as some probably did to an extreme in this case.

That's what I get for posting right after working out.

 

This was my plan for the 2012 Silver Proof Set.

And then.............

I discovered that I'd set one aside in a secret location right in front of my face!
(Getting old can be quite challenging at times!)

So now, I don't need one.

I think.

 

I used to that until I discovered that my kids didn't really care. Even as adults.

Wait.....are you still in College??

 

I do not recall there being a "Household Limit" but I do recall not buying three because of the price.

Not saying your wrong. I'm just saying that is how I remembered it.
I also remember that these were offered in 2001 which tells me that they weren't a sell out BUT, like finding that 2012 Silver Set hidden in plain sight, I could very well be wrong.

BTW, here's a post from CU which says that the 1999 Silver Sets were selling for $300 in Feb, 2007.

The post also mentions the 2 per HH Limt.

https://forums.collectors.com/discussion/568960/speculation-presidents-proof-sets

Another thread I saw talked about the fact that for 1999, there were no 5 Coin Proof Silver Quarters Sets sold which could also be a contributing factor. But this was true of the Year 2000, 2001, 2002, and 2003 Sets as well so, maybe not.

2004 was the 1st year the US Mint offered the individual 5 Piece Silver State Quarter Proof Sets according to the Red Book.

I rely upon the Redbook because I suffer from CRS. (Can't Remember SH... uhh Stuff)

 

Actually, if you bought from the mint, you paid $31.95 + $4.95 shipping. Gotta include that shipping.

OK now I'll shut up.

 

Thank you very much for the responses. It is amazing that this Proof Set in 1999 was going for $32, then its value peaked at $400 in 2005 and now down to $74 in 2016. What a roller coaster!!!

 

well, $31.95 x 2 plus $4.95... but I get your point, Lee, and you are correct

 

Through at least 2001 the mint did not charge any shipping for online orders (I just looked back at one of my invoices from a 2001 Silver Proof Set). Starting at some point in 2002 the shipping charge became $3.95 (I see this on a 2002 Silver Proof Set order).