Buying Proof Sets, Gold and Silver!

Discussion in 'US Coins Forum' started by Stop Motion, Mar 28, 2005.

  1. Stop Motion

    Stop Motion New Member

    Since I just got into coins recently, I don't know a whole lot, but are learning.
    My questions are:

    1: Are Proof Sets good to buy? Is it better to buy them from the Mint or a Dealer?

    2: Are 2005 Silver Dollars and 2005 Gold $5 Dollars good to buy? Where is a good place to buy these?

    3: Is it good to buy proof sets, and silver and gold dollars each year, too?
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  3. Golden Pennies

    Golden Pennies New Member

    Proof sets are alright to buy just to make a set, but usually go down in value unless there is low mintage of one of the coins. You would save probably 5$ buying them from a dealer for a set of a current year.
    I collect the Silver dollars so I would say yes as for the gold that would be okay to, but there is no gurante they will go up in value. Again im gonna go with the dealer for buying these coins. Yes I would say getting one of each every year would be a good plan, but again proof sets may not retain there retail value over time.
  4. Stop Motion

    Stop Motion New Member

    Thanks for you info!
    So, Silver and Gold coins should atleast hold their value if not go up, correct?
    Is this company a good one? (First Fidelity Reserve) I found it in Readers Digest?
    Thanks again,

    GDJMSP Numismatist Moderator

    There are advantages to buying Proof sets from a dealer - you get to pick your set. But there is a disadvantage too - you will pay more.

    But whetehr it is a good idea or not to buy them depends on you. Why would you buy them ? Most collectors buy the coins because they like them - not because they think they'll go up in value.

    The coin market is like any other market - it goes up - it goes down. Nothing is a sure thing - if it was, we'd all be rich - but we're not.

    So collect the coins because you like them and you enjoy them - you'll be much happier.
  6. SilverDollarMan

    SilverDollarMan Collecting Fool

    That q, depends on the "spot" on gold and silver AND the mintage of the coin. This can't be answered in a general sense. In 1980 silver went way high, like out of sight, look at it now. $6.........hehe
  7. crystalk64

    crystalk64 Knight of the Coin Table

    Stop Motion you have some decisions to make and they can only be made by you. Each and every one of us collect many things so what is good for me or valuable in my mind or perceived as a great investment for the future may not hold true for the rest of you. You need to focus on specific areas and stick with it! After you enjoy the hobby for a while you will learn about other coins and values and believe me you will change as you learn and as your financial status changes through the years.
    If I were to answer your questions I would first say buy whatever you like, its your collection but BUY WISELY! If you are going to buy in small quanities it will save you shipping charges to pick up items from a local dealer. If you don't live near a dealer then the options are buy from the Mint, buy from a mail order national dealer or turn to Ebay and play the game like so many of us do regularly. Locate and purchase a Redbook or coin prices magazine so that you will have a reference to guide you and never quit searching for coin information! The more knowledgeable you become the wiser buyer you will become!
    Now about the gold and silver eagles! They are produced as bullion investment coins. Most of us collect the silver eagles by the year and some buy extras to put away. Their prices for the most part are dictated by the market value of gold and silver! No different than the stock market! Some days are good and others, well...? Are you aware you can buy silver proof sets? While I buy both the clad proofs and the silver proofs I feel MUCH better owning the silver sets! Putting it all into perspective I would have to say it is nothing more than SUPPLY and DEMAND! If you have something everyone wants, thats a good thing but if you have something no one wants well? Good luck, make some decisions and enjoy every minute of your new found hobby! Good to have you here!!!
  8. Richard01

    Richard01 Senior Member

    I love proof sets, and the recent sets and the older sets all have gone up on value quite a bit. It seems really that only the 70's and some of the 80's sets went down. Anyhow, the mid 90's on have done really well, and those since state quarters are going great for the most part. What you collect is surely a matter of what you like looking at best to some extent. I love proof sets. They are the center of my collection, especially the prestige sets. The coins are so shiny... see the shiny coin... nice... :p
    Sorry, I got to thinking about those nice cameo's again...
    You can combine things too: collect silver proof sets and get silver, and proof sets. That's always fun.
    Gold... that is the one area of the hobby I simply have not dipped my toes into, and don't think I will.
  9. crystalk64

    crystalk64 Knight of the Coin Table

    Richard01, I can hear the gold calling out to you!!! Sooner or later you will give in as every collector likes the feeling that he/she has GOLD in his/her collection. Even if it is just one little piece and keep in mind some are still very affordable! The seed has been planted, next platinum and palladium!!! Enjoy your hobby and I too just love a good proof coin!!! Have added 40 proof 2005 buffalo nickels to my collection already! Love a good herd!
  10. Steve E

    Steve E New Member

    I never really considered modern proof sets as investment purchases, I just liked the looks of the proofs and they are affordable. Same applies to Silver Eagles. Never got caught up in the gold rush.

    If I want to purchase for investment reasons then I concentrate on key date uncirculated coins or key varieties.
  11. Richard01

    Richard01 Senior Member

    So, stupid question, but where do you get individual proof buffalo nickels? I have my proof sets, but where can you get singles?
    All my old proof single coins came on a huge auction on ebay, but I've never seen a source for new proof coins individually.
    Am I just clueless?
  12. JBK

    JBK Coin Collector

    Well, letÄs just say that SOMEONE has to buy the sets, and then they break them up. My only complaint with proof singles is when you see people sell them on eBay by the roll. I cna not imagine it is good for them to be dropped into a plastic roll and then rattle around together in there.
  13. crystalk64

    crystalk64 Knight of the Coin Table

    Richard01, I bought a few from a national dealer after prices on Ebay rose to dealer level. There are still a great number of proof auctions on Ebay at this time and it is best to find a seller with more than one to sell. You can get a break on shipping from most folks when you combine auctions. I actually purchased from 3 different individuals who were busting proof sets to get the statehood quarters. I would suggest, if you are really interested, that you bid and buy NOW before the busting of the sets slows down. Lot of competition right now by various sellers and that helps keep the prices lower. Good luck!
  14. Richard01

    Richard01 Senior Member

    So, all of those singles do break out from sets... I always wondered if perhaps the mint coins singles and sells them through distribution somehow. I love the single proof coins, and do think that they are a great buy over time (let's face it, most modern proofs have somewhere in the 3,000,000 minted, which is pretty rare in my estimation) so their value seems likely to go up faster than any other modern coins. About 7 months ago I was able to purchase a lot of 2,700 clad proofs on ebay for about fifty cents a coin. It was, for me, the best buy ever. What an amazing group of coins, with more PR66, 67, and some 68 and 69s, than you could shake a stick at. Some of the penny and nickels were even from the mid 1950s. Dimes and nickels came in rolls, well packed with material to keep them from rattling, and I did not find any scratches or damage. All in flips or other things now. I sold off about 40% of the coins and more than paid for the entire purchase, and still have about 1,500 awesome proof coins. Someone worked hard to crack those out of proof sets... but at the price I paid, WHY? It seems that they lost a lot of money somewhere.
  15. mrsushi66

    mrsushi66 New Member

    Not that I can add much but I just want to restate what I think a lot of people here say, find something you enjoy collecting and learn about it then start collecting it for enjoyment. If it goes up in value then great, if it doesnt you still get some ejoyment from what you have been collecting.

    I got the bug for silver eagles (all of them but right now focusing on getting BU back to the start). Dunno what it is about them but I just cant pass up a good deal on these suckers...

  16. Richard01

    Richard01 Senior Member

    I got the silver eagle bug last month and bought up the last dozen I did not own. Then along came the proof silver eagle bug... and that is a more expensive bug...
    Finishing up buying the last 2 premier proof sets I need first, then the last 5 silver proof sets... then I will have every (except error sets) proof set minted since 1957!
  17. mrsushi66

    mrsushi66 New Member

    Wow very nice Richard01, I am sure that was no small task and I think you are far more dedicated than I am <grin>. Anywho GREAT JOB, I am a bit envious.

  18. Richard01

    Richard01 Senior Member

    It was my absolute mission for about 4 months to buy up proof sets... I used money from other sales to fund it. The prestige sets were the hardest, especially the key dates. The rest is mostly painless now, but I need to sell a few more things to get a bit more money... and then I'll be done (with this). I could look at those proof sets all night... shiny... shiny... :p
  19. GDJMSP

    GDJMSP Numismatist Moderator

    LOL !! You remind me of me Richard - I collected original Mint & Proof sets for most of my life. Had the Proofs back to '50 and the Mint sets back to '49. Lemme tell ya - finding those older than 1950 is NOT an easy task !
  20. Richard01

    Richard01 Senior Member

    That is why I decided that the upper 50's on was just fine for my collection. The early fifties and the few older are incredibly expensive, and rare. I'd absolutely love a nice set with a frosty walker... but I don't have that kind of money to apply to the need.
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