How do uncirculated coin sets have damage?

Banks sell them?

 

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Wow, I just looked back and saw that the first post you ever made last year concerned this same "bank set". Gotta ask where was this bank? You say you also got a gold dollar and a silver dollar. Can we see them please?

 

Thanks, that's news to me. In all my years and in all my travels I've never run into a bank that sold anything like this.

 

I sold the silver dollar and gold dollar back in college like an idiot. They came in little navy blue boxes, and inside that were felt coin holders like a wedding ring would come in and a small shadow box for the coin inside. I thought this stuff was common?? I got these at the Cecilia Bank in Cecilia Ky where I grew up.

 

I've never seen anything like them.

 

Pretty sure I detect a hint of sarcasm lol

 

Not really, I haven't either and bet a lot of our members haven't.

 

This is what I was thinking as well..... One thing I have never been entirely clear on though... Aren’t mint set coins simply business strikes? Wouldn’t it be normal to expect a business struck coin to have suffered some minor scratches just from being ejected onto a pile of other newly struck coins?

 

Probably as simple as that! Good observation!

 

Obviously packaged by a third party, not the mint.

However, it's interesting that it contains the Philadelphia token that only came in mint sets. Any damage probably came during the re-packaging.

Why would you repackage a mint set instead of just selling it as is? I suppose they marked them up after packaging them to look very much like a proof set, which, coincidentally, was purple in 1990.

Interesting item, in all my years I have never encountered one.

 

A lot of collectors used to think that the highest grades came from Mint Sets. So, they would buy them to look for specimens to submit for grading.

I never could understand this, because as you say, they are just business strikes. The Mint Sets actually cost more than the rolls of each denomination on a per-coin basis, and the rolls cost more than the bags of each denomination on a per-coin basis.

For me, I always bought the bags to search for high grades to submit, and it was very profitable. I found dozens of Sac dollars, Kennedy half dollars and State quarters that graded MS68.

Chris

 

Did you see my reply with the certificate of authenticity?

 

That COA did not come from the US Mint. It came from a third party reseller.

Chris

 

As Conder101 stated bank sets are not mint sets,they may or may not have unc. Coins in the set. The materials used to assemble these sets were cheap, no where air tight or tight enough to stop dust,and other materials to get inside the holder.
Add to that where was this set stored? Eviromental damage can be seen on the coins, in fact the holder may have PVC in the plastic.
Bank sold and awarded these sets to their customers.
Bank sets are not "mint sets".
Bank sets are nothing more than an advertisement for the bank.
Bank sets to my knowlege hold No premuim, or following of collectors,as their contents and holders,are well below par of a US mint set.

 

Randy you are correct us mint sets are unc. Coins from the mint, now some years they were struck in a satin finish. Which is different from regular minted coins.
As a YN we thought of any coin taken from change from a purchase was circulated by definition ,however a roll of new coins from the bank were unc.
So if you got 4 2019 cents back from a purchase they were circulated.
One also remember pryor to 1970 pulling silver out of rolls was still happening and us old collectors put most of our collection together from rolls and pocket change.

 

This could be wrong but I think the gold one was about $80, the silver dollar was around either $25 or $40 and I think think this set was either $25 or $15... but don’t hold me to that lol.

 

Did your dad add anything to the $100 you gave him to invest?

 

No sarcasm at all, just surprised. I've dealt with many a bank in numerous states. The same goes for coin dealers. I've never heard of these. It really surprises me.

 

I have never seen these sets either but I am not surprised. Banks often even gave out gifts for opening savings and Christmas club accounts. My grandmother received an oval bank with lock and key and it held all current denominations except the silver dollar at that time. I suppose the silver dollar was not even an item at that time. But she had hers filled with all silver coins and wheat cents. So as these sets go, it was likely an advertising gimmick to entice people to open accounts also. That, plus a profit motive. Those days of freebies though, seem long since gone. Even the deposit bags are only given to buisness accounts.