Lots of questions

My father has left me his hord of sorted and unsorted coins. He was the type that just collected to collect, no order at all. I have started an inventory by making a list with the help of excell - what a chore! I did start with the "Book Sets" (I believe there were 35, not all filled) the blue folder that the coins are pushed into, I purchased a Red Book and am doing a self grade system. With that completed I am turning my attention to Mint and Proof Sets.
At this time I am very confused about the difference. Adding to the confustion, there are many unopened boxes from the U. S. Assay Office and Bureau of the Mint . These are just as they arrived, should they be opened? Will it deminish their value? If they should remain sealed, how do I tell what is inside.
This is only a sample of the questions I think I will be faced with as I dig deeper into this collection.
Thanks for your patience and help.

 

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Thanks, you have already been a big help. I do have a digital camera and wil submit some pictures later (after I figure out how). As for do I intend to keep or sell, that is one I have asked over and over. I believe that I would like to get rid of some, there are many duplicates etc. amd build my own collection from some that he had started. As of yet I don't have a good handle on what direction that will take, guess that will come later.

 

Welcome to the forum, and we are sorry for your loss. As usual our moderator has given very sound advice. With mint and proof sets, the prices are very well established, with the noted exceptions mentioned by our moderator. Also note, that there are varieties of certain years such as type 1 and type 2 coins, along with others. It sounds as if you are on the right track in your task. I would suggest that at some point you have any coin(s) that may end up for sale looked at by a dealer in your area. Because subtle differences can be dramatically different in price, it is always sound advice to have it evaluated. We suggest that you do not sell in haste. After the initial evaluation, have it looked at by another professional, or a well versed collector. Knowledge is the key to this hobby. One last suggestion. Any coin that is in your collection that would be considered a key date or mint mark should be authenticated and certified by one of the major third grading companies. (PCGS, NGC, ANACS are most recognized within the hobby). This will ensure their value to a degree. Everyone here on this site is willing to help you in understanding this great hobby. Please take advantage of this.

 

Another thanks is in order. I have given some thought to having some graded, what is the cost? Because of where I live there just are darn few dealers in the area. "Ya go somplace else to get here."
And what do you mean type 1 and type 2 coins?

 

I hope that this does not add to your confusion. Here are a few examples of why it is important to have your coins looked at by a dealer or seasoned collector.

The cost of grading depends on a few issues including value, number of submissions, and a few others. Generally it runs about $28 per coin. Both PCGS and NGC have direct submissions through their programs and if you are a member of the ANA you can submit to NGC through them. Another option is to have an authorized dealer submit the coins on your behalf. This is a good option, as the dealer can give an opinion to grade and condition of the coin. Both PCGS and NGC do not grade cleaned or altered coins. It takes some expirience to learn this. A hundred year old coin that was cleaned 80 years ago is a little hard to detect for the average collector. Type 2 coins refer to the small differences between the dies that were used to strike a particular series. Sometimes it is as simple as a mint mark being slightly different, or a subtle difference in the design. A few years stand out. 1979, and 1981 proof sets include type 2 coins. There are also a couple of years in the proof series that have no mint mark on certain coins. 1971 Jefferson Five cent coin, 1975 Dime, 1983 Dime, and the 1990 One Cent coin. All of these coins should bear the "S" mint mark. A few other issues include large and small dates. Because of the small differences that can make a large difference in price it is always best to have your collection viewed by someone with numismatic expirience. Just as one example the 1970 Proof set is listed in the greysheet as having a dealer bid price of $12. The same set with the Dime missing the "S" mint mark has a dealer bid price of $1050. Not all examples have such a wide spread in price difference, but it is the knowledge in numismatics that can make the difference. Too often the recipient of a collection makes selling the priority. While there are too many aspects of numismatics to be learned in a short period of time, please take advantage of the resources that are available to you. If no dealer is within area, look for a coin club. Contact the ANA, www.money.org for a listing of any dealers or clubs. Lastly, be patient. I know that it is overwhelming. I wish you good luck. If you have specific questions about a particular set or coin, please feel free to email me direct.

 

Hi Georgia, Sound advice from both GDJMSP and National dealer! keep those questions coming and it will make this transition alot easier. My deepest condolences on your Father's passing. I think you have a good idea about selling off the duplicate stuff and adding your own touch to the collection. It will become all the more special to you and your family in future years. ~ Jim

 

Thanks to all, I'm still fuzzy about the Type 1 and Type 2 sets, I'll read it again later. If I don't get it I will ask for some more clarification. I don't know what the flap was/is concerning National Dealer, but so far I have nothing but praise for him/her. I can see how this gets into your blood, the deeper I dig the bigger the questions. As always, with education come more questions and harder answers.

Thanks

 

Well Georgia,

At least fuzzy is a step in the right direction. It takes a lot to be clear in this hobby. Somedays I am not sure if I am leading the cart or being dragged behind it. The difference between the type 1 and type 2 will vary depending on the issue. There are so many people out there in this hobby that search for the tiniest difference in strike or design that it is difficult to stay up with. There are several books on this subject alone. Once you have had the opportunity to look through your collection, set aside the proof sets of 1979 and 1981. This way someone here on the forum can give you specifics on what area to look for. As for the flap, it was a simple misunderstanding that should now be rectified.

 

Does this apply to Mint sets also, or just Proof sets?
It appears that I have more Mint sets than Proof Set (that is if I recognize the difference).

 

The type 1 and type 2 will refer to proof sets. These are specially made coins from the San Francisco mint. The coins will bear the "S" mint mark. Mint sets are a little easier to work with as only a few years will stand out for a need for closer examination. These years will include 1965, 1966, 1967, 1970, 1972, 1976 (3 piece set), 1986. The first 3 in this list are special mint sets. There were no proof sets made during these years, and the mint sets were prepared with extra care. The 1970 has a small date variety, the 1972 has a special error that occured resulting in the date being doubled. This will be easily seen. The 1986 set has a dime with the "W" mint mark. While most of these sets do not carry much of a premium, it will give you a place to start.

 

As luck would have it I am in posession of a few mint sets prior to 1959. In fact I will ask a question that I was planning on sending in later.

I have a 1941 and 1942 (set) that may be mint sets? They are housed in black cardboard holder with a sliding plastic cover (the cover is movable).
The coins could just be a type set, but they are all in uncirculated condition. I do plan on pics of these for better ID.

 

The 1941 and 1942 sets you have, are not "official" mint sets, issued by the US Mint.
They are likely "year sets" assembled by a collector or dealer.
One other, less likely, possibility, is that they are Proof sets. In that case, they could be pretty valuable.
Can you tell if all the coins in each set have the same mint mark? Or lack of a mint mark, as the case may be. How many nickels in the 1942 set?

 

Nice pics, Doug.
Yes, I asked about the extra nickel on the outside chance that he might have a six coin Proof set.
It would be great to tell him he did.

 

One item that was not mentioned. Was this set found in a mint or assay office envelope. While the mint did not sell mint sets during this time, often our mint in the wisdom that it has displayed over the years have done some completely off the wall things. Presentation sets were put together throughout the history of our mint. Some by mint officials and some for special friends of the mint. Now some would argue that this stopped long before the 1940's, but bear in mind this is how the famed 1933 St. Gauden piece was made available. (same time period also).

 

Ah, good point sir.
I didn't think of that.
Although that's probably not the case, it certainly bears mentioning.

 

I agree. I have only run across two dealers that have had in their possession such a set, but if you don't search, you never find.