how come the read book values of proof sets are so much lower than a single coin from that set. example i just got a 1961 franklin proof coin. red books value has it at 40 bucks but the whole 1961 mint proof set is only 12 bucks. im a newb, i did a search first but couldnt find any anwsers
Sets are bought and sold as generic items, with little or no consideration of the grade of the coins - as long as the set is original it has a set price. Individual coins are sold based on the condition or grade of the coin. So you may easily have a single coin from within a set sold for several times the value of the entire set - IF the grade of the single coin is high enough to warrant it. By the way, don't pay much attention to the values listed in the Red Book. They are highly inaccurate.
thanks. i collected as a kid but only for neat looking coins. i just recintly got back into the hobby. if the red book isnt that good could you point me in a better direction of literature and gradin sources for coins thanks
red book no coin books or magazines or any other statistics and datas are accurate. the only accurate pricing is what and where is your dealer or store that you can reach. and what they gonna sell it to you and at what prices. that is your price list and guidance. now, it depend on how you gonna like it or not. then that's the final. remember book published were always outdated. everyday, the prices may change. like stock market. learn to be smart. learn how to judge a coin. learn what you really like. learn your hobby.
The Red Book is an excellent resource for information on a given US coin such as mintage, composition, size and a bit of history. But when it comes to values - forget about it. This is true of any price guide really with the possible exception of the Grey Sheet also known as the Coin Dealer's Newsletter. The Grey Sheet is updated weekly and many dealers follow the values listed there as their bible. Many collectors do as well. But don't establish values based on a dealers asking price as this can also vary greatly. I have seen dealer's asking prices vary as much as 100% or more. In others words dealer A offers a given coin in a given grade for $100 - dealer B offers the very same coin in the very same grade for $200. My personal preference for establishing the value of a coin to is to go by realized auction prices from eBay, Heritage, TeleTrade and various other auction houses.
But at the same time, the Greysheet is very out of line. For example, this 1961 Proof Set is a ~$9 item. A 1961 50c in PF65 lists for $26 and you're not going to have a hard time finding a PF65 example in one of these sets. That $26 price is FAR out of line with the market. I've sold slabbed PF67s for much less than that. Most active dealers will check the price of an item on one of the coin exchanges to see where the real market level is for the coin. It's nice that the Greysheet may say it is worth X, but if all the coin exchange bids are at 65% of X, expect to be paid closer to 65% of X.
A very good point - which is one of the reasons I prefer to use realized prices instead of the Grey Sheet to determine values.
What GDJMSP says is ABSOLUTELY TRUE! It also holds true when you want to SELL a coin. For instance, I had 2 coins that I wanted to sell and I took them to several local dealers. 1. 1925 Peace Dollar PCGS MS-65. One dealer offered to buy the coin for $50 (yes, $50!) and another dealer offered to buy it for $150! Guess which one I sold it to? 2. 1944 Mercury NGC MS-67 FSB. One dealer offered to buy the coin for $30 because he said that "nobody likes NGC, so I can't offer much for it." Another dealer offered $90 for the coin. Of course, there are many factors that go into a dealer's "offer" price. These may include his current stock, potential buyers, etc. The basic premise to remember is: SHOP AROUND (whether buying OR selling).
While we're on the topic I have a question to ask.... When you attend a coin show and you don't have a list of coins that you need, how can you determine the asking price is the best price? Unless you really remember the current prices. I usually refer to the Red Book but feel a embarrassed to open it up at a coin show as it tells aloud that you're new at this.
Easy enough, ask the dealer if you can see his copy of the current Greysheet. If he says no - move on to another.
"Easy enough, ask the dealer if you can see his copy of the current Greysheet. If he says no - move on to another." that is some really great advice. since im new at this im not to imbarased to ask. how do you guys hear about local shows?is it in a flyer or newspaper or an online site?
For local coin shows I am sent a postcard reminder a couple of weeks in advance by those sponsoring the show. It's a courtesy, you give them your name & address when you enter the first time - after that they send reminders. For other shows, those upcoming are listed every week in Coin World and Numismatic News.
