I actually did some searching to see if this was covered somewhere, but I kind of came up blank. When you recieve some proof sets, what kind of examination should you do to see if you have something special and how do you recognize it? I notice on e-bay that certain proof sets are sold on an "unopened" basis to people who want to get a "gem PR-70" etc. How would I recognize such a thing if I were to recieve one? I know this would come with experience, but how does one get started?
To begin, you shouldn't believe some of the claims that you read on SleazeBay. Sellers who use words such as unopened or unsearched are just making claims that can't be substantiated and are most often false or misleading. Getting 70's from sets like this is just a crapshoot as it is nearly impossible to tell if an uncertified coin is a 70 from any photo. To get started, I would suggest that you examine as many coins as possible that have already been graded 70 so you can compare uncertified coins and note how they may differ. The best place to do this is not on eBay, but at coin shows. Since you live in California, there should be plenty of shows from which to choose. You might consult publications like Coin World, Numismatic News or the Numismatist for show schedules in your area. Chris
Unless you can examine the coin in person and it's not professionally graded, sites like EBay are going to be filled with people out to do one thing, make money and they'll do what all other people making money do, use marketing terms to get people to buy their crap. I buy on Ebay but I don't usually buy high ticket items that are questionable. Never go by the sellers grade unless they have a picture of the coin in a graded slab with a number to prove it's that grade they say it is. Other things to avoid if they're not professionally graded: rainbow toned, error coins, unsearched rolls (i see that a lot and so many people fall for that crap) and of course, what the seller grades the coin as. The coins I buy are usually just coins I'm not too worried about the actual grade. I'll try to keep my buying price below the book value after only bidding on the ones that provide detailed pictures so I can make a pretty good judgement of the grade and if it's been cleaned or not. Most that claim high grades without it being professionally graded seem to try and pass off cleaned coins as not cleaned or they'll just fail to specify it. I've actually been just buying mint sets from the years I don't currently have for my collection, which are hard to counterfeit or deceive the buyers. I only buy the official sets if they still have the original envelope and the coins are still in the original cellophane plastic packages with the mint medal if it was included that year set or not.
How do you get started? Just start. Nobody can tell you what to look for you have to know "what" you are looking for before you even start. I look for varieties as there are many very nice doubled die obverse and doubled die reverse coins across all years up until around 1974. After that, its specific years such as 1988, 1992. My advice for newbies is to NOT get caught up into the PR70DCAM hoopla since a close examination of the typical PR70DCAM coin might show more than what one is willing to accept.
Thanks for the input, I guess "There's nothin' to it but to do it". I have collected for many years, but in a haphazard fashion simply because I like the coins. I have always been perplexed by proof sets and guess I have to do a lot of looking to see what PR70 looks like (can you really tell it from PR69?). One final question: If you had bought proof sets every year from 1955 to the present (including or not includint the Special Mint Sets) would they be worth more than you paid for them? Just curious to see if anyone might have that info. Thanks again.
Likely not. What one person considers a 70, the other might say it's a 69 and vice versa. A farmer might think his ugly hag of a wife is a perfect 10 while the neighbor sees her as that ugly old hag. Most of them are worth more than the issue price. Some later ones are worth about as much as the issued mint price (especially the 80's and 90's) and some even less than the issue price. Check the red/blue books or grey sheets on them if you actually have them. A quick lookup, 1955 - 1964, these were $2.10 issue price. Almost all of them are $20 or more in book value. '68 and beyond, they started around $5 and up, some are 50 cents to $1 over the original issue price. So it's best to just look further into the values they might be going for.
1955 - 1964 Yes if you purchased them from the US Mint. 1968 - date No. If you purchased them from the US Mint. I used to believe that I had to have two of each year. Until I paid attention to how much space they were taking up. I recently sold a complete set from 1965 - 2006 for only a couple of hundred bucks because there just isn't any resale on them. Get about 20 or 30 sets into a collection and you'll see what I mean. Don;t get me wrong. It's a decent goal but thats about all it is, an attainable goal.
Honestly, I don't think you are gonna find them on eBay. The dealers there are not going to let a good coin go for a low price. I never realized just how easily the mint slabs are to open until 'Chris pointed it out. I got a few "lots" of proof sets recently and there are some "nice" coins, some "trashed" coins but nothing that was a "great" coin. I think they've all been picked through. If I wanted a pr70, I think I would buy a graded one. In a previous thread it was mentioned that the seller generally knows more about the item than a potential buyer does. I think that holds especially true for proof sets. That's how it seem to me anyway. Just sayin'
Are you talking about proof sets for sale on ebay? There are tons on there, for cheap too. If you choose and pick right, you can get the uncirculated sets as well for book value or less. A nabbed the 2000, 2001 and 2002 P and D sets for like 18 bucks together, which is a steal at book value of all 3 together.
When you factor inflation into the equation, the proof and mint sets from the 60's to the 90's have actually lost money for most years. This has been particularly true for the clad coins of that period. Chris
Yes, you can, but not from photos. You need to view the coin in hand under a good light. I need to use a loupe because my eyes aren't that good these days. If you tilt the coin back & forth and up & down under the light, you will be able to see tiny imperfections glisten on a 69 that are sometimes no larger than a pinprick. If these imperfections are in the cameo (frost), they will be readily apparent, but it takes a better eye to spot them in the mirrored fields. If you can't find a single imperfection on the coin, then it is almost surely a 70. I say "almost" because most graders don't use a loupe, and sometimes they will even grade a coin that should be 69 as a 70. Chris
