Proof Sets: Lame?

I've been looking at prices for US Mint proof sets lately, they are going for next to nothing.
Most of the sets I've been checking out were the Proof sets minted from 1999-2008 that had the statehood quarters in them.
Right now most years are selling for far less than what it cost to buy them from the US Mint when they were issued. By far less, I mean about one third to one half the original issue price.

Even the silver proof sets are basically selling for melt.

Does anyone have any idea why they are so cheap?

In my opinion they are beautifully struck, nice cameo proof coins. I always thought that proof sets were one of the better products put out by the US Mint.

Obviously the market disagrees with me.

 

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It happens a lot of times with mint products Race. The aftermarket on most issues is sometimes much lower than the original issue price. That's why when one buys from the mint they should buy with the eye to collect and not invest. On the other hand, you sure can pick up some nice backdated stuff at a decent price. I know I did when I re-entered the hobby 11 years ago.

 

If that's the case, now would be a good time to buy from a collectors perspective.

 

I think it is a great time to buy some of these sets if someone is interested in collecting them. You need to look out for quality though. Many have been cherry-picked. TC

 

Large supply + low demand = low prices

 

Even the pitchmen on T.V. are selling them at low, low prices. There's just too many out there available.

 

This often happens with modern proof coins and sets.

For example, when the 1968 proof sets came out, there was BIG demand for them, not only because they were the first real proof sets issued in 4 years, but also because they were the first proof sets produced at San Francisco. In 1969, they were selling in the aftermarket for up to $13 each. But the novelty wore off as San Francisco became the center of proof set production and the Mint resumed issuing proof sets on a yearly basis, and today you can get a '68 set for about half of the peak price.

A similar thing happened with the new Eisenhower dollars in 1971-- Silver (40%) proofs were being offered by the Mint for $10, and there was strong demand for them at the time because of Eisenhower's status as both president and war hero, as well as it being the Mint's first official dollar coin since 1935. But the novelty of those "Ikes" soon wore off as well, and today the 1971-S proof Eisenhower dollar can't seem to rise above its original issue price.

 

I've sold almost all my mint and proof sets because they are plentiful and cheap, even the older ones. Many sell below issue price. I just didn't see a point in hanging on to them when I could use the money to upgrade my Lincolns instead. I'd rather have a killer Lincoln set than boxes and boxes of those blasted sets. LOL

 

Could anyone give me a couple or few good sites to go to for decently priced proof and silver proof sets besides ebay. Thanks

zeke

 

I use coinshop.com, They hail from Coeur d'Alene, ID. They offer OUTSTANDING values on proof coins, silver as well. Free Shipping to boot! Give them a look!
Happy Collecting,
Steve

 

I don't see them as lame at all. I collect them because I like them. They are also a good reference IMO. The prices are VERY low on most of the older sets right now. I may start getting more of the earlier sets at this point. It's just nice to see the coins in a "pristine" condition.

 

I collect proof sets because of their beauty and for the premium quality of the coins. It doesn't matter to me that they aren't worth much. Actually that's the reason why I stared buying them due to the very low and very fair prices. I just love to see coins in this heightened state of preservation. It makes me appreciate the artistic qualities in the coins so much better.

 

I stopped buying the proof sets from the Mint because I felt they were largely overpriced. It wasn't so bad when you could get them for $20 to $30 from the Mint, but they have carried it way, way too far in their pricing. It only stands to reason that they are available for considerably less in the aftermarkets.

Chris

 

"Those who don't learn from history are doomed to repeat it".......George Satayana

 

One other thing I would input here. Proof sets frequently go down when coin dealers are scambling for money. The reason is that proof sets are so ubiquitous that they can always be replaced later, and are highly marketable. Collector coins like large cents, etc aren't as easily replacable.

I would postulate that higher PM prices and the high activity in the market may have dealers liquidating proof sets to raise capital to be able to fund PM purchases. This happened in 1979 too.

 

I'm reading this thread moments after opening the 2011 silver proof set that arrived this morning. I'm feeling a little hosed having paid $72 including the shipping charge. I have subscriptions for 1 silver proof and 2 proof ASE's. I'm starting to wonder if I'm buying from the wrong place. I really do like the coins though

 

I don't see the point in worrying about it - takes the pleasure out of collecting. I've had buyer's remorse on a few items I bought. But, in the end, I still like the coins. I understand that people might be collecting modern coins from an investment perspective; but it's just too hard to tell what is and what is not going to be valuable down the road. I bought 2 1oz Buffalo proof gold coins. It cost me $3,000.00! Was that wise? I don't know, but I sure do love those coins.

Likewise, I picked up every proof set since 1956. Fairly cheap. I don't know that they'll ever be worth anything, but I enjoy having them.

 

I enjoy the Silver Quarter Proof Sets because they are 90% silver and they are beautiful. I would rather have pristine bullion than worn out pre-1965 junk. It seems that the silver quarter proofs have a tendency to slip by some dealers' markups when silver spot rises. I even had a "reputable" coin dealer cancel my online order for multiple silver quarter proof sets that I had paid under spot for ($19.00 each) , with the excuse that they had forgotten to raise their advertised price when silver shot up.

 

Did you try mintproducts.com Zeke?