In an effort to flip a few coins for profit, would it be wiser to buy them in mint/proof sets and then have them individually graded, or do most people normally just purchase them as separate specimens that are either raw or graded by a lesser-known grading service? My second question is, will all coins from a mint or proof set be graded (roughly) the same? Will you ever encounter a mint set in which, say, the nickel and dime are graded MS65 and the lincoln and quarter are graded MS64 or less? What are the normal grades assigned to coins that are fresh out of a mint set? Thanks for any help.
Most people buy several mint/proof sets, keep on of each for themselves, then crack out the others and send them in for grading. As to your second question, no they will not all be graded the same. There are different levels of proofs as you can see on eBay and other sites, PR-63, PR-70, a lot has to do with the finish of the relief.
Mint set coins before 2005 run the range from MS 60 to MS-68 or even 69. There might yet be an MS-70 turn up. Average quality varies greatly over the years but the range and distribution can vary even more. 1976 dollars are typically MS-61 with few that are better but gems and ch gems do appear. '72-D quarters are typically near gem or better with very few poor coins. I've seen sets that are all choice gem PL and better and I've seen sets where every coin is junky MS-60. As a rule only about 2% of the coins in the sets are gem or near-gem so about two sets out of three will have at least one superior coin. But this depends on dates. You get the same sort of considerations in the proof sets except it's skewed to a much higher range. More recent mint sets tend to be nicer. Finding the coins that demand a premium takes some work and you'll need access to a lot of sets. This usually means having dealers who'll let you check their stock. This is getting more difficult now days since so many of these sets have been destroyed and more dealers are checking the coins themselves. To get started the best bet might be to try putting together nice choice sets of everything so you get a feel for what's available. Most of the mint sets cost little or nothing to cut up because there is a discount on the complete sets. But you won't want to cut many sets like the '95 which has a very high premium. Proof sets before about '92 also mostly are available at a discount.
Also, you have to suspect they are "fresh" ( that they have been out of circulation for a while or maybe never since arriving from the mint). At a store or show or ebay, you can be 95% sure that someone else has already checked them out. Once I was going through a long box of many sets, and the dealer said " I hope you find at least one, you are the 20th person today to just flip through them". I felt a little guilty, but I didn't find any either. The chance of finding the higher MS, PF grades is exceedingly rare. Tell the pawn shops near by that you are interested in such, they are usually just concerned with the date and greysheet, and a gem might slip through. You really have to be sharp with grading if you intend to make a profit. Good Luck. Jim
Already has! I believe it was in 2008. PCGS graded a 2003 Lincoln 1c MS70RD. It sold for 7 figures. Chris
Yes, good point. When I say 2% are gemmy I'm referrring to the original sets as they left the mint. Some of these coins are greatly picked over and that means most of the sets at a coin show usually. Most of those picking are primarily looking at Ikes, halfs and varieties and are much less likely to pick over something like the dimes. You need to check sets as close to the point they come on the market as possible. This usually means the brick and mortar shops and the big wholesalers. If you see sets are picked over then don't even bother looking. This isn't nearly as big a problem as many people believe because these sets tend to get cut up for pieces after they're picked over so they don't accumulate on the market. A lot of the sets are fresh or nearly so. This is one of the advantages of building sets of the denominations; you know what good coins look like so you can seek them out. Without a frame of reference you might be buying junk. You can't expect every coin to look like a gem. You need to be wary since there are many ways to pick over sets. Once in a while you'll even see batches of sets that seem great because there are no bad coins at all but then when you look closer you'll see there aren't any good ones either.
Take for instance the 1970 Mint Set. The 1970-D Kennedy half dollar in that set was only minted specifically to be included into the Denver pack and none were to be released into general circulation. It became an instant had to have coin. You’d think that with slightly over 2 million specimens out there, you’d still find plenty of high grade coins available…NOT These sets have been so picked through there is nothing but the bottom of the barrel coins left. Probably the only good coins left in those 70 sets are sitting in envelopes that have been tucked away and trickle back onto the market, where they are quickly snapped up. The variables with mint & proof sets cannot be judged across the board. Some individual coins command a higher collector value than the rest of the coins in the set. A good example of this is the 2001 proof Sacagawea dollar. The low mintage has driven this individual coin to be worth as much as a whole proof set is normally worth. Each year must be looked at and coins scrutinized in the packs/lenses for optimum value. Good luck and Happy Collecting PS: keep cracking those proof sets open and keep those scissors clipping Mylar.
The 1970 may be the most heavily picked over of all the mint sets. It's primarily the half dollar but the small dates are getting very tough unattributed. There has been much more speculative activity in this date over the years as well since the half dollar is considered a key. At one point the set sold for $50 and has been as low as $7. The half has also suffered a lot from corrosion, unattractive toning, and spotting. About 3% of these were full gem and better and a full 5% were near gem when these sets were issued. About .3% of them were a nice PL and most of these were among the gems and near gems. Most of the balance were nice choice coins but many (50%) had a lot of marking that was distracting. Now days it's quite difficult to even find nice choice attractive coins. The ones you see tend to be marked up and usually unattractive. Gems have become decidely scarce. You just can't find any at all unless you find fresh sets. A lot of collectors need this date and will look at sets until they find a nice one. The small date is almost always searched. Both quarters come extremely nice and these can still be found in chGem and better. The dimes are similar. The '70-S nickel is almost always disappointing because each will have one or two serious problems and there are lots of one sided gems. But about .08% will be spectacular gems. The '70-D is easier but doesn't come as nice. All the cents come nice including the small date but good luck finding nice small dates. 10.1% of the sets have the small date but these, too, are picked over. There's some trouble with corrosion on the cents and it won't get better as time goes on. There's a really nifty S/ S RPM cent that gets very little attention and the sets aren't picked over for it. It's a little common though and appears in about 12.6% of sets. This might be the toughest of the '70 mint set cents to find nice but does come as a choice gem fairly regularly; ~1%. This is the toughest date to cherry pick but the SMS's aren't far behind. You can still find varieties in the SMS's but forget cameos. One of the most overlooked coins in all the mint sets is Proof Likes. These vary from as common as 2% to exceedingly rare. You can also find coins made from brand new dies in these sets. The first ten coins or so from a die will have tiny flaws that weren't yet worn off. These are quite attractive and quite rare for moderns. Almost all of these made for circulation have been circulating for years and many of the mint set coins don't survive. Only about .005% of mint sets will contain one of these. Be sure to check the various sites including CONECA to see what varieties can be found in the mint sets. There's one that no one lists which is the 1981-P quarter with a type "d" reverse. This appears in about .6% of sets and is characterized by a shallower relief. The Pick Up Point is the right side of the N in UNUM is farther from the eagle's head. The coin is rare in unc from circulation.
I just got this not long ago from one of my friends on another forum. He was pleasantly surprised when it came back from NGC MS68PL, and I was more than pleasantly surprised when he agreed to swap it with me for 2 - 2007P MS68 Sac Business Strikes. Chris
I bought 10 2005 SMS Set from the mint and was very happy when I got a MS70 out of the bunch!!:hail: This is my best find so far!! The last one I seen sell was on heritage for a mind blowing $2750 on 04 Dec 2007.
Geez, maybe I should rethink submitting some of the 15 - 2005 sets that I have. When I opened them and started examining each coin, I saw so many MS70's that I thought they would never be worth anything. Chris
Out of 2350 graded they have only graded 10 at the MS70 level and all 10 were graded in 2005. They have only graded 2 2006 SMS MS70 out of 1342 graded. Neither one has sold at auction. They have also graded a few other from 2005. 1 2005-P NGC SMS Bison 1 2005-D NGC SMS Roosevelt 1 2005-P NGC SMS California 3 2005-P NGC SMS Minnesota 1 2005-P NGC SMS Oregon
