As an admitted rookie to coins, I bought the 2012 Red Book to get an idea of some prices on some coin sets. I have the Atlanta Centennial Olympic Games 16 coin set. Red Book shows a value of $3200. I took it to a local coin shop and he told me the value has decreased a lot and wouldn't pay more than $1600 for it. I understand the cost of doing business and that values can change quite a bit over time but a $1600 difference. Especially with gold prices higher? Why such a difference?
The Red Book's prices are put together in advance. However, I doubt that the value of the set has decreased that much. Try checking out the gray sheet. Can anyone help him out?
Red Book has good info, but the prices are waaaay off. The book is written every year, and gold prices in the last year rose $700 and silver is up almost $20, so you are best comparing with prices you see in finished auctions in auction houses.
The 5/11 Greysheet shows the 16-coin proof set with a bid price of $1750 and an ask price of $1825. So the dealers offer of $1600 is in the ballpark of what I'd expect from a dealer without a significant interest in the set. If it were my set and I wanted to sell, I'd check eBay to see what these sets are selling for retail (but remember to back out the eBay/Paypal fees, shipping and insurance before comparing that price to what the dealer offered). I took a quick look and only found one that sold for $2100 on June 25. Pretty cool set Also, since you say you're a rookie, make sure you're looking at the right 16-coin set. The Redbook indicates there was another 16-coin set of uncirculated coins that could be worth significantly more than the proof coins. That set isn't listed in the Greysheet so I'm wondering if either the Redbook or the Greysheet is in error. Instead, the Greysheet lists another 16-coin set of mixed proof and uncirculated Silver Dollars that is worth about the same as the proof only 16-coin set.
Thanks for the help illini420. It's much appreciated . I did check my set and it is the proof set. Sounds like the dealer price is fairly accurate. I'm still puzzled how Red Book can be so far off.
The Red Book is quoting retail values "in a perfect world". It isn't taking into consideration the state of the economy. There are many coins on the market that have sold for significantly less than the values in any published guide, not just the Red Book. For a more accurate valuation, you should consult the "prices realized" for auction venues like Heritage, TeleTrade and eBay. Chris
Although the Redbook is often high on coin prices, there are many coins I'd love to be able to buy at Redbook prices as they are far too low. I'd even pay double the Redbook prices for some coins. Remember, it's just one GUIDE to use in pricing coins.
There are a few series (Barbers) that I would love to buy at Red Book prices. 1909-O 25c in AU anyone?
Well put and exactly why I will and neither should you ever buy a coin book. Dont waste the money; put it in the coin fund
Totally, and I'll take a full roll of every matte proof Lincoln at the prices listed... heck, I'd even pay 2-3 times those prices for most of them
