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Proof Prices Seem Weak
gschwernk
Posts: 371 ✭✭✭✭✭
I have returned to coin collecting after a 15 year absence. I have been able to purchase 19th century high end non gold proofs without much bidding competition. Are proof prices weak? If so, why?
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Welcome back to numismatics.
As for your question, it really depends upon the series, grade and (perhaps most importantly) the eye appeal. Do you have examples to share?
In honor of the memory of Cpl. Michael E. Thompson
https://www.pcgs.com/setregistry/type-sets/design-type-sets/basic-u-s-coin-design-set-1792-present/alltimeset/230879
My Basic Coin design set(The Schwenk Collection has a number of proofs)
It also depends heavily upon the time period to which current prices are being compared.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Most have tanked from the most recent 20 year “highs” in the early 2000s. The market largely began to tank around 2008 with some exceptions. A rare top pop coin with a couple of centimillionaire or billionaire hungry whales pursuing it at auction might do well.
I’m thinking mid to late 19th century and early 20th proof type (non-gold). Genuine rarities and early federal excepted.
That can't be right. I read somewhere that coins are a tremendously good investment.
It's always been my assumption that most buyers of pre-1936 proof coinage are not set collectors. This was true previously as well to my knowledge but if this describes how this coinage is predominantly collected, the supply isn't really that low and it doesn't take a noticeable decrease in marginal buying to noticeably reduce prices.
Looking at on-line images, most of the coins don't seem to be that attractive either. Many years ago, I was interested in buying some of these coins. I won't but if I did, my minimum quality would be higher than previously, probably a 64 or 65 and CAM or DCAM. Depending upon the coin that might be expensive. Anything else would unlikely be appealing to me.
Time to be a contrarian buyer?
A: The year they spend more on their library than their coin collection.
A numismatist is judged more on the content of their library than the content of their cabinet.
For financial reasons? I doubt it. I'm not aware this has happened to any scale other than during the late 80's TPG bubble. With predominant type set buyers, only a low proportion of the 1858 and later dates are really scarce enough.
I only look at prices for some series occasionally but when I have, the nicer coins don't seem cheap to me. The others? There is a good reason the prices are weak.
Compare this to the few British proof sets during a similar time period. There are far more US collectors spending a lot more money, but there are far fewer sets available to be bought (excluding "proofs of record"). The lower aggregate supply provides some natural price support.
@gschwernk .... Welcome back.... I do not follow the proof market very closely... however, the few I have been interested in, have maintained strong prices. That is a very selective point of view, so the market in general could be different. Good luck in your quest. Cheers, RickO