(Update Pictures of set) “Unopened 1954 proof set would you by it?”
Ppp
Posts: 519 ✭✭✭✭
I have an opportunity to purchase either one or up to 14 unopened 1954 proof sets. Normally, I purchases proof sets a percentage back from greysheet however, the seller wants $110- each with no returns if I open them and do not like the quality.
Between the staple corroding in the box and the possibility of milk spots I think I am taking too much risk.
Am I correct or am I missing something and should buy them?
Thank you in advance for your comments.
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Comments
I recently handled a submission by members of a family whose father had passed away, leaving his coins to them. They had 5 sealed proof sets of each year 1951-1954. They wanted me to open them at the table in front of them, which I did. The coins all looked great (though some of the silver was a little hazy), even the Lincoln cents which were still bright red. An added bonus was that all of the 1952 quarters were Superbirds. He had apparently bought more and did open those, putting 5 of each away sealed.
Depends on how much you like to gamble, you could lose but you cannot win if you pass.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
The outside of each box will be a 'tell'.
IF the boxes (and tape) look good- no staining, no dried mildew) I'd go for all 14 sets.
Even opened and presented as such on eBay- sets in the original cellophane and box go for close to what you're paying now. All you need is a few of the coins to go CAM or DCAM (or even PR68) for a score.
It's fun and your downside is minimal.
peacockcoins
This is gambling not collecting. But since we are now "all Caesars" maybe gambling is the way to go. SPQR
If you have the luxury of time, buy 3 or 4 and if they work out, get the rest.
it also depends upon who is selling.
i wouldn't buy from a coin veteran
Very tempting deal. I try not to gamble with other people's money -
"When they can't find anything wrong with you, they create it!"
I would buy five but you get to pick the five amd I would
Closely examine the boxes
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Could be a great reward.
If after opening a few you are disappointed, I'll buy one of the unopened ones from you to ease the pain. My wife's birth year is 1954 and it would be cool to have one.
If you play the lottery, I'd rather gamble on unopened original boxed proof sets than powerball or megamillions. Odds of success are much better with the coins PLUS they still have some residual value after opening.
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
My digital cameo album 1950-64 Cameos - take a look!
If you bought them all I bet you could unload them for profit on the BST. I would be in for one
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You aren't understanding the reason people buy sealed sets. It's not for the condition of the box, it's the possibility that the coins have not been picked over and there may be a gem present. If you buy a set that is already opened, in most cases you will find nothing but mundane coins because the gems have been broken out and submitted. It's akin to a treasure hunt.
It's like buying an unopened wax pack of 1951 Bowman baseball cards. You will pay a huge premium, partly because of the possibility of their being a Mickey Mantle rookie card. As soon as you open it, the treasure hunting premium disappears.
Thank you for your comments. I will get some and send pictures of opening one on this thread.
I don’t buy or sell online therefore Mgarmy what is BST?
The BST is the buy, sell, trade forum here on the site. It’s the approved place for transactions.
https://forums.collectors.com/categories/buy-sell-trade-u-s-coins
Thank you for explaining the BST
I am so old school I am really behind the times, as you can see it has taken me years to finally join collectors universe
Better late than never Sir
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$110 per set seems ok. I would take the gamble that there were a couple of nice coins worth the risk in them.
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It sounds like a scam to me. These sellers take advantage of gullible, stupid people looking for a rip. There is no free ride in RCI. The seller is playing you for a sucker. Pass. Who would be dumb enough to believe that those coins have not been examined for over 67 years?
It is a risk. I've heard of sealed box proof sets that contained steel washers, instead of the proof coins.
I am looking forward to your pictures when you open one of these sets. Could be treasure... Good luck. Cheers, RickO
Dealer friend of mine just bought multiple sets in original shipping boxes. They are still outb there.
When it comes to unopened 1954 Proof sets, there are three levels of risk.
There are no coins in the set because they have been removed and the box has been weighed and resealed, or it’s a fake box with weights in it.
The set has been stored in some place like an attic or garage and the coins have gone bad because of the elements.
About half of the 1954 sets were packed at the mint with coins housed in plastic, not celluloid sleeves. The plastic sleeves very often promoted dark toning that ruined the silver coins. If you want to see what I mean, check out a 1955 box set. Those coins often display the problem.
The only upside I see is if you get a super Decam Proof coin in the sealed set. Then you might be a winner. Otherwise, chances are you will be a loser unless you are paying a cheep price.
After my miracle 67dcam accented hair, I'd take the chance. There are treasures to be found.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
You're making assumptions and broad generalizations. There are many such sets which are still sealed and sold at reasonable prices, even if you're unaware of that.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
When in doubt...don't.
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I'd buy all of them.
Following are pictures of me opening a 1954 proof set for the first time.
Note, there are many pictures and unfortunately I took pictures of the coins still in the cellophane because staple debris is everywhere.
I would be willing to put on the gloves and take the coins out for better pictures if anyone thinks that is wise.
From the pictures they all appear to have spotting issues and some toning. If you could post some better pictures of everything but the Franklin (he’s seen better days). Unless and ofcourse you carefully remove them. Then I would like to see the Franklin again. Thanks Jzyskowski
The penny and the nickel look like they might be good 😊
🎶 shout shout, let it all out 🎶
Why wear gloves? They don’t wear them at the TPGs. If you do wear some, make sure they are latex or nitrile.
Also handle the coins by the edges only. You wouldn't want to put any hairline scratches on those. If you do remove them from the cello better pics would be nice.
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My procedure when I handle coins that I know, like these, are uncirculated has always been to wear gloves. That way, to me, the coin is as pure as possible, and yes I only handle them by the edges. Also, I have never cleaned coins.
Here are the pictures of the coins out of the cellophane. Good thing I only bought one set, granted the other sets maybe in better condition. Regardless, this was a fun exercise that didn’t cost a lot of money. Opening this set was like Christmas just in September. 🙂
It doesn’t look like you won the lottery, but I still think you did very well - a lot of numismatic fun for $110! Thanks for documenting and sharing the experience!
Thanks for posting put them in 2x2s and enjoy thanks for sharing. If given the same choice I would have done the same.
🎶 shout shout, let it all out 🎶
Looks like a typical 54 box set. For a pig in a poke deal you did OK imo. Especially for unopened sets at $110, which is just Greysheet bid. No real downside at that level.
RIP Mom- 1932-2012
Thanks for your time and effort to document the whole thing from start to finish for us.
Pete
Thanks for posting, fun to watch
BHNC #203
USAF (Ret) 1974 - 1994 - The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries. Remembering RickO, a brother in arms.
I'm not really in the market, so don't know, but what do 1954 sets ordinarily sell for?
Fun thread ... thanks for sharing the start to finish with pictures and commentary.
The Quarter looks very nice (as do the rest of the minors), and although the Half is a little fugly, an acetone bath or diluted bath may fix that.
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
I have a nice buffing wheel that will clean those coins right up!
And drop those grades right on down 😂
🎶 shout shout, let it all out 🎶
I am surprised the Franklin tarnished like that but the cent stayed bright red.
Collector, occasional seller