The "Minnesota Hoard" of unopened proof sets

kranky

A dealer is selling this "gigantic" hoard via an ad in Coin World; they claim there are $5 million worth of sealed proof sets from 1952-60. I thought the prices were pretty steep for a pig in a poke, though.

1954, $799. 1955 flat, $799. 1956, $399. 1957, $199. A group from 1952-60 is $7950.

Option1

Wow kinda proud even if they're not opened.

badger

Wow. I'm a strong buyer,,, but not that strong.

100proof1957

1957 for 199.00 ?
thats for 10 right ?

Proof

kranky

Nope, that's for one.

For you collectors who are familiar with this era, what kind of coins would you have to get out of a set to make it worth the money?

Russ

<< <i>1954, $799. 1955 flat, $799. 1956, $399. 1957, $199. >>





Russ, NCNE

cladking

<< <i>Nope, that's for one.

For you collectors who are familiar with this era, what kind of coins would you have to get out of a set to make it worth the money? >>



It would be interesting to hear what the experts here believe the odds
are on these.

numonebuyer

Why do collectors (and ultimately dealers) have sealed (i.e., proof sets in original Government envelopes that have never been opened) proof sets? So, every year the collectors buy one or more and just put them away without opening the envelopes.

MadMarty

merz2

Even if they were DCAM's they'd have to top pop as well to be worth that kind of money.IMHO

kranky

Shameless bump to see if anyone knows what kind of grades would be necessary to make this worth the money.

100proof1957

the 57's
Jeff in PR68 CAM
Frankie in PR68 CAM
Wash in PR68 DCAM
Roosie in PR68 DCAM
Lincoln in PR68 CAM

any of those per set would get you well !
not rich

Proof

cladking

<< <i>the 57's
Jeff in PR68 CAM
Frankie in PR68 CAM
Wash in PR68 DCAM
Roosie in PR68 DCAM
Lincoln in PR68 CAM

any of those per set would get you well !
not rich

Proof >>



How many sets would one of these pay the premium for?

100proof1957

i shoulda said "get you even"
on a good day the Lincoln in 68CAM would cover 4 sets !

kranky

I wonder if these sets will sell at those prices. It was a full-page color ad. But from what has been posted, it seems like the asking prices can only be a good deal if you get a monster coin, and that's probably not going to happen.

dorkkarl

saw the ads, & thought they were about double retail. but it sure would be kool to find a hoard like that.

K S

100proof1957

full blown retail on a 57 set is 35 bucks !

100proof1957

Dork,

If the results dont agree with the theory
believe the results and invent a new theory !

MadMarty

I wonder if these were from the "hoard" that was to be auctioned in GA? The boxes of proof sets were pulled from the auction and sold to a private party. I can see paying a small premium for sealed proof sets, but 6X ask is a bit much.

jhar

Looks Like HSN bought them.

majorbigtime

Could be spotted junk if they were improperly stored!

No way, Jose'

coynclecter

Just another scam. They probably have 5 of each in stock and order them as they sell. It's a come on to those who thing they "found" some lost treasure. There are a lot of adds in coin world for coins that the dealers don't even have. They put out the adds above thier cost and buy them when the money comes in. That way they don't have to tie up money in inventory.

kryptonitecomics

<< <i>Looks Like HSN bought them. >>




I agree.....I just saw them selling the 1960 Proof sets for $99.95

DesertRat

Why do collectors (and ultimately dealers) have sealed (i.e., proof sets in original Government envelopes that have never been opened) proof sets? So, every year the collectors buy one or more and just put them away without opening the envelopes.

I have wondered that myself. Why would any solid collector sit on an unopened set if there is the possibility of a rare find in there? Kind like the people who sell a 1 pound bag of unsearched coins "with Gold!". Now honestly, do you believe anyone with half a brain would look into a bag of junk, see a gold coin and not pull it out to take a look?

coynclecter

During the proof set craze of the late 50s and 60s the fashionable thing to do was hoard in bulk. Instead of collecting hi grade pieces like we do now , they collected "roll sets" an unc roll of each date and MM. Proof sets were bought from the mint often 1000 or more at a time for $3-4 each with the intent that they could sell them in bulk for a few years later. Unopened sets were sold in bulk for years. No one cared to determine a 68 from a 65, they were all considered the same.

I do think though that many that claim to be unopened now are probably just resealed

cubansmoker

I went and bought two sets (52-60). I'm breaking one out for grading.

MassFullStepper

HSN DID buy them....last week or the week before, Mike 'Slezak' (Mike Mezak, for those that dont know who he is...he of the 'I repeat every sentence immediately...I repeat every sentence IMMEDIATELY'...with more emphasis the second time he says it...or you may know him from THIS gem..'Condition, condition, CONDITION'). They actually had all the original boxes shipped from the mint (allegedly) on a big table...5,6 boxes or so....(it was quite funny, as there was writing on the boxes, almost like when you move and take a marker and write 'Kitchen' on it so you know what room it goes to) 'Mad' Mike then proceeds to cut a box open with a knife and pull out a set and open it (if the set he opened was any indication, none will grade CAM, let alone DCAM). Claiming, as stated in this post, there are "about $5 million worth of sets here" (I honestly think Mike had a woodie, you could see the sweat start to break on his brow, but not because it was 'historical', but because of all the money he could bilk from unknowing buyers). Funny thing is, either Keith Love or James Taylor (cant remember which one) from ICG was standing over his shoulder all the while, looking on (he wasnt saying much, wonder why). Also, if you purchased from HSN, you could send them to ICG, with a copy of HSN's receipt, naturally, and have ICG slab them (the complete set, still in cello) with that coveted 'Minnesota Hoard' pedigree (sorry to be the bearer of bad news cubansmoker, but I doubt PCGS will pedigree them). So, if you seek that pedigree (or just want to throw money away, your choice), you all had better get on to HSN's website and get 'em while they last. ICG consistenly overgrades, but now that they are teaming up with HSN/Slezak, business should be BOOMING!!! LOL

As an aside to TV hucksters (isnt 'huckster' French for 'crook'?), anyone notice how 'Coin Vault' on Shop At Home is now selling bundles of PCGS graded coins now? Perhaps thats another thread in itself....

sliderider

Why do people put premium prices on these "hoards". Whenever large numbers of a single thing get dumped onto the market, it brings prices down, not up. I remember when communism fell, and Russian banks were unloading all their accumulated banknotes and gold and silver coins from the U.S and other countries, and it put everyone into a tizzy worrying about what might happen to future prices. I would buy proof sets from existing inventories without the premium for being part of the Minnesota hoard. I don't believe there is going to be much PQ material to be found in these sets.

kieferscoins

<< <i>Whenever large numbers of a single thing get dumped onto the market, it brings prices down, not up. >>



Not true. These aren't being dumped. They are being sold for a set price and not dumped (whatever they can get for them).

Cameron Kiefer

keets

................and i posted a thread about the original sale in Georgia, thanks for the follow up cause i wondered whatever happened to all of these.

the intrigue with "Still Sealed" Proof/Mint Sets is that it appeals to the gambler in us all. there are quite a few members who could testify to finding items worth the premium in sealed sets, the odds just aren't that good, certainly not good enough to justify these steep premiums. the trick with sealed sets is similarly in knowing the odds of winning your "bet" and not just playing a hunch.

as coynclector stated, there is a certain degree of legitimacy with regard to 50's era collectors putting sets away. i think part of the skepticism expressed by some replies is easy to understand-----there's always a tendency to perceive that how something is done now is the way it was always done. collectors in the 50's did things differently, had a different way of assembling and hedging.

al h.

cladking

The odds are good that these sets are original so that the odds of getting gems
is just as high as they were if you'd have bought sets from the mint in the year of
issue. Sometimes with hordes there will be signs on the outside of the package
that they contain gems or at least that they are different tham similar packages
but this should require multiple shipping packages to the same address on the same
date. Without this there will almost certainly be lots of gems in this batch.

coppercoins

Wow...I wouldn't touch that pig in a poke with a ten foot pole...not even YOUR ten foot pole. Anyone who would part with their money so easily is a fool. Those prices are outlandish.

cladking

<< <i> Those prices are outlandish. >>



I have to suspect that the prices are significantly higher than the odds of finding gems would warrant.

Even if this is true, though, these might still appeal to people who like to gamble.

100proof1957

seems i saw a 57 proof set on the bay with a bin of 169.99 !

BS