Are Modern Proof & Mint Sets Selling for way, WAY back of bid now?

CoinRaritiesOnline

I just did an appraisal for a local estate. In it were several proof & mint sets from the 1970's - 1990's, maybe 4 or 5 of several dates. I called around to the usual dealer wholesalers and asked what they were buying them for. Normally I get answers like 10% or 20% in back of the Greysheet bid price.

This time, though, they are telling me they don't want to buy them at even 30% in back of bid (again -- they weren't negotiating with me, just providing info). They say that the national buyers that they deal with on this stuff say that -- unless they have a specific order for a specific date to fill -- they will only reluctantly pay 45-50% in back of bid when pressed to the wall to buy some.

Anyone care to chime in here? I've been at this game since the late 1970's, and I can never recall such a low % of Greysheet bid being offered.

fivecents

10% to 20% is about right. 45% to 50% back of bid is a rip off. You need to find a new circle of dealers to sell to.

roadrunner

If this type of material starts tanking (bread and butter of the overall hobby), then everything will be falling. I've not heard of any major changes in this material at the small shows I attend. I would think that 10-15% back of bid still buys this stuff and the higher up wholesalers are paying 5-10% back of bid.

More than likely there are a number of cash-poor or gun shy dealers out there who will only buy at 30% or more back. Once they see gold and other items pick up again, they'll stick their heads back out of their shells.

roadrunner

CoinRaritiesOnline

<< <i>10% to 20% is about right. 45% to 50% back of bid is a rip off. You need to find a new circle of dealers to sell to. >>



Both of the dealers I spoke with say they have significant inventory of proof and mint sets that they have offered to their usual national wholesalers at 30% back of bid without takers.

Do you have current info on someone who pays 5-10% of bid for these? I can pass the name(s) onto the heirs of this collection should they choose to sell them. I would appreciate it.

ziggy29

<< <i>Do you have current info on someone who pays 5-10% of bid for these? I can pass the name(s) onto the heirs of this collection should they choose to sell them. I would appreciate it. >>

You mean 5-10% back of bid, right? I'll buy everything anyone wants to offer at 10% of bid...

Coin Finder

I can only say that I picked up a couple of 1957 mint sets for bid the other day. This is cheap as they were fantastically toned steel blue with a couple of MS66 FBL frankies.

Bid seemed cheap to me so they must have been sold to the dealer way back of bid.

CoinRaritiesOnline

<< <i>

<< <i>Do you have current info on someone who pays 5-10% of bid for these? I can pass the name(s) onto the heirs of this collection should they choose to sell them. I would appreciate it. >>

You mean 5-10% back of bid, right? I'll buy everything anyone wants to offer at 10% of bid... >>



Er, yes -- 5-10% in back of bid. Sorry.

7over8

I've heard national telemarketers are overstocked and not buying.
Many big sellers have the right to return unsold stock in a certain amt of time.
Not a good thing.

If you can get 5-10 back, get it now.

MrEureka

I sold about $1000 worth to a dealer just yesterday at 15% below bid. He is not a "leading marketmaker" or an "end user".

RYK

From the standpoint of the end-user, who would buy this crap, that has largely languished for the last thirty years (I know; I came into some 1973 and 1974 proof sets and brown box and blue envelope Ikes), when you can buy the more exciting and sexy recent mint issues and make an instant profit and/or own more innovative and interesting pieces. What would you rather own, a proof Gold Buffalo or 100 1973 proof sets?

JrGMan2004

<< <i>10% to 20% is about right. 45% to 50% back of bid is a rip off. You need to find a new circle of dealers to sell to. >>

I'll pay 20% back if I have a buyer at bid... however... can you tell me who will buy Mint Sets and Common proof sets at bid? The only sets I can specifically think of, that I will buy pretty close to bid right now, is 1999 and 2001 Silver Proof Sets... Mint Sets, it's tough to do anything with them unless you have a buyer with an order. Maybe you think 45-50% of greysheet is a rip-off... but maybe the greysheet is wrong? Maybe it's overpriced? The greysheet is not a definitive price list. It's a guide, and is subject to error, or not being capable of adequately following the market. I will price coins at a point where I feel I can make a decent profit. It's tough for me to buy Mint Sets and sell them. They tie up money, and generally are not worth the time.

cladking

The problem seems to be that no one needs the individual coins right now. When the demand
for these is weak the sets back up on the market because there is still very weak demand for
intact sets. The poor demand for the individual coins is probably the result of an excessive num-
ber of sets being destroyed when set prices dropped a couple years back.

You can still get bid but you have to wait for specific orders. This has happened to these markets
several times in the past where buying becomes highly selective and sellers have to wait for of-
fers or sell at a discount. The big wholesalers ususally are not the best buyers for intact sets and
prefer to buy the individual rolls. A lot of intact sets go to retailers and TV sales.

jdimmick

Dave,

I have been experiencing the same thing. I dont retail proof/mint sets when I get them in from collections, so I usually wholesale them out to local flea marker vendors, shop owners, etc. I am finding that dealers who carry these are paying less or not wanting them at all becuase they are overloaded with them. There are some exceptions such as the 2001 silver sets that I sold to another board member around 10% back, but these were new mint in box that had been in storage since purchased from the mint. There are a couple of other sets that sell fairly easily like the 1976 Bicent mint set, 1999 Silver, and a few other years, but they are getting hard to move unless the buyers need them for customers. I have had to lower buying prices considerably in order to get rid of them thru dealer channels. Many of them languish. Mint sets are practicly dead, with no intrest locally. I literally had to sell some near pocket change values.

jim d

jdimmick

Additionally, remember how the greysheet was so slow at reacting with the charging bull at keeping up with pricing as higher and higher prices were being paid for items including morgans, late date walkers, proof /mint sets, etc. Now its the opposite, they are not keeping up with the accelerated dealer trading discounting that some of this stuff is starting to see IMO, those who are in the know can adjust, those who are not will find out whne they need to move it.

jim

RichieURich

Dave, I had the same thing happen in Baltimore. I had a collection that had about $1000 worth of proof sets, and my usual wholesale outlet for these was overloaded with them. Fortunately I found someone else who was willing to pay 10% back of bid for them. I got the sense that what you and JDimmick are saying is happening all over - - most proof sets are dead in the water except for a couple like the 1999 and 2001 silver, and mint sets are even deader. IMO if these sets can't be sold except at 40% back of bid, then bid is significantly overstated! It will be interesting to see how long it takes the sheet to reflect reality in this area, or maybe they'll run their customary "proof sets are getting hot for holiday gift-giving" line they seem to repeat every year.

7over8

a buyer on BST forum of most proof sets at 8-10 back.......wonder if he is still buying