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My son and daughter's mint sets went down $245 over the weekend...
llafoe
Posts: 7,220 ✭✭
I keep trying to talk them into selling their mint sets and using the proceeds on their other (classic) sets... they won't budge. I hope their sets are still worth something in 10-12 years! 
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As for your son and daughter perhaps they are not cut out to be collectors of "classic coins." If that is not their interest then it makes no sense to push them into those purchases. Coins are for fun, not for investment.
"Live long and prosper"
<< <i>Modern mint sets are not a smart buy in the long run. Like most modern coins, they might be popular for a while, but when they get some age on them it's out of sight out of mind for most collectors.
As for your son and daughter perhaps they are not cut out to be collectors of "classic coins." If that is not their interest then it makes no sense to push them into those purchases. Coins are for fun, not for investment. >>
They're already collectors of classic coins... I was just hoping they'd sell their modern coins so daddy didn't have to spend as much money on their classic coins!
Edited to add: We started with their proof sets... the 1999 set absolutely DIED! That was a lesson learned (sans retention)!
<< <i>When the so called "modern" sets become so called "classic" sets, in about 50+years or more, they will bring a premium thanks to inflation, just like the "classic" sets did .
Probably not the case. Look back 50 years to the 60's and 70's and tell me what premium they have
now? None, zero, nada, zilch (unless they have silver in them).
bob
<< <i>Edited to add: We started with their proof sets... the 1999 set absolutely DIED! That was a lesson learned (sans retention)! We then moved to MS since there's no cap (PR70DC) and they're more believable (not perfect). Their mint sets were going well, but now it looks like it's time for an adjustment. >>
I've been a collector since the early 1960s, and I've seen this happen time and time again. Did you know that the 1968-S Proof set once sold for $35? Ditto for the 1964 Proof set and the 1975-S Proof set even had a promotion because the cent was "the rarest" Lincoln cent since the 1914-D!!!!
Having said that I didn't sell my one clad and one silver 1999 Proof set because I've got too much collector in me. I want sets with papers and nice boxes, and believe or not you can't say that for most of the 1999 Proof sets I see ... Not that anyone cares ...
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If your motive is increase in $$$, probably modern government released sets is not where you want to be.
<< <i>I keep trying to talk them into selling their mint sets and using the proceeds on their other (classic) sets... they won't budge. I hope their sets are still worth something in 10-12 years!
You are talking about the registry sets in your sig and not government issued mint sets, right?
(I'm asking this more for the benefit of those telling you to sell them before they are worth face)
<< <i>I find mint sets and PROOF sets to be a labour of love, not profit.
If your motive is increase in $$$, probably modern government released sets is not where you want to be. >>
It's money spent... it was never an investment. However, this is a good lesson for them... keep something or sell something... it makes them think.
P.S. Why does a Californian/Idahoan constantly use British spelling?
<< <i>
<< <i>I keep trying to talk them into selling their mint sets and using the proceeds on their other (classic) sets... they won't budge. I hope their sets are still worth something in 10-12 years!
You are talking about the registry sets in your sig and not government issued mint sets, right?
(I'm asking this more for the benefit of those telling you to sell them before they are worth face) >>
mingot - You are correct!
P.S. Your icon has always scared me!
<< <i>Good Luck, I would put then up for auction if it were me. Cut your losses now before they are only worth face. >>
Their collection will NEVER be worth face unless of cpurse they crack them out for video game purchases.
If Larry is using the POCGS Price guide to report that the sets have dropped $245 in value over the weekend..............all I can say is.............Good Luck getting ANY modern coin to sell at PCGS Price Guide levels.
The name is LEE!
<< <i>
<< <i>Good Luck, I would put then up for auction if it were me. Cut your losses now before they are only worth face. >>
Their collection will NEVER be worth face unless of cpurse they crack them out for video game purchases.
If Larry is using the POCGS Price guide to report that the sets have dropped $245 in value over the weekend..............all I can say is.............Good Luck getting ANY modern coin to sell at PCGS Price Guide levels. >>
We purchased at 50-60% of PCGS guide... (proofs were purchased at 30-35% of PCGS guide).
The PCGS Price Guide for modern coins reminds me of the Scott Stamp Catalogue... EVERYONE knew their prices were exagerated, so when Scott decided to do the "right thing" (adjusted their pricing to current, non-inflated pricing), EVERYONE still assumed their prices were exagerated. So when Scott listed a stamp for $100 that was worth $60 in the beginning... then adjusted their prices to the "accurate" pricing ($60), the new value of the stamp became $36! When a "reputable" business establishes a level of expectation, it will always carry forward... the eventual cause-and-effect of that expectation can destroy more than their reputation!