S mint silver "Blue Ike" question
ajman
Posts: 1,359 ✭✭✭
Which year of these has a premium over melt value? Thanks for your reply.
Beer is Proof that God loves us and wants us to be happy -Benjamin Franklin-
0
Comments
--Franz Kafka
<< <i>The 1973 used to be a premium, but in the Jan. 6 Greysheet all four 40% silver blue Ikes bid the same, $10.25. >>
Remind me again ..why I collect this stuff....!!!
<< <i>
<< <i>The 1973 used to be a premium, but in the Jan. 6 Greysheet all four 40% silver blue Ikes bid the same, $10.25. >>
Remind me again ..why I collect this stuff....!!! >>
<< <i>
<< <i>The 1973 used to be a premium, but in the Jan. 6 Greysheet all four 40% silver blue Ikes bid the same, $10.25. >>
Remind me again ..why I collect this stuff....!!! >>
It's the usual pattern with modern stuff. It is out of sight, out of mind and after a while not worth much at all. I can remember when the 1973-S Brown (Proof) Ike was bid at over $225. Now it's bid at $27. I sold the 1973-S Brown Ike from my collection for $175 when bid was $225, and I darned happy to make the deal.
The mint is issuing so much "stuff" now this problem will only accelerate. Collect the modern stuff if you enjoy it. Do save it as a store of value. The only way you will ever make money on most of it will be if it’s made of gold or silver and the melt value of the piece exceeds what you paid for it. Right now that why my set of modern gold commemorative coins has its financial head above water.
<< <i>
It's the usual pattern with modern stuff. It is out of sight, out of mind and after a while not worth much at all. I can remember when the 1973-S Brown (Proof) Ike was bid at over $225. Now it's bid at $27. I sold the 1973-S Brown Ike from my collection for $175 when bid was $225, and I darned happy to make the deal.
The mint is issuing so much "stuff" now this problem will only accelerate. Collect the modern stuff if you enjoy it. Do save it as a store of value. The only way you will ever make money on most of it will be if it’s made of gold or silver and the melt value of the piece exceeds what you paid for it. Right now that why my set of modern gold commemorative coins has its financial head above water. >>
Most of the people going rah rah on the 25th anniversary set, either are to young to remember this or just trying to pump the market. Some moderns may do okay, but "out of sight, out of mind" definately describes the moderns.
<< <i>
<< <i>
<< <i>The 1973 used to be a premium, but in the Jan. 6 Greysheet all four 40% silver blue Ikes bid the same, $10.25. >>
Remind me again ..why I collect this stuff....!!! >>
It's the usual pattern with modern stuff. It is out of sight, out of mind and after a while not worth much at all. I can remember when the 1973-S Brown (Proof) Ike was bid at over $225. Now it's bid at $27. I sold the 1973-S Brown Ike from my collection for $175 when bid was $225, and I darned happy to make the deal.
The mint is issuing so much "stuff" now this problem will only accelerate. Collect the modern stuff if you enjoy it. Do save it as a store of value. The only way you will ever make money on most of it will be if it’s made of gold or silver and the melt value of the piece exceeds what you paid for it. Right now that why my set of modern gold commemorative coins has its financial head above water. >>
Let me ask you this Bill, would there be a premium for say an unopened mint sealed envelope of 5? I've managed to put away a very small hoard of all 4 years with a couple of duplicates. I just thought they were kind of neat but I suppose there's no real value over melt.
<< <i>
<< <i>
<< <i>
<< <i>The 1973 used to be a premium, but in the Jan. 6 Greysheet all four 40% silver blue Ikes bid the same, $10.25. >>
Remind me again ..why I collect this stuff....!!! >>
It's the usual pattern with modern stuff. It is out of sight, out of mind and after a while not worth much at all. I can remember when the 1973-S Brown (Proof) Ike was bid at over $225. Now it's bid at $27. I sold the 1973-S Brown Ike from my collection for $175 when bid was $225, and I darned happy to make the deal.
The mint is issuing so much "stuff" now this problem will only accelerate. Collect the modern stuff if you enjoy it. Do save it as a store of value. The only way you will ever make money on most of it will be if it’s made of gold or silver and the melt value of the piece exceeds what you paid for it. Right now that why my set of modern gold commemorative coins has its financial head above water. >>
Let me ask you this Bill, would there be a premium for say an unopened mint sealed envelope of 5? I've managed to put away a very small hoard of all 4 years with a couple of duplicates. I just thought they were kind of neat but I suppose there's no real value over melt. >>
I think that the concept of "unopened mint sealed envelope" is utterly foolish. The fact that the coins have never seen the light of day has nothing to do with their state of preservation or numismatic significance. It does open up the possibility of fraud, however, but regardless of how “tamper proof” something might seem, the possibility still exists that someone will open the package, take out the material, replace it with something the weighs the same and reseal it.
This occurred with Proof sets from 1955 flat pack to 1964 era. Crooks replaced the flat packs with sheets of zinc. Even the box sets (1950 to 1955 box) were subject to the same thing with nuts and bolts used to replace the coins.
As for playing the lottery and prodding people to buy sealed sets because of the “rare coin(s)” might lurk inside is a fool’s game. Chances are that the coins in a sealed set will be identical to the millions of pieces that have come from opened sets. In other words the chances of finding a Deep Mirrored two sided Cameo half dollar in an unopened 1950 Proof set box are as likely as finding an albino alligator in the retention pond near my Florida home.
The real question is as a collector, what do you collect? Do you collect sealed mailing boxes or coins? Speculators are only interested in what they make from coins. Collectors are interested in the coins themselves.
One other way to look at your sealed mint set hoard is to ask this question. Are the coins inside key date or prime collectors items now? If they are then they MIGHT be worth holding. If they are not then chances are they never will be great. Most modern coin issues don’t get better with age. One of the rare exception was the Jackie Robinson commemorative $5 gold in the Uncirculated format. But even that coin, now that its low mintage has been acknowledged, probably has had its day and will probably drift lower in the future.
The bottom line is a mintage of 5,000 coins with a virtual 100% survival rate is NOT a rare coin issue. Many 19th century coins have even lower populations and yet sell for relatively modest prices. Check the surviving population estimates in the Whitman “Red Book” series (e.g. gold dollars, 20 gold piece etc.) to that fact born out. “Rare” is only important when collector demand pulls hard at the available supply. Only then you will see significant prices increases.
<< <i>Thank you Bill for your candid reply. I would classify myself as a collector/speculator and am not ashamed to admit it. That's what collecting is all about: collecting. I don't see anything wrong with collecting coins in their original shipping packages. >>
There is nothing wrong with what you are doing. I just don't see the logic in collecting coins when you are never going to look at them.
<< <i>
<< <i>The 1973 used to be a premium, but in the Jan. 6 Greysheet all four 40% silver blue Ikes bid the same, $10.25. >>
Remind me again ..why I collect this stuff....!!! >>
Simple
The name is LEE!
<< <i>
<< <i>
<< <i>
<< <i>The 1973 used to be a premium, but in the Jan. 6 Greysheet all four 40% silver blue Ikes bid the same, $10.25. >>
Remind me again ..why I collect this stuff....!!! >>
It's the usual pattern with modern stuff. It is out of sight, out of mind and after a while not worth much at all. I can remember when the 1973-S Brown (Proof) Ike was bid at over $225. Now it's bid at $27. I sold the 1973-S Brown Ike from my collection for $175 when bid was $225, and I darned happy to make the deal.
The mint is issuing so much "stuff" now this problem will only accelerate. Collect the modern stuff if you enjoy it. Do save it as a store of value. The only way you will ever make money on most of it will be if it’s made of gold or silver and the melt value of the piece exceeds what you paid for it. Right now that why my set of modern gold commemorative coins has its financial head above water. >>
Let me ask you this Bill, would there be a premium for say an unopened mint sealed envelope of 5? I've managed to put away a very small hoard of all 4 years with a couple of duplicates. I just thought they were kind of neat but I suppose there's no real value over melt. >>
Unopened mint sealed is worth more than melt.
The name is LEE!
<< <i>Which year of these has a premium over melt value? Thanks for your reply. >>
None of the blue Ikes ever had a large premium to the others or a premium to
melt since the very early days of their release. The '73 and '74 tended to go a
little higher.
Now they've all gone up because of the value of the silver they contain. If silver
went to five million per ounce the 1804 dollars would sell for melt value. Silver
Ikes have one huge advantage over most of the "stuff" being issued by the mint;
they are a version of actual US coins. Unlike the 1804 dollars which had no cir-
culating counterpart the '71 to '74-S Ikes had versions that actually circulated and
were intended as real money. If the market ever really gets fed up with all the
"stuff" coming out of the mint it will probably have a far more deleterious effect
on 1804 dollars than it does on any Ike.
So far there is no apparent concern among buyers about the ability of the hobby
to absorb allthe coins and their versions being issued each year. While I share
the concern, I like most others who are concerned, are not buyers of new issues
from the mint. It just sortta works out that way usually.
Time will tell whether there are too many Ikes or 1804 dollars but one thing sure
is that the pendulum just keeps swinging back and forth.
<< <i>
<< <i> If the market ever really gets fed up with all the
"stuff" coming out of the mint it will probably have a far more deleterious effect
on 1804 dollars than it does on any Ike.
>>
I respect you Cladking, I really do but your crazy if you believe that.
<< <i>
I respect you Cladking, I really do but your crazy if you believe that. >>
How much lower can a $10.50 chunk of silver known as a "blue Ike" fall. It's already selling at
its basal value and if a whole generation of collectors gets burned buying "NCLT" from the mint
they are likely to always have a disdain for "NCLT". Look at the virtual hatred of "clad" by almost
the entire hobby because it is associated nit only with the debasement of the coinage but with
the collapse of the 1964 coin market. "Clad" is associated with "modern" despite half a century
since it was first proposed.
Why should a generation of people who associate "NCLT" with disaster be warm to buying a coin
that was NCLT except for those made bythe "midnight minters". This would in the real world pro-
bably supress the demand for all NCLT. Nothing is really predictable but it's certainly easy to ima-
gine a million or two million dollars getting shaved off the value of an 1804 dollar. The Ike is less
likely to be affected and the worst case scenario is that it still sells at melt value.
In the event of a NCLT collapse which would you rather own in twenty years; $5,000,000 worth of
of blue Ikes bought today, or $5,000,000 worth of 1804 dollar bought today.
<< <i>
<< <i>Which year of these has a premium over melt value? Thanks for your reply. >>
>>
Just for the heck of it I grabbed a Feb., 1991 COINage off the shelf.
New World Rarities has the 1971-S Blue Ike at $3.50, the 1973-S at $6.25.
Whitman Coin Exchange $4 & $7.
Southern Coin $5 & $8.
<< <i>though the OP asks about the MS issue it used to be the 1973-S Silver Proof that had the really big premium; perhaps it still does. i know that there was a time when some enterprising individuals would crack the hard cases and replace the Silver coin with a Clad for a quick profit. i wonder if there are still any floating around that have yet to be discovered, trading hands time and time again with noone the wiser. >>
The Silver coins look so different from the copper-Nickel Clad ones, I could not imagine anyone but the most novice collector being fooled. I was selling some silver Ikes out of there mint packaging as bullion and the cutomer asked me how he could tell they were the silver ones. I just handed him a clad Ike, and didn't need to say another word. Oh that's obvious, he said and bought a bunch of the silver ones.
Join the fight against Minnesota's unjust coin dealer tax law.
About 4 years ago I was stocking up on blue IkES and 71-S actually bid on grey sheet for more than the others.
I think bid was $5.00 for 72-74, but $5.25 for 71!