Relative to post 1955 proof sets, are sets from 1936-42 and 1950-55 undervalued?

SanctionII

From 1956 forward silver proof set (1956-1970 and 1992-present) production has ranged from about 660,000 to the multimillions. Conversely production of the the 1936-1942 sets ranged from about under 4,000 to about 22,000; and the production of the 1950-1955 sets ranged from about 51,000 to about 330,000.

Many of the 1956 forward sets sell for melt and most of those that sell for more than melt sell for less than $100.00. These sets are available in massive quantities, even after factoring in attrition.

The pre 1956 sets sell for more, but considering the more limited mintages (plus loss of some of these sets through attrition, damage, etc. [maybe up to 20%-30% have been lost or damaged?]), it seems like the current retail and wholesale value of these earlier sets is relatively (compared to the prices of the later sets) low.

Or am I off base, with the current values of these earlier sets simply being a reflection of weaker demand [what percentage of collectors choose to collect these earlier proof sets anyway]?

commoncents05

I have dealt a lot in 36-42 Proofs, and I was looking through sales figures from a couple years ago, and I was surprised at how much these have fallen. Anywhere from 25% to 50%. I always thought they were a neat and often overlooked sector, and certainly now is a good time to buy.

-Paul

BillJones

The 1936 to 1942 Proof sets have really been quiet for years. The only thing that has boosted these coins has been the price increases for high grade certified single coins. The Proof sets have not increased mainly because many of the coins that are offered this way are pieces that are not nice enough to be certified or would be certified in PR-64 or less.

Yes, those sets do seem cheap, but most of the "action" comes from collectors who are building the sets one choice coin at a time. If you look at those prices, they don't seem to be as cheap.

bosco5041

I have thought that also, heck I even think the later ones 1960 to 1964 seem cheap. I mean you get 5 coins around 50 years old in proof condition, 3 of which is silver for around $25 . What can you buy for $25 these days. And the earlier ones with the lower mintages seem to be even a better buy. I haven't went hog wild but I have put away a few sets.

OnlyGoldIsMoney

I agree that most collectors now look for choice examples from the earlier proof sets. My only proof set from that era is my birth year (1955) and the rest I don't bother with.

There was a time when birth year proof sets were given as gifts. Does that still account for some of the demand?

SanctionII

Bill.

You bring up an interesting point. When I have looked at 1936-1942 proof sets that have not been slabbed (i.e. in Capital holders) the majority of the coins in these sets are average quality or worse (hairlined, marked, ugly toning, carbon spots, etc.). Slabbed proof coins from this era seem to be better in appearance and quality. Complete sets from these years which have been slabbed and graded usually are much more expensive than the price of raw sets.

Have you seen any of this same phenomena take place with the proof sets from 1950-1955?

There are still some of these sets floating around out in the market place in original mint packaging that contain very nice examples of the individual coins. There are also some nice individual coins contained in sets for these years that are in after market holders. It is nice to be able to buy sets with high quality coins [or even one coin] in these non slabbed sets and cherrypick them (reselling the left overs). Doing so allows one to assemble raw sets with high quality coins at modest prices (somewhere around bid). You can then enjoy them raw, or submit them for grading and hopefully see the value of the coins/sets increase with the slabbing of the coins.

This process that you describe could result in the majority of raw sets from 1936-1942 and 1950-1955 being low quality leftovers after the high quality coins are graded by TPGs.

magikbilly

Well, I never found nice, attractively toned original Pr Walkers or Mercs and the like to be that easy to find. Are they a good deal when you can, assuming decent price? I think so. You can find white ones easily enough but original and desirably toned? Not that I have seen.

Best,
Eric

lusterlover

I think you should separate the '36 proofs from the category as they are more rare and harder to find in nice condition. I think they already get their due. The category in question should be the '37-'42 sets. JMHO.

SkyMan

Undervalued is a tricky concept. Clearly there are MANY areas, given relative rarity, in US coinage that are vastly undervalued. OTOH, there is only minimal demand for these coins/series. Given the relative lack of demand for the earlier proof coins I would have to say that they are fairly valued.

WaterSport

Look at the coins your talking about between the 1942 sets and the 1956 sets. No offense, but Walkers, winged liberties, Buffs! No less in proof!!, These early sets are way undervalued, especially those 1936 SATINS!!

WS