What do I do with large quantities of modern Mint & Proof Sets?

Tookybandit

Please indulge me, I want to learn that which I do not understand!

What do I do with large quantities of modern Mint & Proof Sets? I have purchased these as part of larger collections and have been sitting on them for a while.

I regularly see PCGS/NGC certified mint/proof singles that often sell on eBay for close to or less than the cost of certification. So is cherry picking individual coins to submit for grading not worth the time and expense? I am guessing NO by what I have seen thus far.

I do not understand how new issues of TPG singles are sold for so cheap. 2012s Lincoln Cent PCGS PF69RD DCAM

Are dealers bleeding big money trying to get MS70/PF70DCAM slabs and just selling their 68/69's at a loss?

Also, mint/proof singles are often removed from their original packaging, put in 2x2's, and sold individually. I guess this may produce slightly more revenue than selling the sets as a whole?

Any expertise that you are willing to share is greatly appreciated.

magikbilly

Maybe you should define what you mean by modern?

Best,
Eric

AUandAG

Take a pic, or two. Put them up on the BST and price them less than they are selling on ebay.

Do one price takes all.

Great description.

bob

Tookybandit

<< <i>Maybe you should define what you mean by modern?

Best,
Eric >>





Sure, 1964 and up. Most are late 70's to current.

Tookybandit

<< <i>Take a pic, or two. Put them up on the BST and price them less than they are selling on ebay.

Do one price takes all.

Great description.

bob >>




Not really needing to sell them as a group lot for fast cash. More so I want to maximize my opportunity with what I have, but I am not sure how to focus my efforts to make it happen.

LindeDad

You do realize some people have been doing this since the grading services started right?

coindeuce

"Also, mint/proof singles are often removed from their original packaging, put in 2x2's, and sold individually. I guess this may produce slightly more revenue than selling the sets as a whole?"

Yeah, sure. Especially if you don't bother to offset your "revenue" by the cost of time and labor spent on this crusade. Better go dry behind your ears first. If you have nothing better to do with your time than to search modern Mint and Proof sets for the long shot of varieties and condition rarities, then go knock yourself out. But don't expect to maximize your expectations. This may sound harsh, but better to hear it from a voice of experience than to get buried by throwing money into a sinkhole. Wholesale the sets to a mass marketer and stick with what you know best, whatever it may be other than the above.

Tookybandit

<< <i>You do realize some people have been doing this since the grading services started right? >>



I don't follow?

Tookybandit

<< <i> This may sound harsh, but better to hear it from a voice of experience than to get buried by throwing money into a sinkhole. Wholesale the sets to a mass marketer and stick with what you know best, whatever it may be other than the above. >>



No, this is the kind of info I am looking for. You start buying coins, quickly amass sets that you bought ...just to get what else was in the collection. The business man side of me only wants to understand what the best course of action is when he (me) does not have decades of experience in this area.

mrpotatoheadd

<< <i>

<< <i>You do realize some people have been doing this since the grading services started right? >>

I don't follow? >>

If you're a good enough grader, the profit from the 70s you get more than offset the losses from any that end up as 69s. As far as breaking up the sets and selling as singles- I'd think that would be an incredibly time consuming effort. Even if you netted more than selling the sets as a lot, by the time you finally got rid of all the singles you could have taken the money you got from a bulk sale, reinvested that money in more profitable items, turned that inventory over several times and ended up with more in your pocket than from the individual sales. Or not, but that's just me.

edited to add... some recent eBay sales for your viewing pleasure:

1971-S 10c proof - $0.54
1968-S 5c proof - $0.71
1983-S 1c proof - $0.82
1986-S 25c proof - $0.99

And those are listings that include free shipping. Are you sure you want to pound your head against that wall?

Tookybandit

<< <i>I'd think that would be an incredibly time consuming effort. Even if you netted more than selling the sets as a lot, by the time you finally got rid of all the singles you could have taken the money you got from a bulk sale, reinvested that money in more profitable items, turned that inventory over several times and ended up with more in your pocket than from the individual sales. Or not, but that's just me. >>



I agree, time is a vicious beast that I can never seem to catch with both hands! I may pick out the better date sets to sell on eBay and dump the rest in bulk. Seems like a wise move.
It helps to reach out and ask questions. I learn so much so quickly on here!

Much appreciated.

Tookybandit

<< <i>
edited to add... some recent eBay sales for your viewing pleasure:

1971-S 10c proof - $0.54
1968-S 5c proof - $0.71
1983-S 1c proof - $0.82
1986-S 25c proof - $0.99

And those are listings that include free shipping. Are you sure you want to pound your head against that wall? >>




Oh sweet pickled pigs feet, that's horrendous! ...yeah hours of listings with those results, that would cause much intestinal distress to say the least!!!!!

GrumpyEd

<< <i> 1971-S 10c proof - $0.54
1968-S 5c proof - $0.71
1983-S 1c proof - $0.82
1986-S 25c proof - $0.99

And those are listings that include free shipping. Are you sure you want to pound your head against that wall? >> >>




That's why we see them in rolls when searching rolls. The person that spent them saved $3 for not shipping a coin they sold for less than a buck.

jmcu12

Buy at 20% back of bid, sell at ask to anyone actually collecting these things, rinse and repeat....

georgiacop50

Look for varieties if you're so inclined...spend the rest

JohnHarper

At one time we were buying modern sets at 30% back of bid and selling in bulk at 10% back of bid. Currently we are paying even less.

In our experience, we see many people who bought proof and mint sets in the 1970's and 80's who now want to sell them. We see very few people who want to buy them. This is called big supply, low demand, equals lower prices.

As a coin dealer, we have been swamped with bullion business and scrap gold and silver. Now things have slowed down and we can start to think about cleaning up boxes of low value proof and mint sets. Our last bulk sale was around a thousand each of proof and mint sets.

I suspect many large dealers have similar problems moving the sets. Small dealers acquire sets in smaller quantities that aren't enough for one of these bulk deals.

Justacommeman

Consider donating some every year and write off what you can on your taxes. It will bring somebody some joy. Write off the rest on a learning experience. Live to fight another day. MJ

Tookybandit

<< <i>At one time we were buying modern sets at 30% back of bid and selling in bulk at 10% back of bid. Currently we are paying even less.

In our experience, we see many people who bought proof and mint sets in the 1970's and 80's who now want to sell them. We see very few people who want to buy them. This is called big supply, low demand, equals lower prices.

As a coin dealer, we have been swamped with bullion business and scrap gold and silver. Now things have slowed down and we can start to think about cleaning up boxes of low value proof and mint sets. Our last bulk sale was around a thousand each of proof and mint sets.

I suspect many large dealers have similar problems moving the sets. Small dealers acquire sets in smaller quantities that aren't enough for one of these bulk deals. >>




Thank you! This is good information. Supply and demand is cruel when it's not in your favor. Oh well, I did buy them cheap. I am finding that this is my saving grace with some of my inventory, but unloading unwanted inventory to re-coop what I spent on my buy is very tedious!

sonoranmonsoon

Get your loop out, and start searching for edge errors. That is about the only way you will find extra value, unless you hit a very high grade.

ricko

How many '64 sets do you have?? PM me with information....
Cheers, RickO

greghansen

More so I want to maximize my opportunity with what I have

I think the point being made by some...with which I agree...is that the 'opportunity' you have is not that great. I agree with those who suggested a bulk sale of the whole lot at about 10% back of bid. You may actually find a taker then the problem of what to do with them is someone elses. To try to do anything else will only get you a first class ticket for admission to the 'School of Hard Knocks'. Good luck with whatever you decide.

Tookybandit

<< <i>How many '64 sets do you have?? PM me with information....
Cheers, RickO >>



I'll look. I'm trying to take inventory of everything. Will let you know. Thx

Tookybandit

<< <i> More so I want to maximize my opportunity with what I have

I think the point being made by some...with which I agree...is that the 'opportunity' you have is not that great. Good luck with whatever you decide. >>



The more I buy collections, the more I amass these things. I would anticipate the same occurs all across the country. The bulk selling makes sense once my level of stock gets to the point of ridiculous.

MsMorrisine

<< <i>

<< <i> More so I want to maximize my opportunity with what I have

I think the point being made by some...with which I agree...is that the 'opportunity' you have is not that great. Good luck with whatever you decide. >>



The more I buy collections, the more I amass these things. I would anticipate the same occurs all across the country. The bulk selling makes sense once my level of stock gets to the point of ridiculous. >>




you need to have some dealer friends that will give you an honest answer to what price they purchase these at.

if you are buying.... and wondering how to sell... I'm curious, but not asking, at what price you are buying these things.

derryb

sell them in lots (to save on shipping) on ebay. Lots of amateur "cherrypickers" look there.

Tookybandit

<< <i>
you need to have some dealer friends that will give you an honest answer to what price they purchase these at.

if you are buying.... and wondering how to sell... I'm curious, but not asking, at what price you are buying these things. >>



...I've gotten some great PM's and strong offers which I enormously appreciate! I don't seek out/want to buy mint sets and proof sets, if I purchase collections.. they just come with the group.

Tookybandit

<< <i>sell them in lots (to save on shipping) on ebay. Lots of amateur "cherrypickers" look there. >>



That's kinda what my gut was telling me! Especially the really worthless years, like the proof sets from the 80's.

Mitchell

I find it interesting that no one has referenced the opportunity costs of sunk money in low value items like this.

Does the time involved in dealing with material like this matter?

Just pondering....

ambro51

How to sell them all: A poorly written ad on Craig's List which includes the following words. " rare, grandfather, investment".

Tookybandit

Lol ...craigslist

jdimmick

Here is what I do:

First check them for no mintmark ,

than can check for potential modern moneymakers , cameo's potential 70's etc

Pull out any silver sets, usually you can break these and sell the silver for more than the set (except below)

locate any sets that have value/ demand above and beyond a typical grey sheet proof set currently the 12-s clad and silver, 99-s silver, 95 silver


Then wholesale them out to a dealer who deals in them.

I used to try and buy everything, but the past year or two I price them with a 5-10% profit selling them to straight to another wholesale dealer. If they don't like the price, I let em walk

Tookybandit

<< <i>Here is what I do:

First check them for no mintmark ,

than can check for potential modern moneymakers , cameo's potential 70's etc

Pull out any silver sets, usually you can break these and sell the silver for more than the set (except below)

locate any sets that have value/ demand above and beyond a typical grey sheet proof set currently the 12-s clad and silver, 99-s silver, 95 silver


Then wholesale them out to a dealer who deals in them.

I used to try and buy everything, but the past year or two I price them with a 5-10% profit selling them to straight to another wholesale dealer. If they don't like the price, I let em walk >>





Thank you Sir! This is now my mission.

WTCG

Certified modern proof coins are not usually worth much premium unless they grade PR70DC. Anything graded less than that is generally worth only a few dollars more than a raw example. If you send in a large submission of those coins the chances of them grading all or mostly PR70DC is fairly slim.

Proof sets from the modern era (after 1964) are plentiful, available and in low demand. There are literally thousands if not tens of thousands of sets available and looking for a good home. There is very little upside in modern proof sets. The best option is to look for a quanitity buyer for those sets and sell them that way. Expect to be offered 20 to 25 percent back of bid for the sets. Any buy offer in that range can be considered a fair offer.