Proof Lincolns 1959 and up
Tunis
Posts: 473 ✭✭✭✭
Just got permission to post. Long time lurker. Coming from the PSA Sports card world. Collected coins in my youth. Daughter is showing interest in collecting coins. Keeping it very simple for her in the beginning. I really like Proof Memorial Lincolns. Not very expensive and I can pick them up a few at a time. Only buying PCGS 70's. My question is: Will they turn or tarnish after they have been slabbed? We are going to slowly put a set together. Just wanted advice to see what the drawbacks are in collecting these coins? Thanks in advance.
Successful buys on BST board from NotSure, Nankraut, Yorkshireman, Astrorat, Ikeigwin(2x), Bob13, Outhaul, coinbuf, dpvilla, jayPem, Sean1990, TwoKopeiki, bidask, Downtown1974, drddm, nederveit2
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The holder should keep it safe but with red copper there is always a little risk. Why only 70s? Seems like paying a big premium for plastic in many cases. I can't see a reason for doing that unless you care about being on top of the registry.
Proof Memorial Lincolns: I think that you are correct in collecting PR70's, but that grade is "difficult" early in the series. But do not worry too much about them toning.......a nicely toned specimen may be worth more than the RD varieties because of their scarcity. Why not collect a set of high grade RD / Cameos and a set of toned proofs, which may be low $$. It will be fun to see which set you like the most.
OINK
Thanks for the replies. I chose to only go for the PR 70 RD/Cameos as it appears it might be the only grade that holds its value in the more recent years? I understand the idea that many proofs will grade this high, and there seems to be an unending supply. The Registry seems fun, and we are participating, but we are definitely not trying for the #1 set!
Successful buys on BST board from NotSure, Nankraut, Yorkshireman, Astrorat, Ikeigwin(2x), Bob13, Outhaul, coinbuf, dpvilla, jayPem, Sean1990, TwoKopeiki, bidask, Downtown1974, drddm, nederveit2
Check the price of a 1959 Lincoln Proof Set in PR70DCAM. it with many other dates keep the set out of read for most.
I think a better plan would be to buy an album and store the raw coins there.
I agree with what TOPO said. Purchase a Dansco album and buy them raw. Moneywise, it makes sense. Your comment of "keeping it simple in the beginning" will be fulfilled going this route.
Start with the newest and work your way back, one coin at a time. It's gonna be fun.
Pete
Howdy and welcome.
I will also echo the sentiment to buy them raw. In my opinion, it makes the most sense.
Red copper can "turn" in a holder and this might mean your spotless, gorgeous RD Lincoln turns a wonderful color with blues and greens (unlikely) or it might mean that your coin gets some spots on it or other crud (much more likely). The PCGS grade guarantee may or may not hold for the coin, which means you may or may not be out tons of your investment because the coin turned. Also, if you want to keep it simple I would suggest you actually keep it simple instead of needlessly making things complex by going for certified coins of only the highest grade. Buy nice raw coins that look good to your eyes, have rich color and don't have spots. It will be far less money to sink into the hobby and, given that you do not know if your daughter will continue with this, it will make your downside very small. Lastly, if you buy raw coins you can pick them out from proof sets or buy them separated already. In either case, there is a near endless supply of coins to choose from and inspect instead of having to chase down sellers with PCGS PR70 plastic.
Again, welcome to the boards, enjoy the hobby and your time with your daughter and keep this low key.
In honor of the memory of Cpl. Michael E. Thompson
I have never been a fan of modern Proof single coins. You can often buy the entire Proof set for the same or less money than the single Proof coin. As for the Lincoln Memorial Cents being "cheap" in PR-70, CAM, I'd look before you leap. The early ones can be very expensive, and one spot can ruin you investment.
You can collect many dates in the modern Proof set series very inexpensively. They won't be certified, but your financial risk will be much lower. Coins should no be viewed as "investment items;" they should be collected for the enjoyment they bring.
In any case if I were buying coins to make money in the future, Proof Lincoln Memorial Cents would well down on my list because there are too many risks. You have the normal collector risks that affect all coins, and you have environmental risks that go with Proof red copper. These coins are fragile, and might turn in color or develop spots despite your best efforts at preservation.
There are a lot of collectors here who will not confess that they are buried in $300-$1200 PR 70 cents. PCGS made the PR 70 common for 2/3 of the memorial series a few years back. If I were you, either do the raw set, or just pick up the PR 69's which again, for ,most dates, are readily available and affordable. Just MHO.
WS
I appreciate everyone thoughts and opinions. There have been many ideas shared that I would have not have been aware of. I think I might also pursue a raw set or pick another pursuit such as Mercury dimes. I like the look of them also.
Successful buys on BST board from NotSure, Nankraut, Yorkshireman, Astrorat, Ikeigwin(2x), Bob13, Outhaul, coinbuf, dpvilla, jayPem, Sean1990, TwoKopeiki, bidask, Downtown1974, drddm, nederveit2
@Tunis.... Welcome to the coin forum... Some good advice above from TomB and BillJones....Also, I agree with your idea of Mercury dimes... they are attractive, hold value... and only a few really expensive ones... unless you pursue top grades. Top grades are nice but expensive and the lower MS grades are just as attractive. Cheers, RickO
Massacre Survivors
It is easy to ROLLS of proof Lincolns even prior to 1959 because Metric Tons of Proof sets were broken up for the silver coins and the cent and 5 cent coins were considered virtual junk. Therefore, whatever they dealer could get for them was GRAVY.
I picked up almost a roll of 1957 Proofs for $1 and the dealer was glad to be rid of it.
I think just the opposite is true. With grade inflation and thousands of proof sets not slabbed, I think PF70s are a horrible investment.
I guess my thought was the 69's had no chance of ever increasing because of the quantity of Proof sets and broken up Proof sets. I am picking up most 70's around $20 a piece. It seems like the pricing is flat at the price point, which is OK for me. Since that is approximately what I want to spend in the beginning, I have found nice Mercury dimes at that price point. I think I am liking the dimes better. Daughter likes the Lincolns, so I will continue to explore both sets.
Successful buys on BST board from NotSure, Nankraut, Yorkshireman, Astrorat, Ikeigwin(2x), Bob13, Outhaul, coinbuf, dpvilla, jayPem, Sean1990, TwoKopeiki, bidask, Downtown1974, drddm, nederveit2
You may want to consider modern silver commemoratives in PCGS proof and MS 69. You can get a ton of them around $20 each and they are .7736 ounces of silver. If silver goes up in value, you get the upside compared to proof memorial lincolns. The coins are big, shiny and come with a lot of history behind each one so they may hold your daughters interest longer. You can get these PCGS graded proof and MS 69's for way less than the issue prices for the older issues plus they are graded to boot. It is really an under looked and underappreciated corner of the coin market.