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Seriously?

19Lyds19Lyds Posts: 26,492 ✭✭✭✭
in U.S. Coin Forum

The Limited Edition Silver Proof Set (if you could actually call it that) is $201.00 plus whatever shipping costs are incurred?
2.75 ounces of Silver at more than double the costs?

I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.



The name is LEE!

Comments

  • ECHOESECHOES Posts: 2,974 ✭✭✭✭✭

    Welcome back Lee!

    ~HABE FIDUCIAM IN DOMINO III V VI / III XVI~
    POST NUBILA PHOEBUS / AFTER CLOUDS, SUN
    Love for Music / Collector of Dreck
  • TurtleCatTurtleCat Posts: 4,628 ✭✭✭✭✭

    Yes, it’s a high price. I wasn’t going to do it but I had already mentally planned for it. So I’ll do it this year but that’s it. I’ll eventually get 2016 and 2017 to complete a 5 year set and be done.

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    Wow.... That is expensive.... $72 worth of silver....High cost plus shipping/taxes. Not worth it IMO... Cheers, RickO

  • bolivarshagnastybolivarshagnasty Posts: 7,353 ✭✭✭✭✭

    @MilesWaits said:
    Oh brother, it gets better. Bullion exchange is offering you $20 a set if you buy them two sets and:
    From their pleads: Please keep in mind that we do NOT offer shipping labels for you to send the set(s) to us. The shipping cost to ship to us is on you. Please make sure that you use one of the following addresses depending on the shipping service you use:

    What a hoot!

    Be lucky to net $10 for your troubles. Those dudes are smokin' crack.

  • tincuptincup Posts: 5,423 ✭✭✭✭✭

    To each their own... but I have much better uses for my money.

    ----- kj
  • dpooledpoole Posts: 5,940 ✭✭✭✭✭

    Unlike crack, the Mint's made it really easy to decide not to buy their stuff any more. Thanks, Mint.


    Here's a warning parable for coin collectors...



  • MasonGMasonG Posts: 6,263 ✭✭✭✭✭

    @ricko said:
    Wow.... That is expensive.... $72 worth of silver....High cost plus shipping/taxes. Not worth it IMO... Cheers, RickO

    72 / 201 = .36

    A 1964 proof set contains .61 oz. of silver. The price of silver in 1964 was $1.29/oz. so the silver in a proof set was worth 79 cents. The price of a 1964 proof set was $2.10.

    .79 / 2.10 = .38

    Just sayin'. :)

  • messydeskmessydesk Posts: 20,328 ✭✭✭✭✭

    @Metal said:

    @1630Boston said:

    @bolivarshagnasty said:

    That wasn't Crack. That was Doberman :D

    Maui Wowie and Labrador.

    John
    Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
  • ms70ms70 Posts: 13,956 ✭✭✭✭✭

    @19Lyds said:
    2.75 ounces of Silver at more than double the costs?

    Hey, we're talking about the government here......

    Great transactions with oih82w8, JasonGaming, Moose1913.

  • messydeskmessydesk Posts: 20,328 ✭✭✭✭✭

    @MasonG said:

    @ricko said:
    Wow.... That is expensive.... $72 worth of silver....High cost plus shipping/taxes. Not worth it IMO... Cheers, RickO

    72 / 201 = .36

    A 1964 proof set contains .61 oz. of silver. The price of silver in 1964 was $1.29/oz. so the silver in a proof set was worth 79 cents. The price of a 1964 proof set was $2.10.

    .79 / 2.10 = .38

    Just sayin'. :)

    Looking at that another way, (201-72) / (2.10-.79) = 98.4 x the markup there used to be on a proof set. More, if the $2.10 included shipping.

    John
    Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
  • MasonGMasonG Posts: 6,263 ✭✭✭✭✭

    @messydesk said:
    Looking at that another way, (201-72) / (2.10-.79) = 98.4 x the markup there used to be on a proof set.

    You're dividing an amount in 2020 dollars by one in 1964 dollars. I don't know that anything useful can be found here.

  • SanctionIISanctionII Posts: 12,626 ✭✭✭✭✭

    Nice to see you post again Lee.

  • messydeskmessydesk Posts: 20,328 ✭✭✭✭✭

    @MasonG said:

    @messydesk said:
    Looking at that another way, (201-72) / (2.10-.79) = 98.4 x the markup there used to be on a proof set.

    You're dividing an amount in 2020 dollars by one in 1964 dollars. I don't know that anything useful can be found here.

    I guess the rest of the story is that a 1964 dollar is 8.39 2020 dollars, not 98.4.

    John
    Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
  • MasonGMasonG Posts: 6,263 ✭✭✭✭✭

    @messydesk said:
    I guess the rest of the story is that a 1964 dollar is 8.39 2020 dollars...

    Yes, it is.

    @messydesk said:
    not 98.4.

    As previously noted, this figure is meaningless. You might as well divide the units of one measurement made in inches with one made in millimeters.

    And the rest of the rest of the story is the amount of silver in a 1964 proof set is .61 oz., not 2.75 oz. So there might be something to consider there. :)

  • MetalMetal Posts: 122 ✭✭✭

    @messydesk said:

    @Metal said:

    @1630Boston said:

    @bolivarshagnasty said:

    That wasn't Crack. That was Doberman :D

    Maui Wowie and Labrador.

    Ahhh, you're right! (been years since I saw it) Good Times B)

  • MasonGMasonG Posts: 6,263 ✭✭✭✭✭

    @MasonG said:
    As previously noted, this figure [98.4] is meaningless.

    Well, maybe not entirely so. Let's try this:

    2020 issue price: $201
    2020 melt price: $72
    2020 markup: $129

    1964 issue price: $2.10
    1964 melt price: $0.79
    1964 markup: $1.31

    Dividing 2020 issue price by 1964 issue price: 201 / 2.1 = 95.7
    Dividing 2020 melt price by 1964 melt price: 72 / .79 = 91.1
    Dividing 2020 markup by 1964 markup: 129 / 1.31 = 98.5

    All comparisons (issue price, melt price and markup) are similar in percentage increases.

  • Dave99BDave99B Posts: 8,704 ✭✭✭✭✭

    Wow. I guess this explains why I haven't purchased directly from the U.S. Mint in 20+ years.

    Dave

    Always looking for original, better date VF20-VF35 Barber quarters and halves, and a quality beer.
  • messydeskmessydesk Posts: 20,328 ✭✭✭✭✭

    @MasonG said:

    @messydesk said:
    I guess the rest of the story is that a 1964 dollar is 8.39 2020 dollars...

    Yes, it is.

    @messydesk said:
    not 98.4.

    As previously noted, this figure is meaningless. You might as well divide the units of one measurement made in inches with one made in millimeters.

    And the rest of the rest of the story is the amount of silver in a 1964 proof set is .61 oz., not 2.75 oz. So there might be something to consider there. :)

    That was subtracted out. I'm comparing production costs in 1964 to those today, where profit is one of those costs. In 1964 those costs were $1.31. Today they're $129. If you adjust for inflation, it should cost $11 (beyond cost of bullion) to make a set similar to the 1964 proof set. Is there an additional $118 in value in the packaging and market numismatic premium? Not for me, which means I'm less likely to buy it than I would have been to buy a 1964 set then.

    John
    Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
  • johnny9434johnny9434 Posts: 29,302 ✭✭✭✭✭

    welcome to america :)

  • CoinJunkieCoinJunkie Posts: 8,772 ✭✭✭✭✭
    edited December 10, 2020 11:31AM

    @messydesk said:

    @Metal said:

    @1630Boston said:

    @bolivarshagnasty said:

    That wasn't Crack. That was Doberman :D

    Maui Wowie and Labrador.

    As per one of their sketches, maybe with some oregano? B)

    I still have their first two LPS, and Big Bambu has the gigantic rolling paper. I never used it. o:)

    My Roosevelt Dime Registry Set
  • CalifornianKingCalifornianKing Posts: 1,259 ✭✭✭✭

    Insane. I would NEVER buy it at that price.

  • MasonGMasonG Posts: 6,263 ✭✭✭✭✭

    @messydesk said:
    That was subtracted out. I'm comparing production costs in 1964 to those today, where profit is one of those costs. In 1964 those costs were $1.31. Today they're $129.

    I'm quite sure those amounts ($1.31 and $129) are not all profit. What they are is the difference between the bullion value of the coins and the sales price.

  • joeykoinsjoeykoins Posts: 17,573 ✭✭✭✭✭

    Lol. Yeah, you can tell the craziness and desperation of the Mint by the final cost. "$201?" As of previous tally's, $199 or an even $200. Crazy! For $201, that's a whole lotta raw Jefferson's I could spend it on. Lol. :D

    "Jesus died for you and for me, Thank you,Jesus"!!!

    --- If it should happen I die and leave this world and you want to remember me. Please only remember my opening Sig Line.
  • ambro51ambro51 Posts: 13,949 ✭✭✭✭✭

    As long as babies are born proof sets will continue to be bought by “relatives” in sufficient numbers to override rational decisions by collectors or investors.

  • SoFloSoFlo Posts: 542 ✭✭✭✭

    But look at it this way, If you buy it at $201.00 today, and the price of silver triples in the next few years you might break even.

    Wisdom has been chasing you but, you've always been faster

  • rte592rte592 Posts: 1,895 ✭✭✭✭✭
    edited December 12, 2020 10:47AM

    Goes along with the other post about
    aspirational pricing.

  • Mr_SpudMr_Spud Posts: 6,218 ✭✭✭✭✭

    It is crazy. But, to non-coin collectors paying hundreds or thousands of dollars for any silver coin is crazy too. Like why should a MS68 full torch Mercury Dime be worth more than 10 cents, or if they have some knowledge of precious metal, why is it worth more than about $1.80 (or whatever the spot price is).

    Mr_Spud

  • TurtleCatTurtleCat Posts: 4,628 ✭✭✭✭✭

    @Mr_Spud said:
    It is crazy. But, to non-coin collectors paying hundreds or thousands of dollars for any silver coin is crazy too. Like why should a MS68 full torch Mercury Dime be worth more than 10 cents, or if they have some knowledge of precious metal, why is it worth more than about $1.80 (or whatever the spot price is).

    People buy for absolute rarity, conditional rarity, aesthetics, etc. Why else would paintings sell in the millions, antique furniture in the 10s to 100s of thousands, cars for hundred or millions of dollars? But I'll buy all your PCGS MS68 mercury dimes for $5/ea. :)

  • CopperWireCopperWire Posts: 492 ✭✭✭

    These sets get special attribution on the labels from PCGS, everyone wants 70s!!

  • 1Mike11Mike1 Posts: 4,427 ✭✭✭✭✭
    edited December 12, 2020 7:15PM

    @Metal said:

    @1630Boston said:

    @bolivarshagnasty said:

    That wasn't Crack. That was Doberman :D

    I'm thinking it was Labrador. :) Just confirmed it was mostly Maui wow-we and a little bit of Labrador. :D Hilarious move!

    "May the silver waves that bear you heavenward be filled with love’s whisperings"

    "A dog breaks your heart only one time and that is when they pass on". Unknown
  • jmski52jmski52 Posts: 23,281 ✭✭✭✭✭

    I might have to start collecting coins out of circulation again. :)

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • daltexdaltex Posts: 3,486 ✭✭✭✭✭

    @MasonG said:

    @MasonG said:
    As previously noted, this figure [98.4] is meaningless.

    Well, maybe not entirely so. Let's try this:

    2020 issue price: $201
    2020 melt price: $72
    2020 markup: $129

    1964 issue price: $2.10
    1964 melt price: $0.79
    1964 markup: $1.31

    Dividing 2020 issue price by 1964 issue price: 201 / 2.1 = 95.7
    Dividing 2020 melt price by 1964 melt price: 72 / .79 = 91.1
    Dividing 2020 markup by 1964 markup: 129 / 1.31 = 98.5

    All comparisons (issue price, melt price and markup) are similar in percentage increases.

    Now do it by face value.

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