Are raw proof Franklins worth more than melt?
ShaunBC5
Posts: 1,799 ✭✭✭✭✭
Title pretty much sums it up.
I have a few duplicate raw ‘62/‘63 Franklins that I might try to trade in OKC and didn’t know if there was any premium on them. They’re nice, but they aren’t going 68DCAM cam or anything. Very normal proofs from the era. Straight melt, or maybe a little more (or less?)?
Thanks!
1
Comments
I do not know the answer but would suggest checking the 62 for misplaced D on the reverse bell after STOW.
https://www.autismforums.com/media/albums/acrylic-colors-by-rocco.291/
Usually in my experience, raw proof Franklins have a slight premium to business strikes on places like eBay. A dealer at a show is not likely to offer any more than whatever they offer for Uncs.
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Thanks, guys. I’ll be sure to check the 62s.
I'd buy "BU" or proof rolls of Franklin halves if I could find it for near melt. Same for 60's quarters or dimes. I haven't seen it. No interest in any lower quality. Still won't surprise me if dealers won't pay more.
@Aspie_Rocco said: checking the 62 for misplaced D on the reverse bell after STOW.
Any chance of posting a picture of that??
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety," --- Benjamin Franklin
I scrap generic proofs for melt. There's no premium that's easy to harvest.
This numismatically saddens me.
Stuart
Collect 18th & 19th Century US Type Coins, Silver Dollars, $20 Gold Double Eagles and World Crowns & Talers with High Eye Appeal
"Luck is what happens when Preparation meets Opportunity"
I paid a small premium for them in the 90s…$3.50 when silver was around $4? I’m not complaining about melt, actually, just hoping.
Keeping them around for years to try and harvest 10% made me financially saddened.
I've found that people who are numismatically saddened rarely want to reach into their wallets to brighten everyone's numismatic mood.
The same applies to circ generic pre-33 gold. No one wants to pay a premium to rescue the coins but then bemoan the fact that I don't want to hold them for years.
You might want to do a Go Fund Me for 1968 Mint Sets. These days you have to scrap the 40% half and dump the rest in a coin star.
FS901 variety. The D is on a left leaning angle.
https://www.autismforums.com/media/albums/acrylic-colors-by-rocco.291/
Someone time travel with an AI partner to produce genetic pre-33 gold?
I remember some biological Oaxaca gold from the 1970's. It was circulated amongst my friends and myself...
U.S. Type Set
Some of us have them for our birth year set..
So personal value,Yes.
Very good point. Honestly, the same can be said for the hard-line purists who loathe dipped coins….but they also loathe ugly mottled brown toning. Can’t have it both ways…. 😅
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How many people here have recommended buying pre-33 "close to melt" to stack gold? When your close to melt is $50 or even $100 above melt, it is far more efficient for me to just wholesale them. Holding a $3300 coin for weeks to try and get $3350 is insane. Gold could drop $100 while I'm trying to get a $50 premium.
I don't know if any of that scrap gets refined or if it is just traded as generic. I also can't let myself care. I'm not running a numismatic rescue.
I don't even know how many proof and mint sets I've tossed in a coin star. Hundreds of BU rolls, including OBW. I'm sure there are CRHers that would love to search them. But they want to search them at face value and it's just not worth my time to try and find them when I can just cash them in.
The first time I did it, it was a little sad. I got over it. Lol. That is the bottom part of the market that is not booming, it's just riding bullion prices. At $50 silver, you're going to find a lot of GOOD and lower Barber coins in 90% bags because the numismatic premium is zero and you could wait years to find buyers. At $75 or so, you're probably going to find AU and lower Morgans being sold as 90% bags. And 90% may be selling back of melt. Upstate is at -$1.60 today for bags of 90%.
“I don’t even know how many proof and mint sets I’ve tossed in a coin star. Hundreds of BU rolls”
What the advantages of tossing in a coin star? In my neck of the woods, they are a fee based service.
Are there disadvantages to depositing in a bank account?
Wall of HONOR transaction list:WonderCoin, CoinFlip, Masscrew, Travintiques, lordmarcovan, Jinx86, Gerard, ElKevvo, PROMETHIUSS88.
The only coinstar I use is at my Credit Union. I deposit the money in my account, so I pay no fee.
If you take a blurry photo and title it "Coin Rare Silver", and price it at $15,000 on E-Bay you might sell them. If it's a Philadelphia mint coint make sure you say RARE NO DATE !!! , the no-date Philadelphia is the rarest variety!!
Right on. You can also spend them on beer and chips at a 7-11. You are helping a local business, and while you're at it you can convince the clerk to start collecting coins for big bucks! ;-)
My bank has a free coin star that goes into my account. You used to be able to get fee- less gift cards at CoinStars but that has gone away.
The asvantage is you don't have to count and roll the coin. You just dump and go... and break the machine half the time. Lol
Yup
Shouldn't that be "no mintmark"
Yeah, because the clerk wants to count 1100 cents to pay for a 6-pack. The people behind you in line will also be thrilled with you.
Do your banks/credit unions really have a Coinstar machine, or another coin counting machine?
All Coinstar minutes count coins, but most counting machines are not Coinstars.
I am aware that Coinstar occasionally runs promotions when it gives full value if the money is put on certain gift cards, but normally there is a service fee.
Private/generic machines in banks normally do not charge for customers.
Both my banks have a coin counting machine ( not coin star brand).
No fee if funds deposited in your account. The machines are available for general public use, but charge a fee if cash out the receipt.
Wall of HONOR transaction list:WonderCoin, CoinFlip, Masscrew, Travintiques, lordmarcovan, Jinx86, Gerard, ElKevvo, PROMETHIUSS88.
Now, now, being a bit melancholy about seeing proof Franklins sell at melt doesn't then need to motivate me to action for having an emotional attachment.
I can be a bit nostalgic about the iPhone 4 doesn't then translate to me wanting to give up my 16 Pro.
peacockcoins
My bank will not accept rolled coins. They have to be loose when I bring them in, ready to count in the machine.
Whoever is careless with the truth in small matters cannot be trusted with important matters.
IMO absolutely but ymmv. Your best bet - send them in for grading. Just add the direct grading fees to cost, indirect opex to expense. Me / I would want to know our hosts opinion. Who knows a bull market for them could come stomping in.
Take a $17 PR63, send it in for grading and get a 64, you've now sunk $30 into a $25 coin. Really excellent advice...
I do them at least cost plus anyway so no worry for me lol.
That some player would try get them for circ junk melt it’s time for him to leave. Get them graded, don’t sell yourself short in pricing them. Look at some of the huge premiums they put on stickered coins.
Don’t let somebody pickoff your PF Franklins for melt.
I've noticed the same thing. I'm hauling far scarcer clads than proof Franklins to the bank for face value but people (other than me) aren't even numismatically saddened by it. The only alternative was to dump them on my heirs.
I trade things like proofs with no premium for anything with a premium near current melt. At least if silver drops I have coins with premiums. When silver is low I trade premium silver for scrap.
Years ago these PCGS boards used to have, "Post Of The Day" (POTD) and it was somewhat popular. Was or is there any kind of award for "Ridiculous Post Of The Day" (RPOFD)?
peacockcoins
I would give my vote on that for your post above lol.
I've got some 66s here you can have for $35. You won't even have to submit
My logic in posting what I did:
You are a highly respected and well seasoned dealer. Many have come to know you for your extensive knowledge and expertise. There are many new members who join who look up to you and thus hang on every word you write (even with the edits). I'd hate to see one of those followers take a roll of twenty commercial grade proof Franklins and then send them into PCGS for grading based on your opinion and suggestion.
I think they would lose in the long run- not just cash but faith in you.
Does that not also enter your mind, Cougar?
peacockcoins
He doesn't care. He just prices them cost plus, no matter what the market is. That might be the runner-up for ridiculous post if the day. By that logic, you could submit your pocket change and just price it at $40 per coin and it's all good!!!
I find it very hard to believe that he actually runs his business that way.
There's always moneymetals.com
That not bad given melt is $27.15
I can price my pocket change at $40 a coin, but no one will buy it.
I also find it hard to believe Cougar runs his business this way, because if he did he wouldn’t have a business for much longer. Granted, we’ve never seen a single of Cougars coins or heard where we can see his inventory - so he may not even be a dealer.
Reading the subsequent posts, this should not be a surprise.
Outside of proof sets, I'm not aware that there have been very many set collectors of proofs. The number collecting the older intact sets must have collapsed if the declining mintages are any indication. I don't think it's just the increasing list prices either. It's that there just isn't the collector base for it anymore. None of the mintages are even close to actually low, even the 1950. I expect this trend to continue.
Of course, no worry for you and no need to care about your customers, either.
I do give you credit for being so transparent in showing your true colors. That takes courage, even if you don’t realize it.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
@braddick, I would love to have been able to see the expression on your face when you wrote that and hit “Post Comment”.😀
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I think he's full of baloney. Putting them in a slab won't change the value. He doesn't strike me as somebody who is going to spend $35 to slab a $20 coin.
People offer me melt or less for slabbed coins all the time. If you have an AU common date DE in a slab, melt is the current RETAIL price. I assume Cougar knows that, unless I'm giving him too much credit.
Giving him too much credit might be precisely what you’re doing.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Please save all your 1968 mint sets for me.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
I may or may not be selling/trading the see particular proofs, but I’m definitely not getting them slabbed. I own a few slab candidates, but I don’t think these 1962/3 proofs are among them. They’re nice, but that’s a risk for someone else to take.
I’ll let everyone know what kind of offers I get/take if I’m able to find interested dealers.
I have not slabbed any PF 1961-63 Franks but I have 6 inherited from my deceased brothers estate I would like to get graded. If l market them - No LOL I am not going to sell them to somebody around melt, at a loss, etc. I think I will take a look c what they really can be acquired for. Maybe pick up a few nice slabbed ones since their “only worth around melt.”
I see no sense hanging onto coins no one wants. The crime isn't selling proof Franklins for melt the crime is there aren't enough collectors who want the coins to create a premium. It's far worse with things like more recent mint and proof sets because the demand is near 0. Despite the extreme difficulty in obtaining BU rolls there is still no market for them. You can't hold the stuff forever and eventually it just has to be hauled to the bank. It's not just dealers cutting up mint sets and putting BU rolls in the till, it's collectors as well. The coins just aren't going to be around in 20 years. They aren't around now but nobody notices.
I can almost understand why proof Franklins have to be melted. There are millions of them and they scrap at nearly $14. But why do scarce Gem BU memorials sell for a few cents?
If you have quantities of proof Franklins you can usually get a little premium but most buyers expect a lot of nicer coins to be included and no culls.
This. I would have thousands of pounds of face value coins.
The trouble with Proof sets is that there is a small core of collectors, such as l, who like them and buy one for every year available. The trouble is the number of collectors is probably a couple hundred thousand while mintages were in the millions. Therefore the silver coins sell for melt, and later base metal sets often sell for less than their issue price.