@BillJones said:
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.
Many of the base metal sets are often bought BELOW their face value. Common dealer practice is to shoot pay 30% (+/-10%) back of Greysheet. But Grey for many sets is barely above face value so the bet is under face.
@BillJones said:
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.
Many of the base metal sets are often bought BELOW their face value. Common dealer practice is to shoot pay 30% (+/-10%) back of Greysheet. But Grey for many sets is barely above face value so the bet is under face.
Why sell the sets for less than face value? They are legal tender, you can spend them or put them in the bank.
Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
@BillJones said:
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.
Many of the base metal sets are often bought BELOW their face value. Common dealer practice is to shoot pay 30% (+/-10%) back of Greysheet. But Grey for many sets is barely above face value so the bet is under face.
Why sell the sets for less than face value? They are legal tender, you can spend them or put them in the bank.
Probably because they didn't do the math or the dealer didn't break out each set as a separate number
Only had a short time at the show. Saw a couple but 4 raw proof Franklins for $15/ea. I had a couple dealers pass completely on everything I had to sell/trade and finally the last guys that passed walked me down to a golly who offered to buy almost everything I had at pretty reasonable prices (on average, across the board).
He offered $13/ea, $39 total for the 3 I had and I sold him those and about 80% of the other stuff he made offers on. I walked to another table and bought a 42/1 Merc and was happy with my day.
Small sample size experience today - small quantity proof Franklins can be bought by the public for less than melt, and this sell from the public for less than melt (if you can sell them).
Barely, but they would get a premium of 30% at least usually at the shop..
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For the proof Franklins minted during 1950 - 1955, yes.
For 1956-1959, maybe.
For 1960-1963 not likely.
My above answers presume that these coins are run of the mill coins lacking attributes that make them stand out (i.e., beautiful toning, an in demand variety, and/or CAM/DCAM).
Of course if the spot price of silver skyrockets the melt value of the silver in the coins will exceed the numismatic value of more of the pre 1960 coins. If the spot price of silver reaches $1,500.00 the silver content of each coin would be about $500.00, thereby exceeding the numismatic value of even the run of the mill 1950 proof half dollar.
Is it just me or is anyone else getting phone calls about buying original bank rolls of Franklins from a deceased collector?
The first time he called I asked how much? He said 1600, I hung up!
The second time he called I said I thought you were dead, then hung up again.
@SanctionII the coins in question were very normal ‘62/63s. Probably 65s if graded. I found no one interested in even paying melt and not worth the effort of selling on BST or anywhere else to get closer
@BillJones said:
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.
Of course you're right but many of these sets have been loved to death; viewed over and over and over until the paper is gone and all that's left is to cut up the increasingly opaque plastic. Even more are so unwanted and unloved they are cut up to spend, melt, or sell the pieces. Even more are flooded or destroyed in fires. People take all these later date stets for granted because historically there have always been lots more of them than demand but now sellers are having difficulty stocking every date. More concerning is that the sets are the only place to get some of the coins in them because of melting and spending.
@ShaunBC5 said:
If 2x cost is the benchmark on these, I killed it based on my probable 1996 cost of $3.50/ea. TVM isn’t great, regardless.
2x cost isn't the benchmark for anything. That was Cougar's retail pricing. If it's worth face value, he'll buy it at half face value. Or if he pays face value, he'll try to sell it at double face value.
@Coinscratch said:
Is it just me or is anyone else getting phone calls about buying original bank rolls of Franklins from a deceased collector?
The first time he called I asked how much? He said 1600, I hung up!
The second time he called I said I thought you were dead, then hung up again.
One of my family members got that call as well. Seems to be a new scam making the rounds.
@Coinscratch said:
Is it just me or is anyone else getting phone calls about buying original bank rolls of Franklins from a deceased collector?
The first time he called I asked how much? He said 1600, I hung up!
The second time he called I said I thought you were dead, then hung up again.
One of my family members got that call as well. Seems to be a new scam making the rounds.
Yeah, and anytime they say “unsearched” you can be sure they’ve been searched.
Comments
Many of the base metal sets are often bought BELOW their face value. Common dealer practice is to shoot pay 30% (+/-10%) back of Greysheet. But Grey for many sets is barely above face value so the bet is under face.
Why sell the sets for less than face value? They are legal tender, you can spend them or put them in the bank.
Probably because they didn't do the math or the dealer didn't break out each set as a separate number
Only had a short time at the show. Saw a couple but 4 raw proof Franklins for $15/ea. I had a couple dealers pass completely on everything I had to sell/trade and finally the last guys that passed walked me down to a golly who offered to buy almost everything I had at pretty reasonable prices (on average, across the board).
He offered $13/ea, $39 total for the 3 I had and I sold him those and about 80% of the other stuff he made offers on. I walked to another table and bought a 42/1 Merc and was happy with my day.
Small sample size experience today - small quantity proof Franklins can be bought by the public for less than melt, and this sell from the public for less than melt (if you can sell them).
Just do them at cost x 2.
Barely, but they would get a premium of 30% at least usually at the shop..
✨ Free shipping on orders over $150 & 10% off your first order for CU members! ✨ Over 500+ Collectibles
Shop today at jayscoins.com! A little everything for everyone.
For the proof Franklins minted during 1950 - 1955, yes.
For 1956-1959, maybe.
For 1960-1963 not likely.
My above answers presume that these coins are run of the mill coins lacking attributes that make them stand out (i.e., beautiful toning, an in demand variety, and/or CAM/DCAM).
Of course if the spot price of silver skyrockets the melt value of the silver in the coins will exceed the numismatic value of more of the pre 1960 coins. If the spot price of silver reaches $1,500.00 the silver content of each coin would be about $500.00, thereby exceeding the numismatic value of even the run of the mill 1950 proof half dollar.
Is it just me or is anyone else getting phone calls about buying original bank rolls of Franklins from a deceased collector?
The first time he called I asked how much? He said 1600, I hung up!
The second time he called I said I thought you were dead, then hung up again.
@SanctionII the coins in question were very normal ‘62/63s. Probably 65s if graded. I found no one interested in even paying melt and not worth the effort of selling on BST or anywhere else to get closer
@Coinscratch i haven’t gotten that call. Not sure which corner of the dark web they got your number from
You must have a lot of unsold inventory...
Either that or he takes advantage of buyers who don’t know better.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Of course you're right but many of these sets have been loved to death; viewed over and over and over until the paper is gone and all that's left is to cut up the increasingly opaque plastic. Even more are so unwanted and unloved they are cut up to spend, melt, or sell the pieces. Even more are flooded or destroyed in fires. People take all these later date stets for granted because historically there have always been lots more of them than demand but now sellers are having difficulty stocking every date. More concerning is that the sets are the only place to get some of the coins in them because of melting and spending.
Current processes are unsustainable.
If 2x cost is the benchmark on these, I killed it based on my probable 1996 cost of $3.50/ea. TVM isn’t great, regardless.
2x cost isn't the benchmark for anything. That was Cougar's retail pricing. If it's worth face value, he'll buy it at half face value. Or if he pays face value, he'll try to sell it at double face value.
One of my family members got that call as well. Seems to be a new scam making the rounds.
Yeah, and anytime they say “unsearched” you can be sure they’ve been searched.