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What would you do with Proof Presidents Sets?
jmski52
Posts: 23,968 ✭✭✭✭✭
If you had made the mistake (like I did) of buying a bunch of Presidential Proof Dollar 4-coin sets, what would you do to recoup some of the expense?
Would you sell them at a loss and just dump them?
Would you screen through them and try to submit the best coins for PR-70?
Any thoughts?
Would you sell them at a loss and just dump them?
Would you screen through them and try to submit the best coins for PR-70?
Any thoughts?
Q: Are You Printing Money? Bernanke: Not Literally
I knew it would happen.
I knew it would happen.
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Thats actually a good question. I would like to hear what other members have to say.
<< <i>If you had made the mistake (like I did) of buying a bunch of Presidential Proof Dollar 4-coin sets, what would you do to recoup some of the expense?
Would you sell them at a loss and just dump them?
Would you screen through them and try to submit the best coins for PR-70?
Any thoughts? >>
Did the same thing myself with the first year 2007 sets. Sold a few on ebay at a loss and still have about 40 sets. Guess I'll just hang on to them.
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
<< <i>Spend them.... they will not be worth anything in our lifetimes.... maybe not even our great-great- grandchildrens lifetimes. Cheers, RickO >>
You can give the "worthless" drecks to me! PM me for an address....
They will always be worth a dollar!
Successful BST xactions w/PCcoins, Drunner, Manofcoins, Rampage, docg, Poppee, RobKool, and MichealDixon.
I started buying the 4-coin sets when the Prez Dollars first started because I was speculating on the popularity of the new series. Also, I didn't realize that the Mint was going to start sticking them into both the Regular Proof Sets and the Silver Proof Sets as well.
But it was really only a speculation.
If you are serious about recouping your outlay.
I don't care if I recoup my outlay, but I do want to maximize any recovery of expense. I would take a loss simply because the loss can always offset some of the gains I made from other speculations that turned out better. Offsetting a tax gain with a loss still results in getting my capital free again.
I guess I should do my own research and see if the premium on a few PR-70s might be worth the time and cost that it would take to examine them closely and then to submit them. I'm probably answering my own question, and I'm guessing that the time & cost won't be worth it.
I knew it would happen.
Stripped out the silver and sold the rest.
That is where the good news ends...........
Despite the fact that the US Mint sells the 2011s for $19.95 per set these don't sell on Ebay even in $9-10 range.
I sell them in rolls of 20 for $30 or $1.50 each.
For 2010-S the proof Lincolns will bring more but Pierce/Bucannan/Fillmore are $30 per roll.
I'll sell anyone who wants a roll of all 4.....80 proof dollar coins total..........a set of 4 proof rolls for $130 plus $4.95 S/H
For instance, their teachers have given them points all year when they do good things, and they can spend these on things. I am giving them some different coins, in different (self-slabbed or 2x2) holders on Monday so the kids can choose these.
I have done similar with pennies and SHQs over the last couple of years.
This year, I plan to do half dollars and dollars.
For the prez bucks, even in proof, I just don't see much value that gets put on them and so I write it off as a loss.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
<< <i>Why did you buy them in the first place?
I started buying the 4-coin sets when the Prez Dollars first started because I was speculating on the popularity of the new series. Also, I didn't realize that the Mint was going to start sticking them into both the Regular Proof Sets and the Silver Proof Sets as well.
But it was really only a speculation.
If you are serious about recouping your outlay.
I don't care if I recoup my outlay, but I do want to maximize any recovery of expense. I would take a loss simply because the loss can always offset some of the gains I made from other speculations that turned out better. Offsetting a tax gain with a loss still results in getting my capital free again.
I guess I should do my own research and see if the premium on a few PR-70s might be worth the time and cost that it would take to examine them closely and then to submit them. I'm probably answering my own question, and I'm guessing that the time & cost won't be worth it. >>
By all means, screen them and submit the best. You should have enough coins to make an accurate assessment.
The rest, check them over for anomolies. Maybe the edge lettering die got worn? Look for doubling on the reverse around the second ray.
Once your research is done then sell what you do not want to keep or get graded.
This really is the toughest part about collecting and trying to resell moderns as the speculation is very small.
How many sets are you looking at anyway?
The name is LEE!
And Dimeman, this is for your edification. Not a bad speculation (note that they are Moderns). And by the way, I've taken more hits on "classic" coins over the years than I have in purchasing Moderns from the Mint.:
I knew it would happen.
What are PCGS populations for PR69 vs. PR70??
This will give you a rough guide of how many coins you will have to submit to get a PR70.
How many $$$ in fees and 2 way shipping to get a PR70?
What will you do with all those PR69s??
Then consider how will you sell them??
Effort of listing and Ebay/Paypal selling fees??
Unless you are using bulk submission rates it is very tough to make money submitting modern non-bullion based coins.
Even with bulk rates remember PCGS charges more to grade a PR70 than a PR69
(I do have a couple of 2007 MEL FDI coins to sell but will wait for the market to get better!)
BLESSINGS
<< <i>Well at least you have proofs. I'm stuck with rolls and rolls and rolls of circulations Prez. bucks that don't circulate. And yes there the mint rolls that I'll never get the premium paid for them back.
I'll buy all your Harrison mint wrapped rolls for $100 a piece...
I also have 8 of MEL raw Washingtons.
130 MS 65 FDI of the Washingtons in P and D, a few 66s that I made in a bulk order. PCGS changed their minds in bulk submissions: any sealed $1000 box dated with the initial release date was eligible for FDI. That destroyed the FDI program I think.
The FS PF PCGS Presidential Dollars seem to be in the 150-250 population range out of 7K coins submitted. Price guide is only in the mid $200s for the individual FS 70s.
Box of 20
<< <i>Well at least you have proofs. I'm stuck with rolls and rolls and rolls of circulations Prez. bucks that don't circulate. And yes there the mint rolls that I'll never get the premium paid for them back.
If they ever get rid of the paper buck, you just "might" get your premium back.
Lot's of folks don't even know that these exist but if the buck goes bye-bye, they'll find out pretty quick.
The name is LEE!
``https://ebay.us/m/KxolR5
The market for these sets is even worse than when I dumped a few of them just before I retired as a dealer. I think I set them out at a show with a big sign on them at six or seven bucks a piece. I figured they were Proofs and had to be worth that since they had a face value of $4 a set. I guess my estimate was high.
I'd advise collectors to avoid the "quarters only" sets because I had a lot of trouble selling those sets too. I sold them for 60% of Gray Sheet bid at the last FUN show I did just to get rid of them. None of the dealers want them at anything close to the bid price.
<< <i>a giveaway to a YN might be in order >>
Yes, that makes more sense than spending them.