“When the economy is like it is today, with people unemployed everywhere, I don’t think price hikes are the thing (for the Mint) to do,” said a spokesman for one of the country’s largest coin dealers, talking about a recent hike in the price of Proof Sets and Mint Sets. “Times are not good. People have taken a loss of everything they’ve bought from the Mint lately.” Sound familiar?
Some things apparently never change. The above quote appeared in an issue of COINage magazine almost 20 years ago. The U.S. Mint has been often criticized over the years, particularly for its Proof Sets and Mint Sets - and their prices. “They’re issuing too many proof sets each year,” whined some. “They’re raising prices again – soon I won’t be able to afford them,” moaned others.
Actually, while all this moaning and groaning was going on, knowledgeable investor/collectors were snapping up as many of those precious metal sets as they could afford. Because they were familiar with those top-of-the-line mirror-finish strikes, how they were produced and how they related to the overall world of numismatics, they were able to stay well ahead of the curve, not only adding highest quality coins to their collections but often times profiting as well.
During the 1950s, a lot of collectors would order a number of sets, keep a few and sell the rest to coin dealers (who were bound by ordering limits set by the Mint) thereby obtaining either a small, or sometimes handsome profit. These shrewd collectors were, in effect, acquiring their sets for nothing, which is the best deal anybody could ask for and the most delicious ingredient in significantly profitable investments everywhere. Isn’t the most sought after investment the one where you can “Invest a little, gain a lot” or words to that effect. Coin collecting can bring such great satisfaction because even the U.S. Mint can often make mistakes either in pricing or in production numbers.
Of course, astute investor/ collectors always check their proof sets closely as soon as they arrive because even the U.S. Mint can make production mistakes too. Imagine the  joy of the lucky collector who upon examining his 1990 Proof set noticed the cent missing its “S” mintmark. This is just another reason for checking out those sets with a magnifier.
Notice any coins that are a cut above the others in the set, perhaps with a slightly more brilliant field or with a more sparkling frosty design element. This is called “grading,” my friends, and highly graded proof coins can be more valuable individually than even a number of ordinary proof sets.
Again, astute investor collectors realize that the value of proof sets are not static -- their value rises and falls, just like the value of stocks and bonds and even your local bank interest rates -- and this can often lead to opportunity. Which brings us to the present.
As of late, even the 1983 Prestige Set, issued at $59 and valued at $98 in 1992, is now valued in the Coin Dealers Newsletter (The Grey Sheet) at $57.50, below issue price. Need more proof about Proof Set opportunities? How About the 1984 set, issued at $59. Eight years later, its price was $52. Value today is $21, an even better chance for profit for the shrewd investor/collector.
Again, take the 1987 set, issued at $45, worth $29 in 1992, but definitely a buying bargain,and an opportunity on today’s Gray Sheet of $19.50 (given the cyclical effect of coin values).
And then there are the mint sets … and even greater values. These, sometimes considered poor cousins of Proof Sets, also represent a handsome opportunity both for collecting and profit for the astute collector.
Unlike Proof Sets, which are double struck on special highly polished dies, Mint Sets contain regular circulation or business strike coins specially packaged by the Mint just for collectors. Originally, coins in Mint Sets were taken right out of the regular circulation, run-of-the-mill coin production line.
However, for the last 20 years or so, Mint Set coin planchets were given a special washing before being struck, and then the struck coins are washed again before being packaged. This double washing removes any grease, oil or other contaminants that could later have a deleterious effect on the coins.
As with Proof Sets, in today’s market, Mint Sets have lately been underachievers. Take the 1970 and 1986 sets, which in 1992 were valued at $24 each.
Looking for a great opportunity? Check this out:
1970 Mint Sets today are bid at a bargainbasement $13.50 while the 1986 is bidding for a mere $8.25. What better potential can an investor/ collector ask? The special Mint Sets issued in 1965, 66, and 67 also offer a double-barreled opportunity, that of low price and high quality coins. 1967 sets, valued at $16 (18 years ago) and today at an even more affordable $12, also contain higher-quality coins produced just for these sets, many of them considered even “proof-like.”
Today’s Proof Sets and Mint Sets are bargain-basement priced and offer unparalleled potential for both collection and profit. The astute investor collector will take advantage of today’s low, low prices because he (or she) has always followed that basic rule of investing in anything, “buy low, sell high”, and “profit shrewdly.” The astute collector also realizes that some time may elapse between the three ideals. No one makes a quick killing in numismatics. As in life, reaping rewards takes time and effort to produce the desired effect. The main thing is to “do it for the fun and the rewards will come.” But do it soon before the chance to stock up on U.S. Proof Sets and Mint Sets at low, low prices has passed. And, while you’re at it, remember to check out both types of sets for higher than usual graded coins that can offer even greater profits and add substantial joy to the ultimate rewards of coin collecting. |
