Last year when I was completing my State Quarter collection, I realized for the first time how low some of the prices on proof and mint sets have fallen. Apparently it was a wholesale drop in price, regardless  of the types of coins involved. Since I was only interested in the Silver State Quarters, for several years I purchased the “Quarters Only” sets. The sets have five .900 fine quarters worth between $3 and $4 melt values. While shopping, I was amazed to see some of the sets selling for under the values of the silver quarters contained. This prompted me to look at some other types of coin sets with silver coins included. In a market where prices are rapidly rising, it is difficult for dealers to maintain current prices, creating a tremendous bargain for an active buyer with knowledge of the precious metals market.

Of the possible silver sets to buy, probably none are more commonly encountered the 90% silver sets dated 1960 – 1964. During the early 1980’s when silver prices rose to over $50 an ounce, millions of the set were cut up and the silver coins sold for bullion. Regardless, many are still available and generally are priced cheap for what they are. For example, when the price of silver is $17, the bullion value of halves, quarters, and dimes is $6.15, $3.07, and $1.23, respectfully. This equates to $10.45 of silver in each of the silver sets, noted. Many of the sets encountered typically sell for under $15. This is a unique opportunity to own a nice set of coins in the best possible conditions. Making the sets even more attractive, some of the coins have a cameo quality, which greatly adds to their collector value. Also, all of the sets, 1960 – 1963 contain a classic Franklin half dollar. While searching for my Silver State Quarters, I encountered another series of coins, the 2 Washington Commemorative Half Dollars. Introduced in 1982 to commemorate two hundred and fifty years after the birth of the first President, they were the first 90% silver half struck since 1964. Designed by Elizabeth Jones, the obverse features George Washington astride a horse and the reverse depicts the eastern façade of Mount Vernon. The coin was issued in Proof and Uncirculated in a specially constructed box, blue for uncirculated and red for proof. These are nice coins and the beginning of a long list of commemorative coins dating to the present. The program had ended with the Carver/Washington commemoratives in 1954 . Regardless, I located two stacks at a local mall for $6 each, a price below the silver melt values!

Continuing, another series of coins I see as a bargain are the 1976 Bicentennials. These featured special reverse designs and a dual date 1776-1976. Issued in two three piece sets, uncirculated and proof, three coins, quarter, half, and a dollar were included. The designs of the coins were unique and featured a bicentennial theme, a Liberty Bell over the Moon for the dollar, Independence Hall on the half, and a Drummer Boy quarter reverse. Both sets were struck in 40% silver clad and currently have an intrinsic value of slightly under $10. Regardless, many sets are still encountered bearing prices close to the silver values. This is another cheap set I feel is drastically underpriced and a bargain in the current market.

Although they don’t include any silver coins, there are a number of proof sets dated 1971- 1992 priced in the $5 to $8 range. The coins contained are deep cameos and reflect the best qualities of U.S. Mint proof issues, but for some unknown reason the prices have remained low for most of the past decade. Of these, some of my favorites are the sets issued 1971 – 1978 which include a proof Eisenhower dollar. In addition, another set which includes dollar coins are the 1979 – 1981 sets, featuring the short lived Susan B. Anthony series. All of the sets include coins which can be removed and used to complete sets of all coin denominations from cents to dollars. When the cents are housed in special folders with holes for the uncirculated as well as the proof, they make a very attractive and potentially valuable presentation. Many of the proofs have relatively low mintages compared to the business strikes.

Another group of coins with rock bottom prices are the Brown and Blue Eisenhower dollars. The Brown Ikes, or proofs, were mounted in a large plastic slab which fit into a cardboard frame covered with a brown cardboard sleeve. In contrast, the uncirculated Ikes were sold in a film pack housed in a navy blue envelope. Both coins were struck on 40% silver blanks and released in these formats for the years, 1971, 72, 73, and 1974. The last 40% Ikes were minted as part of the bicentennial celebration and sold in a different format. Of the 1971 – 1974 Ikes, the key or lowest mintage was the 1973 and commanded a $200 price tag during the early 1980’s. Today, the 1971, 72, and 1974 are priced slightly  above their bullion values and the 1973 is usually priced below $30. In my opinion, the Ikes represent a fantastic bargain at current price levels.

Although not proof quality, the mint sets from the years, 1968 – 1998. Many of these have dropped to near face values and, as in the past, are excellent sources for the coins needed to build date and mint mark sets. The impact of these is obvious for the years, 1982 and 1983 when the mint did not offer any mint sets for sale. With the mint sets, there are at least three years, 1970, 1973, and 1981 when the sets included coins not minted for general circulation. These included the Kennedy half, Eisenhower dollars, and the Susan B. Anthony dollars. Also, Kennedy halves were only issued in mint sets for the years 1987 and 2001 – 2007, with none being issued for general circulation. One last personal favorite is the 1996 mint set which includes a 1996 W dime. Obviously, mint sets include many potentially valuable coins and should be priced much higher than their current asking prices.

The last group of mint sets I feel are under priced are the 1999 – 2008 State Quarter sets which contain the .900 fine silver quarters, halves, and dimes. Even the key, 1999’s, 2001’s and the 2002’s are currently selling for unrealistically low prices. When their relatively low mintages are balanced against the millions of collectors building sets of quarters, it is obvious that there are not enough quarters to meet the demand. At some point in the future the people who have assembled clad state quarter sets are going to want something better and discover the 90% silver pieces. This is when the prices should soar. Also, as I mentioned earlier, many of the sets are selling at or near their bullion values. This especially applies to the “Quarters Only” sets  mint 2004 – 2008.

In this article I have covered many years of mint and proof sets which are needed to build complete sets of U.S. coins. Many contain some very scarce coin bargains which have gotten those cheapy proof and mint sets to looking better all the time.