Please Read Before Posting A Topic

In the title please put date, denomination and type of coin design and a brief on what you are asking about.
In example: "1995 Lincoln Cent Missing 5" or "2010 Roosevelt Dime With a Line inside the rim".

All of this helps discern the different topics from each other and is much less confusing to members who want to help.
Topic titles like "how did this happen" or "help" often get ignored and lost in the confusion.

Also if you're having trouble posting an image then here's our guide for that. How To Post Images

Thanks,
Daniel Admin/Founder

1970-79 US Mint Proof Sets Honest Appraisal?

If it doesn't fit anywhere else, POST IT HERE. Numismatic related posts only.

Moderator: Daniel

Message
Author
cslewisfan
Coining Around
Posts: 6
Joined: Sat Sep 18, 2021 2:22 pm
Has thanked: 5 times
Been thanked: 2 times

1970-79 US Mint Proof Sets Honest Appraisal?

#1 Unread post by cslewisfan »

My father left a pretty simple coin collection in his estate. For the most part it consists of about 50 proof sets years 1970-79 and about 100 mint sets of the same date range. Almost all of it is in the original mint packaging and mint mailing boxes. I went to a dealer this week who said he would appraise it for a couple hundred dollars. He gave me written prices based on the year and whether proof/mint of about $2.00 to $5.00 per set. Does this seem like a ballpark fair appraisal? I just want to get a reasonable appraisal of what the collection is worth approximately. Should I find another dealer or did this one give me honest prices? Thank you for any insight you can give me.

silverbul
Coin Collector
Posts: 99
Joined: Thu Feb 18, 2021 2:55 pm
Location: granite city il
Has thanked: 29 times
Been thanked: 20 times

Re: 1970-79 US Mint Proof Sets Honest Appraisal?

#2 Unread post by silverbul »

i would go on ebay and see what they are selling them for, also look into weather maybe some will have more valuable coins in the mix separated. will take time but that's what i would do. jmo.

cslewisfan
Coining Around
Posts: 6
Joined: Sat Sep 18, 2021 2:22 pm
Has thanked: 5 times
Been thanked: 2 times

Re: 1970-79 US Mint Proof Sets Honest Appraisal?

#3 Unread post by cslewisfan »

Thank you silverbul. I took a look on ebay. There are a lot of these sets for sale there. The most prevalent price for each set (ignoring the fewer higher prices) were several times higher than the dealer quoted me. However, I wouldn't expect a dealer to offer retail and I don't have much feel for how indicative an ebay price is of a fair dealer price. I'm hoping someone can give me a "dealer perspective" if possible. How should fair dealer offers compare to ebay, for example (in general)? This dealer spent a lot of time explaining to me how the demand for coins by collectors is diminishing and that now is the time to sell since the coin market is going inevitably downward for the foreseeable future (except perhaps for rare coins). Daniel in one of his videos discussed the decline of interest in coin collecting too, though his view was not as dire as this dealer's.

User avatar
Matthudson
Coin Wizz
Posts: 223
Joined: Wed May 26, 2021 11:41 am
Has thanked: 94 times
Been thanked: 77 times

Re: 1970-79 US Mint Proof Sets Honest Appraisal?

#4 Unread post by Matthudson »

The first thing you want to double check is on the silver proof sets that you don't have a super rare "no s" set.

In 1970, there is a small number made without an "s" on the dime

In 1971, the "s" is missing on the nickel

In 1975, the "s" was missing again on the dime. There are only two of these sets known.

If you have any of these <no "s "> sets (the "s" is missing only on one coin, but there on the others), they are extremely valuable, reaching upwards to $1000 to priceless. One of the 1975 no "s" silver proof dimes sold at auction with Heritage for $456,000 in Sep., 2019!

To the quotes you're getting from this dealer, it sounds like you have an uneasy feeling from the encounter - thus, coming to this forum. Ask a few others!
Attend a coin show in your area and window shop similar sets to see what they are selling for.

Maybe, if you give your location, someone on this forum might be able to suggest a trusted dealer in your area for a second opinion.

Seek out a copy of "A Guide Book of United States Coins ". Libraries usually have a copy.

Here is a link that may be helpful. Keep in mind there is a margin between the price a dealer will offer you and what the dealer will sell it for.

https://coins.thefuntimesguide.com/1970_mint_set/

In 1970, two variations are common: The large date, and the more valuable small date. Look out for these as well:
1970 small date.jpg

User avatar
Matthudson
Coin Wizz
Posts: 223
Joined: Wed May 26, 2021 11:41 am
Has thanked: 94 times
Been thanked: 77 times

Re: 1970-79 US Mint Proof Sets Honest Appraisal?

#5 Unread post by Matthudson »

cslewisfan wrote: Sat Sep 18, 2021 5:27 pm This dealer spent a lot of time explaining to me how the demand for coins by collectors is diminishing and that now is the time to sell since the coin market is going inevitably downward for the foreseeable future
Sounds like he is making a blanket negative prognosis to get you to think your coins aren't worth a lot. I am already suspicious. I think he smells inexperience on you. Join a local coin club. Get to know more people who are also interested in coins. Ask for many, many opinions! Hint: Show only ONE of each kind. If you come out with 150 sets, you're going to confuse the situation unnecessarily. You can mention that you have several more of each kind later in the conversation. Have them sorted neatly so that a simple overview and semblance of organization is present.

cslewisfan
Coining Around
Posts: 6
Joined: Sat Sep 18, 2021 2:22 pm
Has thanked: 5 times
Been thanked: 2 times

Re: 1970-79 US Mint Proof Sets Honest Appraisal?

#6 Unread post by cslewisfan »

Thank you for all of your great insights, Matthudson. I really appreciate it! All the dealer's negative rhetoric about coin values did make me a bit uncomfortable. That and his general "salesman" character and push. But I am flying blind with coin collecting and he could easily see that. I hope he did not take advantage. I live on the west side of the Denver Metro area, if anyone knows of a trusted dealer near here, I might do well to get a second opinion. Also I'll check the coins to make sure there is nothing more valuable included, as you suggested. I was told that having the coins in the original packaging is important so I presented them as I have them, in boxes with 4 or 5 packages in each. It does seem like a lot of coins to evaluate but the dealer took about 45 minutes to give me prices on everything (there were about 20 miscellaneous items also). I doubt if he was looking for exceptions like the missing "s" coins, he went through them so fast. I just looked at the price lists on Heritage Auctions, as Daniel suggested in a video, and those prices are mostly 2 - 3 times higher than the dealer's offers, though lower than typical ebay prices.
Thanks again for all of the good info.

JTCC
Coinasieur
Posts: 181
Joined: Sun Aug 22, 2021 7:01 pm
Location: Las Vegas, Nevada
Has thanked: 31 times
Been thanked: 31 times

Re: 1970-79 US Mint Proof Sets Honest Appraisal?

#7 Unread post by JTCC »

$2 to $5? sure smells fishy!

User avatar
Daniel
Administrator
Administrator
Posts: 17198
Joined: Wed Jan 28, 2009 4:59 pm
Location: Ohio
Has thanked: 507 times
Been thanked: 1216 times
Contact:

Re: 1970-79 US Mint Proof Sets Honest Appraisal?

#8 Unread post by Daniel »

$2 to $5 a set is ab out right with current silver trends, although you don't want to accept anything below melt or face value. Some of the sets should be a little higher and you can check for the large and small date in 1970. However, these are all common sets that sell for less than $10 each.


User avatar
Earle42
Administrator
Administrator
Posts: 3557
Joined: Tue Apr 02, 2019 11:18 am
Location: OH
Has thanked: 203 times
Been thanked: 1109 times

Re: 1970-79 US Mint Proof Sets Honest Appraisal?

#9 Unread post by Earle42 »

I have a friend who helps out at two of his local coin shops. It was a couple years ago that the one owner asked my friend to start breaking out the coins in the clad proof sets to taketo the bank and cash them in for face value. I gave him face value for quarters, nickels, dimes, and halves getting one of almost all of them up through the year 2000.

I bought the clad sets in the 70s and early 80s thinking clad proof sets would always be collectable and desirable since they were the most perfect coins made (that's how they were marketed). They all have lost value to the point that I paid five times what the current going price is today.

Many coin shops end up with way too many clad proof sets they cannot sell from buying collections.

Of course the rare varieties such as Matt mentioned are worth looking for.
Fact Check the grading Companies:
Fact checking grading company shortcomings on NO FG halves:
https://tinyurl.com/yalrstjz or higher resolution version: https://tinyurl.com/y7rksxu8

cslewisfan
Coining Around
Posts: 6
Joined: Sat Sep 18, 2021 2:22 pm
Has thanked: 5 times
Been thanked: 2 times

Re: 1970-79 US Mint Proof Sets Honest Appraisal?

#10 Unread post by cslewisfan »

Daniel, I watched the video you posted and found that to be extremely helpful. That with the comments you made are just what I was hoping for. I am surprised and most grateful for all of the help I received from this forum. What a good and genuine group of folks here. Thank you!

Post Reply