Collecting US mint sets

[Didz]

I am working on a US mint set collection. Since I am fairly devoted to collecting versus my younger days I have started with the latest sets (2008) and I am working in reverse in terms of acquiring a complete collection of Proof, Silver and Unc sets. I don't have enough knowledge of some sets to venture into spending a bunch of money on them. However I am reading and asking away. I have redundant sets and pilfer thru them looking for the finest coins in terms of eye appeal and grade to my un-trained eye. My question to the folks here is “Is there any place where I can find a breakdown of the sets released back to the first days of the US mint sets?”

 

I have found that there is SMS sets, some flat pack sets, some old lens sets etc. I want to make sure my set is complete and not miss anything. Of course it will take time and at some point a lot of money but thus far I am pretty much working on the 1950’s. I have seen some 50’s sets in flat packs and lens sets. I have no clue if they are the same or different or why. I can only assume one is the Unc and the other Gem? Both are silver so what am I missing? I don’t currently have any old lens sets so take that into consideration that I am a noob in that aspect.

I’m also working on a presidential dollar set but I have that bit under control since it’s a recent series. Any help would be much appreciated.

 

[jtryka]

I would start first with the Red Book, as they have a pretty good section on proof and mint sets, including issue prices, face values, etc. From there you can ask here or I am sure there must be some good websites that could help out.

[MunkyMan95]

No US Mint Sets issued in the 1950's came in lenses.

 

The first lenses were 1965 SMS sets.

 

If you're buying 1950's coins in lenses, you're buying an aftermarket product or a set someone has assembled themselves.

 

Also, "Unc" and "Gem" are not distinguished by the US Mint, ever. They're Uncirculated and Proof for most series, barring SMS coins, Satin Finish, etc.

[Didz]

No US Mint Sets issued in the 1950's came in lenses.

 

The first lenses were 1965 SMS sets.

 

If you're buying 1950's coins in lenses, you're buying an aftermarket product or a set someone has assembled themselves.

 

Also, "Unc" and "Gem" are not distinguished by the US Mint, ever. They're Uncirculated and Proof for most series, barring SMS coins, Satin Finish, etc.

 

Wow. I am glad you clarified that for me. I was wondering about the lens deal. I have not bought any old lens sets. Just the old yellow and white envelope. I also heard that none of the envelopes were sealed unless it was mailed that way and not in a box?

 

I'm not in any hurry to waste money. Just like the morgans I have. Nothing expensive and no key dates or high cost coins until I learn more.

 

The red book.. US Coin Digest? Thats the only red book I currently have.

 

Thanks

[physics-fan3.14]

Isn't there a red book volume dedicated to mint sets? I know there is a Red Book Guide to Proof sets.

[EZ_E]

Although there's little doubt that US proof and mint sets can be fun to collect, they have historically been a very poor investment medium. Good news for you is that many of the sets have drastically come down in price, even before this economic downturn. The 1995, 1997 and 1999 silver proofs sets are significantly less than they were 2 or 3 years ago.

[TomB]

The Red Book as it is commonly known is also known by its more formal name of A Guide Book of United States Coins. The book is published yearly by Whitman Publishing and will have an author name of RS Yeoman while edited by Kenneth Bressett. This is the most basic and comprehensive numismatic literature that most folks have in their libraries. You can buy a copy most anywhere for about $15.

 

US Mint Sets will be relatively easy since they were not issued until 1947. The issues of 1947-1949 and 1951-1958 (there were no sets issued in 1950) were sold as double sets. That is, each complete set contained two coins from each denomination and each mint. These coins were put into a small cardboard page by mint and then the pages had a light sheet of paper glued to them on one side and folded over the other side. The little cardboard pages were then placed into a single yellow mailing envelope and shipped to the customer. These sets are getting quite scarce and many sets are actually filled with coins that are not the original pieces. They can produce wonderfully toned coinage, but generally produce pieces that are spotty, uneven and dull brown.

 

US Proof Sets, however, have been issued discontinuously and in various formats for over 150-years and none but the wealthiest collector can hope to put a serious dent in them.

[Didz]

US Proof Sets, however, have been issued discontinuously and in various formats for over 150-years and none but the wealthiest collector can hope to put a serious dent in them.

 

If I can do the last 100 years I'll be happy. If I can complete the last 50 I will be doing good. At least I know from 2007 on I should be doing ok

 

Thanks for that bit of info. I checked my local Barnes and Noble.. guess I will have to order the red book since the red book I have is not the book of choice I guess.

[TomB]

If you do the last 100-years then you encounter all the gold issues from the early twentieth century and these coins sell for five-figures or more [/i]each.[/i]

[MunkyMan95]

I'd stick with the 1940's to today if you don't want to spend tens of thousands of dollars. Last I heard the 1936 proof set is like a $15,000 set.

[Didz]

I'd stick with the 1940's to today if you don't want to spend tens of thousands of dollars. Last I heard the 1936 proof set is like a $15,000 set.

 

.. Based on my current income... yeah 1940's on. Any suggestions on getting these particular early coins? I have basically all proof sets back to 59 right now. I bought someone elses collection and added to it. Only gold coin I have is 2009 UHR. I'm a little weary of buying anything not in a US mint envelope or box.

 

I have some 1943 coins but hardly the grade I prefer to call part of my collection.

[TomB]

If you want from the 1940s and on for proof coins then you are in much better luck financially because there were proof sets issued from 1940-1942 and then again starting in 1950. The sets from 1940-1942 are quite scarce in original government packaging, but the issues in the 1950s are more commonly found in original government packaging. Sets such as the early 1950s were housed in individual cellophane squares that were folded shut and then stapled together and boxed in small cardboard boxes with paper tape. They do not make attractive presentations since you cannot see the coins.

[MunkyMan95]

Even early 1940's sets can be a few thousand dollars. I saw a 1942 proof set graded PF65-66 for $1450 online a few weeks ago.

[Didz]

Even early 1940's sets can be a few thousand dollars. I saw a 1942 proof set graded PF65-66 for $1450 online a few weeks ago.

 

I could swing something along those lines but for now I am looking to fill any more affordable gaps. The pricey stuff I watch and wait. Pricey for me at the moment is anything over 500 bucks. I have way to many expensive hobbies. I need 1950-1958 or 59. I will have to look. I only have one put together lens of 1943 that is fine at best, so I need any 40's stuff. Only doing raw for this collection as well. Only graded coins I have are Eagles. I want to finish my mint sets so I can finish my Eagle sets. Then who knows whats next. I like the liberty halves.

[DWLange]

The only book addressing mint sets (the U. S. Mint calls them Uncirculated Sets) is by Bill Gale and Ron Guth. The title is United States Proof Sets and Mint Sets (1936-2002). It illustrates all of the sets and most of their original packaging variants. I believe it's out of the print, but check the publisher's website: www.newyorkmint.net.

[cladking]

There are also lots of special mint sets made for special occasions like coin shows and there are the regular souvenir sets from 1971 or 2 until 1998 as well as the three piece dollar sets of 1979-'81.

 

The regular mint sets have lots of varieties.

 

Quality varies dramatically in mint sets and finding nice examples varies from remarkably easy (1968) to very difficult (1980).

[BillJones]

Here is a picture of five 1952 Proof sets in the original boxes. The outside wraper for the five sets has got to be really rare, but you can find the sets in the original boxes. The trouble is the orginal boxes have been counterfeited.

 

Your best bet is to learn the appearance of Proof coins in 1950s. If you have a half way decent eye, that's not so hard to do. Just get to learn the look of the Proof coins you already have and go from there.

 

You can buy these coins in slabs, but I find that kind of boring. The only way that slabs really make sense for Proof coins in the 1950 to 1964 era is if they are cameo Proof coins. Otherwise it is a waste of money.

 

[EZ_E]

And don't forget that neither the Philadelphia nor Denver mints sold mint sets in 1982 and 1983 however, there were limited issued souvenir sets sold at both mints.

 

I gave away most of my mint sets to a board member but I kept these two sets. I really like them.

[Conder101]

The ONLY US mint sets that come in hard plastic holders are the 1966 and 1967 SMS. All other sets from 1959 to 2008 are packaged in pliofilm INCLUDING the 1965 SMS. the 2008 set is in a type of blister pack. The sets from 1947 to 1958 are all double sets and are packaged in cardboard holders. There were no mint sets issued in 1982 or 1983, but the mint did issue souvenir sets at both the P and D mints in those years. In fact the mint issued souvenir sets starting in the 1970's I believe and continuing til at least some time in the 1990's. The Souvenir sets are a series that very few people know about, and the mintage are extremely low, sometimes in the 5,000 to 12,000 set range.

[World Colonial]

Much of the discussion here has focussed around the packaging and though the OGP may be scarce, none of the coins from the modern sets (1936 to the present) are remotely so.

 

The 1936 proof set with a mintage of about 3600 (and slightly more according to the records I have seen for some of the individual coins) is the scarcest proof set. But though this is "scarce' by modern standards, that's the only standard of scarcity it meets because every single one of them are easily obtainable.

 

I like the 1936-1942 proof sets because they have the WLH, Buffalo Nickel and Mercury dime and I also like red wheat back caemo cents and Franklin halves. But given their availability, I consider most of these issues pricey.

 

As for the mint sets, unless someone is particularly interested in the packaging, they would probably do better just to go out and buy the coins that were not issued in sets. From what I know, the specimens in these sets - those that are left intact anyway - are not particularly high quality most of the time and it makes about as much sense to pay a premium or at least a big one for the packaging as it does for otherwise common coins in high grade NGC or PCGS plastic..

[cladking]

Much of the discussion here has focussed around the packaging and though the OGP may be scarce, none of the coins from the modern sets (1936 to the present) are remotely so.

 

As for the mint sets, unless someone is particularly interested in the packaging, they would probably do better just to go out and buy the coins that were not issued in sets. From what I know, the specimens in these sets - those that are left intact anyway - are not particularly high quality most of the time and it makes about as much sense to pay a premium or at least a big one for the packaging as it does for otherwise common coins in high grade NGC or PCGS plastic..

 

You might be surprised by a few things.

 

It's true that none of the coins in the modern sets are scarce but

there are quite a few that will present a pretty big challenge. The

typical example is the '83-P quarter and these do sell for a lot in

unc but these come a little nicer than the '82-P and much nicer in

the various mint sets. If you find four or five of the '83-P's you'll pro-

bably have a nice choice example among them (MS-63). But with

the '82-P you'll be looking quite a bit longer.

 

Then there are the coins like the '68 DDO dime. This is a pretty

easy coin in the mint set with one appearing in about every 18th

set but you won't find them elsewhere except beat up in circulation.

 

The mint set coins are not only the best source for many of the

coins in them, they are the only source. People simply didn't save

things like 1969 quarters. Part of the reason they didn't save these

coins is that most examples of most dates were horribly made. If

there had been any collectors they would have been using mint set

coins anyway because these were specially made to far more ex-

acting standards. While the mint set coins are often poor too, they

are far better than the other coins that weren't saved anyway. For

something like the '69 quarter well fewer than half a million coins

survive in mint sets and only about 4% are nice choice unc or better.

This isn't the coin that will limit the number of nice unc clad quarter

sets that can be assembled; the '82-P is. There are only a few thou-

sand of these. Gems can only be found in the Numis News set and

the one that's the subject of the thread. There might be fewer than

a couple dozen true gems of this date.

 

The mintage of the '72 souvenir sets is probably a mere 400 each.

There might be a '71 issue. These sets are just regular issue coins

but if you can pick up rare sets for a few dollars then why not?

[World Colonial]

If I were to buy any of these coins with financial considerations in mind (and I am not since I do not buy any US coins at all), I would buy the business strikes and for the reasons you have given in other posts, SELECTIVELY bought I think the ones you profile represent a better relative value.

 

As a prior post stated, historically, many of the proof sets have been terrible "investments". I recall in 1998 telling a former boss of mine what his sets were worth from the late 60's forward and he could not believe that he had wasted his money paying for a bank safe deposit box. I've no idea what they are worth now but at the time, the current prices were LESS than the issue price after almost 30 years .

 

I also remember buying a 1962 proof set as a gift for someone at a regional coin show in Atlanta for which I paid $9 and this included a Capital holder. This was in 1992. How much do these sets sell for now? I would expect less than $15 and maybe hardly any more than what I paid.

 

The 1936-1942 sets are desirable even though they are common by my standards. But there are simply too many other coins, including US issues, that are much scarcer that I would rather own. A set like the 1950 also brings strong prices given that it has a mintage of over 51,000 which makes it a very common issue.

 

But by the late 1950's, the mintages approach one million and have been several million since 1960. I see the financial prospects for an issue like that as exactly zero, outside of the silver content and conditional rarities, because these are as common as the sand on the beach.

 

The advice that I would give is that if someone views these as a form of recreation and as an alternative to another type of consumption, then by all means go ahead and buy them and enjoy it as you do so. But if finances are a consideration and this is going to be a project which is going to cost several thousand or possibly $10,000 dollars, they might want to reconsider their choice.

[Didz]

I appreciate the feedback. Its something to think about. Especially when it gets down to the more expensive and hard to find coins. Coin collecting to me is purely a hobby. I rarely sell anything and its like everything else. Its only worth what someone is willing to pay. So far.. most of what I have is not worth much but I like them and enjoy trying to find things I don't have.

 

I hope to have a decent set in the next few years. I am in no hurry, but if I come across something I like and I have the available funds I'll most likely pick it up.

[19Lyds]

There is a book on United States Proof & Mint Sets by Ron Guth and Bill Gale. Its readily available either online or at a coiun show/store.

 

For 1968 and 1969, you'll have to pick up two of each year as the packaging changed.

 

It appears that the US Mint initially started with a box for the 1968 sets.

 

 

Later in the release they changed to a slip with a fold over flap that had a tab which slipped into a slot at the top.

 

..

 

Although I do not have any on hand, 1969 started with the slip and then progressed to a different design of slip.

 

..

 

Finding the 1968 Boxed sets that are not all chewed up could get interesting but its certainly not impossible.

 

Good Luck on your quest and hopefully you are keeping storage methods in mind as usually, one of each is not enough. I try to get two of each and with that amount, storage can be a little bit of a problem. Especially since 1999. 2009 is just plain ridiculous!

[bsshog40]

I have fun collecting these. They do get to be a challange for me as I get into the 50's. Right now I have 57' - present in proof sets.

[Didz]

I have fun collecting these. They do get to be a challange for me as I get into the 50's. Right now I have 57' - present in proof sets.

 

Sounds like we have a common mission. I have been picking up sets recently in the 50's. Thanks for all the info.. I never knew the deal with the proof set packaging being different like that. Thats part of the fun. Buying graded coins to me is not fun.. its purely an investment. I have maybe 2 graded coins.

 

Storage is an issue... and one I am currently working on. I do collect at least 2 of each set. Sometimes more. Some of the coins I come across I am setting aside for grading and putting the less likely to grade high sets aside for a complete set and one eventually for my nephew as well. I finally came across the RedBook at Barnes and Noble. I recently picked up 3 boxes of 5 unopened proof sets... Still in original mint box never taken out.. There is an auction for some early 50's sets like this now on ebay. Price is pretty steep already.

[BillJones]

I would take care when it comes to unopened, mint sealed Proof set boxes and envelopes. Back in the 1960s the craze of collecting Proof coins in unopened boxes and envelopes was at its height, even higher than it is today. Some crooks would steam open the containers, take the coins, and fill the containers with something that made it feel like the coins were inside. For the boxes it was nuts and bolt. For the flat pack envelops it was a sheet of zinc.

 

You also don’t know how the coins were stored. If they were kept in a warm, moist environment, like an attic or a garage, the coins could be spotted and corroded. Down here in Florida I’ve even seen commemorative Proof gold coins that have gone bad because they are stored in the heat and humidity.

 

[Didz]

I would take care when it comes to unopened, mint sealed Proof set boxes and envelopes. Back in the 1960s the craze of collecting Proof coins in unopened boxes and envelopes was at its height, even higher than it is today. Some crooks would steam open the containers, take the coins, and fill the containers with something that made it feel like the coins were inside. For the boxes it was nuts and bolt. For the flat pack envelops it was a sheet of zinc.

 

You also don’t know how the coins were stored. If they were kept in a warm, moist environment, like an attic or a garage, the coins could be spotted and corroded. Down here in Florida I’ve even seen commemorative Proof gold coins that have gone bad because they are stored in the heat and humidity.

 

Humm.. Might explain a few sets I have aquired. Maybe one or two of my sets has a black spot here or there on some of the coins. So far the box sets I have that are unopened.. well.. I opened one. Was not disappointed.

 

I try to keep an eye on feedback if I buy on ebay. Even if the person has 100% I will read thru the feedback. Comments can say a lot wether good or bad.

[cladking]

I have fun collecting these. They do get to be a challange for me as I get into the 50's. Right now I have 57' - present in proof sets.

 

Sounds like we have a common mission. I have been picking up sets recently in the 50's. Thanks for all the info.. I never knew the deal with the proof set packaging being different like that. Thats part of the fun. Buying graded coins to me is not fun.. its purely an investment. I have maybe 2 graded coins.

 

Storage is an issue... and one I am currently working on. I do collect at least 2 of each set. Sometimes more. Some of the coins I come across I am setting aside for grading and putting the less likely to grade high sets aside for a complete set and one eventually for my nephew as well. I finally came across the RedBook at Barnes and Noble. I recently picked up 3 boxes of 5 unopened proof sets... Still in original mint box never taken out.. There is an auction for some early 50's sets like this now on ebay. Price is pretty steep already.

 

 

There are several packaging variations in the mint sets as well. Like some 1986 mint sets have glue on the envelope so they can be sealed (~10%). Some 1968 sets were apparently packaged upside down and are mirror image (~2%). There are three different envelopes for the '68 and four for the '69. Most of the souvenir sets were made in batches of about 5,000 so there are slight variations. Many of the sets in the '90's have two different slot sizes for the dime but these are all common.

 

I strongly recommend the sets with varieties because these are selectively destroyed and intact sets of these will prove tough. This applies to both regular mint and proof sets. It also applies to gem sets. Avoid paying much of a premium for any of these sets beyond the total value of the coins since it might not be recoverable. At the current time you can find these sets without even having to pay a premium for varieties and gems. I believe this is coming to a screeching stop with the mint sets though since interest is increasing while supply of fresh sets is starting to dry up.

[prudden]

I have fun collecting these. They do get to be a challange for me as I get into the 50's. Right now I have 57' - present in proof sets.

 

I just bough a '57 proof set.. I'm slowly working on getting 54 to 64. I got a nice price for the 57.It was $16.99. It's not a super cameo proof set but it's still in the original packaging and has some very nice coins in it.. I keep seeing so-called unopened proof sets from the 50's onwards.I don't trust them a bit.Anyone?