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New collector/poster trying to glean info....

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I am completely new to both coin collecting and this board but have uncovered, within myself, something of a passion for coins.

Many questions have come to mind but a couple in particular which I cannot find answers for so would appreciate any kind of response.

 

Firstly, US mint proof coins ('S' stamped) seem impossible to obtain direct from the mint itself (in my limited experience), how/where are these purchased without having to go to dealers or troll through EBay or similar auction sites?

 

My personal preference is bullion coins based in part on future investment. Is there a way of purchasing these or an outlet where I can obtain them without getting charged over the odds. There seems to be a fairly large variation in price from location to location for exactly the same item which is a little frustrating to the novice.

 

Any thoughts/responses greatly appreciated.

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Welcome to the board.

 

You can buy the proof coins directly from the U.S. mint web site every year. Here is the link to the site. http://www.usmint.gov/ ]U.S. Mint[/url]

 

As for your question about where to buy bullion coins, the mint does sell the proof versions directly, however they do not sell the uncirculated versions to the public. You will have to buy these from a dealer.

 

John

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I am completely new to both coin collecting and this board but have uncovered, within myself, something of a passion for coins.

Many questions have come to mind but a couple in particular which I cannot find answers for so would appreciate any kind of response.

 

Firstly, US mint proof coins ('S' stamped) seem impossible to obtain direct from the mint itself (in my limited experience), how/where are these purchased without having to go to dealers or troll through EBay or similar auction sites?

 

My personal preference is bullion coins based in part on future investment. Is there a way of purchasing these or an outlet where I can obtain them without getting charged over the odds. There seems to be a fairly large variation in price from location to location for exactly the same item which is a little frustrating to the novice.

 

Any thoughts/responses greatly appreciated.

 

Bramyam,

 

Proof sets will always be popular to the new and old collector alike. You may not always profit on them but they are a great addition to any collection. The 1968 to 1994 run of clad proof sets can still be had for bargain prices. Most sell for less than issue price, even. The silver proof sets, however, have generally appreciated greatly, especially the '95, '97, '99, '01 & '02 silver proof sets.

 

Did you read in the latest Coin World's "Letters to the Editor" where an individual bought 40 sets of the 2004 silver proof sets and discovered that 28 out of the 40 dimes were actually clad proofs instead of silver? Amazing!

I have a complete run of clad and silver proof sets from 1968 to present. I find that the absolute best way (for me, anyway) is to store and display them in Eagle Albums which are oft' advertised in the numismatic publications.

 

 

Let me relay to you my experience with bullion coins. I had bought the 2002 proof gold and platinum sets directly from the US Mint. When I went to sell them this past August, I found that most all dealers will only only pay spot price for these low mintage, beautiful coins (yes, they are legal tender coinage with a face value set less than their bullion content). Many actually offered less than spot and an offer of 5% over spot was a generous offer.

I feel that eventually, maybe in 100 years, then these issues will be quite valuable. For instance, the 2004 proof 1 oz platinum eagle had a mintage of but 7,009 pieces. But, there are still many 19th century proof coins with much, much lower mintages and attrition than this figure which can still be had for very reasonable prices.

 

So, be very, very careful with bullion proofs. Usually, most uncirculated issues can be had for just a percentage over spot unless you are buying slabbed, high-grade examples which sell for very large premiums. I feel that one should avoid this approach to collecting, too because you will likely to never recoup your initial investment.

 

Perhaps the best way to acquire some bullion proof issues that you do not have is to advertise in a publication like Numismatic News' classified section. Offer 10% over spot price and I'm sure that many would be extremely pleased to sell them for this price.

 

Anyway, this is my personal experience and views and may not be shared by all. Welcome to the boards and good luck in your collecting experience.

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Welcome to the boards. grin.gif You will find a wealth of information balanced with a lot of humor here. I shop on the forum's coinmarketplace. I also watch who my trusted forumites buy from and I shop from those sellers. You can also post a picture in the forum of what you are looking at and will get a response of what they think it is worth. There is also a wealth of info out there in publications. The Red Book by R.S. Yeoman, Photograde by James F. Ruddy, Coin Collector's Survivor Manual by Scott A. Travers just to name a few. Good luck and Welcome. grin.gif

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Bramyam, ditto the welcome! As Mel said, you can glean a wealth of information from many of the posts on these sites. Don't worry about anyone making fun of you when you are looking for answers. I think they laugh harder at themselves.

 

As far as current year proof sets are concerned, the U.S. Mint is the best source. They also have subscription programs for silver proof sets (by the way, you can still get the 2004 silver proof set on their website), clad proof sets, silver states quarters proof sets, clad states quarters proof sets, silver american eagle proofs, and states quarters bags & rolls. I prefer to enroll for the subscriptions to avoid missing a new release.

 

As far as bullion other than proofs and some commemoratives is concerned, the mint only sells bulk quantities to authorized dealers. There are many of these dealers around, and they all charge "spot" + markup. Two of them that I am familiar with (though we've had no business dealings) are American Precious Metals Exchange ( APMEX ) and A-Mark Precious Metals. Their prices for small purchases are generally consistent with those you'll find advertised in the coin mags. It's when you buy in volume, that you can realize a savings over the mags. By the way, did you know that you can purchase bullion as part of some tax-deferred retirement programs?

 

I hope this will help!

 

Chris

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Many thanks for the greetings and all the info supplied thus far, it has given me some food for thought.

 

Going back to the proof set part of my question I wanted to add a specific situation and see if anyone knows a ...umm..specific answer (for lack of a better term)

 

I am purchasing a few rolls of P & D mint 2005 Sacagawea gold dollars and would ideally like to get something along the same lines with an S stamp. (I have not seen a rolf of coins with S stamp anywhere, do they even exist?)

These are not listed at an mint site and so frustration kicks in.

Is this a feasable proposition or once again, do I need to go to dealers for said item and be at their mercy for pricing?

 

Finally, as my iron clad insufficiently_thoughtful_person proof disclaimer, I point out that I am very green at this and the ways of the US coin collector and appreciate all advice and direction, and will humbly accept limited amounts of ridicule also in order to become better educated.

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Bram, they can be found, but they aren't cheap. Proof Sacs are not available for bulk purchase from the Mint. Dealers buy large quantities of the Proof Sets and crack them for individual coins. The latest "Greysheet" quotes these prices for rolls:

 

2000-S Prf - Bid $160; Ask $170

 

2001-S Prf - Bid $1500 ; Ask $1640 893whatthe.gif893whatthe.gif

 

2002-S Prf - Bid $420; Ask $460

 

2003-S Prf - Bid $300; Ask $320

 

2004-S Prf - Bid $320; Ask $350

 

2005-S Prf - Most dealers are only now getting their 2005 Proof Sets, and it will take some time for them to crack, examine and release individual coins. If rolls are what you want, then weekly market updates like the Greysheet are necessary for you to make your best deal. takeit.giftakeit.giftakeit.gif

 

Now wait! Do you mean they make an ironclad insufficiently_thoughtful_person-proof coin or did you mean this coin is proof of an ironclad insufficiently_thoughtful_person !! 27_laughing.gif27_laughing.gif27_laughing.gif

 

Good luck!

 

Chris

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I already own a few rolls of Sacagawea dollars and it just seemed a fairly painless way of getting my feet wet in the world of coin collecting. I came across a few 2001 proofs very easy and so decided that for my own benefit i would endevour to get a complete set while i learned more about this new world.

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welcome to the boaRDS

 

i would look into pre 1917 proof coins

 

and

 

early commems www.commems.org

 

also pre 1917 circulated type coinage

 

www.pinnacle-rarities.com

 

some web sites to look aorund and get your feet wet so to speak

 

now pinnacle has a fantastic article library that will help you greatly so go to the site and read all about many important collecytor topics that will provide you much helpful useful information

 

good luck and keep coming back and feel free to post and ask anything you want to

 

cloud9.gifthumbsup2.gif893applaud-thumb.gif

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Bram,

 

Certainly, collect the Sackies if you like them, but I wouldn't necessarily expect that rolls of them would increase in value (so many people already have rolls of them sitting at home).

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