1955, 1956, 1957 mint and proof sets. What are they worth....unopened?

[Leothelion]

Hi everyone

Recently, I've come across someone who has mint and proof sets from 1955 and up....and unopened. I'm interested in buying the earlier sets if the guy will sell them to me. The guy is a regular joe like me and I really don't know what to tell him. Do I tell him the US redbook prices of $55 for the 1955 mint sets or should I tell him how the coin market is real hot right now and make a higher offer like $125 for the set. What offer should I make for the 1956 and 1957 set? And what about the proof sets.

And here's another senario. Should I tell him how his unopen sets may hold high grade, full bell line Franklins and FS Jeffersons or deep cameo proofs, that they may fetch hundreds of dollars before making an offer to buy his sets. What would be a fair and honest offer to buy his sets?

 

Leo

[TomB]

I'm not sure what edition of the Red Book you are looking at if you are getting $55 for the 1955 US Mint Set as the latest edition that I have, it is nine years old, lists them at $75 and I doubt they lowered the published price on them in the following years.

 

Anyway, we all know that the Red Book is irrelevant.

 

I guess the question comes down to this-

 

"What is your integrity worth to you?"

 

Do you want to rip a regular joe like yourself, one who is supposed to be your friend and who likely trusts you? Or, do you want to give this person a fair deal and treat them the way you would like to be treated? I know how I would react.

 

As for the coins, there is a greater chance that they are spotted and ugly than there is of them being gems with cameo or other designation. I don't think much of the entire concept of selling sealed sets as it is a little like playing PowerBall.

 

 

[sanmary]

I suppose a fair way to handle this is to offer a reasonable price, and let the seller know that IF high-value coins happen to be in the sets you'd be willing to compensate the seller a little. You're both gambling a bit by not knowing what the condition of the coins are. Some people do pay high prices for unopened sets and the seller, if patient, could pursue this avenue.

[gmarguli]

I would tell the person that if the coins inside are high grade then they can be worth a lot more money. However, the catch is that once the sets are opened they will lose a significant amount of value. Also, make sure to mention that the odds of finding a nice coin can be very slim.

 

As TomB pointed out, your 1972 version of the Redbook isn't a good source for value. For the mint sets, they list at (1955-1958) $137, $120, $190, & $130 in a semi-current Greysheet.

 

If they are true UNOPENED sets then I personally would probably offer 50% premium for these and I don't think double Greysheet would be impossible to get on eBay.

 

For the proof sets, unopened ones should bring a 25% premium - possibly a lot more if sold on eBay.

[291fifth]

You folks are being way too generous. Here is someone who has apparently owned these sets for a very long time. In that very long time he hasn't expended any time, effort or money to learn about what they may contain. Find a gray sheet and offer him 20% back of bid, just about what he would get if he brought them into a dealer. You are the one who has expended the time, effort and money to learn about coins.The profit should be yours.

[Leothelion]

Thanks everyone

First the redbook is a 1998 51st addition.

Secondly, I have told the gentleman that the sets could hold valuable coins if they are high grade and also that the sets hold value because they are unopened.

I have learned how slim the possibilies exist in just one set or a roll date of coins.

Heck, I don't have any luck when I buy the $200 nickel bags. Getting late, got to hit the sack, more tomorrow.

 

Maybe I'll just make an offer for the FS Jeffs if he has any...........he just might open them to check and see.

 

Just kidding guys!

 

Leo

[MAULUMALL]

I pay my dealer ask price for unopened sets.

 

 

 

It is really not that much of a difference.

He's happy ,I'm happy.

[cladking]

There are some major buyers now paying incredible prices for unopened mint sets. I have seen 2 and 300% premiums on some dates that come with nice coins frequently or with varieties. Some wholesale prices range up to 150% of bid. Generally you're taking some risk with the earlier sets since the odds of finding gems is already factored into these prices.

[jeffnpcb-migration]

Unless they are in the original package shipped from the mint, they have been opened and it's naturally done. The glue or adhesive with age will separate from the paper. If they are tightly sealed, they have been reglued.

Remember the old manila envelopes of past. Lick it and let it sit for awhile and it will come unglued!

There is no such thing as an unopened set if you see the envelope itself sitting in the ad picture! They are worth whatever you are willing to depart with!

[Leothelion]

Unless they are in the original package shipped from the mint, they have been opened and it's naturally done. The glue or adhesive with age will separate from the paper. If they are tightly sealed, they have been reglued.

Remember the old manila envelopes of past. Lick it and let it sit for awhile and it will come unglued!

There is no such thing as an unopened set if you see the envelope itself sitting in the ad picture! They are worth whatever you are willing to depart with!

 

I remember, now that you mentioned it about the old manila envelopes. I actually work with this guy and he said that the 55 PF set is in one of those five hole plastic holders and the rest are in the cellophane holders. This guy knows little about coins (a real puppy but a very nice guy) but he does buy the mint (in the last 10 years) and proof sets when the US mint sends him the order forms. The earlier sets came from his dad.

He was very surprised to hear that the Jefferson nickel will change to a new coin.

From what he has told me the sets have all been open so hopefully, in the near future I'll get a look at them. End of story.

 

Leo