Proof Sets Vary Widely in Value
Question: For many years my husband purchased the allotted number of proof sets permitted, and I would appreciate knowing their monetary value. There is also an accumulation of old silver dollars dating from 1878 through 1935 with various mint markings. Are they of any value other than the silver content?--M.M.B.
Answer: Coin pricing is contingent upon condition, date and mint mark. Condition is determined by the amount of wear or the lack thereof and also by the strike and luster the coin received when it was produced. The date and mint mark determine the mintage factor. Knowing these things, and considering collector demand, you can get an approximate price.
(Proof, incidentally, is not a condition. It is a method of striking coins so they have a mirror-like finish. Many collectors find them particularly attractive, and they have proved to be popular with collectors and the general public alike. Through the years, proof coins can deteriorate through mishandling, improper storage and even weather. Salt air and/or smog, for example, can cause pitting.)
In any event, because you did not supply specific dates for the proof sets or the silver dollars, it is not possible to price them. Early proof sets (from 1936 to 1942) have considerable value. Later dates in many instances are worth less than the original issue price. A recent ad in a national coin weekly is offering 1989 proof sets for $8.75. The issue price was $11. However, 1986 proof sets are worth about $21, so perhaps it all evens out.
Most coin dealers refer to the Coin Dealer Newsletter for bid and ask prices, which change weekly. Many will even share the Gray Sheet, as it is called, with you. But since these are actually dealer-to-dealer prices, you can expect to get a little less than bid. As for your silver dollars (they are Morgan and Peace types), they are worth about $6 each and up at the current price of silver. Determining condition here will be more difficult and for that reason, it might be best to get more than one opinion.
Q: I don’t know what to do with my son’s coin collection, which started and ended when he was in grammar school about 30 years ago. He doesn’t want it in his tiny New York apartment--same goes for mine in Los Angeles. It has some mint sets, folders of nickels, pennies and dimes. Can you suggest a reliable place for an assessment? Is there a big fee for that? What does a beginner do?--R.H.
A: Your son’s collection seems rather uncomplicated and no fee should be charged. Show it to several coin dealers in order to get the best offer. You can do this by going from shop to shop or by attending a coin show, where many dealers will be on hand in one place.
Q: Enclosed is a picture of an old coin my friend from the Philippines owns. He intends to sell this but does not know how or where to have this auctioned. Can you assist by telling us the value and possible dealers who would be interested?--F.M.U.
A: Your friend’s coin does not appear to be from the Philippines. It seems to resemble some ancient pieces I’ve seen. In any event, it needs to be identified. You will have to show the coin or picture to several dealers before you can determine what to do with it.