need advice on proof coins collecting

[pulltabfelix]

I have dabbled in collecting coins in the past. I have about 40 Morgans. I am looking to collect to just pass the time and create a collection for my kids.

I have been looking at proof coins. I really like the absolutely perfect condition they are in and also the availability on ebay. I am just thinking of picking up on ebay maybe 3-4 each week. Won't break my budget and will have a nice looking collection over time.

what are your thoughts? any pros or cons in this type of collection building?

 

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[Megalodon]

For sheer beauty, you just can't beat a deep frosty cameo proof. I'm old-fashioned and reluctant to buy a truly fine quality coin on ebay. Even with good pics, some minor flaws are hard to see; other obvious flaws, like milk spots, don't photograph well and you might be surprised to receive a coin that has less eye appeal than you desire. So, if you must buy on ebay, make sure there is a return policy. I prefer to see my coins before I commit to the purchase, so I prefer coin shows with well-lit booths.

 

[trdking]

Buy them slabbed. I am a fan of PCGS

 

[ToddsPoint]

If you look in the blue book of coin prices, you'll see that virtually all of the proof sets are worth less now than the issue price. I'd say they are a poor investment. Gary

 

[smokeythecat]

I would stay with the Morgans. Maybe add Walking halves or something similar. Proof and Uncirculated sets have consistently lost value over the years, and the younger generation seems to not have much interest in coins. (Finding silvers again at the bank!)

 

[dejapooh]

The question is, Do you intend to collect for the Beauty, or do you want history and profits? If you want the Beauty, go for proof, and get one set from each year, the commemorative, and states and parks quarters. If you want History and Profits, stay with Nice mint Morgans. Now, the Morgans are nice looking and all, but with each one looking like the others, it is hard to argue beauty. However the history of the U.S. The Comstock lode, and so on.

 

[Davers]

Buy the Proof's if you like , sets get them , before 1964 sets are where the $ 's at , you also can but Proof singles , Graded would be the best option , if you don't know your stuff, be weary buying on-line .

There is a good honest Dealer /Shop right off Mansell Rd. @ hwy 9 .

I like type coins myself , common silver is OK , If I dig a 1964 Rosie It gets 2 x 2 'd asap. Dug coins trump bought ones (for me at-least).

In Modern coins; Silver proof sets are nice IMO , I also buy Proof, Silver ST Quarters that I find attractive .

 

[unclemac]

if you are going for morgans, get the morgan dansco book and have at. collect for dates and mints, a few are pricey but not all that many. a lot of morgans are in great condition as they were never circulated and sat around at the mint or in banks. silver dollars were never a popular circulating coin.

 

[EastCoastmetal]

Dont do it, if you die or become incapacitated, they will end up the local gold /silver shop and be sold for around spot price. Stick to bullion coins/rounds . Some of the coins are just as nice looking and much much cheaper to buy, and will always be worth at least around spot , give or take.

 

[unclemac]

personally i like the look of slightly tarnished, lightly circulated coins. the slight black really highlights the details and they are much more affordable...like this...but for Morgans UNC are plentiful

 

[EastCoastmetal]

In the end, years down the road,if not sooner, a lot of these proofs wont be worth much more then bullion coins if at all.

Most of the big premiums are made/paid in the first year or less.

There maybe a few exceptions, "IF" they don't get some kind of tarnish/discoloring.

But they are nice to look at, thats about it.

 

[EastCoastmetal]

personally i like the look of slightly tarnished, lightly circulated coins. the slight black really highlights the details and they are much more affordable...like this...but for Morgans UNC are plentiful

Ya, reminds me of when I first got into bullion silver/gold. I took one nice shiny new Silver Maple and stuck it in my pocket. Carried it around for some time , it was great, I handled it, dropped it etc etc. I think I got more pleasure out of doing that then looking at all my proofs that I had at the time. Sold most of the proofs off and bought more bullion.

Still have some proofs, but they dropped in value so badly that any premium would be eaten up by eBay fees/ papal fees etc etc. So they are just extra shiny bullion for the most part now.

 

[unclemac]

In the end, years down the road,if not sooner, a lot of these proofs wont be worth much more then bullion coins if at all.

Most of the big premiums are made/paid in the first year or less.

There maybe a few exceptions, "IF" they don't get some kind of tarnish/discoloring.

But they are nice to look at, thats about it.

so true, as an example...I have a collection of Australian "Kangaroos" (not Perth, never Perth) going back to when they started, each year is a different design and sold at a premium. I keep buying them because I just do...they are worth about half of what i pay for them after a couple years on the market. the same is true for Canadian silver dollar commemorative coins...I have every every single one ever minted....none are worth even close to what i payed for them...but of course...I keep the collection up to date.

 

[EastCoastmetal]

Canadian silver dollar commemorative coins...I have every every single one ever minted....none are worth even close to what i payed for them...but of course...I keep the collection up to date.

Nothing wrong with that, its a passion. Everyone has one or another.

Even proofs I suppose can be a passion. But collecting/paying big Premiums on pf70s /69s bullion coins is a bit foolish imo anyways. But people are still doing it so eh, to each his/her own I guess.