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No sellout for silver reverse proof set

A maximum mintage of 200,000 was too many to induce buyers to create an instantaneous sellout July 23 of the San Francisco Mint 2018 Silver Reverse Proof Set.

Yesterday mid-morning, the Mint reported 114,108 sets were taken up since noon Eastern Daylight Time the day before.

A couple of hours later, the figure was revised down to 106,108.

Did sellout speculators start canceling orders as soon as they realized that these sets would continue to be available, probably for the rest of the year?

It wouldn’t be surprising to see this number continue to decline when the next report is made available.

Two days after sales began, buyers have no problem ordering the set on the Mint’s website should they want one.

To be sure, there is a genuine collector interest in reverse proof coins, especially the silver ones.

This set contains seven coins in .900 fine silver. Five are America the Beautiful quarters.

There is also a silver Kennedy half dollar and a silver Roosevelt dime.

Base metal cent, nickel and dollar fill out the 10-coin set.

Price is $54.95. This is just $5 more than the standard silver proof set.

A reverse proof coin has frosted fields and mirror-like high points.

A standard proof has a cameo look where the high points are frosted and the field is mirror-like.

It is possible that lack of a sellout of this set is the turning point where the novelty of reverse proof coins has worn off among modern coin buyers. We’ll see.

These results raise the question of whether the Mint can sell product any longer that doesn’t stampede collectors into thinking they might sell out.

“Can it sell out?” is the first question asked about every new coin issue that isn’t the basic uncirculated and proof sets and rolls and bags of standard coinage.

Yesterday, I wrote about the likely sellout of the proof palladium American Eagle Sept. 6.

A test of the attractiveness of a new modern coin issue that can’t sell out will occur Aug. 14.

On that date, the second proof silver American Eagle of 2018 will be offered.

This one will have an “S” mintmark instead of “W.”

There is no mintage ceiling. The Mint will strike as many as buyers want.

No household order limit will be imposed, either.

Pure collector motives will replace sellout speculation.

Egad, can that possibly work?

Buzz blogger Dave Harper won the Numismatic Literary Guild Award for Best Blog for the third time in 2017 . He is editor of the weekly newspaper “Numismatic News.”

 

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8 Responses to No sellout for silver reverse proof set

  1. We have a saying at the ANA If you like it buy it. If you don’t don’t buy it. That’s not complicated. What is will be the cost of the set graded by yourself or retailers. Either way ten coins are alot to get all in the same grade. I know how much it will cost me but what if one coin has a problem? Now you have to find that coin with the same label in the same grade. Not easy. As far as the price just over five cents a coin is reasonable. Maybe if they left out the quarters but that’s the bulk of the silver. So what’s the answer ? I don’t have one. I don’t think anyone has one. When it as announced it was a big Wow. When they came out it was no big deal. So if you make the set your condemned if you don’t make it your condemned. Lifting the limit is a mistake I think. What make you think now they will buy them. Leave it as is. Between your article and my comment we got absolutely no where. Now that’s a problem. Thanks Mike.

  2. Well I have one reason. Most buyers of these sets want them graded well some prices are out starting at five hundred dollars for the ten coins. Now the retailers must think we’re morons. Even a representative at NGC will tell you that they get a break. I was told and I laughed we paid fifty dollars a coin I couldn’t help it I almost broke a rib. I said send them to me I pay seventeen dollars. Who do you think your talking to? I said call a representative they will tell you that there is a nice break on bulk retailers. The day you prove to me you pay fifty dollars i will stop collecting coins. An outright lie. Now a set that sells for fifty four dollars now five hundred and they tell me there almost sold out. Not according to their site Lie number two. I will take my chances. I mean a little more than five cents a coin it’s a lot cheaper than their prices. I buy the coin I dont pay for labels. All I want is the grade and a brown label. Mike.

  3. This gets better and better. The reason they sets were made were to honor the anniversary of the San Francisco mint. I just watched a show were you can buy the for a very reasonable price. Why? That’s easy. You see they did make the set with the S mint mark. But I just saw where you can buy them from the Denver mint and the Philadelphia mint. The release date means they were made at the same time as the S mint coins. They should make a movie of this and call it The collectors Who Cares!

  4. MarkInFlorida says:

    Today I got my 2 sets and the front of the half dollar in one set seems to have completely missed the finishing step. The background is not frosted and the raised parts aren’t mirrored. It looks completely different from the one in the other set. Is this worth more as an error or worth less as a defect?

  5. My friend if you wanted a special label you can’t open the box. That’s the worst logic I ever heard. Get them there in the thirty day period and the bill of sale is enough. I’m glad you opened it if you follow NGC rules you would of received a terrible grade on your coins. But you can’t fight city hall. If an unopened box is opened they should contact the customer and simply ask do you want to waste your money and let us grade it or send it back. But that’s to much logic. Sending your coins sight unseen is the most unreliable way to get a coin graded. Your going to pay either 17.00 or 35.00. per coin. Don’t you want to make sure your coins are good enough to be graded? It’s just another money maker your money. And when you go to sell it the buyer will look at two things the coin first then the grade. Bring back the brown labels and stop ripping us of we are buying the coin not the label or autographs yes you pay for that to. Great system. There are hundreds of price books with different labels and prices on them. It’s time we smarten up. Brown label grade coin. You want to see the ugliest label in the history H.S.N the silver reverse set sells for 379.00 they can’t give them away. Why look at the beautiful label anacs came up with I recommend dark glasses. You might not get sick fist time in twenty four years I have ever seen anything as disgusting as this enjoy it.

    • robertgregory says:

      I am probably not “fit” to reply to your post, as I am new to the world of coin collecting and really do not know what I’m talking about – which translates to, my opinion is not worth it’s weight numismatically – all pun intended.

      But I’ll try anyway. I have been purchasing coins, both graded and non-graded, since christmas 2017 – not too long ago. Since then, here is what I’ve learned.

      1. They’ll slab and grade just about anything and everything – by “They” I mean NGC, ANACS, PCGS.

      2. Personally, I was never really wowed by fancy labels or autographs, they really mean nothing to me. And of course that means, if I buy a graded coin, I care about the coin, the grade of course, and if the slabbed coin case has been beaten up etc. And because I buy on ebay mostly, if I think an items is questionable, well, I may pass but consider the coin most of all, which may outweigh all the other aspects (i’ll explain by example below).

      3. To me, selling coins and paper (from what I’ve seen on ebay – that has been my only teacher) is all about gimmicks / features. I mean I would have never thought I’d see the day when a person can walk into a bank, buy a BEP-wrapped stack of $2.00 bills ($200.00) and resell them on ebay for $250.00 because they are BEP-wrapped, sequential, and crisp. That’s just one example of course.

      My point being, maybe there is reason to buy a coin early or for first strike reasons, with the sentiment that it stands the chance of striking a perfect 70 strike, I get it. But all the other things to me, are gimmicks. I ain’t buyin’ into all that stuff.

      Finally,

      If I like a coin I’ll buy it, if I like a set I’ll buy it. Frankly, I think the 2018 reverse silver set is pretty cool. I purchased 4 sets, 1 for a friend. I will tell you this. I see spots on one of the kennedys in a set and I’m considering a return on it for sure.

      I am not too impressed with kennedy coins, but for some reason have an affection for the Jim Thorpe’s, which in my humble uneducated opinion, are the best looking native american coins ever minted, especially the reverse – WOW! but that’s just me.

      I stated in a post below, that I buy new and shiny, and that I do. But here is what I really like, for what it’s worth. Using Jim Thorpe Dollar as an example – I am more impressed by a business strike coin being minted MS-68 by accident than a PR70 proof minted on purpose.

      Respectfully,
      Rob (Newbie-at-Large)
      Over and out

  6. robertgregory says:

    I am a newbie at collecting / buying. I would be the guy you’d laugh at, one who’d throw down 500.00 for 10 graded 2018 reverse coins. Actually, I wouldn’t spend $500.00 on that particular set, yet if I do like a coin, I just buy it, no reservations.

    There are some coins / sets I think would be worth buying in bulk, out of un-educated speculation that they may be worth something someday, but for the most part, I buy because I like it.

    Regarding the 2018 set, particularly the 2018 reverse penny, I have a question about it, if someone would be kind enough to enlighten me.

    What makes the 2018 reverse proof penny so special that some ebayers are selling that penny in bulk for close to $650.00. More specifically, they are selling a roll (50 of them) for $639.00 to be exact. Why? Is it to make you guys laugh? Or, is it for some belief that that specific coin is worth almost 12.00 / coin?

    I will go to say that I do think the Reverse Jim Thorpe is one of the most beautiful native American coins I’ve ever seen hands down.

  7. robertgregory says:

    I will say though, to my eyes, I love the 2018 reverse silver set. really cool.

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