A Little Help from the Coin Guy

header-LittleHelp-JSmith.pngTrain your staff! A little help from the coin guy today. Sadly I do see some pawnbrokers who have paid decent money for this stuff which is usually not worth anything over it’s face value.

Beware of companies with fancy sounding names that make their products sound like official US Mint products. Sometimes these companies will also sell actual US Mint products dressed up in nicer packaging to make people think they are worth something more than they really are. So some of their products can have some value, just not much. Often nothing over their face value.

What to Watch Out for

  • Home Shopping Network stuff.
  • Colorized or plated quarters.
  • Buffalo nickels and indian head cents put in acrylic holders with cardboard backers that read “History in your hands,” or something like that.
  • Plated “Tribute Proofs,” made to look like real gold coins.
  • Companies like World Monetary Exchange, National Collector’s Mint, Bradford Mint, New York Mint, Franklin Mint, that have been known to dress this stuff up or just flat out sell worthless collectibles. Though sometimes they will sell stuff that is worth something, you just have to be careful and know what you are looking at.

These sets aren’t worth a premium; they are only worth what the coins in them are and usually those coins are heavily circulated.

Occasionally we see some pawnbrokers and jewelers who send us this stuff.  Additionally I have had customers, generally elderly customers, who have bought boxes full of these sets. Sadly we, as coin dealers, cannot pay any more than face value for these sets.

Also US Mint and Proof Sets are often trading close to their face value in the secondary market so don’t let customers talk you into paying big bucks for them despite their neat appearance. Bullion premiums also dropping rapidly.  The coin and bullion markets are in a rapid state of flux and it is essential to be up on day-to-day and even minute-to-minute pricing.  Feel free to reach out to me if you need help before getting buried in this stuff!  Below are pictures for some examples of what you should watch out for.

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