Almost everyone likes to find treasure, though one’s definition of treasure can vary from person to person. But, as we’ve discussed here before, numismatists, whether individual collectors or dealers, seem more enamored than most with their hunt for treasure.
Sit back and let me tell you a tale that leads up to an afternoon’s treasure hunt.
Dealer ABC buys proof sets from collectors and other dealers, but mostly from other dealers. When he buys these proof sets, he takes a quick look to make sure the sets are all there and contain the full complement of coins.
If Dealer XYZ sells him 1971 proof sets, he checks to make sure the sets are really 1971 sets. The fastest way to do this is to look at the date on the largest coin while at the same time checking to make sure all five coins are in the set.
For example, take a look at this set:
By simply opening the flap, it’s easy and quick to notice the 1971 on the Kennedy half dollar coin matches the date on the outer packaging and that all five coins are in the set.
Dealer ABC buys the proof sets and any other sets Dealer XYZ wants to sell to him. The negotiation includes their agreement on the quantities, the types (if Dealer XYZ noted any as special types) and the associated prices for the various sets. The purchased sets from Dealer XYZ along with any other purchases are organized with the existing inventory of other sets of the same type and date.
Some time later, it could be days, it could be weeks, Dealer ABC finds a buyer for 1971 proof sets. Dealer ABC pulls his inventory of 1971 proof sets to count and prepare for the sale.
Here’s where Dealer ABC’s afternoon of fun starts. He knows the 1971 proof set has a variety. As he prepares the sets to sell, he looks at each set to determine which variety – common or rare – each set is.
Take a look at a 1971 proof set out of its box:
What do you see that is odd about this set?
Did that help? How about this?
Yes, this set is the rare variety with a “no S nickel” in the set. Per the Red Book, the estimated mintage for these 1971 No S Nickel Proof Sets is 1,655 versus the common variety’s mintage of over 3.2 million.
Back at the end of October, the dealer market for 1971 proof sets was between $4.50 and $5.00 for the common variety with the “S” mint mark on all five coins. But, for the rare No S Nickel 1971 Proof Set, the market price was between $1200 and $1300 for the set.
Now, just imagine the Dealer ABC’s excitement when he found one of these rare No S Nickel varieties as he was readying the 1971 proof sets to sell. Even better, imagine that excitement doubled since he found a second No S Nickel variety when he continued preparing the remaining sets to sell.
Sometimes, dealers may seem jaded in their views toward numismatics especially if they have been doing it for a long time. But, anytime they find a treasure – or two in this case, they are as excited as a young child receiving a special gift.
Perhaps numismatists – individuals and dealers – have a treasure hunting gene alongside their collector gene in their DNA. Regardless, finding treasure serves as a reminder of why they still enjoy numismatics.