1976 Olympic silver 28 piece folder/stamp

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socrispy
Posts: 18
Joined: Fri Jan 25, 2019 12:31 am

1976 Olympic silver 28 piece folder/stamp

Post by socrispy » Wed Feb 06, 2019 11:27 pm

Hi,

I can't find much info on my Olympic set below. At least not the plastic folder/stamp version. I found here listings for some single $5 and $10 coin values but not the complete set. Anyways I've been offered melt value. Coin/metal buyers told me it isn't worth a penny more. I'd only believe that if I saw them melting it. So are they telling me the truth? Thanks!

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Bill in Burl
Posts: 701
Joined: Thu Sep 04, 2008 7:41 am
Location: Golden Horseshoe, ONT

Re: 1976 Olympic silver 28 piece folder/stamp

Post by Bill in Burl » Thu Feb 07, 2019 5:07 am

Yes, they are melting for scrap the Olympic coins. I have never seen the set that you have, with the stamps. I wouldn't sell it to a dealer only offering scrap ... take it to a coin show where there is a choice of dealers or put it on Kijiji .. Ebay takes a large slice. Go to the library and look at a copy of Charlton's volume 2 that is for RCM NCLT coinage and series's .. it will give you an idea if there is any premium.
Bill in Burl

socrispy
Posts: 18
Joined: Fri Jan 25, 2019 12:31 am

Re: 1976 Olympic silver 28 piece folder/stamp

Post by socrispy » Thu Feb 07, 2019 8:56 am

Thanks Bill in Burl! I will check if it has any value above melt. I thought it was odd when I emailed one coin shop and was offered melt value but the owner was willing to travel over 100 miles to buy it from me in person. And another coin shop also quoted me melt value but kept rambling on about how the Royal Mint lies to collectors about these coins being collectable. Gee if you can't trust a coin shop who can you trust! :lol:

coinguy
Posts: 400
Joined: Tue Aug 16, 2016 10:03 am

Re: 1976 Olympic silver 28 piece folder/stamp

Post by coinguy » Thu Feb 07, 2019 9:26 am

I agree with Bill that those should be worth more than melt.
I have a Volume II Charlton but there is no listing for them in there.
Instead of a coin collector, I would say that perhaps a stamp collector
might have more interest in them as they do appear to be First Day Covers.
Perhaps put them on kijiji under the stamp section or if there is one in your
area, try a stamp shop or perhaps a stamp club.

socrispy
Posts: 18
Joined: Fri Jan 25, 2019 12:31 am

Re: 1976 Olympic silver 28 piece folder/stamp

Post by socrispy » Thu Feb 07, 2019 10:48 am

Okay so nothing in the Volume II Charlton book. Thanks for looking. Saves me a trip to the library. I've tried every possible search description I could think of. Lots of sets, even ones in wood boxes but nothing like this one. My uncle bought it back in 1976. He was nuts about collecting anything related to the Montreal Olympics. He died years ago and my aunt is in extended care so I guess I'll never know it's history. I assume he bought it at his local post office. Not much use putting it on Kijiji or a local ad site until I know it's approximate value and "best offer" never works when it comes to collectables.

So the 28 stamps could be worth more than melt value? That's something I never considered!

socrispy
Posts: 18
Joined: Fri Jan 25, 2019 12:31 am

Re: 1976 Olympic silver 28 piece folder/stamp

Post by socrispy » Thu Feb 07, 2019 6:05 pm

I found out this set originally came in a red leather binder and marked the first occasion the Government of Canada produced an official P.N.C. (Philatelic, Numismatic Combination). I guess the binder wouldn't fit in the safety deposit box so it was tossed years ago. :shock:

coinguy
Posts: 400
Joined: Tue Aug 16, 2016 10:03 am

Re: 1976 Olympic silver 28 piece folder/stamp

Post by coinguy » Sat Feb 09, 2019 1:35 pm

That's too bad about the binder.
It probably would ha be been worth more with it.
At least now you know where it originated, I had
never see n or heard of it before.

socrispy
Posts: 18
Joined: Fri Jan 25, 2019 12:31 am

Re: 1976 Olympic silver 28 piece folder/stamp

Post by socrispy » Fri Feb 07, 2020 12:56 am

Just a followup to this set. I got offers of $400 from a "collector" and $495 melt value from a local precious metal dealer. The dealer told me he melts these sets all day, said the coins have no collectible value and the stamps are worthless. We finally agreed on $550. After the transaction the dealer told me he's going to see what he can get for it. What happened to melting it? Anyways the jokes on him because the red binder I put them in might look original to an amateur collector, it was actually just an old padded stockbook I used for stamps! lol

Techmoe
Posts: 20
Joined: Sun Nov 18, 2018 2:05 pm

Re: 1976 Olympic silver 28 piece folder/stamp

Post by Techmoe » Fri Feb 07, 2020 12:38 pm

I buy coins both for business and to collect (end up keeping for than I should) and buy these sets pretty regularly. So I think I can speak from both angles, the dealer and collector.

A few points that you touched on:

The dealer you sold to. Getting $550 really is more than fair considering today we're looking at ~$600 melt (that takes into account the current price of silver and the average refining fees). His comment about what he could get for it probably meant he'll try selling it to a collector at current melt without refining fees, therefore will try getting maybe getting and extra $50-$70. If no buyers he'll probably melt it and make a few bucks before there's a dip in price or at least break even if there is.

The binder/packaging. These sets came in a wide variety. The RCM issued them most commonly in sets of 4 for each of the 7 series (2x$5, 2x$10). They also came out with different 'upgraded' wood casings and a rare stand up wooden box with drawers that you could send away for as a separate purchase. They also issued all 28 coins in a single brief case style box. There were also a number of aftermarket companies that bought them and made other specialized packaging like binders, postcards etc. and charged a premium over normal retail. Finding these variations won't be found in any guide.

As a collector set. This is a tough one but we have to remember, something is only as much as somebody's willing too pay, demand and supply. These coins were high volume coins with a focus on the government making money to help fund the Olympics. With this and most RCM coins its not difficult to find them is perfect condition if you want them in your collection so even a collector won't pay above spot price. There's also very little demand for these sets, I've never had a desire to put them in my personal collector.

Just wanted to spread a bit of my knowledge and personal opinion, others may feel differently. There's also a lot more to talk about especially when it comes to the RCM, remember they're a business and you're paying for much more than the coin, once it's in your hands and unless it's one of the very rare (which is very uncommon) ones that have gone up in value you won't get much more then spot or face value. I've met too many people that have gotten sucked into getting bad advise from people that know a little or sales people that tell them these coins are all a good investment because on 'X' amount was made. We try sticking to offering what the current market is paying as a resell item and educate.

Cheers

socrispy
Posts: 18
Joined: Fri Jan 25, 2019 12:31 am

Re: 1976 Olympic silver 28 piece folder/stamp

Post by socrispy » Fri Feb 07, 2020 4:23 pm

That's fine but this guy kept telling me he melts these sets all day but after the deal I got the impression from his quirky comment that he's going to try and sell the complete set himself. If the set was lose minus the fake binder, envelopes/same day stamps I bet he wouldn't have said it. I doubt he'll get much more for it anyways. He also told me my 1934 "S" US Peace silver dollar isn't worth a penny over melt --- okay!

.... I guess the moral of the story here is, don't take the first offer you get because once it's sold it's gone!

Techmoe
Posts: 20
Joined: Sun Nov 18, 2018 2:05 pm

Re: 1976 Olympic silver 28 piece folder/stamp

Post by Techmoe » Fri Feb 07, 2020 7:44 pm

Yeah I wouldn't expect him to get paid over scrap, if he does, the amount won't be worth the effort.

To be honest, take it from someone who buys a lot, most of these guys preach about buying based on spot either have no clue about numismatics, know a little but think they know a lot, know enough but wanna make an excuse to buy as low as possible. From your story sounds like a he's a bit of them all.

Personally, I wouldn't say to not take the first offer as it may be your best. Sellers need to know what the market is paying what they have (always compare intrinsic vs. numismatic). If the buyer can't explain why they're paying a certain amount in a respectful way and you're still not completely satisfied, definitely move along.

Sounds like you were dealing with an idiot

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