By Joshua McMorrow-Hernandez for CoinWeek …..
The United States Mint has released hundreds of products for mint collectors over the last four decades. Yet four of the scarcest, most democratic items to come out of the U.S. Mint since the 1960s aren ’ t products hobbyists could originally order by mail or online .
The 1982 and 1983 Philadelphia and Denver Mint keepsake sets weren ’ triiodothyronine supposed to become sought numismatic rarities. Yet these sets, which could be bought only at the giving shops of their respective mints, have risen in bulge as scarce collector items over the last 30 years.
They are the only official U.S. Mint products to include uncirculated business-strike coinage from the years 1982 and 1983 .
The Mint had halted production of its annual uncirculated sets in 1982 and 1983 ascribable to union budget cuts, and a fascinate economic recession that peaked in late 1982 mean few Americans were hanging on to rolls of new coins .
What Are Souvenir Sets?
Souvenir sets changed short over the quarter-century they were sold by the Philadelphia and Denver Mints. The foremost memento sets were issued in 1972 ; the survive were sold in 1998. They were sold in about the like type of cellophane packaging from year to year and offered the same variety show of coins – with minor differences between sets as designs were modified or metallic compositions changed .
Each determined contains a one one-cent mint, nickel, dime bag, quarter, and half dollar. No dollar mint is included in the regular keepsake set, even in years during which a dollar mint was produced. none of the sets come with a Certificate of Authenticity, but the small tan mint medals included within each one basically serves the lapp purpose .
Philadelphia sets are packaged in a light-blue forbidden envelope, whereas Denver sets come in a dark blue envelope. Philadelphia and Denver Mint give shops offered the sets for $ 4 each .
Numismatics in the Early ’80s
Understanding the circumstances behind the absence of mint sets in 1982 and 1983 requires a glimpse of the greater backstory for the period .
The nation was calm trapped within the dour confines of the economic recession and “ stagflation ” that began in the early 1970s. interest rates were soaring. unemployment hit the bivalent digits and prices for everything from stamps to meat were apparently out of control .
The early 1980s was besides a colored period in the american theater of the numismatic world. The Susan B. Anthony (SBA) dollar, in the first place released in 1979 with much ostentation, proved itself as a circulation right by the end of 1980. The Mint struck SBA dollars in 1981 for collectors alone and they are included in the 1981 uncirculated put, 1981 proof set and a particular 1981 Susan B. Anthony dollar keepsake set, the last of which includes only the three dollar coins from each of the three mint that made them ( Philadelphia, Denver and San Francisco ) .
In the early 1980s, collectors could besides still purchase excess quantities of 40-percent flatware clad Bicentennial ( 1776-1976 ) three-coin uncirculated sets and proof sets directly from the United States Mint. At their lowest price during that period, the three-piece uncirculated and proof sets could be obtained for $ 12 and $ 15, respectively. From August 1980 through September 1981, however, the proof sets sold for the higher come of $ 20 while the uncirculated sets were offered for $ 15, reflecting a dramatic increase in bullion prices during the 1979-1981 menstruation. From September 1979 through August 1980, sales of the Bicentennial three-coin sets were suspended due to an unpredictable spike in silver prices .
bullion prices spiraled to lofty record highs on the heels of massive silver purchases by billionaire Nelson Bunker Hunt and his brothers William Herbert and Lamar Hunt. At one point they held 100 million troy ounces of ash grey, or roughly one-third of all non-government silver at the time. The silver panic caused silver to rise from $ 6.08 on January 1, 1979 to a new record high of $ 49.45 on January 18, 1980 .
meanwhile, investments in amber were chiefly propelled by socio-political concerns about soviet treatment in Afghanistan, the irani Revolution and balloon anoint prices, all of which helped caused the price of the jaundiced metal to increase from $ 220 in ounce in the give of 1979 to $ 850 in early 1980 .
There were besides crucial administrative and legislative events happening in the beginning months of President Ronald Reagan’s first term in the White House. In July of 1981, just months after Reagan ’ s arrival in the Oval Office on January 20 of that year, Donna Pope became the new Director of the United States Mint, replacing Stella Hackel Sims .
There was a coincident administrative shuffle happening with the Mint ’ randomness coveted Chief Designer and Engraver military position. longtime Chief Engraver Frank Gasparro, whose many works include the then-contemporary Eisenhower and Susan B. Anthony dollars, retired in January 1981. Following a flurry of applications from artists all around the country, President Reagan selected Elizabeth Jones, an artist who had risen in numismatic bulge with meaning commissions from the Franklin Mint and the Medallic Art Company .
Jones was sworn in by Pope on September 28, 1981, becoming the Mint ’ s 11th Chief Engraver and inaugural woman to hold the post. She hit the crunch running in her new job, designing the 1982 George Washington 250th Anniversary half dollar, the first United States commemorative mint since 1954 .
While Congress authorized the George Washington half dollar and considered legislation for the 1984 Los Angeles Olympic Games commemorative coins in 1981, there was another coin event playing out on Capitol Hill : what to do about the rising price of making Lincoln cents. Following aggravating spikes in the price of copper that began in the early 1970s ( and lead to the initiation of the experimental 1974 aluminum penny ), officials at the United States Treasury settled on making copper-plated zinc cents in late 1981, much to chagrin of the copper and boldness industry .
The Copper & Brass Fabricators Council attempted to sue the Treasury Department on the grounds that it lacked the assurance to change the compositional profile of the one-cent coin, but the United States District Court rebutted the charges, claiming the council had no authority to file the lawsuit. The U.S. Court of Appeals upheld the dismissal of the suit, and the transitional cents of 1982 were produced without any far litigious hitches .
This analysis of the coin avocation in the early on 1980s now takes us to even another numismatic sequence of the menstruation : the temp moratorium on selling uncirculated sets. Republican President Reagan won a landslide victory in 1980 over democratic incumbent Jimmy Carter with promises of creating a smaller politics and limiting Federal hire. He upheld his stead after winning the election, and within months of Reagan ’ sulfur rise to the White House, Treasurer Angela “Bay” Buchanan informed Congress that the Mint would trim financing for more than 175 full-time positions. Fewer hands on deck would require a lighter product line at the United States Mint .
1982 and ’83 Mint Sets
Mint sets hit the chop obstruct because Mint officials figured that collectors could obtain the same uncirculated coins through bankrolls and mint bags. The decision did not sit well with mint collectors, who enjoyed buying the annual sets containing one exemplar of each business-strike mint made at each of the mints during a given class. Never mind the fact that sales of uncirculated sets had been growing since the early 1970s, improving from 1,767,691 sets sold in 1973 to 2,908,145 in 1981 .
still, the uncirculated set broadcast drew to a close at the end of 1981, with no far sets ever scheduled. Mint officials believed that individual entrepreneurs would step in and offer their own variations of uncirculated coins sets. They did .
respective major players in the numismatic industry offered their own 1982 mint sets, with Krause Publications becoming one of the largest sources for privately assembled 1982 and 1983 uncirculated coin sets. Another popular supplier of 1982 and 1983 uncirculated mint sets was an Illinois coin dealer known as Paul & Judy’s Coins.
nowadays, the 1982 and 1983 coin sets packaged by Krause and Paul & Judy ’ south are actively traded among those who collect modern U.S. coins, though values of these private mint sets are largely based on the quality of the individual coins contained within. many of these sets are mined by hobbyists who want gem-quality 1982 and 1983 business-strike neologism, either for filling holes in albums or for third-party authentication. The timbre of the coins packaged in the privately minted 1982 and 1983 mint sets are indeed superior to the coins that were offered in the government ’ s 1982 and 1983 keepsake sets. presumably this is due to the fact that the assemblers of the private mint sets wanted their customers to enjoy the highest-quality coins that could be located among mint bags and bankrolls of 1982 and 1983 neologism .
Another popular, if unrelated, individual numismatic offer from the lapp period is the seven-piece 1982 Lincoln cent set, which includes all the unlike varieties of pennies from that year. Such a bent includes the unlike Philadelphia and Denver penny combinations of the traditional 95-percent copper, constitution, copper-plated zinc motif, and big and minor date varieties .
One wonders what official 1982 and 1983 mint sets would have looked like if the government carried on product of the popular annual coin offering throughout that menstruation. Would the 1982 mint set have included the seven unlike Lincoln penny varieties ? To accommodate those excess coins, would there have been a third base cellophane software, in addition to the common two that traditionally separated Philadelphia-minted coins from Denver coins ?
Would the Mint have introduced a newly mint token in 1982 or 1983 to fill a packaging evacuate left in the absence of the Susan B. Anthony dollar ? Would we have seen the introduction of full-color forbidden envelopes or Certificate of Authenticity inserts in 1982 or 1983, alternatively of in 1984, when an dissemble of Congress revived the abandoned U.S. Mint uncirculated rig program ?
These are questions for which we will most surely never experience answers, but they ’ re fun to think about .
Collecting 1982 and ’83 Souvenir Sets
1982 and 1983 memento sets have enjoyed sweetheart demand over the past several years. A survey of the topic on assorted online hobby discussion boards suggests that, if anything, there has been increased interest in these sets in holocene years, as more coin collectors focus on collecting issues from the deep twentieth hundred and register set collectors scrounge for high-end examples of 1982 and 1983 coins. even the venerable Guide Book of United States Coins, an annual publication more wide known as the “ Red Book ” ( Whitman, R.S. Yeoman and Kenneth Bressett ), has added price listings for the 1982 and 1983 Philadelphia and Denver souvenir sets among the even price data for proof sets, batch sets, and particular mint sets .
The 2017 edition of the Red Book lists the values of the 1982-P and 1982-D keepsake sets at $ 60 each, while the 1983-P and 1983-D keepsake sets are listed in the price guide for $ 80 each. In reality, the going prices of these sets are slenderly lower on auction sites such as eBay, where buyers can typically pick up the 1982 keepsake sets for $ 40 to $ 50 each ; 1983 memento sets are generally sold for prices between $ 45 and $ 70, depending on the quality of the coins and the luck of the buyer. Differences in prices between the 1982 and 1983 sets can besides be explained by the relatively high demand for 1983-P and 1983-D quarters ( which widely sell for $ 25 and $ 15, respectively, in MS-63 ) and the general scarcity of the memento sets .
As compared to the per annum issued official U.S. Mint uncirculated sets–sold by the millions in most years since the 1960s and can be purchased from the Mint by mail–relatively fiddling is known about U.S. Mint memento sets. coinage figures are largely uncorroborated and deviate from year to year. however, it is numismatically agreed that Denver assembled about 20,000 sets in each 1982 and 1983, while Philadelphia produced an estimate 10,000 sets in ‘ 82 and 15,000 in ‘ 83 .
Sets with mintages of 10,000 to 20,000 are signally barely in the context of advanced U.S. coins, particularly when considering that conventional mint sets of the contemporary earned run average were made in far greater numbers. For case, 2.9 million 1981 uncirculated sets were distributed and a estimable 1.8 million mint sets were sold in 1984. To put the bantam mintage figures of the 1982 and 1983 keepsake sets in position, one must look all the room rear to the mint sets of the early 1950s to find a prison term when equally bantam numbers of official sets containing business-strike, regular-issue U.S. neologism were made .
merely 11,459 uncirculated sets were produced in 1952, merely 15,538 were released in 1953, and only 25,599 mint sets were sold in 1954. The values for these sets today are approximately $ 1,500, $ 1,100, and $ 575, respectively – army for the liberation of rwanda more than the $ 40 to $ 60 each of the 1982 and 1983 keepsake sets cost in the secondary market .
Of course, mint sets of the 1950s are decidedly scarce than their original coinage figures would suggest, as most have been broken up over the years to submit person coins to grading services or to fill holes in albums. 1950s mint sets are besides more widely popular among more collectors because they contain respective authoritative coins, not to mention the Lincoln wheat cent and the 90-percent silver Roosevelt dime, Washington quarter, and Franklin half dollar .
yet the 1982 and 1983 memento sets are worthy collectibles in their own rights. Like their 1950s mint set counterparts, many have been broken up to plunder their individual coins. Souvenir sets besides represent more of a recess market, as they are much more obscure than the “ even ” batch sets. furthermore, neither the 1982 nor 1983 memento sets are even technically necessary from the point of view of completing a run of official mint sets, as mint sets and keepsake sets are very clear-cut products .
still, many collectors who pursue the objective of assembling an integral run of United States mint sets will include the 1982 and 1983 memento sets in their collections to fill the biennial chronological col. In that way, the 1982 and 1983 keepsake sets do bridge two different periods in the history of the U.S. mint determined .
The 1981 uncirculated set, with its complain white out envelope and absence of any Certificate of Authenticity, seamlessly fits right in with its 1970s-era uncirculated set counterparts. Whereas the 1984 uncirculated set is a thoroughly modern U.S. Mint intersection, featuring a full-color out envelope and amply illustrated inner information card ( the latter serve adenine both as a Certificate of Authenticity and coin specification chart ). besides, small Philadelphia and Denver Mint tokens that were struck on one-cent planchets were included in their respective cellophane packages beginning with the 1984 mint set .
In this brief study of the mint sets from 1981 and 1984, it should be noted that 1981 batch sets do contain one key signature have more in keeping with the mint sets that came later in the 1980s : the six-pocket cellophane battalion containing the Philadelphia coins in the 1981 dress is marked along its two longer, extinct edges with dark blue blue stripes. This represents a visually meaning difference from the greenish blue stripes that were used from 1963 through 1980 to denote the packages containing the Philadelphia Mint coins .
interestingly, united states navy stripes had been used on Philadelphia Mint uncirculated fit packages prior to 1981. The credit card Philadelphia envelopes packaged with the early cellophane-era batch sets from 1959 through 1962 besides donned navy blue striping .
The Future of 1982 and ’83 Souvenir Sets
It ’ randomness condom to say that the remaining add of 1982 and 1983 keepsake sets will only get smaller over clock through proceed attrition, as collectors and investment-minded individuals break up the sets for individual coins. Whether or not this will lead to an increase in prize for the four keepsake sets in question remains to be seen. Nor can it rule out that collectors may gravitate more to collecting Philadelphia and Denver souvenir sets from other years if interest in this area of hobby grows .
What can surely be said about the 1982 and 1983 Philadelphia and Denver souvenir sets is that their price operation thus army for the liberation of rwanda has well rewarded the individuals who bought them for $ 4 at the two respective Mint locations in the early 1980s .
The only conceivable reason prices could potentially drop on the 1982 and 1983 keepsake sets is in the improbable scenario that a hoard of bankrolls or mint bags of uncirculated 1982 or 1983 Philadelphia and Denver coins is discovered. After more than three decades, roller quantities of 1982 and 1983 coins–especially nickels, dimes, and quarters–remain very barely. This fact can be illustrated in sales data .
For example, a set of two master 1982-P and 1982-D quarter rolls recently sold on eBay for $ 237.51. Another eBay member ’ s original bankrolls of 1983-P and 1983-D Washington quarters sold together as a draw for $ 392.
Uncirculated rolls of early nickels and dimes from the period are equally unmanageable to find and turn up only on affair. Two 40-coin rolls of uncirculated 1982-D Jefferson nickels sold on eBay for $ 72.59, or approximately $ 36.25 each, while a 50-coin roll of 1983-D Roosevelt dimes, besides uncirculated, traded hands for $ 85. 1982 and 1983 cents and half dollars are relatively easy to find but hush sell for multiples over their respective face values .
It goes without saying that anyone with 1982 or 1983 keepsake sets would be good advised to keep them in their original government box. just arsenic well, any collector who has these sets and is volition to separate with them is certain to find a agile buyer if the monetary value is right.
PCGS-Graded Coins Currently Available on eBay
[ wpebayads ]