1997 Nugget Proof set advice

Discussion in 'Gold Coins' started by Shlomo Goldberg, Dec 10, 2020.

  1. Shlomo Goldberg

    Shlomo Goldberg Well-Known Member Silver Stacker

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    G'day Stackers, hoping for some advice on a coin purchase. Is $5700 a fair/ reasonable purchase price for a full set of PM 1997 Nugget coins in the Jarrah holder & vinyl protective case?
    The set is 1/20, 1/10, 1/4, 1/2 & 1oz.
    Not much of a yard stick, but kjc had a proof 97 nugget for $3100, presume sold in the last few days, as it's no longer listed.
    Thanks in advance.
     
  2. hardyakkagold

    hardyakkagold Well-Known Member

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    It depends on your finances and point of view whether you would consider this a fair price to pay or not Shlomo.

    Personally, I would not pay that amount of money for a 1997 nugget proof set if my goal was to accumulate as much
    gold for the least amount of money, as the gold value for these sets is less than $4700 at present.
    So you would be paying over 20% more than spot price for the set.

    On the other hand if value for money was not the main consideration or if you are in the process of collecting the entire years sets
    then maybe purchase, as these sets are low mintage (375 sets minted ) and it might be a long time before you find another set for sale.

    I like to stick with the 1986-1988 nugget proof sets as these years mintage figures were between 9,000 and 12,000 sets, so much more
    readily available at slightly over spot price if you look around for them.
     
  3. Shlomo Goldberg

    Shlomo Goldberg Well-Known Member Silver Stacker

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    Thanks for your straight forward response, covering the different drivers in the decision.
    I agree 100% with your comment & rationale.
    I'll see if I can swing a deal closer to $5100 which is comparable to the 2021 BU kangaroo price.
    My principle is to "stack ugly", as much weight for the lowest price. Needless to say I've gotten side tracked more than once along the way.
    If I find anything in my travels that fits your early nugget interest, I'll give you a shout.
    What's the most reliable source for mintages on these coins?
    Thanks,
    Tony.
     
  4. hardyakkagold

    hardyakkagold Well-Known Member

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    Any good Australian coin catalogue should list the mintage figures, I still use the Greg McDonald pocket book catalogue,
    it is small and compact in size so ideal to carry around with you.

    You mean to tell me that you have not even invested in one of these for a few dollars, yet you are considering spending $5k+
    on a set of coins?
    I am not sure that's such a good strategy for successful long term investing.
     
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  5. Shlomo Goldberg

    Shlomo Goldberg Well-Known Member Silver Stacker

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    I don't have the McDonald booklet yet. I have a Rennicks.
    I generally try to buy on a weight basis first & any numismatic value is a bonus. I like to swap out ugly for pretty 1:1 as the opportunities present & keep some trading gold in the float.
    Turned out the set cost me $5170, just over the current Nuggets of 2021. I prefer the older Nuggets now. I managed to get a couple of 1/2 oz "Hand of Faiths" today by luck.
    I definitely have a lot to learn as I go. I really appreciate the guidance of Stackers like yourself that are generous with their time & experience assisting some of us greenhorns.
     
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  6. projack

    projack Well-Known Member Silver Stacker

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  7. hardyakkagold

    hardyakkagold Well-Known Member

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    Well done Shlomo! $5170 is a much better price to pay for this scarce 1997 nugget proof set.

    You now only need to wait until the gold price goes back to $2700 per oz to have the set at spot price.

    The toughest set in the 1990s nugget proofs to acquire is the 1994 set with a declared mintage of only 250 sets.
    Although I have seen Noble Numismatics state that the mintage was even lower at 237 sets, I dont know where they
    got that figure from because even the Perth Mint states on their site that the figure was 250.

    Another thing to remember is that a lot of these sets were sold to gold buyers and melted down over the years when
    the gold price was down in the dumps, so the sets still in existence is even lower than the mintage figures indicate.

    I know I have been guilty of sending a few of these 1990s sets to the refinery back about 20 years ago.:eek:
     
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  8. Shlomo Goldberg

    Shlomo Goldberg Well-Known Member Silver Stacker

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    I'm enjoying the thrill of the chase. Thanks again for your help.
     
  9. Shlomo Goldberg

    Shlomo Goldberg Well-Known Member Silver Stacker

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    Thanks for the link Projack
     
  10. projack

    projack Well-Known Member Silver Stacker

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    I have all other PM years from 1986 till 2009.
     
  11. Shlomo Goldberg

    Shlomo Goldberg Well-Known Member Silver Stacker

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    Have you seen the square Jarrah box that holds the 1, 1/2, 1/4 & 1/10 proof nuggets for 1986, 87 & 88. 12 coins in total comes with 3 certificates & a booklet covering the history behind each coin?
    I haven't been able to find any info on that particular collection.
     
  12. hardyakkagold

    hardyakkagold Well-Known Member

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    Yes, that is a good way to collect and display all three sets together in the Jarrah box.

    I have managed to purchase a few of those wooden cases empty over the years and then fill them up slowly.

    Did not purchase all three sets together in the box back in 1988 when it was offered retail by the Perth Mint.

    Noble Numismatics has one of these 3 sets in the wooden box at their last month's auction, it was the first time
    in a few years that I have seen one of these for sale.
    I bid $11k for it, but it ended up selling for $12k plus 22% commission Screenshot_2020-12-14 Lot 274 - Aust Coins - Decimal Proofs - Sale 125 - Noble Numismatics.png , so well over spot price.
     
  13. Shlomo Goldberg

    Shlomo Goldberg Well-Known Member Silver Stacker

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    That's the one, a lovely set indeed. Any idea how many sets were produced?
     
  14. hardyakkagold

    hardyakkagold Well-Known Member

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    No idea, but judging by the small amount that comes up for sale occasionally, I would guess it was no more than a few hundred.

    Maybe someone more knowledgeable in things of Perth Mint nature can tell us the exact number of these 3 set collections produced?
     
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  15. Shlomo Goldberg

    Shlomo Goldberg Well-Known Member Silver Stacker

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    mine is #150
     
  16. hardyakkagold

    hardyakkagold Well-Known Member

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    Yes you might be close there Shlomo.

    The thing is that there were no certificates of authenticity specifically just for these sets produced.

    The three certificates are the ones that came with each of the 1986/87/88 sets individually not as a whole.
     
  17. Shlomo Goldberg

    Shlomo Goldberg Well-Known Member Silver Stacker

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    Yes, that's what I was meaning to say. Maybe more correctly, it was the 150th box constructed. I think it's a keeper set though, beautiful presentation.
    The 97 proof set I came across had the original sales info too. $1625 off the top of my head.
     
  18. hardyakkagold

    hardyakkagold Well-Known Member

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    Yep, correct $1625 was the issue price for the 1997 set according to my catalogue.

    I just remembered, I did purchase one of these 3 year sets back in the early 1990s at Stanly Gibbons ( Australia ) auction
    here in Melbourne for $2,000 plus the 10% buyers commission ( and I thought I paid too much then ):rolleyes:

    I wonder if any old hands on here remember that old auction house with Ivan Knox and the team.
    Boy I used to get some bargains there!
    And then it was off to IS Wright around the block to resell the items to them at a good profit, even after factoring in
    the 10% under spot prices that they offered.

    Talk about the good old days!:)
     
  19. Shlomo Goldberg

    Shlomo Goldberg Well-Known Member Silver Stacker

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    Nice little business model.
    The eighties were great. Freedom, good wages, affordable housing, lack of "diversity", music. The jury is out on the fashion though, that was pretty bloody terrible.
     

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