Proof Coins

keith — Sat, 17 Apr 2010 10:29:07 +0000

While the world seem to be mad for gold Silver has been steadily growing in value .
Although Silver is still growing in value it will probably continue growing in value.
One investor tried to corner the market in silver but was eventually foiled .

Gold And Silver Proof Coin Terms explained.

For a newcomer to coin collecting some of the commonly used terms can be confusing. Here are some of the commonly used descriptions and their explanations.

Proof Coin
This is not just a condition but a specially struck coin.

A Proof Coin may well be struck several times and will by doing this have a sharpness and bite to all features on the coin which an uncirculated coin will not even approach in quality.

Proof coins are never knowingly circulated (and immediately lose value if they are circulated).

Proof coins are usually SLABBED nowadays (encased in a protective plastic container to retain their condition and protect against knocks or scratches.

Knocks or scratches severely lessen the value of a Proof coin.

Even minor handling of a Proof Coin will damage the surface unless you use cotton gloves (this is due to the acids on your skin and will only be visible under a magnifying glass – yet another reason to buy slabbed coins).

You will ONLY find Proof coins in coins from the 19th century up to present day .

Earlier coins of high quality will be Uncirculated rather than Proof coins.
The proof coin has a mirror-like appearance .
Because different mints have different minting processes, the final appearance may differ from mint to mint.
The commonest Proof coins will have had acid applied to the dies and the backdround of the die will be polished.
This results in the shiny mirror-like appearance of the background.
The other parts of the coin will have a frosted look.

There are also reverse proofs which have a frosted field empty space) but with the
raised parts of the coin having a mirror finish. Both sides of the coin will have similar finishes.

Identification of a Proof coin is fairly easy - they usually have a letter and a mintmark
next to the year and these will be embedded into the coin.In the USA this is usually P or D for Philadelphia or Denver.

The main thing to look for though is the finish of the coin.

If you are buying a GRADED PROOF COIN then this should be between PR60 and PR70
If the coin is graded lower than PR60 this usually means it was handled badly during manufacture.

The cheapest way to buy Proof coins is directly from the relevant Mint or as secondhand items on auction sites like eBay.

1993 S US MINT SILVER PROOF SET 90 SILVER W BOX COA NO RESERVE
US $21.01

1987 S Gem Proof Deep Cameo Washington Quarter US Coin 10292053 65
US $.99

2009 S PCGS Lincoln Bicentennial Penny CAMEO PROOF PR 69 RED DEEP CAMEO
US $14.50

2002 S SILVER PROOF INDIANA STATE QUARTER COIN
US $7.50

1959 Silver TO 2008 Complete Proof Set Run FREE SHIPPING
US $752.00

2002 S SILVER PROOF MISSISSIPPI STATE QUARTER COIN
US $9.15

Most coin dealers hold stocks of Proof coins as these are one of the most requested coins and are easy to recognise and buy or sell.
Proof coins are often sold as complete proof sets of the new currency of a country and these are usually a great buy.

Like most things in life rarity affects value and short runs of proof coins will increase their value
You can see Proof Gold Sets here
To See Single Proof Gold Coins Click here
Proof Coins are a much higher grade than regular coins in circulation (even so-called uncirculated (BU) coins.
This is because they are specially minted and checked by hand for the perfect coin.
They are usually the first coins to be minted in a series. This is so that the dies are still crisp and sharp.
Each coin is pressed (usually by hand) several times so that the die exactly presses in the same position on the coin.
This gives it a MUCH crisper sharper definition (edge sharpness) over all the coin.
I have seen many uncirculated coins cased pretending to be proof coins. There is HUGE diffference in value.
If you are inspecting proof coins with a view to purchase you should always take along a linen tester (a folding sharp magnifier)
what you are looking for is the tell-tall scratches and dings that coins give each other in a bag of coins - it may be uncirculated but it is NOT a Proof coin if it has scratches dings and other marks. Also check for crispness of head and obverse detail.

Proof coins SHOULD come with a COA (Certificate of authenticity - issued by the mint NOT by the dealer !) and should really nowadays be cased as well.
When compared to an uncirculated coin, Proof coins have a very highly polished finish and really stand out.

greatgoldcoins.net » australian proof coins

Proof Coins