Proof Coins Now In Circulation, How To Determine Price?

If the coins fake it doesn't matter if the seller allows returns or not, ebay makes them take it back or will just take the money from them and do the return themselves with the buyer protection

We've seen a couple of new members get burned on purchases like this fake and from basement slabbers. It can be a rough learning curve now more than in the past.

Interesting side note, first choice on spell check for slabbers is slobbers.

You would grade the circulated proof coin as you would a coin intended for circulation. Pricing would be dependent on how rare the coin is as an unimpaired proof. For example if the coin is a Prf-60 and it has seen some circulation the you would discount the coin a small percentage perhaps 15 to 20 percent. The more actual wear the discount from Prf-60 increases and it becomes a matter of what the seller thinks he can reasonably expect a collector to pay for such an impaired piece of that date. If you want the coin the dealer may even be willing to negotiate a price which is satisfactory to the both of you to make the sale. For proof issues being circulated is considered post mint damage unlike coins struck for circulation and you typically won't find prices for circulated proof issues in the price guides.

Ed
ANA LM-3175

Indeed

Did you try to get your money back yet? Keep us updated.

since 1877 was a proof only issue for the 20¢ piece it was definitely made to be a circulated proof. The Chinese will fake these coins that are proof only and artificially wear them in tumblers to make it look like they were circulated for years before being removed from circulation. It knocks out some of the errors of their minting process and also will make a new buyer feel easier about purchasing the coins. Anytime you have a proof only date of classic coin there needs to be a specific return policy ironed out before purchasing if it isn't authenticated by a third party grader like NGC,PCGS or ANACS. I would usually tell the seller either he can send it in for authentication before I purchase and if it comes back good I will pay for the grading or he can send it to me with a guarantee its authentic and if it comes back from the TPG as counterfeit he will get the coin back. Usually if the seller has any indication its a fake they will bow out here


Be sure you go to a few dealers that know the series very well and if even one says they think its counterfeit still send it in to be authenticated before keeping the coin. I would probably send it in anyway just for piece of mind. You don't have to join any clubs to submit to ANACS and if you would rather have it raw just crack it back out of its authentic. ANACS is sufficient in Counterfeit Detection to be pretty confident if they say its authentic or fake that is is, they are also about the cheapest TPG with this type of reputation

Edit: I wanted to add, I guess if you read my first comment on page 1 I was in the same boat as others that thought you had pulled a classic proof out of circulation not bought one that is in circulated condition. There are plenty of circulated proof classic coins but I have never seen one actually in circulation as they were all pulled many many years ago. Probably the only way you would find one in circulation today is if some kid raided grandpaws jar and you were next in line at the counter

Agree that coin needs to go to ANACSor ICG. To me, and like the others I am far from an expert on this series, the side by side says fake.




Why do you say that? I could be wrong, but my understanding was that they were not meant for circulation and made for collectors even then. Especially with the 20 cent piece as it was a failure pretty much from the beginning. Just as they did with the last 7 years on the Trade dollars.

when I said what I said above I was answering him with his question here


And what I meant was that since it was a proof only issue and if it is a modern Chinese Fake it was definitely made to look like it was a circulated proof and the reason they do this is to cover up design flaws and to make buyers think since it spent time in circulation it may be real. I wasn't saying the US minted the coin to be circulated. This is why I usually try to quote the question I am answering but have had some people think I was singling them out because of one thing or another instead of me just letting the whole thread know what I am responding to at the time, so I have been trying to not quote everything like I usually do. I have ADD real bad and allot of times I will read the threads and when I read something I go ahead and respond to that comment and usually quote what they said and then respond, then I will post it and then finish reading and just go back and edit my posts time after time again when something else comes to mind I want to comment on or add so that is why when my mind starts racing (about like it is now) I start feeling like my posts start to not make much sense. I apologize for any confusion I have caused with my comment but wasn't trying to say the US minted any proofs to be circulated but the Chinese forgers do use proof only issues and since their dies will not be handled like the proof dies would have been they will put them in a tumbler and make them look circulated and the only reason you would think it was a proof would be from the date

As long as it is counterfeit, and you did not do anything to alter the coin that was sent to you; you should be able to get your money refunded and "force" a return. Just because a month passed should not make a difference, since selling counterfeits is illegal. Make sure you keep the seller's photo, in case you need it to prove the coin he sent was fake and was what you received. I dont know if calling the Sheriff would make a difference, but he definitely warrants a harsh negative for selling a fake and not refunding your money.