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Proof Versus Uncirculated. Please Set Me Straight.

 
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 Posted 11/27/2019  3:21 pm Show Profile   Bookmark this topic Add howell1018 to your friends list Get a Link to this Message
My observation, over the years, is that when the U.S. mint releases a coin/commemorative in both a proof and uncirculated version the proof version always sells several times the amount that the uncirculated version does. When this occurs I always think to myself that eventually the uncirculated version will sell for a significantly higher price than the proof version due to lower mintage, but his never seems to be the case. Am I wrong?

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 Posted 11/27/2019  3:26 pm  Show Profile   Bookmark this reply Add pepactonius to your friends list Get a Link to this Reply
This does seem to be the case, especially for the more recent (lower mintage) issues.
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 Posted 11/27/2019  3:59 pm  Show Profile   Bookmark this reply Add John1 to your friends list Get a Link to this Reply
Most of the time proof mintages are lower than business strikes.
John1
( I'm no pro, it's just my humble opinion )
Searched 5+ Million Cents Since 1971
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 Posted 11/27/2019  4:34 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply
There are times the uncirc can exceed the proof price on the after market, but at least for now more people seem to still prefer the newer proofs overall
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 Posted 11/27/2019  5:00 pm  Show Profile   Bookmark this reply Add KenKat to your friends list Get a Link to this Reply
I haven't really seen proofs go for several times more than uncirculated coins. Maybe 20-25% more.

There's a few exceptions such as reverse proofs which have low mintages because they were a new idea, but a lot of the mint issues struggle to even be worth what you paid for them after a few years.
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 Posted 12/14/2019  4:37 pm  Show Profile   Bookmark this reply Add Bret to your friends list Get a Link to this Reply

Quote:
When this occurs I always think to myself that eventually the uncirculated version will sell for a significantly higher price than the proof version due to lower mintage, but his never seems to be the case. Am I wrong?

You're correct. I think that the primary reason for this is that the majority of modern collector coin buyers don't actually intend on completing a set of what they're buying.
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 Posted 12/14/2019  4:40 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply

Quote:
I think that the primary reason for this is that the majority of modern collector coin buyers don't actually intend on completing a set of what they're buying.


At this point that is likely very true especially with the commemoratives. I know quite a few people that were doing full sets until there were just to many uninspired ones to put it nicely in a row and now they just get the ones they like. I suspect many others have as well
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 Posted 12/14/2019  5:04 pm  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
19th and early 20th century proofs look nearly the same and they were not made specifically for a collector market.
They did not have cameo finish with mirror fields.
These early proof coins are (normally) rare or extremely rare, often made in numbers of less than 10 or so, for a particular date or type.

Then, proofs were made from first strikes from new dies, and were mainly kept by the Mint (not issued), as best examples for quality control purposes. They were NOT made with polished fields and cameo finish.

Now, proofs are specifically made to be sold to collectors.
Coins sold to collectors as 'Uncirculated', would be much closer to the production standards of 19th and early 20th century proof coins.
Edited by sel_69l
12/14/2019 8:12 pm
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 Posted 12/14/2019  5:21 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply

Quote:
19th and early 20th century proofs look nearly the same and they were not made specifically for a collector market.
They did not have cameo finish with mirror fields.


That's not exactly accurate for US coins. There's CAM and DCAM proof Trade dollars and Morgan dollars to name a few off the top of my head
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 Posted 12/15/2019  1:35 pm  Show Profile   Bookmark this reply Add BadDog to your friends list Get a Link to this Reply

Quote:
My observation, over the years, is that when the U.S. mint releases a coin/commemorative in both a proof and uncirculated version the proof version always sells several times the amount that the uncirculated version does.


Are you referring to the Mint's price or the aftermarket?

The Mint's price for the two are typically within a few dollars of each other, with the proof being the higher priced coin. AFAIK the Mint's price for a proof coin is never "several times" more than the mint state coin.

Aftermarket prices are a function of many things, but IMHO the original US Mint price differential between the coins is typically not that material to their aftermarket prices.
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