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About Proof Coins Picked From Circulation.

 
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Author Previous TopicReplies: 11 / Views: 252Next Topic  
Valued Member

United States
144 Posts
 Posted 09/14/2021  5:54 pm Show Profile   Bookmark this topic Add Dowhat to your friends list Get a Link to this Message
During the past year I have visited one of the LCS' I frequent to purchase 90% for my stack. On numerous visits I have been able to select very very nice proof strikes as a result of people cashing in on the value of silver compared to the numismatic value locked in a slab.
The return for the silver value of the dime, quarter, and half exceeds the value of the intact mint set.
I have been able to aquire proofs that appear to have just been traded dating back to the 50's in dimes, and more recently State Quarter 90% that was just broke out.
So, I guess my question would be, does a proof coin only become junk once it has been in circulation?
Bedrock of the Community
United States
11973 Posts
 Posted 09/14/2021  7:06 pm  Show Profile   Check spruett001's eBay Listings Bookmark this reply Add spruett001 to your friends list Get a Link to this Reply

Quote:
does a proof coin only become junk once it has been in circulation?

For most modern proofs, I would say yes. In the end, it would depend on the specific coin and condition, though.
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United States
20578 Posts
 Posted 09/14/2021  8:45 pm  Show Profile   Bookmark this reply Add Spence to your friends list Get a Link to this Reply
For me, impaired proofs that I find in the wild are 2x2 worthy, but I recognize that they are only worth melt.
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Valued Member
United States
144 Posts
 Posted 09/14/2021  9:15 pm  Show Profile   Bookmark this reply Add Dowhat to your friends list Get a Link to this Reply
So I guess I am OK to just let them fill the tube.
Would a variety change that deduction?
Bedrock of the Community
Australia
18964 Posts
 Posted 09/14/2021  9:33 pm  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
I would grade a circulated proof in the same way as a normal business strike,
and also value it at the same condition level as an equivalent business strike.

Thus, you may find a 'PF-50', and it would have an AU-50 value.
I would find it very difficult to write off an impaired proof 1940 Walker Half Dollar graded at PF-50 as "junk".

The only difference is that the circulated proof coin qualifies to be called an 'impaired proof'.
That qualification may be more attractive to some collectors.
Pillar of the Community
United States
7344 Posts
 Posted 09/14/2021  11:06 pm  Show Profile   Bookmark this reply Add Earle42 to your friends list Get a Link to this Reply
Depends on the date/coin. Most clad ones I would just see as face value since clad proofs are generally not worth much, if anything, over face when selling.
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United States
103710 Posts
 Posted 09/15/2021  12:21 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
Proof finds in the wild are always fun, but I agree, the resulting grade is conditional.
Valued Member
United States
144 Posts
 Posted 09/15/2021  6:53 pm  Show Profile   Bookmark this reply Add Dowhat to your friends list Get a Link to this Reply
Thanks for the useful information provided by all of you. I will 2x2 clad proofs that I know to be uncirulated as I am the one that released them.
As far as beautiful 90% silver proofs from the quarter tray at the LCS, right into the tube with the slicks and such.
At some future time I may go back and look for varieties on them.
I also feel that the State Quarters and such would be less than desirable for barter if the need be. Pre 65 would not be as suspect as a 2015 silver to the average person.
Thanks for the exchange.
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Canada
3532 Posts
 Posted 09/15/2021  6:59 pm  Show Profile   Check silverwolf's eBay Listings Bookmark this reply Add silverwolf to your friends list Get a Link to this Reply

Quote:
beautiful 90% silver proofs from the quarter tray at the LCS, right into the tube with the slicks and such.


Keep your impaired proofs in a separate roll, they will always have a more of a premium over slicks, and damaged junk silver..

as they are nice and shiny.. never under estimate the premium for shiny, as opposed to dirty and damaged..
Valued Member
United States
144 Posts
 Posted 09/15/2021  8:25 pm  Show Profile   Bookmark this reply Add Dowhat to your friends list Get a Link to this Reply
Nice advice Silverwolf! That is were I lean. The consensus is always intriguing. This exchange of information is invaluable. Thanks all.
Bedrock of the Community
United States
20371 Posts
 Posted 09/16/2021  07:51 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
I would consider most proofs from circulation as damaged.
just carl
New Member
United States
11 Posts
 Posted 09/16/2021  8:05 pm  Show Profile   Bookmark this reply Add OldSilverDollar to your friends list Get a Link to this Reply
Will it only become junk once circulated? just depends on the coin series as example some later low grade 1893/95 Morgan proofs in fair condition have sold for hundreds of thousands of dollars. Many low grade walking liberty dollar proofs also have held high value even in XF Details, same with Mercury dime proofs.
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