Proof Or Mint? Which Is Better And Why?

Here is the best advice you will ever get...I promise....no joke..... learn first, buy later. And when it comes to collecting, pick ONE specific thing to learn/collect at a time. Know everything there is to know about that coin. Errors, die varieties, etc.... that way you are far less likely to get ripped of, and way more likely to spot a great deal. When I say one thing I mean something like "Lincoln Memorial Cents before 1982" or something like that. The "shotgun" approach to collecting anything will always getyou burned and dissapointed. So again I say, learn FIRST, then buy

Roll hunting is a great way to learn, you will find some amazing stuff just roll hunting, and best of all you have only spent face value. You can't lose that way.

Did I read your post right you have only searched cent rolls for a little over a week and already found a 1943 steel AND some Indian Head cents? Wow you are super lucky

Welcome. My advice is to get some coin books and read them. Yes, the biggest part of the hobby is not necessarily owning coins- but knowing everything you can know about them. Believe me, it will save you a ton of money in the long run and you'll avoid mistakes like the gold plated buffalo "proofs".

The US Mint makes proof sets each year and mints coins for circulation. It's not necessary to collect everything that gets put out. Buy what you like... and get even more enjoyment out of it by knowing all you can about that coin.

Fred 2425,

Proof coins have a frosted device and a reflective field often showing a mirrored effect. The surface of proof coins is delicate and improper handling of them will show as scuffs or finger prints.

Here is an example of a proof coin.



A regular minted coin will not have the mirrored look and the entire surface will have the same color

This is an uncirculated or MS coin.



I hope that this will clarify the difference for you. A couple of pointers: Never buy any coin off the TV.
As said before educate yourself with a Red Book to know what is out there and then you can make a judgement of what it is you would like to purchase.

Another thing to ask yourself is are you wanting to become a 'hardcore coin collector' primarily for the investment? Or are you in it primarily for the thrill (with your roll hunting)? Or both? (Both happens in varying degrees all the time.) Each side of the hobby has very different strategies which can both work with or against each other; however, it sounds like you're already well on your way there!

As you've probably already realized, roll hunting is a very different animal than purchasing coins from dealers or an auction house (and that fraud, or at least 'careful legal misdirection' is rampant). Investment purchases also involve a fair amount of speculation and patience as your assets mature.

My experience, for example, is that my late grandfather was more of an investment-oriented collector who taught me everything he knew. We'd go over the proof sets and uncirculated sets each year, the Silver Eagles and commemoratives, etc. However, I've always gotten my thrills from roll and change searching, which is (between that and coin trivia) the majority of my involvement in the hobby today. :-)

Unhollyroller is bang on when it comes to purchases: Learn first, buy later. Become a book expert, and then work on your "practicals," getting your hands dirty. :-)

That said, proofs aren't "better than" MS coins and vice versa. It's all a matter of context and how the values (both what you value it at as well as what the market values it at) fluctuate. Proofs do tend to be priced higher as they are "limited editions" with a set number of strikes (special strikes at that, as muddler has illustrated) which is a number much lower than you find for "common" coinage. Some proofs are also struck in precious metals, which are then subject to the crazy, currently zig-zag-up-and-down metals market.

So if I can give any good advice it's this:

1) Find your passion, first. Which set or type of coins are you most interested in? Do you like proofs more or less than uncirculated or MS coins?
2) Pursue that passion by hitting the books (or websites, or forums; hey you're here!)
3) Make your first purchases from a dealer. However, during the process express your interest to them, flatter them a bit and then listen to all the tips and factoids they'll share. You'll learn a lot that way.
4) Don't succumb to "buy it now" fever. Silver and gold fever is also right out as it's foolish to put your money into something so volatile right now. (Finding silver coins in bank roll searching, however, is always a profit provided you've bought the roll at face value. :-) )
5) Ask yourself, "Am I having fun?" if the answer is "No" go back to step 1 and start over.

Good luck!

(PS: Also, I prefer the Blue Book over the Red; Red's for retail 'ask' prices, Blue's for dealer 'bid' prices, and imho the better judge of what you can normally "get" for your coins if you must sell them.)

Steve - Thanks a lot. I really appreciate you taking the time out to bestow some knowledge upon me.

There is another aspect of coin collecting I do not see spoken of much and it is how I started out back in the late 60s. I used to get the 3-ring binder sheets like these:


And then I would collect one of each coin from each year/mint. There were enough rows of pockets to put halves in the top, quarters right below, etc. down to the pennies (nowadays with the dollar coins being made you might want to research and see if they make sheets with 6 rows of pockets).

This way my specialty was collecting a year set from each mint, but it also meant I was able to get complete, individual, sets of each coin denomination also.

When I started out, I would put two or three (or more!) of each coin in a pocket if they would fit and just put Scotch Magic Tape (will not yellow, age, crack) tape across the top of each pouch (yikes!). But now wish I had used 2X2 holders which fit perfectly in these pockets.

BTW -

I agree,I always go by Blue Book prices for my purchases....I lose a lot of auctions,but I feel better knowing I paid an amount that I can easily recoup if I have to sell in the future.