Proofs In Circulation? - Page 2 - Coin Community Forum

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Author	Replies: 23 / Views: 3,016	Page: of 2

cladking Pillar of the Community United States 2272 Posts	Posted 01/08/2018 3:57 pm Probably 90% of the proofs in circulation are coins returned to the banks by large coin wholesalers. Of course there is fluctuation in these numbers over time caused principally by price changes in proof sets and proof rolls, especially where set prices drop relative roll prices. These coins that go into circulation are all commercial culls. Proofs from other sources can be non-culls. Most collectors would be surprised at the percentage of proof sets these represent. The proofs in circulation tend to be removed by collectors and only about 3 to 20% of a given date are culls. So each time you see one of these it means countless thousands of sets were consumed to make rolls. Ironically before the states quarters the proofs could circulate long enough to lose their luster and circulate freely. Back in '96(?) I actually found a proof '68 nickel worn down to "VG". It's possible this had been a pocket piece since the rest of the proofs I see are at least "AU-53". I've always just passed them on. Time don't fly, it bounds and leaps. Report this Post to the Staff
jbuck Moderator United States 189120 Posts	Posted 01/08/2018 5:47 pm Quote: Probably 90% of the proofs in circulation are coins returned to the banks by large coin wholesalers. Of course there is fluctuation in these numbers over time caused principally by price changes in proof sets and proof rolls, especially where set prices drop relative roll prices. That is really interesting. I never thought about dealer culls being a significant source of proof coins in circulation, but I do believe it, especially for the ones building gem proof rolls. For what it is worth, I have received common date wheat cents and dateless Buffalo nickels in change at coin shows before. If it works for these unsaleable coins it would work for proofs. Maybe I will receive one some day. Quote: Most collectors would be surprised at the percentage of proof sets these represent. The proofs in circulation tend to be removed by collectors and only about 3 to 20% of a given date are culls. So each time you see one of these it means countless thousands of sets were consumed to make rolls. I have always suspected that dealers do more damage to the number of surviving proof sets than collectors (like me) who crack them for their albums. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
CoinGuy82 New Member United States 24 Posts	Posted 01/10/2018 03:39 am Only came across 1 proof nickel so far and it just happened to be my birth year,so that made it even better. Report this Post to the Staff
cladking Pillar of the Community United States 2272 Posts	Posted 01/10/2018 10:44 am Quote: That is really interesting. I never thought about dealer culls being a significant source of proof coins in circulation, but I do believe it, especially for the ones building gem proof rolls. When retailers send out proofs most customers expect them to be "perfect". Any little spot or mark might result in a return and bad relations so rolls of commercial proofs have the bottom ~5% removed and these coins are spent. They'll also have the top 1% (more like .5% probably) removed for grading. These rolls are better than average proof sets by a little bit. But, yes, you make a good point because some individuals who send coins in for grading are just willing to take the small loss on the rest of the set and will spend them. Some of these could be very high grades but not high enough to submit. In many dates even PR-70 isn't high enough to submit. There are a lot of ways these get into circulation. One of the biggest killers of moderns is accidental recirculation. Few people are going to accidently spend a nice 1893 silver dollar but a modern quarter just blends in with everything else. Many dealers just tell heirs that the moderns aren't worth messing with and they should spend them. But if you run into a lot of these you'll notice that the dates you'll find tend to be dates whose proof set has just dropped to less than the roll price. Wholesalers keep the sets intact only as long as they have a premium to the roll price and then they get busted up. Quote: For what it is worth, I have received common date wheat cents and dateless Buffalo nickels in change at coin shows before. If it works for these unsaleable coins it would work for proofs. Maybe I will receive one some day. Dealers put a lot of old and modern coins into circulation. A great deal of the coins that come into a coin shop for sale aren't readily saleable yet sellers want the dealer to "take it all". I've found very valuable moderns in the till and then purchased the coins in the till before. Time don't fly, it bounds and leaps. Report this Post to the Staff
jbuck Moderator United States 189120 Posts	Posted 01/10/2018 2:45 pm Quote: Only came across 1 proof nickel so far and it just happened to be my birth year,so that made it even better. Excellent! Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
jbuck Moderator United States 189120 Posts	Posted 01/10/2018 2:47 pm Quote: I've found very valuable moderns in the till and then purchased the coins in the till before. Their loss, your gain. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
JoshsCoins New Member United States 43 Posts	Posted 01/14/2018 03:10 am Found a 2005-S 'Ocean View' nickel in change a few years ago. So far, that's the only proof I've knowingly received in change. Report this Post to the Staff
jbuck Moderator United States 189120 Posts	Posted 01/15/2018 10:11 am Very nice! Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
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