Newbie question of the day - don't laugh

Okie

Alright, since my formal introduction is out of the way, I have a few burning questions as a newbie.

What is the point of having a recent-date proof coin slabbed?

It seems to me that all of my proofs should be MS-68 or higher given the special processes and handling employed by the Mint.

Am I mistaken to think it is a total waste of money to have these coins graded? I see nothing wrong with leaving my proofs in their Mint packaging and if someone asks what grade, then I say, well by definition since they are proofs, then they are MS-68 or higher.

smprfi

No you're not mistaken.A lot of people feel that way.It is just personal preference.By the way when refering to grades of proof coins it is done PR68 not MS68.MS is a grade given to a coin that was ment for circulation.

ursabear

Okie,

There's absolutely nothing wrong with having your proofs in their original packaging. If you enjoy them more that way, then that is the way to go.

Although the mint process on proof coins is generally great, I have found that many proof coins are PR67 or less. Contrary to what many folks think, all modern proofs aren't guaranteed PR68 and above. Many "dogs" still get produced - hairlines, poor die quality, poor cameo frosting, and other things.
The silver 2001 state quarters were pretty bad when they first came out. Most were PR67-Pr64. Later in the run, they got so many complaints that they worked on it a bit more.

The key thing is - how do you want to collect them... if you want collections in their original holders, then there is no other way to go. If you want 3rd party grade opinions, sets by grade, or shots at PR70, then encapsulation is the way to go.

Collect the coins you like and can afford, and collect them the way you like them.

Above all, enjoy!

Edited to kerrect mi spellin.

cladking

The mint made some enormous improvements in the quality of proof coins
over the last few deades. Some dates are nearly always breath taking (like
1984). Other dates can be extremely difficult to find in the highest grades
especially with frost (like 1971). There are some collectors who can see the
differences even in the best made proofs and these collectors often treasure
the best. This is an acquired skill and taste. Unless you have reason to be-
lieve that your coins are high grade it probably wouldn't pay to have them
slabbed and if you are sure they're high grade then you might prefer them in
the original holder anyway.

In order to bring the best price at sale they would usually need to be slabbed.

ElectricEye

It makes em look important

It does protect them from the elements and makes em fit into nifty blue boxes!

PCGS No Date Den Variety Desig 55 58 60 61 62 63 64 65 66 67 68 69 70 Total

913030 2002-S OH 25C Ohio-Silver PRDC 0 0 0 0 0 1 1 0 1 5 91 1454 9 1562

take a look at this one coin - slabbing them resulted in a hefty potential profit for 9 submissions while 8 became unmarketable.

Woodwind

Okie,

I am in agreement with you. I don't care to spend the money to have my modern proofs graded and encapsulated. I like them in the original packaging and I don't care to break up my sets.

However, some are willing and able to spend the money, don't mind breaking up their sets, and don't mind having to wait the 45 days to get them back. There's no right or wrong in my opinion.

The motivation for some to send them in for grading is to seek the elusive and perfect PR-70 grade. Coins of this grade in a PCGS slab have traded for what some on this board have called "stupid money", as in hundreds, or even thousands of dollars.

As has already been said, it's how and what you personally collect and enjoy that matters.

Oh, and welcome to the boards.

Deadhorse

While I've been at the coin thing for awhile, I am a relative newbie on this board.

Having said that, can someone fill me in on something please? It seem to me that there were a great number of modern proofs destroyed by the mint because of poor quality and complaints. This occured within the last 5 to 8 years I believe.

Woodwind

Deadhorse, most recently, according to various Coin World articles from last year, the US Mint started selling their surplus proof sets from, I believe, 1999, 2000 and 2001 in 2002, something they normally do not do. After complaints of poor quality, and after the Mint checked the supply and found they had poor quality, spotting, etc. they destroyed the unsold sets.

ccrdragon

Another reason that people get the new proofs certified (like the statehood quarters) is to play the registry game (not knocking the registry - I have several sets in the works).

Deadhorse

<< <i>Deadhorse, most recently, according to various Coin World articles from last year, the US Mint started selling their surplus proof sets from, I believe, 1999, 2000 and 2001 in 2002, something they normally do not do. After complaints of poor quality, and after the Mint checked the supply and found they had poor quality, spotting, etc. they destroyed the unsold sets. >>



Thanks, I knew it was something like that, I just didn't know it was so recent.