Does this make sense? Why would someone pay so much for a circulated proof...?

dan1ecu

I bought my PCGS PR65 CAM of the same date for $480....

1886 3CN PR12 (yes, 12!)


What do you think all the excitement's about? There are 7 bidders for the coin.

Dan

dthigpen

An early proof that actually saw circulation isn't a common thing, much less one that is still around and properly graded.

nankraut

???go figure.

dthigpen

I can think of some early proofs that I would pay PF-63ish money for a circulated proof version with a contemporary hole in it even.

BigE

I have seen some of these damaged coins end up in unreputable TPG holders and turned for a quick buck--------------------BigE

BigE

Or even better, it could be cracked out and sold on E-Bay as "Desert toned"---------BigE

elwood

Some circulated proofs are very rare and can take years to find.
If you have a set in EF, a bright uncirculated piece doesn't match up well with the rest of the set.

Baley

Novelty coins are very popular.

Rumor has it you can get, like, a thousand dollars for an Ike in poor-1

Myqqy

That's a low pop coin!!
Wouldn't it be hard to identify a coin that grades a 12 as a proof??

relayer

'cause people is stupid

morgannut2

Try to collect a set of certified 13 Morgan CC's in original, no problems, AG-3 to Good-6. It's a a lot tougher than you might think compared to an uncirculated set!

braddick

Novelty coins aside, I'd think a Collector would want and pay a premium only if this ANACS three-center was problem free. At least in my world, problems like the one this coin has kills it.
Now, smooth, even, problem free, hard dove gray surfaces with FN12 wear or so for an early Proof coin? That would rate high on my cool scale.

coinguy1

Three Cent Nickels from 1886 were struck only as Proofs - there are no business strikes.

Perhaps the buyer didn't want (or couldn't afford) to buy a $400 example of that date. Or, maybe he typically collects circulated coins of that type. And, if that is the case, he would have very few 1886's to choose from.

ziggy29

I'm guessing it's probably a date collector of circulated three cent nickels, and they jumped on this one for one of two reasons:

(1) not being able to afford the proof coin;

(2) wanting to have all coins in similar states of preservation.

Personally, if I were collecting a set of (say) F-12 three cent nickels, I'd put this one in my album before I'd put an unimpaired proof in there. That's not to say I'd rather have this coin than the proof, but for displaying a circulated set, I'd add one like this (preferably with less damage, but there are going to be so few of these out there that I wouldn't expect to find one).

UncleJoe

For me, the coolness of this coin is that it is a proof only year.

Well worth the current bid IMO.

Joe.

Conder101

I like it and I would be a bidder at the current levels.

michael

maybe someone has a circ set and needs this proof only coin in circ? and this coin is acutally many times rarer than a gem proof 1886

michaEL

roadrunner

Paying the extra money now is just the difference from you having to buy a PR60 and keeping it in your pocket for 10-20 years....or handling it every day. So your are paying for someone's labor to save you the trouble of wearing it down to a Fine. One way to look at it.

roadrunner