a great report about one of the last frontiers in numismatics biz strike prooflike gold coins!!
michael
Posts: 9,524 ✭✭
March 2, 2006
Are Prooflike gold coins an interesting future
collecting trend or are they yet another piece of
clever marketing hype? Yes and possibly yes.
Business strike gold coins are usually frosty or
satiny in texture. Occasionally, a group of coins are
struck from newly-polished dies and they show
reflective surfaces. Such coins are termed as
“prooflike” by collectors. There are certain issues,
such as gold dollars from the 1870’s and 1880’s and
three dollar gold pieces from the same era that are
frequently encountered with prooflike surfaces. This
is due to the fact that these issues have low mintage
figures and most were struck from fresh, new dies.
In the case where most examples of a specific date
come prooflike, a coin designated as “prooflike” is,
in my opinion, not interesting nor is it worth a
premium. The one exception might be in the case where
a coin has a very reflective or “deep mirror”
surfaces.
Other issues are rarely seen with prooflike surfaces.
As an example, a small number of New Orleans eagles
from the 1840’s are found with very reflective
surfaces.
In the case where only a fraction of examples of a
certain date come prooflike, a coin designated as
“prooflike” is, in my opinion worth a premium. It can
be worth a significant premium if the prooflike
surfaces add considerably to the coin’s overall eye
appeal.
What about very common coins like 1904 double eagles
that are sometimes seen with Prooflike surfaces? In my
opinion, if a 1904 double eagle is slightly prooflike
or reflective only on one side it is worth no premium.
If the coin is very reflective and actually resembles
a Proof, then it is worth a premium. This begs the
question: exactly how much of a premium? At this point
it is hard to say. No one really knows how rare
Prooflike coins are, on a relative and absolute basis.
As the grading services collect more data from
submissions of prooflike gold coins, perhaps it will
be possible to know the answer.
My advice on Prooflike gold is to go ahead and buy
pieces with very reflective mirror surfaces but just
don’t get caught up and pay huge premiums in a market
for which value levels are still highly speculative.
Doug Winter
3/2/06
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for me
it does not metter if it is a common date gold coin
i find there is much opportunity and value
IF THE COIN has good strong prooflike mirrors both sides!! and has above average to incredible eye appeal i think the coin is a good coin to own with a funendemtial reason to rise in demand as long as it is priced at less than double to same non prooflike date/mintmark combo and grade
and of course there are exceptions to the rules either way!!
0
Comments
One exception is prooflike branch mint coins ... that's kinda cool.
The problem is that in the past year or so the prices realized on NGC PLs have become way too high. Sometimes the MS PL coins go for more money than even a couple of points higher without the PL. Why pay MS65 money for MS63 PL? Not me.
It figures because I like proof coins. So when looking at MS coin I gravitate to prooflike examples.
The following is a great coin. It is a lower mintage date with less than 9,000 minted. I guess this one is from fresh dies. I don't know, but I wouldn't be surprised if a lot of them are proof like. It is true they show marks more readily, I like 'em anyway.
business strike
gold coin