Circulating Proof Jefferson Nickels

lkenefic

An Internet acquaintance posed this question:

"You seem knowledgeable about numismatics, so you might be interested in this story and have some insight into my observations. For amusement, I have been hunting for nickels through bank boxes. I average 4 boxes a week, and I've searched about 250 boxes in the last year and a half. I got started doing it with my son. He gave up, but I got hooked. I've found every single Jefferson nickel at least once, several rolls of war nickels, a couple rolls of Buffalo nickels, a handful of Liberty V nickels, and about a dozen proofs (1972-S and later). I've been trying to figure out why the proofs are in circulation, and based on the statistics of the number of proof pieces I have found, the total number of nickels I have searched, and the total number minted (about 50 billion), I have concluded that there are on the order of a million proof nickels in circulation. The ones I have found are all in decent condition, though roughed up some what from circulating, so my theory is that the mint most have run out of room to store all the extra proof coins it makes each year, and just dumped them into circulation a few years ago (I've found them as recent as 2004-S). I am convinced that there are pennies, dimes, quarters and proof halves floating around too. Indeed, my son and I searched several boxes of half dollars after we got quite a few silver ones from the bank, and we found a proof 2003-S half dollar, and recently a proof 1978-S lincoln penny (I search one box a week). So, what do you think is the reason proof coins are in circulation?"

So are these circulating proofs crackouts that bagged for some reason? We live around the Baltimore area... do you all think it's a regional thing?

Leo

MsMorrisine

I've found 4 or 5 half proofs whil roll searching.

another possibility is someone just spending them.

gargoyle62

I am by no means an expert on anything regarding coin collecting in any way, shape or form but can only offer you information from my own experience:

I worked as a coin processor for an armored car company (2003 - 2006) in the Central/Upstate New York area (4 hours away from the "Big Apple"). I ran coin through a jet sort machine sent to that company from banks, vending machine companies, parking meter companies, transit authorities (you get the idea), in and around the area. In the 3 years I worked there; I found enough proof statehood quarters to make 4 complete sets (keeping only the nicer specimens I came across). I have 3 Whitmans full of clad proof Washingtons, one folder of Kennedy Halves, half a folder of dimes and a few individual nickels (I'm not real big on nickels so I didn't bother keeping any other than the newly designed ones). One day; in the same bag I found every proof set coin (cent, nickel, dime, quarter, half and SAC) for 2000 - 2005.

And at the risk of sounding completely ignorant let me just say this: I collected wheaties as a kid, as most kids did in my area at that time - from my change or my parents' change. I didn't know anything about "real coin collecting" then, and didn't know anything about coin collecting when I started that coin processing job. I DID NOT KNOW what a proof coin was, and didn't know they existed until I pulled one out of a bag about 6/8 months later and had to ask around before somebody in the company could tell me what it was. So who knows how many proof coins had run through that machine in those 6/8 months that I didn't see, or have the time to see when I actually knew what they were - when things were busy - or how many proofs I simply put back because they were scratched (and there were a LOT). All I know is that in 3 years time I saw plenty

One of the security guys who'd worked there for 20+ years offered the explanation that they were probably from robberies, cracked out and spent. But who really knows? I don't know that it's a just major metropolitan thing; as the largest, nearest city has a population of 150k, with a metro count of 750k.

I apologize for my long-windedness

sinin1

Some submitters will spend the 'others' after they pull the coins they want for a submission if they do not have enough to keep for a roll to sell.


PR70DCAMs come from sets, but the good graders try not to submit the 68s, and as few 69s as possible


alot of the proof sets from the 70's and 80's don't have a great value, and even less when they are cracked open to remove some coin(s)

MsMorrisine

they let you exchange them without hassles?

WoodenJefferson

As far as I know, the Mint in San Fransisco does not release any modern proof coinage into normal circulation channels. These errant coins you are finding are orphans from broken up proof sets that find their way into circulating coinage.

I could put 5 Jefferson nickles on the counter with 2 of them being proof deep cameo and my wife would just scoop them all up as being just 25 cents.