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a few questions from absolute novice
uniship
Posts: 490 ✭✭
what causes toning? Why is it viewed as a positive and is there any toning that is viewed as a negative?
it seems coins from proof sets are viewed differently than circulated coins. is that right? If so, why?
it seems with coins there are "wholesale dealers". i dont fully understand how you can sell coins "wholesale". who do the wholesale dealers acquire them from?
many more dumb questions to come - any help is appreciated!
it seems coins from proof sets are viewed differently than circulated coins. is that right? If so, why?
it seems with coins there are "wholesale dealers". i dont fully understand how you can sell coins "wholesale". who do the wholesale dealers acquire them from?
many more dumb questions to come - any help is appreciated!
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Well, Others will chime in with better responses but...
1) Toning is caused by reactions between the metal, air and materials and/or substances on and around coins.
2) Toning not universally regarded - it is viewed as positive, negative and in-between. Some dislike any toning, other like some kinds only and so on.
3) Define "viewed" in regard to Proof coins and circulated coin (business strikes).
4) Value discussions I leave to others.
Best,
Eric
thx for the responses so far.
oh - as for my question on the proof coins - it seems high grade coins (for example, say a lincoln cent from the 50's) might go for a bunch of money, but it just SEEMS to me that the same issue Proof coins (which i presume would be higher grade) don't sell for the same type of money. Am i wrong on this assumption (easily could be). if so, why arent more proof sets just broken out for individual coins to be sold for the higher value?
i'm rambling - but bottom line, are proof coins viewed somewhat "differently" that circulated coins?
<< <i>lol - i'm a baseball card guy, but i am intrigued by the coin world. FYI the coin hobby is about 50 years ahead of the baseball card world.
thx for the responses so far.
oh - as for my question on the proof coins - it seems high grade coins (for example, say a lincoln cent from the 50's) might go for a bunch of money, but it just SEEMS to me that the same issue Proof coins (which i presume would be higher grade) don't sell for the same type of money. Am i wrong on this assumption (easily could be). if so, why arent more proof sets just broken out for individual coins to be sold for the higher value?
i'm rambling - but bottom line, are proof coins viewed somewhat "differently" that circulated coins? >>
Hi again,
Proof vs business strike - apples and oranges. Different things made in different ways for different reasons. Grade is one thing, method of production is another. Proof does not indicate grade.
Best,
Eric
Check out the Southern Gold Society
some toning is attractive and some is ugly - similar to paintings - once you have seen enough, you will be able to tell what you like and don't like
proof coins vs circulation strikes - depends on rarity and demand - similar to card values
- the early stuff (before 1917) had less than a couple thousand of each issue
vs the recent proof sets where 4 million plus may have been made
I am not sure if they are viewed differently, but they are made differently and some people have a preference of one or the other
wholesale dealers move large quantities - retail dealers buy at a 'good' price - usually wholesale, and sell at retail or move through wholesalers
occasionally retail dealers sell at a loss to keep cash flow going and move stuff they are tired of looking at on their shelves
<< <i>Generally speaking, "wholesale" dealers primarily buy coins from, and sell coins to, other dealers. >>
As I understand it, the main difference is the volume, and the speed. Wholesale dealers move a lot of coins very quickly, both on the buy and sell side. They typically don't have time to show one coin or two coins to sell to a retail customer, or buy one coin or two coins from a retail seller, or answer a bunch of novice level questions. Retail dealers will take the time to do small transactions and the nice ones will answer questions, even though some might not enjoy that end of the business.
does anyone know how they are actually produced differently? Also, if you take a coin out of the proof set, and handle it a bit, how can one know it was made as a Proof coin vs a regular coin?
thx again all.
answers and great reading and etc.
bob
<< <i> Also, if you take a coin out of the proof set, and handle it a bit, how can one know it was made as a Proof coin vs a regular coin? >>
It stays a proof regardless of what happens to it even if it was circulated.
The finish is different. (because the dies were prepared differently)
Some have mintmarks only used on proofs. (like modern S mint proofs)
Some proofs have slightly different designs. (you might not notice but different)
Some proofs have sharper rims.
<< <i>So Proof set coins are actually made differently? I never knew or even thought of that? I assumed all coins started out exactly the same, just the proof coins were "set aside" prior to being handled at all.
does anyone know how they are actually produced differently? Also, if you take a coin out of the proof set, and handle it a bit, how can one know it was made as a Proof coin vs a regular coin?
thx again all. >>
Yah, the modern proofs are struck multiple times with highly polished dies on highly polished planchets. Even if they circulate a little they still exhibit considerable proof characteristics. Someone said to buy a Redbook, which is a good thing to do, but for some things (ie. proof vs. non-proof) it is much better to go to a coin show, ask questions, and see the coins in person.
It's not just "volume and speed", it's also whether your business is with other dealers (people with resale numbers) - that is, you don't have to collect sales tax, as retail dealers do.
As far as talking coins with a collector goes, actually I've spent more time talking coins with a leading wholesale dealer than I have spent with almost all the retail dealers I know (combined) and I've also been cold-shouldered by a number of retail dealers over the years - so you never know.
Check out the Southern Gold Society