Matte Proof Lincolns -- A Brief History and Some Analysis -- And let's see some beautiful examples!!
WingedLiberty1957
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Eight Cents for a Matte Proof Lincoln and a Proof Nickel!! You gotta be kidding!
Matte Proof Lincoln Cents were issued by the U.S. Mint in Philadelphia, starting in 1909, in a minor set that included a proof Liberty Nickel at a cost of 8 cents plus postage (only 2 cents over face value! WOW.). The Matte Proof Lincolns were not recieved very well by collectors of the day since most didn't understand or appreciate the Matte (rather than the Mirror) finish. Because of the lack of collector excitement or demand. The mintages were quite low, with most dates having mintage totals in the 3 to low 4 digits. In 1912, the cost increased to 12 cents per minor set plus postage. (I wonder if there were complaints about the 50% price increase (4 cents additional) in 1912? HA!). From 1913 to 1916, the minor set included a proof Buffalo Nickel.
Controversy on the Original Mintages
I did want to note that there is much controversy about the official mintage "totals", and some of these original mintage numbers have changed radically over the years. The truth is we are just not 100% sure how many of these were actually minted each year. But we are certain the number was very small. Shown below are various mintage numbers published by various sources over the years. I think that Flynn's numbers might be the most widely accepted today (but still not 100% accepted). Red numbers in the table below, show a total that was later changed, in a subsequent year or reference. So you can see there were only two years free of controversy: 1914 and 1915.
Many Mattes have gone lost or are unaccounted for!
In the table shown below, I did a count of the number of PCGS and NGC slabbed Matte Proof Lincolns, and the total slab count is WAY UNDER the mintage totals. Note that these statistics were compiled in October 2011 on the population of MPLs that have gone through the slabbing process at NGC and PCGS. The Original Mintage numbers in the table below are taken from the 2009 estimates by Flynn. It should also be noted that the PCGS and NGC slab count numbers are very likely too high because many coins were likely submitted multiple times -- so perhaps taking 70% of the slab count gives a better idea on the actual field population. Since PCGS is the blue chip company for slabbing MPLs -- and most of the top rated coins are slabbed by PCGS, the count column highlighted in blue is taken as the key metric (remember to multiply these numbers by 0.7 to get a better idea of the approximate "true" field population of PCGS slabbed MPLs). The far right column gives the "Scarcity Rank" based on PCGS (only) Slab populations.
At the bottom of the table in red are the totals in each category. It's very interesting to note that approximately 18,776 Matte Proof Lincolns rolled off the U.S.Mint's presses during the 8 year run, however today we estimate only 4,502 x 0.7 or roughly 3,150 MPLs are slabbed by either PCGS or NGC or roughtly 15% of the original population. Whoa!!! What an incredible attrition rate! 85% of the total population is MISSING??? Further if you narrow that down to only PCGS slabbed MPLs, the field population drops to 2,943 x 0.7 or roughly 2000 Matte Proof Lincolns existing today in PCGS slabs or roughly 10% of the originally minted population. There are only about 1/2 as many NGC slabbed MPLs as PCGS slabbed. It is clear this series has one of the highest attrition rates (coins that were lost, damaged, misplaced, or spent back into circulation) of almost any series of special/collector issue U.S. Coinage.
A few notes about the statistics. First since this was tabulated back in October 2011, some of the counts shown in the official records are probably slightly higher now. However some perhaps many of the coins were probably double counted due to resubmissions in an attempt to get a higher grade, or from coins crossing from one grading company to another. I am guessing that since Matte Proof Lincolns are so expensive, most are slabbed by one of the top two grading companies, and finding a viable raw Matte Proof Lincoln is becoming a somewhat rare event. This leads me to believe that many Matte Proof Lincolns might have been spent back into circulation due to 2 reasons. First, the Matte finish may have led many heirs of collections NOT to recognize them as proofs (they probably looked more like business strikes to some). I heard of one story from a dealer that bought a Whitman folder of Lincoln cents from an heir to a collector and later found the 1909 through 1916 coins shoved into the folder to be Matte Proofs. Second, the low initial sales price from the mint (and low market prices for many years after) to lead to some collector apathy about these coins. They just were not "prized" in their day.
One last note, the original mintage estimate of the 1909 vdb was increased in recent years to 1194 coins (from 420 coins). However, based purely on the number of PCGS + NGC slabbed 1909 vdb's (which added up to 167 about a year ago), I have to think that the old mintage number shown in the 1980 Redbook of 420 was actually correct (or at least much closer to the truth) than the later higher estimate of 1194. The 1909 vdb is clearly the key to the Matte Proof Lincoln series and should in my opinion probably show the lowest original mintage (and not the 3rd lowest as some more recent references suggest). There is a good reason why a PCGS PR65RB 1909 vdb Matte Proof Lincoln is listed in the PCGS price guide as a $40,000 coin!
The wild color on some Mattes was caused by the original Mint "packaging"!
Many people wonder why some Matte Proof Lincolns have such wild color? This was due primarily to the mint packaging. The original Mint "packaging" consisted of tissue paper, in which the coins were wrapped, and small envelopes. Since the tissue paper used by the Mint had a high sulfur content, it caused, over time, chemical reactions on the surface of the coins that sometimes produced incredibly beautiful color. Because of this, Matte Proof Lincolns have some of the most striking and exquisitely colored examples of almost any series of U.S. Coins. Combined with their extreme rarity, this has lead to some incredibly high prices (well over $200,000 for one exquisite 1909 vdb) to be achieved for high-grade, colorfully-toned MPLs in the marketplace.
Now let's see some beautiful Matte Proof Lincolns!
Here are four colorful Matte Proof Lincolns that I have acquired in the past year. Note that these obverse shots were all taken by Phil Arnold of PCGS TrueView fame. It's interesting but one of the easiest ways to tell a Matte Proof Lincoln from a business strike are the super wide and razor sharp rims. All the photos below show these wide, sharp rims very well -- some look so deep that they almost look like you are on the edge of a swimming pool. Take the plunge!
If you have some MPLs, post some of your own -- or feel free to make comments!
Matte Proof Lincoln Cents were issued by the U.S. Mint in Philadelphia, starting in 1909, in a minor set that included a proof Liberty Nickel at a cost of 8 cents plus postage (only 2 cents over face value! WOW.). The Matte Proof Lincolns were not recieved very well by collectors of the day since most didn't understand or appreciate the Matte (rather than the Mirror) finish. Because of the lack of collector excitement or demand. The mintages were quite low, with most dates having mintage totals in the 3 to low 4 digits. In 1912, the cost increased to 12 cents per minor set plus postage. (I wonder if there were complaints about the 50% price increase (4 cents additional) in 1912? HA!). From 1913 to 1916, the minor set included a proof Buffalo Nickel.
Controversy on the Original Mintages
I did want to note that there is much controversy about the official mintage "totals", and some of these original mintage numbers have changed radically over the years. The truth is we are just not 100% sure how many of these were actually minted each year. But we are certain the number was very small. Shown below are various mintage numbers published by various sources over the years. I think that Flynn's numbers might be the most widely accepted today (but still not 100% accepted). Red numbers in the table below, show a total that was later changed, in a subsequent year or reference. So you can see there were only two years free of controversy: 1914 and 1915.
Many Mattes have gone lost or are unaccounted for!
In the table shown below, I did a count of the number of PCGS and NGC slabbed Matte Proof Lincolns, and the total slab count is WAY UNDER the mintage totals. Note that these statistics were compiled in October 2011 on the population of MPLs that have gone through the slabbing process at NGC and PCGS. The Original Mintage numbers in the table below are taken from the 2009 estimates by Flynn. It should also be noted that the PCGS and NGC slab count numbers are very likely too high because many coins were likely submitted multiple times -- so perhaps taking 70% of the slab count gives a better idea on the actual field population. Since PCGS is the blue chip company for slabbing MPLs -- and most of the top rated coins are slabbed by PCGS, the count column highlighted in blue is taken as the key metric (remember to multiply these numbers by 0.7 to get a better idea of the approximate "true" field population of PCGS slabbed MPLs). The far right column gives the "Scarcity Rank" based on PCGS (only) Slab populations.
At the bottom of the table in red are the totals in each category. It's very interesting to note that approximately 18,776 Matte Proof Lincolns rolled off the U.S.Mint's presses during the 8 year run, however today we estimate only 4,502 x 0.7 or roughly 3,150 MPLs are slabbed by either PCGS or NGC or roughtly 15% of the original population. Whoa!!! What an incredible attrition rate! 85% of the total population is MISSING??? Further if you narrow that down to only PCGS slabbed MPLs, the field population drops to 2,943 x 0.7 or roughly 2000 Matte Proof Lincolns existing today in PCGS slabs or roughly 10% of the originally minted population. There are only about 1/2 as many NGC slabbed MPLs as PCGS slabbed. It is clear this series has one of the highest attrition rates (coins that were lost, damaged, misplaced, or spent back into circulation) of almost any series of special/collector issue U.S. Coinage.
A few notes about the statistics. First since this was tabulated back in October 2011, some of the counts shown in the official records are probably slightly higher now. However some perhaps many of the coins were probably double counted due to resubmissions in an attempt to get a higher grade, or from coins crossing from one grading company to another. I am guessing that since Matte Proof Lincolns are so expensive, most are slabbed by one of the top two grading companies, and finding a viable raw Matte Proof Lincoln is becoming a somewhat rare event. This leads me to believe that many Matte Proof Lincolns might have been spent back into circulation due to 2 reasons. First, the Matte finish may have led many heirs of collections NOT to recognize them as proofs (they probably looked more like business strikes to some). I heard of one story from a dealer that bought a Whitman folder of Lincoln cents from an heir to a collector and later found the 1909 through 1916 coins shoved into the folder to be Matte Proofs. Second, the low initial sales price from the mint (and low market prices for many years after) to lead to some collector apathy about these coins. They just were not "prized" in their day.
One last note, the original mintage estimate of the 1909 vdb was increased in recent years to 1194 coins (from 420 coins). However, based purely on the number of PCGS + NGC slabbed 1909 vdb's (which added up to 167 about a year ago), I have to think that the old mintage number shown in the 1980 Redbook of 420 was actually correct (or at least much closer to the truth) than the later higher estimate of 1194. The 1909 vdb is clearly the key to the Matte Proof Lincoln series and should in my opinion probably show the lowest original mintage (and not the 3rd lowest as some more recent references suggest). There is a good reason why a PCGS PR65RB 1909 vdb Matte Proof Lincoln is listed in the PCGS price guide as a $40,000 coin!
The wild color on some Mattes was caused by the original Mint "packaging"!
Many people wonder why some Matte Proof Lincolns have such wild color? This was due primarily to the mint packaging. The original Mint "packaging" consisted of tissue paper, in which the coins were wrapped, and small envelopes. Since the tissue paper used by the Mint had a high sulfur content, it caused, over time, chemical reactions on the surface of the coins that sometimes produced incredibly beautiful color. Because of this, Matte Proof Lincolns have some of the most striking and exquisitely colored examples of almost any series of U.S. Coins. Combined with their extreme rarity, this has lead to some incredibly high prices (well over $200,000 for one exquisite 1909 vdb) to be achieved for high-grade, colorfully-toned MPLs in the marketplace.
Now let's see some beautiful Matte Proof Lincolns!
Here are four colorful Matte Proof Lincolns that I have acquired in the past year. Note that these obverse shots were all taken by Phil Arnold of PCGS TrueView fame. It's interesting but one of the easiest ways to tell a Matte Proof Lincoln from a business strike are the super wide and razor sharp rims. All the photos below show these wide, sharp rims very well -- some look so deep that they almost look like you are on the edge of a swimming pool. Take the plunge!
If you have some MPLs, post some of your own -- or feel free to make comments!
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Comments
Lance.
(edited to contribute images)
Lance, I love your 1909 and 1913! Have you ever thought about having TrueViews taken (I see you would need to cross the 1913). I bet both would make stunning photos!
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This MPL is still one of the favorites of my collection...
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Edit: PR not MS!
An informative and enjoyable post WingedLiberty1957!
I would like to hear any stories about MPLs being found in pocket change.
i know my picture sucks beyond belief but its a hey i bet its the only mp in a doily
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<< <i>I don't collect Lincolns. But I would love to have an MPL.
An informative and enjoyable post WingedLiberty1957!
I would like to hear any stories about MPLs being found in pocket change. >>
Hello Determined, I was curious about your post on MPLs being found in pocket change,
so I Googled "have matte proof lincolns been found in circulation?"
And came up with some semi-related hits. However none of these articles show any hard and fast photo evidence. That will be hard to come by since many identifying die fingerprints are likely quickly worn away.
I just don't know how else to explain the huge attrition rate of this series. Does anyone really think that over 80% of the Matte Proof Lincolns ever minted (and now available in the market place) are still raw? Or do you think that many are just sitting in "passed down" collections but are unknown to the new owners? I just have to think that most of the known Mattes have been slabbed already. So where are the remaining 14,000+ coins?
http://boards.collectors-society.com/ubbthreads.php?ubb=showflat&Number=5980742&fpart=1
http://forums.collectors.com/messageview.cfm?catid=30&threadid=678428
http://www.pcgs.com/News/Focus-On-Matte-Proof-Lincoln-Cents
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Great coins everyone!
Illini - I like your photo better than Rich's (sorry Rich).
Indiana- I must admit I think that's the only MPL in a doily I've ever seen. I've seen 'em in rattlers and fatties, but yours may be unique.
Too bad WLs website had to be shutdown. That was the place to see all the amazing MPLs at once.
My contibution: PCGS PR 65 RB CAC. This one has exceptional luster and toning. Why some MPLs exhibit booming luster despite the matte finish should be another topic for discussion, but these are the ones that seem to command large premiums.
https://pcgs.com/setregistry/showcase/2819
I agree it is a shame the WL MPL site, where over a hundred draw dropping beauties could be seen, had to be pulled.
There are certainly a few in this thread. Hopefully more will be posted.
- Bob -
MPL's - Lincolns of Color
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My Complete PROOF Lincoln Cent with Major Varieties(1909-2015)Set Registry
<< <i>Too bad WLs website had to be shutdown. That was the place to see all the amazing MPLs at once. >>
<< <i>I agree it is a shame the WL MPL site, where over a hundred draw dropping beauties could be seen, had to be pulled. >>
I wish an exception could have been made for that exceptional site.
I often download and save whole websites to my computer just for that reason. There's been too many important sites ( coin or other) valuable to me that have suddenly and without warning disappeared. So I've saved the most important just for my own research or enjoyment. Some sites I have saved no longer exist.
I wish I had downloaded WL's site. But being a new site I thought it would be around for a while. :-(
As I said, I don't collect Lincolns, but I loved to look at those beautiful coins!
Why not just make a website with licensed photos from photographers like Bob (Robecs) and others?
Over time, perhaps more and more MPLs can be available with licensed images.
<< <i>I agree it was great to see all those MPLs together. >>
I did save a screen capture of the thumbnails page ...
There really is something breathtaking about seeing so many side by side.
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