Circulated Proofs

USMarine6 · August 28, 2015 10:05AM

What's every ones thoughts on them? I'm not talking about modern Lincolns and the such but classic coins such as Seated material. Anybody here collect them? Discuss.

rhedden · August 28, 2015 10:09AM

The market for these coins is just so limited that I never mess with them. Try selling a coin like a common date Seated quarter in PR50. Sellers try to charge a premium over an AU50, but few will pay it. When one can buy a PR62 for a song, there is little motivation to drop down to a 50 unless it's priced the same as AU50. Circulated "AU" proofs are often massively ugly due to the way the mirrors magnify the numerous hairlines that they inevitably have. The niche for these coins is as fillers for extremely rare dates. For example, an 1873 closed 3 quarter in Proof-40 might appeal to someone who doesn't want to pay the exorbitant price for a business strike.

RichieURich · August 28, 2015 10:22AM

As a dealer, I have found that there are quite a few customers putting together circulated sets of 19th century coins, and some of them prefer circulated proofs for the proof-only dates. For example, someone working on a Shield nickel set in Fine might prefer a circulated 1877 and 1878 since those coins would look the same as the other coins in their set, rather than standing out as a proof would. The issue is that there aren't many nice relatively original circulated proofs for these rare dates. We always find customers for nice circulated 1877 3c nickels and nickels, 1877 20c pieces, 1858 Seated dollars, etc. when we are fortunate enough to find them.

And as Rhedden said, many collectors would rather have a circulated proof 1884 or 1885 3c nickel or a circulated proof 1880 nickel when the business strike coin costs multiple times what the proof costs.

Edit to add: my personal collection includes a set of the proof-only half cents which are mostly circulated proofs. Plus, I would like to purchase a circulated proof 1983 No S dime, I think that would be a really cool coin to own.

291fifth · August 28, 2015 10:41AM

Circulated proofs are often very unattractive as their mirrored surfaces show every mark. This is a contributing factor to their lack of popularity. I don't see any reason to believe their popularity will increase in the future.

RichieURich · August 28, 2015 10:59AM

Here are two very-difficult-to find circulated proofs that we sold in the last couple of years:
First, an 1858 Seated dollar in PCGS PR-15:

Second, an 1877 Shield nickel in NGC PF-8:

keyman64 · August 28, 2015 12:25PM

There seems to be quite the demand for 1836, 1838 and 1839 $1 coins regardless of grade! The price guide and auction history seems to support this I think.

TomB · August 28, 2015 12:58PM

The Gobrecht dollars have an avid following for circulated proof examples.

RichieURich · August 28, 2015 1:17PM

<< <i>The Gobrecht dollars have an avid following for circulated proof examples. >>

Good point. There is demand for all 3 dates in circulated condition, including the 1838 when you can find it.

rhedden · August 28, 2015 1:30PM

Yeah, those Gobrecht Dollars are an exception for sure; can't beat those for a desirable Type. The rare dates Rich posted are good examples of salable circ. proofs that belong in the same category as the 1873 Cl. 3 quarter.

TopographicOceans · August 28, 2015 5:19PM

I had a Seated Liberty Quarter PR-58

USMarine6 · August 30, 2015 5:02AM

Thanks everyone for the insight. For some reason I've noticed a lot of these surfacing as of late.

Rampage · August 30, 2015 5:26AM

I cherrypicked a 1900 Morgan dollar a few years ago that graded PCGS PF50. I still have it.

Christos · August 30, 2015 8:52AM

Circulated proof Peace dollars are desirable but very had to come by. You also have the fact that the proof dies were used to produce business strike coins.

Jackthecat1 · August 31, 2015 5:13AM

I like circulated proofs but I would not pay much above circulation strike prices for them.

Circulated Proofs

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