What is an "Impaired Proof?"

BAJJERFAN · August 25, 2019 7:56AM

@JBK said:
All circulated proofs are impaired, for example. Impaired means any damage not consistent with the manufacture of a proof coin.

That's the way I see it.

I've seen any number of proof coins in mint issues that were not up to the expectations that I would have for a proof coin which is near to perfect. Nicks, dings, gouges, splotches, etc.

Insider2 · August 25, 2019 8:18AM

@fiftysevener said:

@PerryHall said:

@MFeld said:

@JBK said:
All circulated proofs are impaired, for example. Impaired means any damage not consistent with the manufacture of a proof coin.

That's the way I see it.

What about non-circulated Proofs with problems?

Good point. Non-circulated Proof coins with milk spots or carbon spots come to mind. I'm sure some people consider proofs with heavy tarnish to be impaired. Whether a coin is impaired or not is frequently in the eyes of the beholder.

Many high grade proof 65 coins have milk and / or carbon spots

And they SHOULD NOT/DID NOT until folks with a financial interest became the arbitrators.'

Look, nothing is going to change. The best grading service would be independently financed with a large endowment - the old "Ivory tower" where it did not matter what anyone thought of their opinion. Very qualified folks would be paid "stupid" money to strictly and precisely grade coins so "gradeflation" would no longer exist. There would be two such reputable services so a second opinion would be available.

Insider2 · August 25, 2019 8:32AM

@Baley said:
"Impaired" is a tough word, even if accurate. Perhaps better to use euphamisms or better yet, avoid offensive adjectives and just numerically Net grade the coin for the impairments, um, no, let's say naturally occurring features.

Disagree! The majority of "impairments" to proofs are not natural. Hairlines do NOT occur naturally. Spots may or may not be. Contact marks are NOT natural (excepting OPSI from the planchet that some may be fooled by). Strike thru's are probably the most common natural impairment.

fiftysevener · August 25, 2019 8:36AM

I agree with common sentiment that TPG's are basically appraisers when assigning grades. Technical grading left us in 1986 when spotted or otherwise damaged proofs were shunned by collectors and markets were made for these coins. Fair enough but I will hold on to my gems and maybe some understanding of the market will justify selling gem plus material for reasonable prices again.

Insider2 · August 25, 2019 8:37AM

@FullHorn said:
I purchased this about 15 years ago as an "impaired proof". I am curious to hear opinions on its grade or impairments.

Corrosion spots, green active corrosion spots, scratch across face, chemical residue/pattern from artificial color.

Baley · August 25, 2019 10:14AM

So you missed the joke, and now you go and hurt his feelings?

FullHorn · August 25, 2019 10:37AM

@Insider2 said:

Corrosion spots, green active corrosion spots, scratch across face, chemical residue/pattern from artificial color.

I can see this for the " Fullhorn Estate" auction.

"Now what we have here is a wonderful 1904 proof one cent with beautiful Corrosion spots, green active corrosion spots, scratch across face, chemical residue/pattern from artificial color.... do I hear five dollars?"

Insider2 · August 25, 2019 11:06AM

@Baley said:
So you missed the joke, and now you go and hurt his feelings?

Color me insensitive. It's a bad character defect.

What is an "Impaired Proof?"

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