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Lowest grade Proof?
Received the Superior Santa CLara catalog today. Lot 15 is an 1856 Flying Eagle NGC Proof-12. Interesting... ObviousIy this coin saw quite a bit of circulation. Is this the lowest grade Proof (unintentional, at least)?
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I thought there was differing opinions whether the 1856 FE cents were proof or business strikes, and I thought that I have read they get slabbed both ways. Were they all considered proofs at one time, and the possibility that some were business strikes came up later? I would be surprised if a proof coin worn down to VG could still be identified as a proof if there were also business strikes made.
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Proof only issues are the easiest to identify as a low-grade proof.
Tom
<< <i>I thought there was differing opinions whether the 1856 FE cents were proof or business strikes, and I thought that I have read they get slabbed both ways. >>
It depends on which die pair the coins came from. Only one pair, I believe it is the S-3 variety was used to make business quality strikes. Te problem was that PCGS does not do varieties so they wer not atributing 1856 cents to see which die pair they were and they just colled them Proof or MS based on general appearance. This lead to Proofs being slabbed as MS and MS coins in Proof slabs. After receiving many complains PCGS decided to drop the MS and now calls ALL 1856 cents Proofs whether they are or not.