Daily Rare Coin News
Proof quality rare coins before 1968 from branches of the US Mint are rare. The original purpose of a proof coin was to check the dies and to save a few specimen coins at the mint. The process of producing a proof coin involves polishing the coin’s surface and then striking it twice to make sure that the coin is fully struck. Once the dies had been checked and specimens archived, there was typically little reason to produce proof coins at branches of the US Mint.
Although the Mint still produces proof coins today for quality control and archival purposes, the Mint also produces a large number of proof coins for collectors. These modern coins and sets are not rare coins; the old proof coins, especially from branch mints, commonly are.
Two years ago an 1876 CC proof dime was auctioned. It was described as having had the die polished before striking as well as the planchet (the metal coin blank). The mirror finish of the open areas of the coin and the exceptional detail caused by more than one mint strike is part of what qualified this coin to be certified as a proof.
In the modern era, proof coins are produced in quantity and are not rare, although they are beautiful example of the Mint’s art. The various old proof coins were not mass produced and, often, only a single example can be found here and there throughout the entire range of American coins. Because there often is no clear record of a branch mint producing proofs, there can be debate as to if a coin meets the definition of a proof coin.
For the investor the best practice is to only buy rare proof coins that have been certified by NGC or PCGS. For investment in old rare proof coins, it is also best to work through an established and reputable rare coin dealer.
Shawn Penny
Senior Staff Writer - Rare-Coin.org
