Proof coins in circulation

[RWB]

A post by "DoubleEagle59" on the PCGS board reminds one that during the 19th and 20th centuries, defective proof coins and annual assay leftover coins were placed in circulation. The $2.50 in the ATS post has a lot in common with a sub-standard proof.

 

Through 1916, approximately half of all proofs struck were rejected for quality defects of one sort or another.

 

[DWLange]

I see a lot of circulated proofs from the 1880s-90s, especially Morgan Dollars. The 1895 issue is the only one that seems to attract much attention.

[e1cnr]

I have a type 2 reverse quarter that some people say HAS to be a proof - I agree with NGC.

 

[grip]

Struck with a reverse PR die?

[shirohniichan]

I only collect circulation strike coins, but I bid on an 1877 double dime because it looked like it served some time in commerce.

 

I've read others explain that proofs were taken out of sets and spent, but this explanation certainly makes more sense. Thanks for confirming there weren't hundreds of proof-set-coin-pinchers out there in the 19th century.

[RWB]

Good proofs were spent by collectors, too. This was most common when a collector died or if there was a family financial need. The value of a collectors' proof was barely more than face value.

[t-arc]

 

Then I wonder why we do not see more impaired proof lincoln cents and buffalo nickels.

[RWB]

Matte proof Lincolns and Buffalos are difficult to identify when they are fresh from the the mint. A few days circulation would make them much more difficult to identify. The old proofs has mirror fields which made them easier to identify.

[BillJones]

Here is a question for those who are concerned with this topic. How can you tell the difference between a circulated Proof coin, and a regular issue coin that has been struck with Proof dies? As late as 1950s Proof dies were used to strike business strike coins (sorry, but I like that term) after they had been used to make Proof coins. It was a matter of frugality. Why discard a perfectly good die simply because it had been used for a different minting process? From what I have read the Franklin half dollars with the Type II eagle on the reverse from 1956 on were struck from recycled Proof dies.

[RWB]

Coins struck on a production press have different characteristics than those made on a medal press, as were collectors' proofs. Differences are less pronounced on cents and dimes than on larger size coins.

[JAS0N-migration]

every once in awhile i`ll drop a 80s,90s clad proof coin in circulation. thinking maybe a young kid gets it and gets intrested in the hobby.

[RockMyAmadeus]

It's really a shame that more classic proof coins weren't spared the ravages of time and economics. I can completely understand a family that had wealth in the 1860's having lost it all by, say, 1910, and facing the choice of selling Granddad's proof gold and silver.

 

It would make no sense to "sell" it to a coin dealer for face value, when it could be spent just as easily, if not easier, and in an era where $1 was still a considerable amount of money.

 

In fact, Henry Chapman's sale of the Earle collection in 1912 is a perfect demonstration of this..the 1880, 82, 86, and 87 Proof Morgans all sold for face value...Chapman wasted his time on those.

[Conder101]

When I see this topic it reminds me of a Max Mehl Story.

 

Max had traveled to a coin auction and was returning home by train. Now max has rather tight with his money and had planned out his expenses coming and going and was carrying just enough cash for the planned expenses. But something happened to delay his trip home adding another day and he did not have the money for food for that last day. He thought he would just tough it out but eventually the stomach rumblings were becoming too much for him. So he pulled out the coins he had purchased at the auction a selected a nice proof Barber half dollar that he had paid 55 cents for at the sale, and bought his lunch.

[crypto79-migration]

Here is a question for those who are concerned with this topic. How can you tell the difference between a circulated Proof coin, and a regular issue coin that has been struck with Proof dies? As late as 1950s Proof dies were used to strike business strike coins (sorry, but I like that term) after they had been used to make Proof coins. It was a matter of frugality. Why discard a perfectly good die simply because it had been used for a different minting process? From what I have read the Franklin half dollars with the Type II eagle on the reverse from 1956 on were struck from recycled Proof dies.

 

The proof dies being recycled and used on production intended coinage happened plenty in the 19th Cen and only made a difference when the dies had advance design attributes or outdated ones still that weren't noticed. Some of the greatest rarities in my series are runs of coins made with repurposed proof dies that didn't follow the hub change over progression that was occurring in 1875-1876 for trade dollars. While the Proof coin is "common", the circulation strike versions are extremely rare due to the very high attrition rate of T1$s because of the exporting, recalls and meltings. When looking a coin that used two different presses but the same dies things like reed counts, die cracks, strike depth, polished planchet must be looked at. Although if the coin is xf and above it is often obvious.

Rare 1876p type 2/2 Proof

One of finest of maybe 2 dozen known business strike 1876p type 2/2

[TWCableMan-migration]

I recently got a 1964 Lincoln proof penny in change at a grocery store, it was still in great condition

[RWB]

Another factor to consider is that most proof dies from the 1950s were chromium plated to allow them to be used longer than normal dies.

 

This was also done on some proof dies in the 1940s, but as yet the records of whcih ones have not been discovered. (I know that cents were the first ones tested.)