Newbie Question - Proof Sets 0

[Seamus8]

I have been researching proof coins and proof sets on the internet, but I thought I would ask the experts here the following (dumb) questions:

When you buy a proof set for the U.S. Mint, are all the coins in the set MS70 designation?

Or would the set contain a mixture of coins with MS61 to MS70 designations?

[J P M]

On 12/29/2022 at 9:48 AM, Seamus8 said:

I have been researching proof coins and proof sets on the internet, but I thought I would ask the experts here the following (dumb) questions:

When you buy a proof set for the U.S. Mint, are all the coins in the set MS70 designation?

Or would the set contain a mixture of coins with MS61 to MS70 designations?

They have there own category they are not MS but are called PR or PF coins and most are considered to be 60 to 70 but finding 70s is tough and not worth sending in cost wise to end up getting a 68 or 69 unless it is a rare coin.  

[Sandon]

   

On 12/29/2022 at 9:48 AM, Seamus8 said:

When you buy a proof set for the U.S. Mint, are all the coins in the set MS70 designation?

Or would the set contain a mixture of coins with MS61 to MS70 designations?

   As previously pointed out, proof coins regardless of grade are supposed to be designated as proofs (PF or PR), not as mint state (MS).  The grading of any coins is subjective and dependent on a variety of factors. Different professional graders may grade a coin differently. Even the same grader may grade a coin differently at different times! Therefore, no coin has an inherent, pre-existing grade imparted by the mint as you seem to imply.

  This being said, modern proof coins are supposed to be--and usually are--carefully made, handled, and packaged, and will usually be professionally graded at the higher end of the scale.  U.S. proof coins made since the late 1970s have mostly been graded by the grading services between PF 68 and PF 70, with PF 69 being the most common grade and PF 70 being the second most common. Coins that have developed spots or unattractive toning or were nicked or scratched at the mint or were removed from the mint packaging and mishandled before being submitted will, of course, be graded lower.

  In my opinion, modern proof coins and other modern collectors' issues are best enjoyed in their mint packaging and are not worth submitting to grading services as they are common even when graded "70", and the differences among pieces graded 68, 69, and 70 are hardly noticeable.

[Coinbuf]

First, as JP wrote, proof coins are not MS (mint state) they receive a PF designation in front of the grade to denote these coins as proof coins not coins made for circulation.   Second modern proof coins will, with very few exceptions, grade as PF68DCAM or higher, with the majority at PF69DCAM or PF70DCAM.   In case you are not aware DCAM stands for deep cameo.    This is true for proof coins produced from the 1980's to current.   As you go further back in time to the 1950's the mint production quality was not as good and the coins did not receive quite as much careful handling as today.   Also, some coins have not been stored properly so you will begin to see some slightly lower grades and less DCAM designations, and start to see some CAM designated coins, CAM stands for cameo, and coins that are more brilliant and receive no DCAM or CAM designation.  It is not uncommon to see coins from the 60's and 70's with one side having fully CAM or even DCAM surfaces and the other side of the coin being just a brilliant surface.   As you continue further back you find that the mint experimented with different finishes for some years and receive a different designation such as Matte.   Once again these coins may have been subjected to improper storage so the grades can begin to move into the lower PF60-PF65 range and CAM coins are rare with DCAM almost impossible.

Also keep in mind that the mint did not sell proof coins in the early part of the 20th century and the 19th century the way they are sold today.   Often proof coins were sold as individual coins not as sets, partly due to the fact that the mint did not strike proofs for each denomination produced every year in the 19th century and early 20th.

[Mr.Bill347]

I’d say it is apples/oranges. As a PS collector, the coins are all handled as proofs but only about 20% of them would get a 70. I have many that most likely would not grade a 65. I have every PS from 1954-2022. Nice to collect but no windfall will be gained . Some have/will appreciate but since none are actually graded , it won’t matter. I probably have twice the value that I spent. 

[Coinbuf]

On 12/29/2022 at 9:05 AM, Mr.Bill347 said:

I’d say it is apples/oranges. As a PS collector, the coins are all handled as proofs but only about 20% of them would get a 70. I have many that most likely would not grade a 65. I have every PS from 1954-2022. Nice to collect but no windfall will be gained . Some have/will appreciate but since none are actually graded , it won’t matter. I probably have twice the value that I spent. 

What is a PS collector??

[EagleRJO]

On 12/29/2022 at 11:05 AM, Mr.Bill347 said:

As a PS collector ...

PS collector = Proof Set collector?? 

Edited December 29, 2022 by EagleRJO

[Mr.Bill347]

Sorry about the new acronym. Coinbuf, I assumed would figure it out. Lol 😆