SF Mint Commems: uncirc vs proof?

[HalfMad-migration]

I am interested in hearing collectors' thoughts on the relative merits of buying uncirculated versus proof versions of the $5 and $1 San Francisco Mint commemoratives.

 

I checked the enabling law and it requires production of both qualities:

 

Quality of Coins -- Coins minted under this Act shall be issued in uncirculated and proof qualities. Law [109-230]

 

You can read the law here.

 

As a collector, I'm not experienced enough to know why I would not pay the modest premium for the proof coin and skip the uncirculated version.

 

Rich

[MAULEMALL]

It's all about mintage #'s.

There are a few sets that there were more proof #'s than Ms #'s

[HalfMad-migration]

It's all about mintage #'s.

There are a few sets that there were more proof #'s than Ms #'s

 

So does that mean that, in those instances, the MS issues may have better appreciation than the proofs?

 

Both uncirculated and proofs fall into the overall limits for the denomination --100,000 for the $5 gold and 500,000 for the $1 silver. Will the mint issue each quality based on demand?

 

Rich

[EZ_E]

Historically, modern commemorative uncirculated coins have appreciated more due to their lower mintages. Proof are prettier so they sell better. Me, I collect them both for my commemorative dollar collection.

[jtryka]

Usually I buy unc, but for this one I ordered both. Victor is right, the uncs usually have a lower mintage and therefore appreciate more, but with this one I could see many collectors ordering both, especially those collectors that might not be able to afford a high grade version of the original coins where these reverses were derived. For me, I have MS versions of the originals, but thought it would be cool to own a coin with a proof reverse from a Morgan and Liberty half eagle. So maybe I just ruined my own argument there...

[DC Dawg]

The prices are set based on the manufacturing costs, including the costs of materials (metals), and surcharges prescribed by law. For the Old San Francisco Mint Commemorative, $10 from each silver coin sold will be donated to the San Francisco Historical Society to renovate the Granite Lady and construct the Gold Rush Museum in her structure.

 

This bill was passed and signed very late in the year for coin production. But when congress does it right, they can specify that the uncirculated commemorative coin as a different coin from the proof. For example, the First Flight Commemorative Coin (Public Law No. 105-124, Section 6) called for a $10 90-percent gold coin, a $1 proof 90-percent silver coin, and a 50-cents clad uncirculated coin. Maybe this should be a model for future commems?

 

Scott

[HalfMad-migration]

Historically, modern commemorative uncirculated coins have appreciated more due to their lower mintages. Proof are prettier so they sell better. Me, I collect them both for my commemorative dollar collection.

 

Thanks for the insight, Vic. I also ordered both the proof and uncirculated. Now I have some reason to justify it!

Rich

[EZ_E]

Historically, modern commemorative uncirculated coins have appreciated more due to their lower mintages. Proof are prettier so they sell better. Me, I collect them both for my commemorative dollar collection.

 

Thanks for the insight, Vic. I also ordered both the proof and uncirculated. Now I have some reason to justify it!

Rich

 

Since 2002, there has been such an interest in coins that people are buying multiples of each of the commemorative coins in hope of a return on their investment. This eventually translates to an increase in availability for these issues once the owners turn around and sell them on ebay or whereever. So, generally speaking, I doubt that most of the new commem releases will ever be worth over $75 for a number of years. The present design may be excluded from this since the Morgan dollar reverse is popular with collectors. Also, I still feel that the Marine Corp dollar has great potential since the Marines is the only branch of service where they say "once a Marine, always a Marine". So, if just one of two Marine Corp veterans sought to own one of these coins, it would be forever removed from the market (since it would be passed down to their children who would most likely keep it). This leads to a decrease in supply which will result in a price increase.

 

I collect modern silver dollar commems. They are large, silver coins which have always been popular with collectors. Many of the 1996 BU releases had mintages of only 15,000. This means that no more than 15,000 collectors could ever own a complete set. So, I think that the series has tremendous potential!

 

Presently, modern commems are not "hot" but that is the best time to buy a series. I bet a complete set "raw" would cost around $6,000 more or less.

[Beijim]

But when congress does it right, they can specify that the uncirculated commemorative coin as a different coin from the proof. For example, the First Flight Commemorative Coin (Public Law No. 105-124, Section 6) called for a $10 90-percent gold coin, a $1 proof 90-percent silver coin, and a 50-cents clad uncirculated coin.

I don't understand this statement at all.

 

First, if you read the legislation, the words "proof" and "uncirculated" are not used anywhere in conjunction with the First Flight coins. In fact, the legislation contains no discussion whatsoever regarding the manufacturing finish the coins will bear.

 

Second, the Mint issued each of the three First Flight commemorative coins in both proof and uncirculated strikes, for a total of six coins in a complete set.

 

So basically I have no idea what the post was intended to establish.

 

Beijim