If there were any last minute changes necessary before preparing large numbers of coins for circulation, proof coins were originally struck to test whether the dies had been made correctly.With the rise in popularity of coin collecting since the mid-1930s, proof coins are produced in larger numbers to satisfy the desire of the collector.There are either precious metals or circulation coins that can be used in proof coins.It is possible to purchase proof coins as an investment, historical artifacts, or just for the enjoyment of the collector.The following steps are used to buy proof coins.
Step 1: There are three types of coins: proof coins, bullion coins and uncirculated coins.
Compared to bullion and uncirculated coins, proof coins are more valuable due to the fact that they are produced in smaller quantities and have a more detailed appearance.Proof coins are struck using specially acid-treated and polished dies, sometimes using manual instead of automated presses.Proof coins are struck at least twice and sometimes more often, with the coin planchets specially washed and polished before being struck.Proof coins cost more than bullion or uncirculated coins because of the special handling.Precious metals such as gold, silver, or Platinum are struck in bullion coins, which are the same as coins for general circulation.The investment value is determined by the weights of the precious metals they contain.Bullion coins can be bought for the market price of the metals they contain, plus an additional transaction fee, and then resold at a higher price when the metal's market value goes up.Coins that have never been put in circulation are called uncirculated coins.While their appearance shows no wear of coins in circulation, they are not as detailed as proof coins.Uncirculated coins designed for collector are often struck on blanks with a matt appearance.
Step 2: There are different types of proof coins.
There are three types of proof coins: frosted, matt, and brilliant.The frosted images and lettering are set on a mirror-like field.Prior to 1936, the U.S. proof coins were of this type.The first 15 to 20 coins struck from new dies appear frosted, but the frosting can disappear after the dies are re polished.More frosted proof can be struck with chemical treatments to the coin planchets.Some of the Peace silver dollar proof of 1921 and 1922 were also of this type.There is a finely etched, "sandblasted" surface.On the coin's raised image and surrounding field, brilliant proof have an overall brilliant appearance.This type of proof coins were issued after 1936.
Step 3: There are appropriate mint marks to look for.
The location of the mint where the U.S. coins were struck is marked on the coins with a 1- or 2-letter mark.Some mint locations produce coins for general circulation while others specialize in proof and bullion coins.There is a list of mint marks.Prior to 1968, proof coins were produced here.The Philadelphia mint has a variety of coins to choose from.During World War II, the "P" was first used on the U.S. coins without a mint mark.D Denver.The Denver mint has the largest number of coins and dies.The mark was used on gold coins in Georgia.The city of San Francisco.The San Francisco mint was established in 1854 and started producing proof coins in 1968.West Point is located in the United States.West Point has produced coins since 1937.It produces mostly gold, silver, and Platinum bullion coins.C Charlotte is in North Carolina.Coins were produced from 1838 to 1860.O New Orleans.Coins were produced from the mid-1840s to 1904.A city in Nevada.Morgan silver dollars were best known for being produced at the Carson City mint.
Step 4: Look for the highest grades.
Coins are graded on a scale with values ranging from 1 to 70.Uncirculated coins include the designation "MS" for "Mint State", while proof coins have a different designation.A proof coin should show that it has been handled correctly.PR 70 proof coins are rare or notexistent depending on the coin in question.
Step 5: A certified slabbed coin is something to look for.
Coins are placed in plastic cases to protect them from damage after being struck.U.S. proof coins that are certified as well as slabbed are those that have been graded to the standards of the American Numismatic Association and display the grades on their slabs.The Professional Coin Grading Service (PSGS), the Independent coin Grading Company (ICGC), and the Numismatic Guaranty Corporation (NGC) are recognized coin grading companies that have been in operation since the mid-1980s.
Step 6: You can buy from a coin dealer.
The United States Mint can be used to buy recent-issue U.S. proof coins from other countries as well.Older proof coins can be purchased through a variety of brick and mortar and online dealers.Check the dealer's experience in selling coins, as well as his or her readiness to answer questions.If you are selling coins through an auction site, make sure to check the feedback ratings and any positive or negative comments from previous buyers.