Proof Coins

When numismatic investors look at purchasing coins, proof coins are many times viewed as a good item to purchase because these proofs are struck using special dies. These dies provide a flawless coin that is specially minted for the collector coin market and are not circulated as currency like regular minted coinage. There are 10 basic grades of coinage: Uncirculated, AU (almost uncirculated), XF/EF (extremely fine), VF (very fine), F (fine), VG (very good), G (good), AG (almost good), F (fair) and B (basal). Proof coins are not graded in this manner.

A proof coin has its own category called PF/PR. This grade range runs from 70, which is a perfect coin with no flaws, down to 60, the lowest grade, which means that the coin will have many marks. The coin may have hairlines or not have a full strike and will be noticeably less pristine than a grade 70 proof coin. Many countries such as the United States, Denmark, Switzerland, Australia, Slovak Republic, South Africa and many other countries all produce proof sets of their coinage for the collectors market.

The United States has had an on and off policy concerning proof coins by 1916 America had stopped issuing proof coins. However, in 1936 the U.S. Mint started the practice once again. Proof sets were struck of the penny, nickel, dime, quarter and half dollar coins. The U.S. now produces proof sets including the Statehood Quarters and the Presidential Dollars. The novice collector should be aware of the difference between proof sets and mint sets, the difference being that a proof set is a special striking and mint sets are sets of uncirculated coins that do not have the same value as proof sets.