Collect by Proof Strike

Beginning in 1817 at the Philadelphia Mint, specially prepared coins designated as Proofs were made by imparting a fine polish to the fields of coin dies and carefully striking pieces using specially-finished planchets of excellent quality. The resultant coins typically had mirror fields and had frosted motifs and devices.

In the early years Proofs were distributed to government officials, dignitaries, collectors who had close ties to the Mint, and others, but were not openly sold. Beginning in 1858, Proofs were made available to the public and were sold at a modest premium above face value. In that year an estimated 300 silver sets (containing the three-cent piece, half dime, dime, quarter dollar, half dollar, and silver dollar) were sold, plus several hundred Flying Eagle cents. Gold coins were sold individually, and very few were issued.

From 1858 through 1916, minor coins (copper and nickel issues, from the cent through the nickel five-cent piece) were sold in sets, and silver coins were likewise sold in separate sets. Gold coins continued to be sold individually (there were some exceptions, but in general this rule was followed). An example is provided by the year 1881 which saw the production of 3,575 minor Proof sets containing the Indian cent, nickel three-cent piece, and Shield nickel; 975 silver Proof sets (containing the dime, quarter dollar, half dollar, silver dollar, and trade dollar; actually Mint records state that just 960 trade dollars were made), and the following individual quantities of gold Proofs: gold dollars (87), quarter eagles (51), $3 gold pieces (54), half eagles (42), eagles (40), and double eagles (61).

Although most Proofs were of the mirror type earlier described, beginning early in the 20th century the Mint undertook experiments with different finishes, drawing upon technology developed at the Paris Mint and elsewhere. Beginning with Lincoln cents in 1909, Buffalo nickels in 1913, and gold coins in 1908, various matte or "sandblast" surfaces were used on different series. Most collectors did not like these finishes, and orders for Proof coins dropped sharply. After 1916 the production of Proofs for collectors ceased.

In 1936 Proof sets were again issued, of the mirror type, and were continued through 1942, when production was terminated due to the war effort. Proofs could be ordered by the piece or as sets of five coins, from the Lincoln cent to the Walking Liberty half dollar.

Proof set production was resumed in 1950, at which time coins could be ordered only as sets of five pieces. From 1950 through 1964 coinage was continuous, after which time a nationwide coin shortage forced the Mint to stop the service to collectors. In 1968 Proof sets were again issued, breaking tradition, for instead of the Philadelphia Mint, the San Francisco Mint was utilized, and all sets from that time onward have borne the distinctive S mintmark.

Proof coins are eagerly collected today and form a separate area of specialty and study for many numismatists. Walter Breen's Encyclopedia of Colonial and United States Proof Coins 1722-1989 details the history of federal Proofs as well as various earlier issues and is the standard reference on the subject

As Proofs were specifically distributed to collectors who paid premiums for them, most of them have survived to the present day. By contrast, business strikes, made for circulation, were saved only as a matter of chance, and the rarity of Uncirculated coins from the original business strike mintages often bears no relation to the quantities originally produced. The Liberty Seated half dollar of 1888 provides an effective illustration of this. Mint records reveal that 832 Proofs and 12,001 business strikes were made. Of the 832 Proofs struck, all were sold to collectors, and nearly all were preserved with care. Over the years numerous pieces have fallen victim to mishandling, cleaning, loss through various misfortunes, and a few were even spent and found their way into circulation. However, of the 832 Proofs made, it is probably reasonable to assume that 500 or 600 survive today. Depending upon how well they have been handled by collectors in the meantime, the grades of most of these pieces currently range from Proof-60 to Proof-65.

On the other hand, the 12,001 business strikes were put into circulation, and no thought was given to saving them. Collectors of the era who desired an example of the current half dollar opted to buy Proofs. The only Uncirculated 1888 half dollars surviving today are from a few stray pieces which were saved as a matter of chance. No more than a few dozen Uncirculated 1888 half dollars exist. In Mint State the 1888 half dollar is far rarer than with Proof finish. Although at one time Mint State pieces, with a mintage of 12,001 coins were, approximately 15 times more plentiful than Proofs, of which 832 were minted, today Proofs are at least 15 times more plentiful than Mint State coins!

Budget Recommendations: No recommendations here, as low-grade Proof coins are apt to be quite unattractive. Consider what I have to say under the following listing.

Recommendations for the Connoisseur: Proof coins of the 1858-1916 era are, for the most part, good buys in Proof-63 and Proof-64 grades. I do not recommend lesser condition Proofs as they are apt to have too many hairlines, be cloudy, or have other problems. In all instances, Proofs in slabs should be cherrypicked for quality. Proofs from 1936 to date should be purchased in Proof-65 grade, preferably intact as sets, as they are cheaper this way. Avoid paying stiff premiums for high-grade modern sets (1968 to date) for they are very common.

Elite Recommendations: Buy Proof-65 issues of hand-selected aesthetic quality. If forming a set, match the coins for surface appearance (all brilliant, all lightly toned, or some other objective).