Proof Dime

Coin Collection – Appreciating Proof Coins

Proof is a process for making coins specifically for sale to collectors. In modern usage, proof coins are those struck using specially prepared blanks, highly polished dies, multiple strikes, and extreme pressure. The object of the proofing process is to create a perfect coin, one with full details, mirrored fields, and no imperfections. Since 1858, the U.S. Mint has sold proof coins to the public at a premium over their face value, often in partial or complete sets of all coins of the year. The “modern” proof era began in 1936 (after a 20-year hiatus during which no proof coins were struck), and proof set collecting is a preferred method, especially for beginning collectors.

What we refer to in this section are the proof coins issued from the early 1800s to 1916. Most of the proofs from that time period are rare, with mintages ranging from just a handful to several hundred at most.

Proof versions of many of the coins we describe in Chapters 11, 12, and 13 exist, but keep in mind that proof coins are completely different animals from the coins made for regular circulation. They look different, they were made under different conditions and circumstances, and collectors approach them differently. Some dates, like the 1875 $3 gold piece, were made only as proofs.

Proof coins prior to 1858 are the rarest of the rare. Because they were created on order, to satisfy collector inquiries, experts have no way of knowing how many of each were made. However, the number of examples that have survived indicate that the original mintages must have been extremely low, indeed. From this period, you can find proof half cents, large cents, three-cent silvers, half dimes, dimes, quarter dollars, half dollars, and silver dollars. A few proof gold coins from this period are known, but they are extremely rare and valuable.

You can assemble a nice collection of proof coins from the 1858 to 1916 time period, including many coins that are quite rare yet affordable. A denomination set containing a small cent, two-cent piece, three-cent silver, three-cent nickel, half dime, dime, 20-cent piece, quarter dollar, half dollar, and silver dollar is relatively inexpensive, with only the 20-cent piece and silver dollar costing in excess of $3,000 each. You can expand the set even further by including some of the different design types that were made during this period. As with the pre-1858 proofs, gold proof coins remain extremely scarce and expensive.

The key to collecting proof coins is to find coins that are free of problems and that have never been cleaned. Some early collectors and curators had the nasty habit of dusting their coins from time to time, which left small, hairline scratches on the surfaces. Because proof coins are supposed to represent perfection, this just won’t do. However, some proof coins are so rare that you simply have to take them as they come.

Some proof coins, particularly the copper-nickel and silver coins of the 1880s, are hard to tell apart from the coins made for general circulation. Show any potential purchases to a competent expert and stick with certified coins.

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