Do Proof Coins Have Luster?

That is correct. The irregularity of the wear lines in the die increase the refraction and thus decrease the reflection. But the exact same thing happens with business strikes too. And that's why coins struck with new, fresh dies have a better quality luster than coins struck with worn dies.

But a lot of people don't understand that. They think that the wider the spoke of the cartwheel, the better the quality of luster is. But the exact opposite is true. The narrower, the more focused the spoke of the cartwheel is, the better the quality of luster is.

Luster is nothing more than the reflection and refraction of light. The more refraction you have, the less reflection you have. And what reflects light the best ? A mirror. And what looks like a mirror ? A Proof coin. So what has the best, the highest quality of luster ? A Proof coin.

 

See how wide those bands are ? Morgans don't look like that, they have narrower bands. So does just about everything else. Different kind of coin, different kind of luster.