I was browsing eBay and came across this PCGS graded nickel. The SMS designation, I've seen on '65-'67 special mint sets, and I've seen the full steps suffix; what threw me was the SP... What is SP - special proof? What is the story about this nickel? Was there a full SMS released in 1994? Thanks, Dima
SP=Specimen. This abbreviated prefix moniker is usually attached to the SMS mint coins such as the '65-'67 but also to the Satin finish coins, the '94/'97 nickels, and the matte 1998 Kennedy Ag half, among others. PS: I also should have written that the '94/'97 nickels and the Kennedy Half were released in limited quantity specially packaged sets. The '94 came with a Jefferson Dollar and $ 2 Bill, the '97 with a Botanic Dollar, and the JFKennedy half with a Robert Kennedy Dollar (all uncirculated types). Another comment worth mentioning is that the SP designation for satin finish is NOT equivalent to the MS designation for circulation (business strike) coins when it comes to market values. So a MS68 business strike is generally worth much more than a SP68 SMS coin, simply because the populations of business strike coins at the 68 grade level is significantly lower than SMS coins.
Of course it should be noted there is considerable disagreement within the collector community about whether or not a business strike coin with a mintage of hundreds of millions or billions, should command the premiums paid today for a high grade example. Many believe these high prices are the result of marketers targeting the uninformed, as most experienced collectors believe modern business strike coins are missing the essential element, namely low mintage, to command a high price. In addition, many believe a known low population of high grade, high mintage business strike coins means very little, as there is probably a very high population of these high grade coins in existence (due to their high mintage), yet there simply isn't enough interest to search for them and pay the high price to get them certified. The very fact that marketers are promoting high mintage, high grades coins, shows there are enough of them out there to make it worth the marketer's time to promote and profit from them.
statequarterguy...you kept saying "many", well does that state your opinion on the matter too? Are you part of the many?
Most definitely! I believe low mintage coins will always support overall high prices, regardless of grade. And, I would never pay a "crazy" premium for a minute one point grade difference. To address the OP's question about the 1994 & 1997 nickels, in particular the 1997 with a total mintage of 25,000 and to make my point. That 1997 nickel will always be worth a lot, even if they all grade SP70, since there are only 25,000 of them.
I am in agreement with statequarterguy for the most part. I've often been tempted to buy a high MS coin but generally back off simply because - as you say - there are many out there that are just wandering around in circulation. I'll often pick up a roll of common cents from the bank and I'm surprised, often to find a nice clean specimen from the 70's with rich red color. Also to be fair I'm generally down on the whole TPG program - I see the hype for what it is - a marketing ploy to drain the wallet. It is said many times over on this forum "BUY THE COIN." I see more to a coin (art, engineering, history, politics, etc.) than just the label and the number. For full disclosure I must also state that since PCGS mistreated my coins I will not do business with them anymore.
