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Message:: [QUOTE="CamaroDMD, post: 461127, member: 5233"]You are correct when you say that business strikes can never be graded "PF" and that proofs can never be graded "MS."  But, you're incorrect when you say these business strikes are meant for general circulation.  No bullion is meant for general circulation. The only think that "business strike" and "proof" means is just a type of manufacture.  The business strike coins are made by the same process as generally circulated coins...but they are not meant for general circulation.  No bullion coin is meant for general circulation.  Bullion business strikes are primarily intended for investment purposes and are also heavily collected.  They have the same luster and finish as a normal coin.  Proof bullion is primarily meant for collectors and not for investment...but neither is meant to be circulated.  They have mirror like fields like other proofs.  Because business strikes are made by the same manufacturing techniques and normal circulating coins they receive the same "MS" grade designation as circulation coins...even though they are not meant to be circulated.  Proof coins, which are made differently are given the "PF" grade designation. The "F" you speak of is on both the business strike and proof bullion Buffalo's.  It is the initial for the designer of the coin, James Fraser.  His initial also appears on the original use of the design which was the Buffalo Nickel which was made 1913-1938.[/QUOTE]