I've collected coins for many years only because I thought them to be interesting and at times even exciting. But now I'm trying to learn all I can about collecting and all the avenues you can go down while doing so. My question is, does it make sense to have proof sets graded? Or are all proof sets the same grade? I know that there are excellent grading services out there, but is there ever a chance you don't get the same coins back that you sent to be graded? I usually am a trusting person but I'm sure this question has come up before. Thanks all for your input.
Hi, legoman. It wouldn't make sense to me, but I'm just a coin collector. I don't invest in coins, sell coins or speculate on the coin market. You asked if all proof coins are the same grade. Not really. A proof coin can be anything from nearly perfect to heavily circulated. Even ones fresh from the Mint, can be damadged or just plain ugly. I realize that people collect different things for different reasons, but I've always felt like that if I liked the way my coins looked, and I was happy with them, then why would I want to pay someone to tell me what they think of them. The 11 point grading system, thats used for uncirculated Mint State and Proof coins, is a marketing tool. It doesn't have anything to do with the way I collect. (Your milage may vary)
I wrote an artiicle for the ANA Numismatist about "Cameo Proof" coins. These are the highest state of the minter's art. A cameo proof has frosty devices and legends against a mirror field. They grade about PR-66 and above. There is a story about a proof dime from San Francisco being given to a dignitary's daughter who spent it on ice cream. A proof coin that is circulated will obviously have a lower numerical grade, but still be proof. PR-40, for instance. So, not all proof coins have the same grade. Even new from the Mint, they suffer damage that lowers their grade. Even in the making, some are struck up under full pressure from new dies, while others are struck with reduced pressure uinder old dies. The former grade higher than the latter, of course. As for your second question, this seems not to be a problem. If you patronize one of the Big Four firms (ANACS, ICG, NGC or PCGS) you will have fewer problems overall. Getting your coins back is not a problem in this day. NCG is the official grading service of the ANA. PCGS is probably the overall market leader. ICG was founded by people from the ANA authentication and education departments. ANACS was the ANA authentication service before it was sold to Amos Press, publishers of Coin World. Michael ANA R-162953
