Proof Coins in Circulation/Coin Hobby

About this time of the year we seem to always hear about someone dropping a valuable gold coin in a Salvation Army collection bucket. It happened recently in York, PA.

I only started collecting coins back in 2007 when the U.S. Mint began their Presidential Dollar Coins series.

Since then I've been collecting the rolls and proof sets. I joked with a good friend when he asked me why I got into coin collecting and I told him that out of all of the items I tried collecting in my lifetime, these would always be worth something. You can't say that about other collections.

For example: I'm collecting state quarters in the 20 dollar coin containers. I have a cointainer for all fifty states. If I fill all of the plastic coin rolls and do nothing with them, and they don't go up in value, then I have saved 500 dollars. They are worth something. It's a good way to put pocket change to use. I'm sure many people on this website will put a dollar coin away in a drawer when they get it for change. Well you just saved some money.

Proof coins. Has anyone ever found one in circulation? Is it true collectors will do this every so often (drop one in circulation) just to drum up some excitement out there in coinland?

 

Log in or Sign up to hide this ad.

Maybe, but I think in most cases it is a collector who just does not need the proof and/or it is not worth the cost of auctioning off. So they just put them in circulation. Yes - there are people that have found them in circulation, just not me. Then there are some non-collectors who do not know better, break em out of the set to spend them. It does happen - seems like read more about people finding proof halves or dollars than other coins.

 

I've found 2 proof Kennedy halves while searching rolls for silver.

I kept them, but don't really appreciate them much :/
I've been through over 100k Lincoln memorials and never found a proof coin.

Guess its just luck

 

Last week at a local bank got a Ike 1971s Proof for a $1.00. -O) It's considered an impaired proof coin.

 

I think the most common way is the latter one mentioned by Mark. A non-collector who doesn't know any better. For example, someone gives some proof sets to a kid. Kid isn't interested, and doesn't know anything about coins. He brakes them out and buys a cheeseburger.

 

Most of these always used to get dumped into circulation by the big wholesalers who busted up thousands of proof sets at a time. Some of these guys have even made tools and machines to destroy the sets. One has bragged that he fills up a couple dumsters every week with the packaging and debris from the sets. A small percentage of the coins are defective or defaced and they simply put these coins into circulation.

Over the years I've found many proofs in circulation. Most are very lightly worn but a few have been, apparently, like they were issued by the mint.

My most unusual find was a 1968-S quarter I found back about 1998 that was worn down to VG.

 

If you search enough rolls of coins, you will get proof coins.
I would have no problem throwing a common proof in circulation, maybe to make one's day, or spark some curiosity in the coin.

 

I've done it a few times at a couple of stores where I know the managers. They both collect coins, and I wanted to see if they would catch it, and they did. The next time I saw them they said Hey Chuck, let me show you what I found when I was counting.

 

I am ashamed to admit that I did this exact thing in 1974. I believe it was a 1960 proof set. I was only 15 and I wanted a burger.

 

Most of the time, it is a thief, often a relative or a "friend" that steals some proof sets and spends them.

 

LOL. Thats ok. Now you know. Next time you could probably sell the proof set and get more than one burger

 

Most of the time if you check the date of the coin you'll see it is from a proof set that has recently lost its premium to the roll price. Dealers cut up thousands of these dates when they become worth more as singles than sets.

I'm not sure I've ever seen a proof that is from a set with a premium.

If it were really stolen sets being spent then why wouldn't you see about thwe same number of '95 proofs as '68. Indeed, you'd see a lot more of the '95 since a lot more of these survive than the '68. Instead what you'll see is dates where there is a discount for the set. The bigger the discount the more likely they are to hit circulation.

 

Yeah I focus mainly on cents when roll searching, but the one and only time I grabbed a couple rolls of half dollars from my local bank because the teller told me somebody cashed them in, I found a 1976 S Kennedy Half. Also, a friend of mine was at the CoinStar machine in his local bank the other day and a guy in front of him was dumping a bag of coins in and the reject pan was filling up. Well, low and behold the guy complained to the bank teller and it was because the machine did'nt recognize the silver halves he dumped in. It's more of people spending or cashing in coins because they are naive IMO.

 

I've tossed a few 60's proof cents into change, and a 70-someodd nickel.

The reason being (for the cents) is that they have carbon spots. I can't sell them, and I don't want them, so I'll put them in change/take em to the bank.

 

:whistle:A cashier gave me a circulated (IN CHANGE) 1978 Proof Jefferson nickel Filled S in another store is 1776-1976 Ike Dollar Proof circulated..

http://www.youtube.com/watch?v=cWOVFpQHaoQ

RED BOOK 2010 tHERE'S NO RECORD OF 1978 filled S JEFFERSON NICKEL...

 

Just got this in change from a convenience store last week. The cashier started scooping out quarters, dropped them back in and reached in another section and pulled this out and handed it to me along with the rest of the change. My guess is it wasn't in circulation very long.

 

last month, i received a dc proof quarter in change. that's the only time it has happened to me, and my first thought was "who would spend this? it's a proof." never thought about some kid breaking a proof set to buy some gum.

 

Proof set coins in circulation?

I was thinking about this very subject just the other day as I was going through my pile of pocket change that I throw into a wooden ammunition box to lessen the sheer weight of my purse with all those coins that I accumulate in change.

There are thieves out there who break into -- not only people's houses but -- storage centers as well.

Scenario: Crack addict breaks into hi-class home in influential neighborhood or storage locker and steals everything s/he thinks s/he can off for quick bucks.

Meantime, the Law has been monitoring h/is/er residence because of suspicious activities there so things are "getting hot". Paranoid that stolen items will be discovered if there's a raid, thief feels s/he doesn't have enough time to "fence" stolen coins for bigger bucks and says to h/is/er self: "I know these are worth more than their denominations but at least I can get that out of them," so s/he spends them at the Mom & Pop around the corner on cigarettes/beer/etc.

Logic tells me that probably happens more than anyone knows...

jean in NorCal

 

I had a number of pages of proof dimes and quarters taken from my coin album by a family member and used at a 7-11 store to buy cigarettes. I also found all my silver Eagles gone and later discovered a few with holes drilled in them to make necklaces for all his friends. So, I tend to think that proofs in change are more likely stolen.

I have a bag of barely-Good wheat pennies, and every so often, I'll salt a roll of pennies with them when I'm turning them in to my bank. I'm hoping that they'll end up with some young person just starting their first Whitman penny folder.

 

Oh the humanity.....and I'll bet it was a "small date" too. :smile