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Message:: [QUOTE="900fine, post: 223375, member: 6036"]And don't forget the OTHER item which drives pricing - SUPPLY. Since most folks prefer proofs, DEMAND doesn't explain why $unc > $proof. But Treashunt's explanation above indicates why SUPPLY of uncs is sometimes low. Since a higher proportion of proofs are saved, their survival rate is higher than Uncs.  That's especially true for fractional denominations (50c and less). They were minted for circulation, while many S$1s and gold coins, as bags or rolls, moved 'twixt bank vaults, and never circulated 'mongst the general population.  Proportionally, fewer unc's survived - business strikes went to work in day-to-day commerce, proofs mostly stayed at home. That balances the fact that there were fewer proofs minted. Yes, it's true, the much larger mintage of business strikes normally overwhelms the "lower survival rate" issue, but not in this case. When business strike mintage is really low and proofs larger than normal, you can get a price inversion like this.[/QUOTE]