Heritage shows 216 business strikes graded and 122 proofs. Can you tell if a mid level circ was a proof ? VF-20 lists about $700, PF-63RB at $550 What would a PF-20 sell for ? Are there any ? On the surface I suspect ugly looking proofs may be being handled intentionally to wear them down to a VF/ EF level. Is there some diagnostic that distinguishes a proof even if worn ? I wonder how difficult it would be to wear a proof down to EF-40 ? I have no intention of doing it, the prices just seem odd.
Well a proof is never going to get to EF...that is just it...you can wear a proof down to something like PF45 but that isn't going to make it worth the Business strike. As for why is it worth more than the Proof....that is the market for you....it might be that more people want the Business strike then the proof. Speedy
Proofs are kept. Business strikes are meant to be spent and are. Because of the miniscule mintage of that year and the fact that most if not all were used in circulation, finding business strikes is next to impossible. In addition, the relative mintage of that date (less than 1/10 of the next lowest mintage) makes it the key date of the two cent series so people who are collecting that series by date are putting price pressure on the coin -- thus the high price. Whereas the mintage of proofs is relatively constant and there is "nothing special" about a proof with a mintage of 950 coins (making it on the high side of the average proof mintage)of which many still exist. Remember rarity does not effect coin prices nearly so much as demand does....Mike
But can it be determined if a circ coin is a circulated proof or a business strike ? The proof would wear like a regular coin. If it was a well worn VG could you tell the difference ?
to a certain extent you can tell (you being the professional grading services) The die characteristics of the proofs are well know (to those who study the series in question0 and they can usually recognize a proof even if it is heavily circulated. I suppose that there is a point at which the die characteristics are no longer evident, but my guess is that for issues where the proof is significantly less valuable than the business strike they are pretty careful about it.
