Proof sets and PCGS sales records 1968s penny?
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I hope i can reference PCGS.  I have been researching a proof set that I have from 1968.  They are selling for around 11.00 on ebay.  What is confusing me is this http://www.pcgscoinfacts.com/coin/detail/2909/67 

How did that penny 1968-S 1C, RD (Regular Strike)graded at  MS67+ Sell for $3995.00?   Is it from a proof set that was opened? I guess I don't get why one whole set of the same year, same proof set selling for 11.00 yet the penny which is a mint strike command such a price?  Is Mint state the same as proof?? how do they determine Mint , Proof, if someone submits a coin for grading out of a set? 

 

Here is my penny from my mint set.. curious what this grade would be.

 

sorry my photos are blurry its getting late and I have been researching since 6 am this morning.;p (the line in the photo is a hair of some type within the case, i slid my finger across the plastic and the static made the line move..hence, hair ;) )

 

 

1968s penny proof 007.jpg

1968s penny proof 008.jpg

1968s penny proof 010.jpg

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9 hours ago, BronerskyFamilyTrust said:

Is Mint state the same as proof??

 

 

I believe that this might be the cause your confusion.

No, a proof coin is not the same as a mint state coin. Proof coins are minted for collectors using special dies and planchets, while Mint State refers to an uncirculated business strike coin. HERE is an article explaining in a bit more detail.

The coin that you linked was a business strike cent, which was one of the highest graded (finest known), and someone wanted it badly enough to pay big money for it.

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Thank you for the article Just Bob. I've been learning so much from everyone here, as well as immersing myself in  reading articles for my uncles collection.  I guess its easy to know a proof set, its sealed...but how do you know if a raw coin is a business strike that is uncirculated?

 

Thanks again!

Edited by BronerskyFamilyTrust

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2 hours ago, BronerskyFamilyTrust said:

  I guess its easy to know a proof set, its sealed...but how do you know if a raw coin is a business strike that is uncirculated?

 

Thanks again!

There are exceptions, of course, but most proof coins will be more sharply struck, and have a shiny finish - hence the term "brilliant proof." Some older proofs, and most modern ones, will also have a cameo contrast, with the features having a frosted finish, while the fields are brightly polished. Most business strike coins have a more satin-looking finish. Looking at 2017 and 2018 coins in  your pocket change will show you what I mean.To avoid confusion, I won't go into the exceptions right now, but there are some business strikes that look a lot like proofs, and vice versa. You can research the terms "proof-like" and "matte proof," if you want to know more about those.

To add to the confusion, the Mint also produces "Mint Sets," which are business strike coins packaged at the mint to sell to collectors. So, just because it is sealed in a pack does not necessarily mean it is a proof set.

Give it a little time. You will learn all of these differences by doing some research, and asking questions. Meanwhile, don't strain your eyes or your brain too much. :)

 

Edited by Just Bob
clarity

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