“Proof” describes a method of manufacture, not proof that a coin is genuine and not a promise that it is flawless. Proof coins typically involve specially prepared dies and planchets and are made for collectors. Their condition still requires grading.
Decoding the label
PCGS commonly uses PR, while NGC commonly uses PF to identify proofs. Numerical proof grades may extend to 70. Additional terms including Cameo, Deep Cameo, and Ultra Cameo describe contrast between reflective fields and frosted devices.
Why contrast matters
The same date and proof grade can carry very different asking prices when one coin has an additional contrast designation. Compare only examples with similar cameo designations, and use close-up photos to assess haze, spots, hairlines, and other potential distractions.
Prooflike is not proof
Morgan dollars and other business strikes may develop reflective, prooflike surfaces and receive PL or DPL/DMPL designations. These describe surface appearance. They do not transform a circulation strike into a proof.
Buying checks
- Verify exact strike type and designation on the service record.
- Determine whether an original mint set or other packaging is included.
- Distinguish a premium for a scarce issue from a premium for a fancy label.
- Compare sold records with the exact grade and contrast suffix.