Impaired Proof Question

[apush]

Would someone please cover the topic of an "impaired proof?" Would that be, for example, a Kennedy 1971-S (clad or silver) that has been thru the coin machine with a some markings? (scratches--for example?). Should an IP be considered a keeper if it is not silver?

Thanks!

apush

 

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[SFBayArea]

It depends on the damage on the circulated proof. I have seen them on Ebay long ago where people sold a $10 roll of them for like $17-20 range. The demand is limited but I guess if you put them up on Ebay just say they're circulated but low mintage "S" mints. I haven't checked prices in a while. I also remember seeing someone who had a bag of them on Ebay like $500 FV worth of them. I wondered where they came from & how they got so many but now I know (probably from a few CRH who turn them in). Proofs generally have lower mintages so I do keep them. If it's ugly, I put it back in the roll. They're worth keeping in my opinion and have some small value but it depends on the CRHer. You'd have to have a bunch of them in order to sell them. One or two isn't going to sell.

 

[ArkieBassMan]

I believe an impaired proof is ANY proof that has been taken out of its protective holder and released into circulation regardless of condition.

As for keepers, well that's up to you. They're collectible, but its doubtful you could get much over face value. I do remember someone on here that said that his local coin shop pays $0.80 each for them. I have no idea what they go for on eBay, but I'm willing to guess that after fees its less than $1.50.

With that said, I kept the only 2 I found (1986 & 2002), and will keep every one that I do find.

 

[JD-GA]

Apush-- I sold the rest of mine today in fact at $1 a piece which is the lowest ive ever gotten. I sold a bunch to a flea market guy who made 400 percent over what i did and he got rid of a couple hundred over a weekend. Ive also traded for some walkers with an infatuated kennedy collector. I use to find so many of them and had no idea what to do with them that i got frustrated. Now that i know what to do with them they are an added bonus.

Anyone who thinks differently and wants to get rid of them send me a pm lol.

 

[Diver_Down]

Some impaired proofs are in very good condition with few scratches, others look like they've been through heck. I keep only the very good ones. Not for my collection, but I assemble sets of the clad and proofs in used Dansco albums and send them off to auction. Last set, sold for over $80. Not a great windfall, but it gives me a goal when going through the skunks and makes the hunt less tedious. The winning bidder gets some nice coins, and these coins will end up in a sock drawer and I won't have to see these individual coins again. My net profit is about $30 per set. Sometimes I only sell the sets without the S-mints, and I still get over $60 per set.

 

[rileyboy]

Keep the good ones to fill Kennedy sets. After all, they are an "S" mint.
Just my two cents worth! BTW...I have a whole set of them and almost all of them
are in excellent shape.
rileyboy

 

[maine_Jim]

I tossed back about twenty last week along with fifty other NIFC coins including a bunch of 2010 and 1987. They seem to come in waves for me. If it is almost perfect I keep it but still not sure what I'll ever do with them. Maybe I'll hit up the local flea market and see if I can get a buyer. That would be great!

Maine_Jim

 

[Darth Walker]

Any Proof coin that has been spend or that went into circulation.

Any Proof coin that was removed from the mint package.

It can be Silver or Clad.

There is no market for impaired proofs.

I do not keep any clad impaired proofs. I keep the silver ones just because they are hard to come by
coin roll hunting but they are not worth more than a 40% or 90%.

Darth Walker, CH

 

[jim4silver]

Just because a proof coin has been cracked out of the original Mint plastic does not make it "impaired".

How else would a proof coin be slabbed and graded by one of the coin grading companies if it was not removed from the Mint holder?

Granted, any proof half that goes through the coin counter will most likely have at least some markings making it "impaired". I only now keep silver proofs if I find any. Originally I saved all proofs when I started CRHing, but after a while I decided they weren't worth keeping for me if they have any marks or scratches.

I have seen rolls of proof halves that were broken out of the original mint holders where the coins were perfect (no scratches or marks).


Jim