Pondering Circulated/Impaired Clad Proof Coins

[Nick A]

Apparently most of us save these. I have. I still remember finding an 81S quarter and a 76S silver quarter in change 20 years ago (still have them, too).

Anyhow, the question is why. I mean, I am sitting here looking at a 2001S clad proof half that has scratches on the front and the reverse rims look like someone whacked 'em with a hammer at 8 and 9 o'clock. It is also slightly concave. If this weren't a *former* proof coin, it would be back at the bank with the other junk halves. This one is probably worse than most though... others just have circulation wear.

Do circulated proof coins have any real value?
And does anyone buy them for more than face value?

 

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[packerbacker]

They do seem to be more of a novelty rather than a real "Collectible". I would think though, in the long run, I'm talking loooooooooong run, that just the "S" mintage being so many less than the regular mintage, would give them some sort of value above face.

 

[65gt350]

I save them to trade to other collectors and I like the idea of having coins pulled from circulation instead of from a package. I know of a few collectors who have filled up Dansco albums with circulated proofs. Has anyone noticed that 92-S seem to be the most popular proofs broken out of sets.

As far as value:
I have sold a few lots of impaired halves on Ebay. (I think they went went for 2.5-3x face)
I have also traded impaired proofs 1:1 for 40% halves.

As far as what to do with your really damaged proof. I would put a date on it and send it in with your rejects. See how long it takes to get back to you.

HH,
65GT350

 

[cyberdan]

I have several now and I thinking of doing what GT does. Trade them for 40% halves.

I have gotten a few real bad ones and I released them to find another home.

 

[fiatboy]

I've never been able to sell an impaired proof. I do save them, though, and when I can, I trade them for something I like better, like 40%ers.

 

[GMan00001]

Anyhow, the question is why.

My reason is to try to get 1 of each one. Similar to most people who save 1 of each to fill up the coin folders eventhough most of the recent ones are not worth more than face value except that the proof set is much harder, especially from circulation.

btw. I had a new theory on why so many are broken out of their proof sets. I think many of them were broken out to fill the "complete" kennedy set albums which included proofs. When the person who knew what they had died or had their set stolen, the next owner just cashed it in not being aware of its value especially since the coins were in a book individually so less obvious that they were proofs or anything special. And they keep breaking up more proof sets every day to fill these books.

 

[Nick A]

I'm not questioning how the coins get into circulation. I know a dealer who would take proof sets with spotted coins or other defects... flood damage, etc. He'd break out the good coins to keep/sell/slab and then put the flawed ones in circulation. Also, I know kids who are given proof sets of their birth year, etc... and break out the coins to spend them. Tons of ways they get out.