37 Proof Penny

[NashuaSolstice]

I found a 1937 proof penny a few weeks back. anyone know a list of how many proofs were made of each year? I got it out of an unsearched roll that I bought on feebay.

[Morsecode]

9320 for the 1937 proof cent, according to Redbook.

Nice find. Can you post a pic?

[NashuaSolstice]

sure thanks for the info.. know anyone who is in the market for this?

[henrysmedford]

FYI--http://cgi.ebay.com/1937-Lincoln-Wheat-Cent-PCGS-Proof-65-Red-/130502425159?pt=Coins_US_Individual&hash=item1e628cfa47

ebay.jpg (127.69 KiB) Viewed 442 times

[NashuaSolstice]

So that would make mine worth what about $200? It aint red and its got a few small scratches

[henrysmedford]

So that would make mine worth what about $200? It aint red and its got a few small scratches

It is worth a lot more until you find a buyer.

[aristobolus]

From a distance your coin looks uncirculated, but perhaps in person the difference is clear. The reason I say this is that your penny appears to have mint luster; proofs do not have such an appearance.

[NashuaSolstice]

i think it was just the lighting in my kitchen. what do you mean by mint luster?

[henrysmedford]

i think it was just the lighting in my kitchen. what do you mean by mint luster?

From Ebay==
The Meaning Of Mint Luster
Most coin collectors are- familiar with the term "mint luster" (or lustre). However, many are at a loss to describe it, and it is likely that most do not know the cause of it. The American Numismatic Association's "Official ANA Grading Standard for the United States Coins" and James F. Ruddy's "New Photograde", the two most commonly used grading guides for U.S. coins, only devote two sentences each to define the term. The presence or absence of mint luster is an important characteristic of a coin's surface, and it is to the collector's advantage to be able to recognize it and to understand its origin.

Mint luster is formed during the minting process. The surface of the die that strikes a planchet has slight irregularities When the die strikes a blank planchet, metal flows into the recesses of the die and outward toward the rim. The irregularities in the die are reproduced on the surface of the coin, Moreover, the flowing metal the surface of the die with faint lines called flow lines. These flow lines become more pronounced as the die is used. The flow lines cause the formation of dials on the surface of the coin which fan out from the center and are most visible near the edge but are also visible near the raised design, letters, and date. The irregularities transferred from the die as well as the radials are readily observed under a microscope. The radials appear as tiny ridges and valleys When light strikes the surface of the coin; the Irregularities and radials, giving a soft diffuse appearance to tone coin's surface reflect it in all directions. This appearance is sometimes referred to as mint frost.

A coin having mint luster will show the cartwheel effect. The cartwheel effect is similar to the effect shown by a rapidly rotating stagecoach wheel. The wheel will appear to be rotating slowly in a direction that is opposite to the actual direction of rotation. When a coin having full mint luster is tilted back and forth in the presence of a light source, the direction of the diffused light reflected off of the surface will change from clockwise to counterclockwise as the direction of the tilt is changed.

The writer has found that the cartwheel effect is easier to observe if the light source is off to the side rather than directly over the surface of the coin and if only one light source or direction is present. Having more than one light source coming from different directions will produce than one direction of reflection of light, causing the cartwheel effect to obscured.

It can sometimes be difficult to observe mint luster on a coin at a coin show. The brightness of the dealer's lamp will make the cartwheel effect difficult to observe especially if it is directly over the coin. Sometimes it is helpful to move the lamp off to the side or to hold the coin a little below the top of the dealer's table.

Not all coins will exhibit the same degree of luster. The amount of luster present on a coin will vary depending on the extent of the irregularities and flow lines that were present wheel the dies used to strike it. As discussed above this extent changes over the lifetime of a die. Coins struck from new dies do not show as much luster as coins struck from older dies. Proof coins do not show mint luster, These coins have highly reflective mirror-like surfaces. This is because the dies used to strike them are highly polished and do not have the usual irregularities and flow lines. Coins struck for circulation from new dies (sometimes-called "first strikes" or some similar term) often have prooflike surfaces. This phenomenon is commonly observed on uncirculated low mintage coins. An example is quarters minted in the 1880's, where the total mintage per year was under 16,000 pieces. Sometimes it is difficult to distinguish whether a particular coin from this era is a proof or a business struck piece. The writer recently examined at a major auction a toned 1880's quarter which was cataloged as a proof but exhibited a weak but definite cartwheel effect, indicating that the coin was actually a business struck piece. Morgan dollars and other type coins having prooflike surfaces often command a premium in price in the marketplace Cameo prooflike coins (frosted and prooflike fields) often command even higher premiums. A weakly struck coin does not show regular luster on the raised flat areas because these parts of the coin's surface did not touch the dies during striking. A different texture dull luster will be present in these areas, which can be seen under a microscope.

Mint luster is easier to observe on large size coins than on small coins. This is because these coins have more and larger radials (flow lines). Therefore, when learning to recognize Lhes presence of mint luster on coins, these are good coins to practice on. Toning will tend to hide mint luster. Luster on a deeply toned coin may not be visible to naked eye, but it can be observed under a stereo microscope. The composition of a coin as it relates to mint luster is not an important factor. However, it appears to the writer that luster on buffalo nickels is not as readily observed in terms of the cartwheel effect as luster on nickel coins of other design types.

An uncirculated coin will exhibit full mint luster. As a new coin is circulated the peaks of the radials on the high points of the design will bend and then gradually wear. This impairment of the luster will cause the cartwheel effect to no longer be perfect. As the coin is tilted, there will be a break in the cartwheel effect in those regions of the coin that have been worn, i.e. the high points of the coin. These regions will show a slightly different color than the rest of the coin and will be duller than the lustrous regions. Coins grading almost uncirculated (AU) are sometimes dipped to remove the dullness. This causes the dull areas to become shiny.

As the amount of wear increases, the extent of the break in the cartwheel effect also increases. Coins that grade extremely fine (EF or XF) will show the cartwheel effect near the edges and in the protected areas. A slight break in the cartwheel can be difficult for an inexperienced collector to observe. Many coins grading AU may appear to give a full cartwheel effect, when in actuality the cartwheel effect is present mainly in the fields and protected areas of the coin. It is important to observe whether or not the cartwheel effect is present on the devices (design elements) as well as in the fields. This can be difficult to ascertain near the center of the coin, but this can be done with experience. Examination under a stereomicroscope is very valuable for making this determination. A pocket light scope having a magnification of 30X is very useful for doing this at coin shows and in coin shops. At a bare minimum, a good magnifying glass should be used. It is recommended that any uncirculated coin be examined for full luster (as well as for other important characteristics) before it is purchased. This is particularly important if it is expensive.

Article provided by PCI, Inc. Coin Grading Service.

[henrysmedford]

Also from Ebay--

Proof v. Uncirculated?

We Explain the Difference
We are always being asked the difference between proof and uncirculated coins. One very brief explanation is that proofs are shinier, but of course this oversimplifies the matter slightly.
Please spare two seconds to click the YES link at the end of this page if you find our guide interesting, useful, or informative. It make all our effort feel worthwhile, thanks.


Uncirculated
The word "uncirculated" means exactly what it says, the coin has not been in circulation, however "ordinary" uncirculated coins often have bagmarks, edge knocks and other small scuffs and imperfections. Uncirculated "specimen" coins issued specially for collectors are often more carefully produced and handled, so they may be better than ordinary coins mass produced for circulation, but may still have some small imperfections.

Proof
Proof coins are specially produced to a much higher standard of finish. Originally, proofs were intended as pre-production samples. As a printer would produce a small number of "proof" copies for checking and approval, so a mint would produce proofs for approval by the mintmaster, the monarch, and for other purposes. When coin collecting began to become popular about two centuries ago, a larger number of proofs were sometimes made for sale to collectors. This has developed enormously in the past few decades, and most countries, but not all, produce proof coin and sets every year or on special occasions.

Different Proof Finishes
Not all proofs are the same. The most common understanding of proof is that the flat background parts of the coin have a highly polished mirror finish, and the raised parts of the design have a matt finish, giving a higher level of contrast between the two. This is achieved by sand-blasting the die, the hardened steel punch with which the blank coins are struck, to give a matt finish, followed by giving the raised parts of the die a highly polished surface, usually by polishing them with diamond powder. The coin blanks themselves are usually produced to a higher quality of finish before striking. Proof coins are usually double struck at lower striking speeds, to give a higher and sharper definition. They are usually produced on a special machine, and may be hand, rather than mechanically fed into and extracted from the coining press. They are usually individually inspected, and packaged. A proof coin should provide an excellent specimen, and its quality should approach perfection.
Some proof coins are made with an all matt finish, as for example the 1902 Edward VII Coronation proof coins, while others are produced as "reverse proofs", i.e. with the raised parts polished and the background matt.

Our Photographs
We have shown two photographs, both of the reverse side of 2001 sovereigns. The first photo shows a proof coin, the second photo is of an uncirculated one. It is not easy to photograph coins. The background of both coins looks a very dark chocolate brown, but in real life they are yellow. The contrast between matt and polished surfaces shows up very well on the proof coin and this allows fine details to be seen more easily, whereas on the uncirculated coin, the raised design is also slightly polished, and this results in it being more difficult to distinguish the details of the design from the background.

Which is the Better Buy?
Some collectors only collect proof coins, others only non-proof coins. For the non-collector, it can be difficult to decide which is the better coin to buy. We are often asked for advice when people wish to buy a sovereign as a gift. Our general advice here is that it depends what you think the recipient will wish to do with the coin. For use in jewellery, it is better to use ordinary non-proof coins, as proofs would be spoilt. If the recipient is likely to keep and display the coin in its original box, then a proof one may be better.

Investment & Future Value
Normally proof coins will sell for higher prices than non-proof ones, however this does not always apply. Our advice is to buy coins for the pleasure you will obtain by owning them, wearing them, or giving them. If you follow this advice, any future value will be a bonus.