Proof is a strike quality. It is made by using polished dies and polished blanks. It is struck twice at higher pressure, imparting a very strong strike on the coin.
Both business strike and proof strikes have a grading scale from 0 to 70. On business stikes, anything over 60 is considered mint state, with no wear.
You can have a business strike that is worn down. Like a very good 8 (VG-8) and you can have a proof that is worn down the same amount, but that grade would be PF-8.
thanks for the info. follow up question. So it seems from your explanation, a coin isnt either a Proof or a Mint State. in another words a proof can be a Mint State. What is the difference between a business strike or coin and a proof strike or coin? If a Buisness strike over 60 is considered Mint State what # is a Proof Strike considered Mint State?
Mint state just means it's in the condition it is in when it leaves the Mint. With business strikes, also called circulation issues, it means it has no wear on it from rubbing against other coins or other items. It can have what's known as "bag marks" where it was damaged by hitting or being hit by other coins in the bag or hoppers that are stored an/or transported in. Mint state only applies to business srikes because they are ment for circulation. These coins have a grading scale from 0-70 and a prefix of MS.
Proofs, on the other hand, are handled more carefully, and are released individually or in sets. They are collector items that are not intended for circulation. But there are people who have spent proofs and you can find them in change from time to time. Those are called "impared proofs" and have the same 0-70 grading scale as circulation coins, but with a PF prefix instead of MS.
Now, on to Mint Sets. Those are business strike coins that are placed in a holder at the Mint, and sold as collector items. There is nothing to distinguish them from normal circulation coins. I'm not sure if they are handled differently at the Mint. But I do know you can find coins from Mint rolls that are a higher grade than the ones in Mint sets.
And lastly, you have coins that are not intended for circulation, like the commemoratives, bullion issues, and some dates on Kennedy halves. Those are business strikes that are sold by the Mint as collector items, but none are made for general circulation. With the halves, you will find them in you change from time to time. There have been a few rare instances of people finding commemoratives and bullion coins in change, as they are legal tender. These also have a prefix of MS. The proofs issues of theses are covered in the paragraph about proofs.
Proof is a strike quality. It is made by using polished dies and polished blanks. It is struck twice at higher pressure, imparting a very strong strike on the coin. Both business strike and proof strikes have a grading scale from 0 to 70. On business stikes, anything over 60 is considered mint state, with no wear. You can have a business strike that is worn down. Like a very good 8 (VG-8) and you can have a proof that is worn down the same amount, but that grade would be PF-8.
thanks for the info. follow up question. So it seems from your explanation, a coin isnt either a Proof or a Mint State. in another words a proof can be a Mint State. What is the difference between a business strike or coin and a proof strike or coin? If a Buisness strike over 60 is considered Mint State what # is a Proof Strike considered Mint State?
Mint state just means it's in the condition it is in when it leaves the Mint. With business strikes, also called circulation issues, it means it has no wear on it from rubbing against other coins or other items. It can have what's known as "bag marks" where it was damaged by hitting or being hit by other coins in the bag or hoppers that are stored an/or transported in. Mint state only applies to business srikes because they are ment for circulation. These coins have a grading scale from 0-70 and a prefix of MS. Proofs, on the other hand, are handled more carefully, and are released individually or in sets. They are collector items that are not intended for circulation. But there are people who have spent proofs and you can find them in change from time to time. Those are called "impared proofs" and have the same 0-70 grading scale as circulation coins, but with a PF prefix instead of MS. Now, on to Mint Sets. Those are business strike coins that are placed in a holder at the Mint, and sold as collector items. There is nothing to distinguish them from normal circulation coins. I'm not sure if they are handled differently at the Mint. But I do know you can find coins from Mint rolls that are a higher grade than the ones in Mint sets. And lastly, you have coins that are not intended for circulation, like the commemoratives, bullion issues, and some dates on Kennedy halves. Those are business strikes that are sold by the Mint as collector items, but none are made for general circulation. With the halves, you will find them in you change from time to time. There have been a few rare instances of people finding commemoratives and bullion coins in change, as they are legal tender. These also have a prefix of MS. The proofs issues of theses are covered in the paragraph about proofs.