Following on from PART 1 of this easy introduction to COIN COLLECTING, today's inside information will focus on the strike standards (quality) of the coins you want to collect.
The coins we find in our everyday change are finished in a completely different way to the coins in specialist packs and sets, which is why the exact same coin can cost twice, thrice or more than ten times as much. As a budding collector you may already be familiar with the various striking methods, but the four main types of finish are as follows:
Proof
Proof coins are the highest quality commemorative coins available. Their sharpness, detail and finish are unrivalled, making them perfect for collectors looking for highest levels of craftsmanship and detail. These coins are collected purely for their numismatic value. Proof coins will often have an edition limit and specific theme or appearance which collectors look for. The dies used to strike Proof coins are hand-finished to ensure that all imperfections are removed. They have a far more detailed appearance and are produced in much smaller quantities, making them inherently more valuable.
Blank coins are fed into the coin press by hand before being struck up to six times. The machines are set at a lower speed and use less pressure than other finishes, to preserve the finer details of the design. After striking, each coin is inspected for imperfections. The dies are cleaned with air between each coin to ensure that no marks or imperfections are caused during striking.
As a result of this extra care, no more than 50 Proof coins can be struck within an hour. Proof dies are also regularly reworked to maintain the quality of the finish. Each Proof die may only strike a few hundred coins before it has to be repolished.
Brilliant Uncirculated
Sometimes you may see these referred to as ‘BU’, ‘B.U.’, or ‘B.UNC’. Uncirculated coins are exactly what they say they are, coins which have never entered circulation. Like Proof coins, the dies used to strike Brilliant Uncirculated coins are polished and finished by hand, but there are some noticeable differences. The Brilliant Uncirculated blanks are machine-fed, rather than hand-fed, and are struck twice. This allows any Mint to produce them at a much quicker rate than Proof coins. At around 100 per hour, twice as many BU coins can be struck compared to PROOF versions. Whilst they still offer a good level of design detail, they have a lower definition than Proof coins.
bullion
Bullion coins are a direct form of investment and an alternative to holding precious metals in bars or ingot form. The designs and themes depicted on bullion coins add an element of collectability. There are thousands of designs available and certain series of bullion coins carry greater premiums than others.
People buy them for the intrinsic value of the precious metal they contain, so production places greater emphasis on efficiency. They are struck at a rate of up to 250 gold and 3,000 silver coins per hour. While occasionally some errors creep through these coins are of a similar standard to Brilliant Uncirculated coins.
Bullion coins are only struck in platinum, gold and silver.
circulated
Circulation is when a coin is used for transactions and will make its way from person to person. These are the coins you'll find in everyday use. They are struck in the same way and from the same metal as B.U. coins. Any coin that has entered circulation, even if it is a proof coin, will be classed as a circulated coin. Only officially appointed mints will produce coins for circulation.
Ordinary circulated coins can have scuffs and minor imperfections, whereas B.U. coins are issued specially for collectors and so have a higher value attached as they have been handled and produced with more care.There are many ways that you can tell if a coin has entered circulation.
Circulated coins are typically only worth their face value. Only very rare circulated coins, with low mintage figures or errors, will be worth more than face value.
If you are just starting out on your coin collecting adventure, it’s important to acquaint yourself with the different standards to which coins are struck. This will affect their price and subsequent value of any coins you may want to start collecting.
I hope this blog has helped you understand a little bit more about tge types of striking that is out there. So, not only do you need to think about the kind of coins your thinking of collecting, it also pays to understand the quality of the strike to determine a coins collectability and value.
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