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Starting in 1947 the U.S. mint began producing "mint sets", and because of the terms used there is some confusion over the difference between these and proof sets. These are uncirculated coins that have been specially packaged, and are generally neither as expensive nor as valuable as proofs. There are some exceptions, however.
Like circulated grades, proof coins are graded on the Sheldon scale from 1 to 70, and are preceded by the abbreviation ‘PF’ or ‘PR’ to distinguish them from circulation strikes. Proof coins graded 60 to 70 are mirrored to those of Uncirculated grades with the difference that the coin was not made for circulation.
Coin grading [1] is the process of determining the grade or condition of a coin, one of the key factors in determining its collectible value. A coin's grade is generally determined by six criteria: strike, preservation, luster, color, attractiveness, and occasionally the country/state in which it was minted.
In 1965-1967 "special mint sets", a higher level of uncirculated coins, replaced both mint and proof sets. With the exception of 1982-1983, mint sets have been issued every year since 1968. (For 1982 and 1983 collectors sometimes buy the annual "souvenir sets" struck by the Philadelphia and Denver mints, which are very similar to the official ...
The term uncirculated coin can refer to three things: A coin that is released to the public but not intended for general circulation (i.e. not used as money although it is still legal tender) but is available through a mint or through a local coin dealer. [1] A bag of 1,000 uncirculated US quarters and two $10 rolls containing 40 quarters.
No proof sets or uncirculated mint sets were produced by the mint in those years, and instead "Special Mint Sets" containing circulation coins featuring a satin finish were sold to collectors. Although these sets were neither proof sets nor true uncirculated sets, they are collected by proof set collectors to complete their "yearly" proof set ...
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