US Coins

Market Analysis: Higher-than-normal gold field reflectivity

Numismatic Guaranty Co. uses the Prooflike designation when a circulation issue coin’s fields exhibit a higher-than-normal degree of reflectivity, since it is reminiscent of a Proof coin.

Heritage’s Feb. 9 session saw two gold coins with lots of chatter in the fields but still reflective mirrors that allowed for the PL designation.

An 1896-S Coronet $20 double eagle graded NGC MS-62 Prooflike is rarely seen with this designation, but here, “The fields appear almost jet-black, while the relief elements are partly frosted, especially on the reverse.” It sold for $3,840, a significant premium over the $2,100 that a non-PL example brought in January.

A 1904-S Coronet $5 half eagle in MS-61 Prooflike sold for $3,600 on Feb. 12, it too showcasing a lot of scattered marks but clear reflectivity. The price realized was more than double what a non-Prooflike example would sell for.

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