US Coins

Market Analysis: Market likes expanded ‘PL’ designation

In July 2019 PCGS expanded its Prooflike designation to include all Mint State coins, tokens and medals. According to PCGS standards, a coin’s surface is Prooflike when there is a clear reflection in the fields on both sides as viewed from 2 to 4 inches away.

The market has embraced the expansion of the “PL” designation. At Heritage’s Orlando FUN auction, an 1894 Barber quarter dollar graded MS-67+ Prooflike sold for $17,400. It is the only coin thus-far certified in this grade by PCGS.

Heritage writes, “At first glance this coin really looks like a Proof. It takes close examination to convince yourself it is not,” explaining, “The most telling aspect is the lack of high-point definition on the feathers of the eagle on the reverse.”

Proof coins are generally extremely well-struck, as they are intended for collectors rather than for circulation, and the offered 1894 quarter has a touch of weakness in the details, but the eye appeal is tremendous.

Heritage closed by advising bidders, “Certainly in the years to come other Prooflike 1894 quarters will surface, but we doubt any will exceed this piece in terms of technical grade as well as sheer aesthetic appeal.”.

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