A Satin Finish Proof 1936 Indian Head 5-cent coin graded Proof 69 by Professional Coin Grading Service approaches perfection, and an example sold for $99,000 at a Feb. 20 GreatCollections auction.

In the “Buffalo nickel” series, Matte Proof coins were struck for collectors from 1913 to 1916, followed by a long hiatus before Proof production resumed in 1936 and continued until the series was replaced by the Jefferson 5-cent coin in 1938.

The Philadelphia Mint utilized two finishes on the Proof 1936 Indian Head 5-cent coin: the Satin Finish and the Brilliant Finish. The former didn’t have the “flash” that collectors expected with a Proof finish. The year enjoyed a relatively large production of 4,420 Proof coins, roughly split between the two types, issued in the Proof sets of that year.

The PCGS grading standard requires near-perfection at this grade, requiring a coin to be “virtually fully struck with miniscule imperfections visible upon close inspection.”

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