The Proof 70 grade is proving elusive for some of the coins in the San Francisco Mint 2018 Silver Reverse Proof set, and prices for a few pieces have been surprising.

One buyer was willing to pay $1,500 Aug. 17 on eBay under a Buy it Now option for a 2018-S Block Island National Wildlife Refuge silver quarter dollar graded Proof 70 by Professional Coin Grading Service. 

Another PCGS Proof 70 Block Island silver quarter dollar from a Reverse Proof set sold for $862 in an Aug. 13 eBay auction that generated 49 bids from 13 separate bidders.

Inside Coin World: Reader’s 1783 Nova Constellatio piece is a replica The “Readers Ask” column responds to a collector who owns what looks like a very famous and very rare U.S. coin from 1783.

However, in comparison, a Reverse Proof Block Island quarter dollar graded Proof 70 by Numismatic Guaranty Corp. sold for just $29.99 in another Aug. 13 eBay auction.

Graders at PCGS, NGC and ANACS report encountering scrapes, spotting, streaking and other damage to coins of all denominations in the sets. The prevalence of damage is resulting in the grading services being less generous in awarding the lofty Proof 70 grade that collectors covet, and that grade has been even more elusive from one firm than from the others.

Damage control

Collectors are reporting via email to Coin World and over online message boards that they’ve experienced quality problems with the sets they received from the Mint and then submitted to a grading service for certification.

PCGS President Don Willis said graders have encountered condition problems with coins in Silver Reverse Proof sets.

“We have been disappointed with the quality of these sets,” Willis said. “The Block Island quarter and Sacagawea dollar in particular have had problems.

“The result is that we have been able to make very few Proof 70 sets,” Willis said.

Max Spiegel, vice president of sales and marketing for NGC’s parent Certified Collectibles Group, says NGC graders are also seeing problems exhibited on one or more coins in many of the sets.

“I checked with our graders and they are seeing the same issues that you described, but they said that these are not unique to the Reverse Proof Sets,” Spiegel said. “They saw the same types of issues on the Proof Sets released earlier this year. The quality of the coins and the percentage in Proof 70 is consistent with their expectations.”

Michael Fahey, senior numismatist and grader at ANACS, says, “I have seen quite a few of the 2018-S Reverse Proof Sets. “Many of the quarters exhibit small scrapes near the bottom of Washington’s bust — these look mechanical in nature, like the equipment they were using to assemble the sets were not set properly. It is also possible that the ejection fingers in the press were doing this.”

Fahey added, “The quarters almost always have problems on the Washington side, not the America The Beautiful design side. ...”

But the quarter dollars are not the only coins affected. “Many of the cents are spotted or streaked, as are the Native American dollars, due to the composition,” Fahey said. “Our modern department says that the two hardest coins to find in Proof 70 are the half dollar and the dollar, most likely due to their size.

“With the Kennedy half dollars, I think that the size is more of a problem than anything else from the bigger canvas. I have seen some with light damage in Kennedy’s hair, but that has been random, not uniform,” Fahey added.

“The Mint did not do well with this program, from what I have seen and heard. The Enhanced Uncirculated sets in 2017 were much nicer.”

PCGS Population Report

The PCGS Population Report indicates the following:

Pictured Rocks National Lakeshore quarter dollar, 1,863 submissions: Proof 70 (385), Proof 69 (1,473), Proof 68 (5).

Apostle Islands National Lakeshore quarter dollar, 1,870 submissions: Proof 70 (235), Proof 69 (1,631), Proof 68 (3), Proof 65 (1).

Voyageurs National Park quarter dollar, 1,857 submissions: Proof 70 (255), Proof 69 (1,595), Proof 68 (7).

Cumberland Island National Seashore quarter dollar, 1,858 submissions: Proof 70 (346), Proof 69 (1,510), Proof 68 (2).

Block Island National Wildlife Refuge quarter dollar, 1,653 total submissions: Proof 70 (74), Proof 69 (1,567), Proof 68 (9), Proof 67 (3).

Lincoln cent, total submissions, 29: Proof 70 red (6), Proof 69 (23).

Jefferson 5-cent coin, total submissions, 29: Proof 70 (10), Proof 69 (19).

Roosevelt dime, total submissions, 27: Proof 70 (9), Proof 69 (17), Proof 68 (1).

Kennedy half dollar, total submissions, 29: Proof 70 (12), Proof 69 (14), Proof 68 (3).

Native American dollar, total submissions, 28: Proof 70 (1), Proof 69 (23), Proof 68 (4).

NGC Census Report

NGC provided only the number of coins it graded Proof 70 and Proof 69 for each of the coins in the set.

Pictured Rocks National Lakeshore quarter dollar: Proof 70 (4,279), Proof 69 (1,124).

Apostle Islands National Lakeshore quarter dollar: Proof 70 (4,214), Proof 69 (1,288)

Voyageurs National Park quarter dollar, Proof 70 (3,883), Proof 69 (1,174).

Cumberland Island National Seashore quarter dollar: Proof 70 (4,096), Proof 69 (1,109).

Block Island National Wildlife Refuge quarter dollar: Proof 70 (3,865), Proof 69 (1,337).

Lincoln cent: Proof 70 red (5,537), Proof 69 red (1,252).

Jefferson 5-cent coin: Proof 70 (4,408), Proof 69 (1,285).

Roosevelt dime: Proof 70 (4,209), Proof 69 (1,010).

Kennedy half dollar: Proof 70 (6,816), Proof 69 (1,941).

Native American dollar, Proof 70: (3,674), Proof 69 (1,989).

ANACS Population Report

ANACS provided details on only the number of coins graded Proof 70 for each coin in the set.

Pictured Rocks National Lakeshore quarter dollar: Proof 70 (3,415).

Apostle Islands National Lakeshore quarter dollar: Proof 70 (3,460).

Voyageurs National Park quarter dollar: Proof 70 (3,413).

Cumberland Island National Seashore quarter dollar: Proof 70 (3,445).

Block Island National Wildlife Refuge quarter dollar: Proof 70 (3,408).

Lincoln cent, Proof 70: (4,381).

Jefferson 5-cent coin: Proof 70 (3,879).

Roosevelt dime: Proof 70 (4,370).

Kennedy half dollar: Proof 70 (4,323).

Native American dollar: Proof 70 (4,394). 

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