Q. David Bowers
Proofs Ranked by Mintages
In terms of mintages using actual Mint production figures, each coin is ranked as follows: (Commnest to rarest)
1880: (1,987 Proofsstruck). Highest Proof mintage.
1879: (1,541)
1876: (1,150)
1882: (1,097)
1883: (979)
1881: (960)
1875: (700)
1878: (900) of which 217 released into circulation; probably sold to dealers for face value (As noted, "released into circulation" in Mint records probably referred to undistributed coins sold to coin dealers for face value. This comment applies to several dates in the series.)
1877: (710 or 510) including 125 sold for face value. I prefer the 710 figure.
1874: (700) including 175 sold for face value.
1873: (600?)
1884: (10)
1885: (5). Lowest Proof mintage.
Proofs Analyzed by Grades
The following estimates are based upon mathematical extrapolations of NGC and PCGS population data as of July 1992. (Much of the compilation of data was done by Beth O. Piper.) While I have made some suppositions, and while certification service data do not tell the entire story, still the results are meaningful, in my opinion. The assumption is made that more resubmissions exist among higher grades such as Proof-64 and 65. The assumption is also made that proportionately fewer coins in the Proof-60 to 63 grade have been submitted, as the values are lower. Hence, the multiplier is higher for the lower grades, to reflect coins not submitted. As time goes on and more coins are submitted to the grading services, future studies will have to reduce the multipliers, for more coins certified in the future will not mean that more coins are known to exist.
In addition to these figures, some impaired Proofs (grades below Proof-60) are known of each date.
The formulas used:
Proof-60 to 62: For the years 1873 through 1877 the number of coins certified is multiplied by 5. Of course, this is arbitrary, but it seems to fit in with the relative number of examples I have observed in various grades over the years. To estimate the number known today of Proofs dated from 1878 through 1883, the number of coins certified is multiplied by 3. As the 1878-1883 years are Proof-only pieces, I believe that the certification rate is higher than for trade dollars of the earlier years.
Proof-63: To estimate the number known today, the number of coins certified is multiplied by 2.5.
Proof-64: To estimate the number known today, the number of coins certified is multiplied by 2.
Proof-65: To estimate the number known today, the number of coins certified is multiplied by 2.
This formula yields the following results:
1873
Proof-50 to 52 coins certified: 43. Multiplied by 5 = 215 estimated to exist.
Proof-53 coins certified: 31. Multiplied by 2.5 = 77 estimated to exist.
Proof-54 coins certified: 19. Multiplied by 2 = 38 estimated to exist.
Proof-55 or better coins certified: 9. Multiplied by 2 = 18 estimated to exist.
Grand total of Proof coins certified: 102 Total Proofs estimated to exist: 348
Proof mintage: 500 (my estimate) 855 per the Guide Book % of Proof mintage estimated to exist today: 58% of 500;
40% of 855
1874
Proof-50 to 52 coins certified: 42. Multiplied by 5 = 210 estimated to exist.
Proof-53 coins certified: 40. Multiplied by 2.5 = 100 estimated to exist.
Proof-54 coins certified: 51. Multiplied by 2 = 102 estimated to exist.
Proof-65 or better coins certified: 6. Multiplied by 2 = 12 estimated to exist.
Grand total of Proof coins certified: 139 Total Proofs estimated to exist: 424 Proof mintage: 700
% of Proof mintage estimated to exist today: 61 %
1875
Proof-50 to 62 coins certified: 37. Multiplied by 5 = 185 estimated to exist.
Proof-53 coins certified: 67. Multiplied by 2.5 = 157 estimated to exist.
Proof-54 coins certified: 54. Multiplied by 2 = 108 estimated to exist.
Proof-55 or better coins certified: 17. Multiplied by 2 = 34 estimated to exist.
Grand total of Proof coins certified: 175 Total Proofs estimated to exist: 494 Proof mintage: 700 % of Proof mintage estimated to exist today: 70%
1876
Proof-50 to 62 coins certified: 6S. Multiplied by 5 = 340 estimated to exist.
Proof-53 coins certified: 47. Multiplied by 2.5 = 117 estimated to exist.
Proof-54 coins certified: 32. Multiplied by 2 = 54 estimated to exist.
Proof-65 or better coins certified: 17. Multiplied by 2 = 34 estimated to exist.
Grand total of Proof coins certified: 154
Total Proofs estimated to exist: 555 Proof mintage: 1,150
% of Proof mintage estimated to exist today: 48%
1877
Proof-50 to 52 coins certified: 38. Multiplied by 5 = 190 estimated to exist.
Proof-53 coins certified: 48. Multiplied by 2.5 = 120 estimated to exist.
Proof-64 coins certified: 62. Multiplied by 2 = 124 estimated to exist.
Proof-65 or better coins certified: 22. Multiplied by 2 = 44 estimated to exist.
Grand total of Proof coins certified: 170 Total Proofs estimated to exist: 478
Proof mintage: 710 (or 510?-a figure I doubt)
% of Proof mintage estimated to exist today: 57% of 710; 94% of 510