What is a Specimen Coin?

The term “specimen” is frequently used in numismatics. It is often employed as a synonym (and perhaps sometimes a slightly more prestigious-sounding variant) for the term “example.” It is also utilized as a term for a particular kind of strike or finish seen on coins emitted by the United States Mint. Historically, the term was used to define better-than-typical coins struck for purposes such as presentation pieces. These so-called specimen strikes were more often coins produced during the early federal period, for these purposes from 1792 through 1816, and predating the official proofs that were first struck in 1817.

PCGS officially defines specimen this way:

“Term used to indicate special coins struck at the Mint from 1792-1816 that display many characteristics of the later proof coinage. Prior to 1817, the minting equipment and technology was limited, so these coins do not have the ‘watery’ surfaces of later proofs nor the evenness of strike of the close-collar proofs. PCGS designates these coins SP.”

As the numismatic world has progressed, a wide variety of other coins that also qualify for the SP grade have been struck. Perhaps most notably these include the coins issued in the United States Mint Special Mint Sets produced from 1965 through 1967, satin-finish coins offered in United States Mint Uncirculated Sets from 2005 through 2010, Burnished (“Uncirculated,” in U.S. Mint parlance) American Silver Eagles, and Enhanced Uncirculated American Silver Eagles, among other coins.

It should be noted that while the term specimen is used as a grade designation, the methods used to strike coins that qualify for that adjective generally constitute a separate method or type of manufacture – not necessarily a grade in and of itself. This is similar to the case with the term proof, which does not serve as a grade but rather a reference to a particular method of manufacture. Coins that receive the SP grade are therefore struck to look the way they do and don’t necessarily grade higher or lower than any given coin whose adjective grade nomenclature is preceded by, say, MS (Mint State) or PR (Proof).