Coin Finishes – What’s in a Name?

Proof, Uncirculated, and Business Strike Coins Demystified

If you’re new to coin collecting, you may come across terms that leave you scratching your head. It’s important to know the jargon so you know what you’re buying, so here’s a look at the most common varieties of coins.

Business Strikes

Business strikes, sometimes called regular or production strikes, are the coins made for everyday use. They’re stamped out by the millions every day, inspected for major defects, and packed in large bags to be shipped to Federal Reserve branches for release into circulation.

While they’re excellent quality products, no special care is taken to keep them in “mint condition.” Because of the huge numbers made some variation can be seen in their impressions as dies wear and tear. They will often have “bag marks,” minor scuffs and scratches from being thrown together with hundreds of other coins at the mints.

These defects are generally hard to notice, but occasionally significant mistakes like mis-struck coins slip through. These are known as “error coins” and collectors search for them eagerly in bank rolls and everyday change.

Some business strike coins can be quite valuable, especially older and rarer mintages in top condition.

Uncirculated Coins

“Uncirculated” is a numismatic grade as well as a literal term. As the name implies, uncirculated coins show little or no evidence of the abuses of handling.

While uncirculated coins may show minor marks from the manufacturing process or handling, they are graded from a flawless Mint State (MS) 70 to Brilliant Uncirculated (BU, MS60-63) depending on their condition. Special attention is paid to maintaining the original “mint luster,” the tiny radiating patterns produced when the coin’s metal flows under the intense pressure of striking. These striations are so fine that they wear away quickly with handling.

The US and other mints also set aside coins to be sold as uncirculated. While they’re regular business strike coins struck on production dies, mints will reserve some for collectors. They’re handled carefully to preserve their quality and are packaged separately, sometimes individually or in groups of a year’s different coins known as Mint Sets. Mint sets from earlier years are also available from private dealers.

Proof Coins

Proof coins are specially made runs for collectors, usually in sets of all denominations minted for a given year. Some gold and silver coins are also issued in proof quality.

Proof coins are specially struck on burnished coin blanks, manually fed into the coin presses, and struck multiple times for maximum detail. This also gives the raised images on the coins a softly frosted cameo-like appearance. The finished coins are packaged in special plastic cases for protection and display.

US proof coins are sold directly by the US Mint when first struck as well as in the secondary market. Because of this extra production detail, they command a premium price over coins struck for circulation.

Bullion Coins

Bullion coins are investment products valued by their weight and the fineness of their precious metal. Unlike commemorative or numismatic coins valued by limited mintage, rarity, condition, and age, bullion coins are purchased by investors seeking a simple and tangible means to own and invest in the gold, silver, platinum, and palladium markets.

Bullion coins are produced by both private mints (and properly called “rounds” since they aren’t legal tender coins), and various national mints, including the US Mint.

The US Mint makes American Eagle Gold Bullion Coins in four sizes: one-ounce, one-half ounce, one-quarter ounce, and one-tenth ounce. American Eagle Silver, Platinum, Palladium, and American Buffalo Gold Bullion Coins are available in the one-ounce size.

The US Mint doesn’t sell bullion coins directly to the public. They’re bought by authorized dealers who sell them to investors for their bullion value rather than collectability.



The Great American Coin Company offers uncirculated American Gold Eagles, uncirculated silver coins, mint sets, proof sets and US bullion coins at attractive prices. They’re just some of the many ways we serve collectors and investors around the world. Visit our website, greatamericancoincompany.com, for more information. And be sure to check back often as our selections are constantly changing.

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