Proof and NIFC Dump?

blueberra

Full Member
Oct 15, 2009
211
671
Massachusetts
Detector(s) used
Deus XP
Primary Interest:
Metal Detecting
This week's (skunk) half-dollar box featured several (8) impaired proofs along with two NIFC 1987P.

Given that I only look at the rims these days, I cannot be sure that there weren't more 1987P (or D) halves in the box. The two that I did cull were very bright -- in fact, I had to look twice at one of them because it was proof-like (photo doesn't do it justice).

Interestingly enough, there were more proof 1987 halves minted (4.2 million) than either business strike (2.9 million each of "P" and "D" coins).

I've had boxes with a bunch of impaired proofs before, but this one was the first that also included 1987 coins. BTW, there was a smattering of post-2001 NIFC halves in the box as well. I frequently find a few of the 2002 - 2020 NIFC halves in each box.

I'm always curious as to why someone would crack open and dump a proof set instead of trying to sell it to a coin dealer. Even if the dealer is flush with proof sets, it should command SOME kind of premium over face value. Dates are (left to right, top to bottom) 1971S, '81S, '85S, '92S, '99S, '07S, '14S, '87S, 87P, 87P.

Of course, if the sets were stolen, then cracking and dumping in a coin machine does makes some sense.

In any event, I "caught and released", the 1987 business strike coins (but I kept the impaired proofs, which I give the tellers at Christmas) -- so if these coins appeal to you, be on the lookout for them in the MetroWest region of Massachusetts.
 

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Years ago, I walked into a credit union and saw a customer, with scissors opening mint sets and dumping them into the coin counter. I bought the ones she hadn't open for $1 each (face value 91 cents). Why would someone do that? It is easier than getting its true value elsewhere and the total amount of money isn't huge.
 

One of the primary reasons that proofs and NIFCs are found is well illustrated in the above post by MIhunter. While I have not witnessed it myself, more than a few occasions I have found empty packaging of mint sets in the waste can nearest the coin counter.

I have also witnessed people putting collections they have inherited into coin machines at banks, credit unions, and coinstars.

Time for more coffee.
 

I don't have any particular reason for doing so, but I keep the 1987s and "release" the NIFC after 2001
 

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