As written by William P Paul on November 27th 2003:

My fascination with proof-like coins began when I was 7 or 8 years old. My mother’s beauty shop was next to the bank in Glenside, PA. To get me out of her hair she would drop me with the bank manager and he would take me to the vault and he would let me go through the bags [of Morgan dollars]. I would sit on the vault floor and look for one or two dollars that I could best see my face on [by reflection]. The only thing that would upset my mother [was] when she would get me was how black my hands were. I still can remember staring at these coins. I still do not know why I have this fascination with mirror proof-like coins.

After my fascination with proof-like Morgans in the early 1970’s, I started full time in the coin business in August 1973, attending every auction and 40+ coin shows and stopping at 100’s of coin shops on 3 different continents. This gave unlimited access to find what I call the caviar of business strike coins.

I believe that proof-likes come from the first 10 to 100 coins struck from a new die.

The rarest proof-like coins are Peace Dollars. In 1977, I offered $500 for any gem proof-like of any date. In April of 1977 in New York, I had someone come up to my bourse table and offer me two 1923 Peace Dollars. They were not gems but still absolutely proof-like. I paid him $500 for the pair. An amazing price for what many considered a $4 or $5 coin.

As the market grew in knowledge and sophistication from the beginning of the grading services in 1986, I would submit test proof-like pieces. Nothing graded proof-like until June of 2003 when NGC started their designation.

While their standards are very much in the formative stages, soon they will proof-like many of the coins not designated as such now. At first, they would not proof-like die striated or polished die coins, but since October of 2003 I have bought some obviously mirror die striated proof-like walking liberty halves and mercury dimes. So, any of you who doubt the proof-like status of the coins not denoted as proof-like, one look at these and I believe that doubt will disappear.

Some of these proof-likes will be the only ones I have ever seen for the date and mint. Many [coins in my collection] are spectacular eye candy

[speaking of specific items in the collection] The 1942-P mercury is a really unique coin. First P-mint proof-likes of any denomination are rare but especially so for mercury dimes.

The 1951-S and 1954-S half dollars are as close to proof mirror quality as you could expect. I have not seen anything like them anywhere for any price.

Now that proof-likes are being excepted by the market place and NGC, I believe that other denominations and mint marks will appear. PCGS will be forced to acknowledge proof-likes as they will not want to lose business.

I will continue to search myself, because the thrill I get from finding some date or mint I have never seen and showing it off is an indescribable rush!

When Jim Halprin [of Heritage Auctions] first saw my collection in February of 1980 he said someday we will have an auction and call it the 20th Century Branch Mint Proof Sale. Who knows someday these proof-like coins with increased demand and research could reveal that these are specially struck or specimens. This happened in the 1970’s with proof-like barber coinage.

Good luck hunting and if you see any unusual proof-likes I am at most major shows and I would love to see it.

-William P Paul

See Heritage Auctions announcement from 2003 here.