Proof vs bullion coins: what's the difference?

How to tell them apart

• Bullion: made by the million for investors, with a satin or lightly frosted finish, and sold in tubes and boxes. Priced on its metal.
• Proof: struck more than once on polished dies, so the background is mirror-like and the design is frosted. Sold one at a time in a case with a certificate.
• Burnished or "uncirculated": a collector version between the two, with a soft satin finish and often a mint mark, like the W on burnished American Eagles.

What each is worth

Gold is at $3,942 and silver at $50.10 an ounce (the Kitco bid). A bullion coin is worth its metal: we pay 96% of the gold price for gold bullion coins and 95% of the silver price for silver ones. Proofs and burnished coins hold the same metal and are worth at least that; some years, low mintages, and graded coins are worth well more. We price them individually.

Keep proofs the way they came

• Leave them in their capsules, cases, and boxes, with the certificates.
• Don't touch the coin's surface or clean it: fingerprints and cleaning show plainly on a mirror finish and cut the value.
• Coins graded and sealed in holders by a grading service should stay sealed.

Send photos and a list of what you have; numismatic estimates are free.

Coin guides: Krugerrands · American Gold Eagles · American Gold Buffalos · Maple Leafs · Philharmonics · Britannias · American Silver Eagles · Sovereigns · Morgan and Peace dollars · Silver half dollars · Libertads · Pandas · Kangaroos · All 1 ozt gold coins · Mexican 50 pesos · Old U.S. gold coins · All gold coins · All 90% silver · Coin grades explained

We pay more than pawn shops, jewelers, and mail-in gold kits: in Consumer Reports' tests, jewelers and pawn shops paid 36% to 71% of melt value, and mail-in kits 11% to about 29%. We pay 94% for scrap gold. Who pays the most?