Although fewer than two million business strikes were produced of the type III style (1859-1863) Proof mintages were adequate, and today a minimum of several hundred Proofs exist for each date within that range. Numismatists desiring high grade examples can obtain Proofs without difficulty. Business strikes are readily available for certain early dates of the type, especially 1860-1862, but later business strikes are rare, especially after 1864. As an illustration of this rarity, I point to the 1872, of which 1,000 business strikes and 950 Proofs were minted. All of the Proofs were sold to collectors, who specifically saved them. The business strikes were either melted or released into the channels of commerce, and the survival of high grade pieces is strictly a matter of chance. Probably 500 to 700 of the 950 Proofs struck still exist today, whereas of the business strikes, I doubt if more than a dozen or two Mint State coins could be found, and even this estimate may be on the high side.

Why aren't business strikes priced at many multiples of the Proof price? The answer to this is simple: many collectors consider Proofs to be a better grade than Mint State, thus they are satisfied with the Proofs. In reality, Proofs represent a different (not better, but different) finish than business strikes, and each should be evaluated separately. However, this probably will never happen, and while enlightened specialists may pay a small premium over the Proof price in order to acquire a business strike, I doubt if any business strikes from this era will ever emerge as rarities worth many multiples of the Proof valuations.

Budget Recommendations: Build a set of the 1851-1858 years, covering types I and II, in G-4 to VG-8 grade. Trimes of the 1859-1873 years are usually available only in higher grades, as later issues did not circulate extensively. Buy the lowest grades you can, down to G-4. However, for the years 1859-1862 most pieces on the market are at least VF-20, and for the issues 1863-1873 you may have to acquire EF-40 or better coins, including impaired Proofs.

Recommendations for the Connoisseur: I suggest buying a trio to illustrate the various design types, 1851-1853, 1854-1858, and 1859-1873, in MS-63 to MS-64 grades. If you want to cherrypick some rarities, go for pieces dated 1854-1858, sharply struck, and buy all you can (you won't be able to buy many). If you want to form a complete date set, then MS-63 to MS-64 is a good objective for the dates 1851-1858, and Proof-63 to Proof-64 for the issues from 1859 to 1873.

Elite Recommendations: Build a set of 1851-1858 coins in MS-65 grade, sharply struck (quite a challenge for the 1854-1858 years), and 1859-1873 coins in Proof-65.