Demand from both date and type collectors provides steady demand for Proof Walking Liberty half dollars and Winged Liberty Head dimes.

The fragile reflective surfaces of Proof coins are particularly vulnerable. Some aspects that can limit the grade include hairline scratches, unattractive toning and small spots.

As these Proof half dollars and dimes were delivered in cellophane pouches, the toning can range wildly, from beautiful to milky and opaque. But, proper conservation techniques can remove unattractive toning with wonderful results.

The market for Proof coins of the period 1936 and 1942 can be divided in two main groups. Those coins of average quality (Proof 60 to Proof 64) and those finer.

The market for those in the former category is stable with prices remaining generally the same over the past five years. There is little demand for these coins below Proof 63 grades. Low-grade Proofs are generally unattractive, with heavily hairlined fields that diminish the reflectivity of the mirrored surfaces.

Finer, more pleasing examples are widely available for a small price increment above inferior ones.

Coins in Proof 64 combine price stability with some desirability. But, the most fluctuations occur in grades of Proof 65 and finer.

When compared to five years ago, or even last year, the prices of these Proof coins have declined and the current prices present pleasant opportunities. Recent auctions have shown, for example, Proof 66 Winged Liberty Head dimes trading for under $200. Just a year ago prices for these Proof dimes approached $300 regularly.

A third sub-market exists for the finest coins (Proof 68 to 69) that continue to be in heavy demand for grading service registry sets.

These two series are favorites for dealers who are creating promotions for retail clients because both series consist of just a handful of issues and are easy to complete. The coins have low mintages, are attractive and are widely available in "investment quality" grades. As such, wholesale bids on these Proof issues can fluctuate greatly depending on the demand. Internet auction results seem to accurately reflect the ebb and flow of this market.