A dealer once characterized classic Proof gold coins as the "caviar of the rare coin market."

Perhaps they're more appetizing than fish eggs, as they're rare, flashy, and inherently beautiful – besides being gold. They've always been highlights in any collection.

Recently, more impaired Proofs have appeared at auctions. Whether lightly circulated, or with altered or cleaned surfaces, these provide a starting-point in the market for Proof gold.

For example, impaired and low-grade Proof gold dollars can be purchased for $1,500 to $2,000, while Proof Coronet gold $10 eagles in similar condition can be purchased for $3,000 to $4,000.

Occasionally, bargains can be found in this area, as long as one can tolerate a coin with problems. At a December Heritage auction, an 1886 Coronet $2.50 quarter eagle in a Professional Coin Grading Service Genuine holder realized $1,092.50, and several others of the type in the Proof 58 to Proof 62 level have sold for $2,000 to $3,000.

Purchasing these coins nearly always requires in-person inspection, as the severity of the hairline problems that define low-grade Proofs can range from mild to extreme.

Some of these coins are pleasant and some can be very ugly. It's an area where collectors who are patient can cherrypick a nice example.

The situation is a bit different with Matte Proof Indian Head and Saint-Gaudens coins. Those looking for entry-points in this market have fewer opportunities because few low-grade Matte Proof coins enter the market.

As mentioned in the Market Analysis in the Jan. 4 Coin World, Professional Coin Grading listed its top 12 buybacks.

The list serves as a reminder of the hazards in the rare coin market. One of the buybacks was a Matte Proof Saint-Gaudens $20 double eagle that had been improperly cleaned.

The granular surfaces of Matte Proof coins are less familiar to collectors and as such, present extra challenges. However, hairlines are much less evident on Matte Proof coins when compared with the mirrored surfaces in the Coronet series.