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Coin gurus? What's a proof set?

My grandmother gave me a proof set of 1972 U.S. coins. My grandfather had saved a set for each of us kids' year of birth. What exactly is it? A set that was used to make sure the dies and stuff were good? Does it have any value? Not that I would ever get rid of it but I'm just curious.
 
uncirculated coins, 1 of each type from that mint in that year.

pennie, nickel, dime, quarter, and potentially 50 cent piece and silver dollar.
 
PROOF = A specially produced coin made from highly polished planchets and dies and often struck twice to accent the design. Proof coins receive the highest quality strike possible and can be distinguished by their sharpness of detail and brilliant, mirror-like surface.

PROOF SET = A complete set of proof coins of each denomination made in a year.

 
Originally posted by: guyver01
PROOF = A specially produced coin made from highly polished planchets and dies and often struck twice to accent the design. Proof coins receive the highest quality strike possible and can be distinguished by their sharpness of detail and brilliant, mirror-like surface.

PROOF SET = A complete set of proof coins of each denomination made in a year.

thanks guyver... they do look quite nice, especially the JFK half-dollar coin. guess I won't use them in the vending machine for a bag of chips.
 
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