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Satin Finish, Burnished Coins and Specimen Grades...
Ian Russell on Sat, Dec 24, 2011 03:16:10 PM
At times, the U.S. Mint has produced and sold "Satin Finish" coins that are different to the normal circulated examples.  The main difference is the finish applied after the coins are struck.  They appear matte, unlike their proof counterparts, which have reflective fields.

Several Satin Finish issues were sold by the Mint in the 2000s, with most being included in Mint sets.

In 2006 through 2008, and then again in 2011, the U.S. Mint produced Burnished versions of the W mint marks of gold and silver eagles.  In 2006 and 2011, the Silver burnished version struck in  West Point was included in the 20th and 25th Anniversary Sets.

PCGS, NGC and ANACS refer to these coins as Satin Finish, Burnished and/or Specimens.  The term Specimen is applied because the coins were sold specifically to collectors by the U.S. Mint.