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Cameo Coin Quality
The designation of cameo coin is in addition to the coin's grade. It describes the overall appearance of the coin and not necessarily the specific features on it. However, for a coin to be considered cameo, it must be an extremely high quality uncirculated coin. For a coin to be considered a cameo coin, it must grade at least MS-65 or better for standard coins, and PF-65 or better for proof coins. If a coin with cameo qualities were to be handled and rubbed against other objects, it would quickly lose its cameo appearance. Oils from fingers dull a cameo coin's luster, and contact with other objects dings the surfaces, making them less reflective and frosty.
Identification
A coin that is "brilliant uncirculated" or a high quality proof is not necessarily a cameo coin. An ordinary brilliant uncirculated coin will not have mirror-like fields or frosty raised areas. A brilliant proof coin will have reflecting fields, but there will be very little contrast with the raised areas. A cameo coin has frosty raised images and distinctly reflecting fields that contrast. It must be obvious to the naked eye from arm's length.
Deep Cameo Coins
Coins that exhibit exceptional cameo qualities can attain the designation of deep cameo. A deep cameo coin has a spectacular mirrored background and deeply frosted images. The contrast should be dramatic. The raised areas will be so frosted that they will appear white while the background appears to be black. This is despite the fact that the coin is actually one color. Deep cameo coins are extremely rare and command a very high price.
Obverse and Reverse
For a coin to be considered cameo or deep cameo, it must have the exact same contrast on both sides of the coin. It is fairly common for a coin to have a cameo appearance on one side but not the other. It is also not unusual for a coin to be deep cameo on one side but just cameo on the other. The reason for this is because coins are stamped with two different dies, one on each side. Cameo and deep cameo coins result from the first few stampings from a die when it is new and well polished. Both sides, of course, are not always in the same condition. A coin can not be designated cameo or deep cameo if it does not match on both sides.
Prices
Cameo and deep cameo coins are worth much more money than other coins of the same grade. This is because of their beauty and rarity. The most valuable cameo and deep cameo coins are dated before 1976. Fewer were made and survive to this day. Since 1976, the United States Mint has produced more cameo and deep cameo coins using better equipment. It is much easier to find coins like these among recently minted coins.