I think for now cameo and ultracameo coins have the same value if the pf is the same grade http://en.wikipedia.org/wiki/Cameo_(carving)
From my research, ultra cameo is actually more desirable. One more thing more to look out for when buying slabbed coins.
If i saw the same coin in ultra cameo and in cameo i buy the ultra cameo but in the last auctions i saw it (a few months ago) the prices are similar.
Go for ultra cameo whenever you find one. My comment here refers to regular circulation and commemorative proof coins. However I believe it is equally true for precious metal proof. The reason cameo and ultra cameo sell at similar price mainly because Chinese collectors doesn't understand proof coin. Several years ago if you mention proof coin in Chinese forum, you will be attacked by the people. No body want proof, and no body border to learn what proof is. There is this saying in China, It means proof is not as good as proof (as we expected), BU is better than BU. That was also part of the reason people don't go for proof. Definitely things have changed quite a bit now. If you ever want to collect proof, do it now. Chinese collectors have started to learn about them now. They probably have not learn the difference between cameo and ultra cameo. Rest assured these people are fast learner and soon they will know the difference.
The funny thing is, the 1992 BU set and 1992 Proof set is selling at similar price. Obviously I will want the proof set.
