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Message:: [QUOTE="johnmilton, post: 3418651, member: 101855"]Author’s Note: Here is part of an article that I wrote for my local club’s newsletter. It runs a bit long for this forum, but let’s see how the members like it.   Franklin D. Roosevelt was an avid stamp collector. He also had a modest collection of coins. His first secretary of the treasury, William Wooden, was a well-known numismatist who had co-authored the first major reference on U.S. pattern coins in 1913. Before those gentlemen could make any changes to the U.S. Mint Proof coin policies, they had to address another issue that would change American numismatics forever.   The Gold Surrender Orders of 1933 and ’34 called upon all citizens to turn in their U.S. gold coins except those which were rare or had historical significance. Citizens were permitted to retain $100 in gold, but those last two details went over the heads of most people. Most people turned in their gold coins as they were ordered to do.   Government officials noted that some rare coins that had numismatic value were mixed in with the pieces that had been collected. In 1936, Lewis Howe, who was the personal secretary to Franklin Roosevelt, proposed selling those coins to collectors to raise some revenue for the treasury. Treasury officials pointed out that the agency had no authority to sell those coins for more than their face value. Furthermore, they stated that it would be a public relations disaster if they sold those coins at premium prices soon after they had forced citizens to turn in their gold coins at face value. In the end, all of those coins were melted and tuned into gold bars.   After the rejection of his first plan, Howe proposed a resumption of the Proof coinage. Howe was not a coin collector, but he understood the collector mentality. Howe was terminally ill with heart and lung problems at the time he made his proposal. He lived long enough to see a Proof quarter that was struck for his approval, but he passed on before any other Proof coins were could be shown to him.   Following Howe’s death, some administration officials opposed any further steps toward resuming the production of Proof coins for collectors. Treasury secretary, Henry Morgenthau, overruled them and saw to it that the mint completed the project. The mint released the first complete Proof set in late April, and the coins went on sale in May. The 1936 Proof set was notable because it marked the introduction of the Mercury Dime, Washington Quarter and the Walking Liberty Half Dollar in the Proof format.   Mint officials made it clear that no Proof silver dollars would be struck unless there was an issue of business strike dollars to coincide with the special collector coins. Unfortunately the mint system issued the last Peace Dollars in 1935. It would have been interesting to have seen the Peace Dollar in the Proof format.   Collectors did not have to purchase complete sets. They could buy individual coins which were priced as follows:                                         Cent       $0.16                                        Nickel        .20                                        Dime         .20                                        Quarter      .50                                        Half Dollar  .75                                                   -----------                                     Total Set    $1.81   Proof coins were struck on select quality planchets, with specially prepared dies, on a press that was used to strike medals. The dies were inspected frequently and were either refurbished or discarded far more often than they were for ordinary business strikes. The coins were carefully inspected and damaged or lower quality coins were rejected and melted.   Collectors could buy the coins at the U.S. Mints, or they could have their coins delivered through the mail for an eight cent postage fee. Anecdotal accounts have indicated that Proof coins purchased at the mint were wrapped in tissue paper. Coins that were sent through the mail were placed in cellophane envelopes that were wrapped in tissue paper. If the purchaser bought more than one coin, the cellophane envelopes were stapled together at one corner at the top. Shipping boxes varied with the size of the order. They were not the limited to the small gray boxes that were used to house Proof sets from 1950 to 1955. Collector Dissatisfaction with the Coins  The first Proof cents and nickels that the mint produced in 1936 had satin surfaces that were similar to the finish on the Matte Proof coins that were issued two decades earlier. Many collectors were unhappy with these pieces, which to some, looked no better than business strike coins that anyone could draw from circulation or obtain from a bank. In response Philadelphia Mint personal developed methods to polish the dies and improve the quality of the planchets (coin blanks) to produce brilliant Proof coins. This created two varieties for the cent and nickel, the satin and brilliant finishes. Numismatists have not recognized such distinctions for the silver coins, perhaps because of the naturally reflective properties of silver which makes all of those coins brighter.   The Brilliant Proof cents and nickels have strongly mirrored surfaces. Researcher, Roger Burdette, has noted that the Brilliant Proof cents and nickels have slightly less design detail than their satin surface counterparts. This loss in detail is due to the die polishing which removed a small portion of the die surface. 1936 satin surface Proof cent [ATTACH=full]907012[/ATTACH] [ATTACH=full]907014[/ATTACH] 1936 satin surface Proof nickel [ATTACH=full]907017[/ATTACH] [ATTACH=full]907018[/ATTACH] Limited Mintages in 1936  Although the collector response was greater than it had been in the 19th and early 20th centuries, it was somewhat disappointing. Here are the total 1036 Proof mintages:                                               Cent  5,569                                              Nickel  4,420                                              Dime  4,130                                             Quarter  3,837                                             Half Dollar  3,901 The total number of possible 1936 Proof sets is listed as 3,837. That number does not reflect the number of sets that were issued, but is based upon the number of quarters that were issued. The total number of sets is limited by the quarter which had the lowest mintage.   These mintages were a reflection of the times. The Great Depression was continuing in 1936 although the worst years had passed. Still while collectors felt that they could afford to buy a cent or a nickel, the half dollar seemed like a larger investment to set idly aside.   The low mintage for the Washington Quarter reflected collector apathy toward the design. A fair number of collectors viewed the Washington Quarter design as dull and uninteresting. If a collector decided not to buy a complete 1936 Proof set, the quarter with its comparatively high face value and cost and less interesting design, was the most likely coin he would choose to skip.   Proof coin mintages increased steadily in subsequent years. As a result, the 1936 Proof set soon became the “key year” in the modern Proof set series.   One of the great concerns for past generations of collectors was that ALL of the coins in the high priced 1936 Proof set they purchased were, in fact, Proofs. Less than honest individuals created fake Proof coins by polishing business strike pieces or plated ordinary coins with chromium or even mercury to simulate the mirrored Proof surface. Fake Proof cents have been created by coating business strike coins with copper. Walter Breen noted these problems in his pioneering work Walter Breen’s Encyclopedia of United States and Colonial Proof Coins 1722 – 1977.   Today legitimate third party grading services have essentially eliminated these abuses, but collectors should still exercise caution whenever they consider the purchase of any uncertified (raw) Proof coin. Similar caution should be excised when considering the purchase of a Proof piece when certified by one of the lowest level grading services that may lack ethics or expertise. It is better to be safe than be sorry. Here are the 1936 silver Proof coins: Dime [ATTACH=full]907023[/ATTACH] [ATTACH=full]907024[/ATTACH] Quarter [ATTACH=full]907025[/ATTACH] [ATTACH=full]907026[/ATTACH] I have reached the limit. The half dollar will be in the next message.[/QUOTE]

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