The Proof Sets from 1950 to 1964 and “The Loss of Innocence, Part 1

Discussion in 'US Coins Forum' started by johnmilton, Jun 8, 2020.

  1. Cheech9712

    Cheech9712 Every thing is a guess

    I did peek but that was before I knew anything about coins. Thanks John. Just another life’s mystery
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  3. johnmilton

    johnmilton Well-Known Member

    Only the 1955 box sets had a date on them. The others were plain. Dealers or collectors wrote the date on the boxes after they received them.
    Last edited: Feb 28, 2023
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  4. LakeEffect

    LakeEffect Average Circulated Supporter

    Great thread, thank you. 1958 was my first proof set as it was my birth year. Since then I've filled in a few around it, I'd like to try and complete 1950-1964 before I'm done.
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  5. Pickin and Grinin

    Pickin and Grinin Well-Known Member

    Great Break down on the Proof sets.
    The 55 set was complete but had some torn Cello I removed the coins.
    The 53 is complete.
  6. mrweaseluv

    mrweaseluv Supporter! Supporter

    very nice article sir... I have flat packs from 56-80. I had never seen one of these old box proof sets in the box like this.. very very cool :D
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    KBBPLL Well-Known Member

    This part cracked me up. Their definition of "coin collector" must have been "anyone alive." Everyone was pulling the silver out.
  8. johnmilton

    johnmilton Well-Known Member

    In the early to mid 1960s, putting away coins by the roll was very popular among collectors, investors and speculators/hoarders. The Coin Dealer Newsletter got its start covering this market. A larger percentage of the mintages was taken from circulation than is the case today.

    This probably got started with dealers. For a lot of the 20th century, dealers would set aside a few rolls of the current coins at face value or close to it. Over the years, these rolls of coins were their inventory. The dealers sold them at the going market prices. Those prices could get quite high if a date and mint combinations proved to be the keys to a set of coins. This was the source for many of the 20th century Mint State coins we have today.

    The hoarding of new coins did get out of hand. It’s the reason why cents from the early 1960s are not worth much more than face value in Mint State, unless, of course, a grading company says a single piece in a slab is in a super high grade.
  9. Jaybot

    Jaybot Active Member

    Yep, it's called the law of demand. People will always get rid of bad money, and keep good money. Kind of like back in the old roman days, people would keep the silver coins that hadn't had the edged clipped, and spend the damaged coins that had half the amount of silver they were supposed to. People really don't change over thousands of years ;)

    P.S. If someone could tell me the name of the coin that the romans would clip, please let me know. I barely know anything about ancient coins
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  10. Marsden

    Marsden Well-Known Member

    Not just Romans, but practically everyone. And not just one particular coin, but virtually anything made of precious metal. As you probably know, this is why reeding and edge lettering came into practice. Even today, our only reeded coins in circulation are the ones which used to be made of silver.

    Separately: the old mint packaging was hardly ideal, but it is irreplaceable and I'd pay a handsome premium for it!
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  11. green18

    green18 Unknown member Sweet on Commemorative Coins Supporter

    I'd put in my 'two bits' but I don't think it's needed here......... devil.gif
  12. MK Ultra

    MK Ultra Well-Known Member

    Pictured is the 1937 proof set I bought a few years ago, it's the birth year of my Aunt. I didn't notice at the time, but the serial numbers of the graded ones are consecutive. Also the 1952 and 1953 sets I bought at a local show a year or so before the pandemic.

  13. johnmilton

    johnmilton Well-Known Member

    Consecutive serial numbers indicate that the coins were submitted as a set. You must have bought them as a set.
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  14. MK Ultra

    MK Ultra Well-Known Member

    I did, it was at an auction. I don't know who submitted them.
  15. psuman08

    psuman08 Active Member

    I was told by an old-time dealer years ago to wrap the coins in a box proof set in saran wrap for protection. Prevents damage when the box is moved and the cellophane from breaking down. Not sure if it is true but I've wrapped mine.
  16. TheNickelGuy

    TheNickelGuy Yippie I Oh

    Came home with these yesterday from a local coin auction. They were all I came home with, and all I went for, but I now have a complete set of Franklin Half Dollars in Uncirculated and now all the Proofs.
    It only took me 40 years to get the 1950, 51, 52 and 53 Proof Franklins.

    There are many coins that far outperformed these over 40 years.
    I wish there was a graph of values on the internet someplace for seeing certain coin appreciations and depreciations year by year.
    Do you know of one?
    I looked but have to go by memory.
    Gold or silver purchased back then has far outperformed. Maybe now was a good time to buy? Better late than never.

    I don't think I hurt myself any waiting so long to buy. These sets were pretty high decades ago but I don't think inflation and the value of the US dollar would have made them a good investment. I got a good price yesterday, they were not cheap, but far better than eBay, or a coin show or coin shop price tag would ask today. They were nicer than the internet pictures shown on Auctionzip.

    So, no black carbon spots, some coins are perhaps light cameo or frosted. No black tarnish from original cello and box issues. They don't looked dipped to remove such either.
    Of course, I bought them for the Franklins, and the lead the parade of my US Proof Sets, but they will stay in the sets like all my other Franklin proofs to 1963.

    Bucket List check off!
    (hard to photograph) but here they are ... click for larger
  17. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    My grandmother wrapped up a handful of 64 JFK halves in wax paper and tucked them away in a little leather snap purse. I have her snap purse and the halves are still in the wax paper she wrapped them in back in 64.
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  18. LakeEffect

    LakeEffect Average Circulated Supporter

    Very nice looking sets. The matching Capital holders is a nice bonus.
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