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Message:: [QUOTE="johnmilton, post: 4556445, member: 101855"]The Proof sets from 1950 to 1964 represent the last of a by-gone era in the collector – mint relationship. During those years the mint supplied Proof sets to collectors for only $2.10 per set. That price covered the cost of a five coin set that included three 90% silver pieces. With a face value of 91 cents, these sets were priced at a level that was more like service to the collector instead of a revenue generator for the U.S. Treasury.       Today these sets represent an opportunity for collectors who are working with moderate to modest budgets. Although the sets from the early 1950s are pricey, most collectors can aspire to put together a date run from perhaps 1955 to 1964 at a reasonable cost. In addition such a “short set” would be a good starting point for a modern Proof set run from 1968 to date. Many of the Proof sets from 1950 to 1964 have interesting histories and characteristics. For the benefit of those collectors who are not familiar with these coins it might interesting to review some of that information on a set by set basis. [ATTACH=full]1128079[/ATTACH] I bought this 1950 Proof set in the 1980s and paid a premium for it. Aside from finding cameo coins, this is about as good as it gets for these coins. The story was a father bought 5 sets from the mint, the limit at that time, and picked out the best pieces from the group for his child. At least that the story the dealer told me. It was in a "bid wall" auction. I replaced the cent which had discolored. 1950 – 51,386 sets issued       When the mint announced that it would issue Proof sets in 1950, the agency set the price at $2.10 per set and stipulated that only full sets could be purchased. During the previous period from 1936 to 1942 collectors had been permitted to buy any number of single Proof coins. This is reason why Proof mintage figures from the ‘30s and ‘40s are not uniform across all denominations as they are today. The sets from the early 1950s were packaged in small gray boxes that were sealed with tan packing tape. The coins were placed in cellophane sleeves that were stapled together and wrapped in tissue paper.       This packaging mode was not ideal. The quarter had a tendency to place circular shaped marks on the half dollar, and the staple that held the set together sometimes rusted which could damage the coins. Some collectors demand these sets in the original box, but knowledgeable collectors are equally impressed by high quality coins in plastic holders.       Some collectors were disappointed with the quality of some of the early 1950 Proof coins. The coins tended to have a finish resembled Mint State coins. The fields were not like the brilliant mirrored surfaces that had appeared on earlier Proof coins. Like the first 1936 Proof coins, the 1950 Proofs had more of a matte finish. Some collectors tried to dip the coins to make them brighter, but that usually made the situation worse. Today high quality, attractive 1950 Proof sets are scarce and often bring higher prices that those listed in some price guides. [ATTACH=full]1128081[/ATTACH] This 1951 Proof set is in the original packaging. The coins are a little frosty but very sharp. 1951 – 57,500 sets issued        The 1951 Proof sets were nicer than the 1950 sets although some of them were a bit frosty instead of brilliant. The coins had brighter surfaces, and the definition of the designs was strong and attractive. Finding a nice 1951 Proof set is easier than locating an attractive 1950 set, but a nice set will still cost several hundred dollars. [ATTACH=full]1128083[/ATTACH] I bought this group of five 1952 Proof sets with the original mailing wrappper. Two of the sets have never been opened. There might be washers in the two boxes instead of coins, but I doubt it. The set was mailed to a Catholic priest in Dorchester, Massachusetts. 1952 – 81,980 sets issued       In 1952 the mint made a concerted effort to make Proof coins that very bright and shinny, and the agency probably changed the dies less frequently. This resulted in excessive die polishing and a loss of design detail. For example it’s not unusual to see 1952 Proof Franklin half dollars with part of Benjamin’s hair hanging in mid air or Lincoln cents with missing details. In later years the mint tried to avoid this problem. [ATTACH=full]1128084[/ATTACH]  I bought this 1953 Proof set in the original box, but the celophane sleeves around the half dollar and quarter fell apart. So they had to go into Capital Plastic. 1953 – 128,800 sets issued       This was the first year that total Proof set production broke the 100,000 mark. The sharpness of the coins was better than it had been for some pieces issued in 1952. The value of the set is enhanced by the 1953 Franklin half dollar which is a better date. 1954 – 233,300 sets issued       Nineteen fifty-four marked the first change in mint packaging, and it would not be for the better. Half way through the year the mint replaced the cellophane sleeves with somewhat foggy plastic sleeves that proved not to be inert. The foggy haze not only dulled the view of the coins for the viewer, but also promoted an unattractive brown tarnish to form on the silver coins. This tarnish did not dip off very well, and coins that received this treatment usually look dull and stained. For this reason I believe that really attractive 1954 Proof sets underrated. [ATTACH=full]1128085[/ATTACH] The 1955 flat pack Proof sets were issued during the second half of the year. The box sets were the only ones that had the a mint printed date on the top of box in large letters. I have owned one flat pack set that did not have the mint foil piece in the sixth pocket. 1955 – 378,200 sets issued        Nineteen fifty-five would bring a major change to U.S. Proof coin packaging. For the first part of the year the 1955 sets were packaged in gray boxes as before except that the date was rubber stamped on the top. The same plastic sleeves that ruined the 1954 Proof sets were used although some authorities claim that they have seen a few 1955 box sets packaged in cellophane sleeves. I have never seen a 1955 box set that was packaged this way.       Midway through the year the mint switched to the flat pack format which would be used for the rest of the series. The flat packs had six pockets. Five of the pockets contained coins while the sixth pocket contained a foil mint seal. Some 1955 flat pack sets have nothing in the sixth pocket.       Despite the fact that all 1955 Proof sets contain the same coins, the flat pack sets have sold for more than the box sets for many years. The reasons are the flat packs provide a better presentation for the coins, and the pieces in the flat pack are almost always better preserved. [ATTACH=full]1128088[/ATTACH]  1956 – 669,384 sets issued       In 1956 the tiny eagle that appears to the right of the Liberty Bell on the Franklin half was given a make-over. The new bird, which collectors the “type 2,” was in higher relief and had more detail on his wing feathers. The old bird or “type 1” is scarcer and sells for a higher price although it usually takes a high grade certified piece to realize the premium. The type 2 bird would appear on all Proof Franklin half dollars after 1956, but both types would appear on the business strike coins that were made for circulation. The reason for this is that some dies that were used to strike Proof coins were used to make business strike coins after their application to Proof coin manufacture had ended. Part Two Tommorrow    [/QUOTE]

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