"Wow, what a long way the US Mint has come"... with silver proof half dollars, among other issues.

Greetings Collectors,

I have bought proof sets along with mint sets for many years. I just thought it was the thing to do, as in having "one of each" at least. Some of them are barely worth the issue price, others a bit more. Having said that, I can count the different denominations I have slabbed on way less than two hands. I have no "slabbed" proof halves going back earlier than 1954. The one set I have been working on for more than four years is the Franklin half dollar series which had a proof run from 1950-1963. I do own one or more proof sets from 1950 to present but of all I have from the early years (50's) there is not one Franklin half that would grade as a "full" cameo, much less an "ultra" cameo. The rarity of cameo and ultra cameo coins from the entire decade of the 1950's, as far as the half dollar is astounding. I have studied a good bit on the subject, mainly because I could not believe the prices, halves were bringing from this decade from when I was born. The more I have read, the clearer it has become and "frankly" (pun intended) I can't understand why these coins are not more expensive when one takes into consideration how few of them there are in the upper cameo grades. Some dates have no 68 or 69's in deep/ultra cameo and others have only a single coin or two.

In this part one of what I think will be a total of four segments I just want to share some figures from some research I have done, and once you have read these numbers, I think most will agree that half dollars at least, and possibly all proof coinage from the "fifties" is rare in the upper "gem" cameo and ultra cameo grades. I think without very deep pockets, halves from the early 50's are out of reach of most collector budgets. In cameo and ultra cameo they are very difficult to find in "67" and higher. There are several dates that do not have more than a "single" example in ultra/deep cameo 68 & 69. Just compare these numbers with the "pops" of present day proof coinage.

Proofs from the late 20th century and to present WILL NEVER be rare. I know there are alot of you that collect modern proof coinage and while there are some beautiful "70's", many think the world of their sets, at the end of the day, that proof 70 state quarter or presidential dollar has "high" double digit-triple digit and higher "compadres" to compete with. Also these coins I have just mentioned don't come cheap. Often the price tags are way up there. This is the case, of course 'til the time comes to sell them, now and more so in the future as the "total known in captivity" continues to climb. There are just too darn many of them. But we all collect for differant reasons so price appreciation may not be a concern for some, but I for one can not get excited knowing that a coin I just purchased, will never be worth what I paid for it, ever. This by no means, takes away from the interest and the pride collectors pursuing this type of coinage get from these aformentioned pieces.

The following numbers are for half dollar coins only and for silver halves at that. I thought that it would be informative to use the following years: 1950,1960,1976 & 2000. (I would have used 1975 rather than 1976 but there were no silver proof halves minted for that year.) I also am only using pop numbers from NGC. Those "in the know" that I have spoken with and read their research, all tend to agree that NGC is not as "strict" with their grading and calling a cameo or ultra cameo as PCGS is with the same. Prices for the most part, with some exceptions, seem to concur. Current census numbers are:

Silver Proof Half Dollars graded by NGC:

1950- Proof 1687

Cam Proof 412

UCam Proof 15

1960- Proof 4139

Cam Proof 1643

UCam Proof 211

1976- Proof 87

Cam Proof 767

UCam Proof 1635

2000- Proof 0

Cam Proof 35

UCam Proof 4748

I think it important to include a couple more sets of numbers to touch on rarity and "types" from these early proof half issues. One fact, which I will go into a little more detail in future posts of part two-onward is, In 1959 the "Master die" was just about shot and was re-worked for halves struck in 1960, thus the large increase in the numbers of coins with the "Ultra" cameo contrasts for 1960. The "pops" that are worth mentioning for 1959 are:

1959- Proof 3842

Cam Proof 590

UCam Proof 9

The figures for these two years, so close in time but far away in quality pieces, to me, seem very interesting.

* A further fact for 1959, is of the #9 coins, graded by a third party grader, who has been said to be less strict, the Ucam grades start out in 64 with one coin, 65-two coins, 66- two coins & the highest UCam proof 67, a mere four coins. None in UC68 or above.

One last group of numbers I found interesting concern the two types of proof halves for 1956. The two different types can be spotted by looking at the small eagle on the reverse to the right of the liberty bell. ( The small eagle was used, I have been told, due to the disdain Ben Franklin had for that particular bird. He wanted our "National bird" to be the "Turkey") Can you imagine collecting "quarter turkeys" or "double turkeys"? (or would it be "turkies"?) and don't forget the sad faces for this year when the word came out that no AST's (American Silver Turkeys) would be available in proof. Anyway the eagle on the reverse had less detail on all halves MS and proof minted from 1948-1955 and the 1956 Type one. They got fancy with the detail on the type two and all coins from this point through 1963. The type one is by far the scarcer of the two. The two last points I wish to make concern these 1956 type one and two proofs. To date there are only two coins graded by NGC "Ultra Cameo" in the 1956 type one, a single "67" and a lone "68". On the other hand, in type two, NGC has 260 making the U-Cam grade with 43 reaching U-Cam "69".

If my math is right, NGC has found less than 25,000 total cameo Franklin Halves minted between 1950 and 1963. Total number of them reaching the Ultra Cameo Status is a "hair" over 3,000. By comparison there are over four thousand, seven hundred silver proof halves from the year 2000, in "ultra cameo" with most grading 69-70. I know which one ( Franklins or Kennedys) I would rather own.

I hope this post has interested you. I am learning more and more about these Franklin halves every day and I for one am having a "blast" with my coins. I hope you are having fun with yours as well. Happy Collecting! WKF