A Gorgeous Original 1940 Proof Set 2 2

[FlyingAl]

I recently made my largest numismatic purchase (cost wise) over the weekend - this 1940 proof set. The images on Ebay looked quite promising, and the price even more so. I needed the half and nickel to go 65 and everything else 64 to break even. I liked my chances, so I took the shot. The set arrived today and it exceeded my expectations! I believe it may be an original set moved to a Capital Plastics Holder (more on this later).

I will take this opportunity to give some background on these proofs. Since I expect there may be a few who don't want to read that, I'll put it at the bottom of this post and you can skip it if you want to. Here are the coins:

Half - I grade it 67, though it is a liner coin. I could see it in a 66 holder, although it is a bit better than my 1942 in PCGS PR66. It has some light hairlines in the obverse fields, and above E PLURIBUS UNUM. It has some amazing original blue and steel gray tone from the cellophane, which I am a huge fan of. Detail is slightly below average for the year. 

Quarter - I grade it 67+. This is a beast of a coin, and I think that it is slightly better than my 1941 in 67. There is a light hairline just below the Y in LIBERTY, which is the only flaw I could find. It has an even, truly original gray haze that matches the half exactly. Detail is slightly above average for the year, as is eye appeal. 

Dime: I grade it 67. The tone here matches the quarter, though it is a little more prominent and spotty. There is one hairline between the L and I in LIBERTY, running diagonally from the nose to the L. This is the only flaw I could find. Detail is average for the year. Another great coin.

Nickel - I grade it 66 (Rev of 40). A pretty solid 66, with some marks and light hairlines on the obverse. The reverse is exceptionally attractive, with very few very small light hairlines. The reverse has a great pearly sheen luster, with some blues creeping in around the rims. Tone on the obverse matches the other coins. Detail is average, recut ribbon. There are a few nice die cracks in Jefferson's hair, one shows up in the obverse photo. 

Cent - I grade it 64RB (though it's not red or brown). This is the nicest toned Lincoln cent that I've ever seen in person. It knocked my socks off. Deep red and greens blend with some oranges on the obverse to from an even, brightly colored mirror surface. The reverse has electric pinks, blues, and greens melding perfectly to form a beautiful electric colored sheen unlike anything I've ever seen before. Taking pictures of this coin was daunting, but I gave it my best effort. I underexposed the shots to try and get the color to show, but it does give you an idea of what the coin looks like under light.

This unedited shot of the nickel caught part of the cent in the upper right, and I liked how it showed just how much these proofs can change based on lighting. Most of these colors don't show in the direct cent image.

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Now on to the history! I will use Roger Burdette's book United States Proof Coins 1936-1942 for mintages and original values/die numbers. This book comes highly recommended, and it is my favorite numismatic book.

In 1940, there were between 11,000 and 15,000 proofs reported minted (roughly) and about twenty five percent more (per denomination) were struck but destroyed due to assay or quality issues. About 11,000 proof sets could have been made, though since proofs were sold individually there is no way to know for sure. To get a "set" from the mint in 1940, one simply ordered one coin of each denomination. There was no option for a "set", so as such the words "original set" for this era simply mean an order of one coin of each denomination kept together since the day they left the mint.

Each coin costed the following:
Half - 75 cents 
Quarter - 50 cents 
Dime - 20 cents 
Nickel - 20 cents 
Cent - 16 cents

This brought the cost of a full "set" to $1.81, with 8 cents for postage. Face value was 91 cents. One could order as many coins of each denomination as they pleased, so an order of 40 proof half dollars could be made. $456.90 of face value proofs were unsold in 1940, which is the first year that a large quantity of unsold proofs remained. This is roughly equivalent to 502 sets, though there is no way to know exactly what denomination and what quantities remained unsold. The Medal Department could usually produce orders to demand (and tried to), so large quantities of leftover proofs were uncommon.

Each proof was struck once with a medal press on highly polished dies and planchets, and then inspected individually for quality. The dies and planchets used were only different from circulation dies and planchets due to the polishing. This created the mirror like fields currently shown on these proofs. Overpolishing of dies often led to detail loss, which can be seen on each coin above. This gives the appearance of a weak strike, when in reality the poor polishing job left little detail to spare. Many dies over the era were condemned as a result of overpolishing, some before they struck a single coin. Finished proofs were then placed on stray and sent to a worker to be inspected. Once inspected, finished proofs were packaged in cellophane envelopes and sent to the buyer in whatever mailing materials the Medal Department had on hand.

In 1940, the nickel had an interesting variety where a leftover reverse die from 1939 was used to strike 1940 nickels. However, since the reverse design was revised in late 1939, the die was the same as one from 1938. As such, the 1940 Reverse of 1938 nickel was produced. It is suspected that this die produced 900 coins, and this accounts for the entire mintage of the variety. It remains rather scarce today.

That's all I think I'll history wise add to this set, though I remain undecided about what to do with it. I had originally planned to send it to Great Collections for grading and sale (they get discounted rates and I had intended to try and get some profit out of it), but now I am considering keeping the set. I remain undecided at the moment. Decisions, decisions!

[CIII]

Beautiful coins!

[Henri Charriere]

This is a gripping account set forth with passion. (And a friendly reminder, face value: 91 cents!)  I cannot imagine anyone skipping over any detail of your acquisition. I vaguely recall there was something special enough about the 1940 half that merited a stand-alone, dedicated story, but I do not recall the particulars. (Maybe Mr. Walkerfan would know.) Very considerate of you to share this with the membership. Delay a decision to divest? I understand perfectly!  This is one purchase that made my day!  Great stuff!

[RWB]

On 10/31/2022 at 8:48 PM, FlyingAl said:

Now on to the history! I will use Roger Burdette's book United States Proof Coins 1936-1942 for mintages and original values/die numbers. This book comes highly recommended, and it is my favorite numismatic book.

Thank you! It was fun to write because so much of it was entirely new to the hobby. I wrote with the intent this book should last at least a generation or two!

Edited November 1, 2022 by RWB

[VKurtB]

On 10/31/2022 at 9:04 PM, RWB said:

Thank you! It was fun to write because some much of it was entirely new to the hobby. I wrote with the intent this book should last at least a generation or two!

Mission accomplished. 

[tj96]

OUTSTANDING!!!  👍🏻  👍🏻  I see you posted it ATS.

Edited November 1, 2022 by tj96

[Frank]

Beautiful set

[Hoghead515]

Very nice set. Stunning coins. If I came across a set like that it would be hard to let go of. I definately understand it being a hard decision. Thanks for sharing the history also. I never knew that information about those and I found it very interesting. 

 

[Just Bob]

Thank you for posting this over on this side of the street. It is a beauty of a set. 

[Henri Charriere]

TST as opposed to ATS...  Man I love this place!  

[Henri Charriere]

You will be pleased to know, that in revisiting this thread, and reviewing its contents in its entirety, in context, I now understand your use of the term "original set" as it relates to the 1940 issues, and proof coins minted prior to 1950.  I commend you on your achievement.  That is one very lovely, very well together put set!.