Original 1956 Proof Set with Type 1 Reverse Half Dollar 1 1

[Sandon]

   Back in April 1990 I purchased a 1956 proof set in its original mint packaging for $33.  I wasn't aware at that time of the "Type 2" reverse for proof Franklin half dollars introduced at some point in 1956 and used for proofs through the conclusion of the series in 1963. (Some Philadelphia mint circulation strikes of 1958 and 1959, apparently struck from retired proof dies, also feature the Type 2 reverse.)  These varieties were not included in the Cherrypickers' Guide to Rare Die Varieties as late as its fourth edition (vol. II, 2006) and are not included in the 2023 edition of the standard "Redbook", but the two varieties of 1956 proofs are included in the Deluxe ("Mega Red") edition of the Redbook and price guides including those in Coin World (there listed as "Reverse of 1950-1955" and "Reverse of 1957-1963"), the NGC Price Guide, and the PCGS Price Guide, with the Type 1 reverse listing at substantial premiums in each grade over the Type 2.

  When some time after purchasing the set, though not recently, I examined the half dollar, I found that it had the scarcer Type 1 reverse. The diagnostic point for the two varieties is the small eagle to the right of the Liberty Bell, whose features are less distinct overall on the Type 1 than the Type 2. There are four feathers to the left of the eagle's perch on the Type 1 but only three on the Type 2.  While NGC VarietyPlus describes the Type 1 reverse as "moderately scarce", Franklin half dollar expert Rick Tomaska has been quoted as estimating that only about three percent of the 669,384 1956 proof Franklin half dollars issued had the Type 1 reverse, which would total approximately 20,100 pieces. A Guide Book of United States Coins "Mega Red" (6th ed. 2020) at p. 778. If this is true, there may not be very many 1956 Type 1 pieces left in original proof set packaging, as the NGC Census shows a total of 5,483 submissions for this variety (regular, cameo, and ultra cameo combined), and an additional 2,338 at PCGS. (Five to six times as many pieces with the Type 2 reverse have been submitted.)  I have no intention of submitting this one.

   Here are photos of my set with its mint issued envelope, as well as photos of the half dollar, a closeup of the eagle identifying the coin as a Type 1 reverse, and a comparison photo from VarietyPlus of the eagle on the Type 2 reverse.

 

Type 2 comparison photo:

[J P M]

Thank you for the heads up Sandon. I will have to see if I have any of the type 1 coins. Not that I would break the set but good value factor to know about. Maybe slip a note in the envelope for the kids so they will know.