A look back in numismatic history – a story too good to be true

For decades now, the United States Mint has been producing a river of amazingly well-made proof sets. Packed in sturdy, tamper-resistant plastic cases, sold as sets and not as pieces destined to be separated from the other coins of that year, these are some extremely attractive collectibles. It may come as a surprise to some then that the proof sets made starting in the 1930s were sold in what we today would consider flimsy packaging, and that the sets were easily broken up so that individual coins could be added to books in what was a common occurrence.

This has become great news for people who want to collect Franklin Half Dollars that have been certified by some reputable third-party grading service. But, we’ll also argue that this has left some proofs in the shadows. One such set is the early-proof Jefferson Nickels which made their debut before the Second World War.

1938 – 1942

Many collectors consider the start of the modern era of proof United States coins to be 1936. That began seven years, the last five being ones that included proof Jefferson Nickels in the annual offering. The numbers were tiny when compared to today’s output, with only 19,365 produced in 1938, 29,600 in 1942 – with the pre-war composition – and 27,600 produced that year in what we call the wartime alloy. Today all of the proof nickels from these sets are available, and there are some interesting differences when it comes to prices in the marketplace.

Most of the standard price listings quote prices for proof Jefferson Nickels of this time in grades of PF-65 as well as PF-63. Curiously, the prices for the lower proof grade are usually only half of that for the upper. Even if the PF-65 is only $100, that’s worth considering if a person wants to build a collection of these pieces.

1950 – 1952

The mint had other things to concentrate on as we got deep into the Second World War, and so the proof coinage program was on hold for a few years – although why that persisted for several years after the end of the war is still a matter of conjecture. But in 1950, new life was breathed into the program, and what must have seemed like a hefty number of proof sets were coined and sold.

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The first proof. PCGS

The 51,386 sets produced may seem tiny to us today, but since they were sent to customers in flimsy packages and generally broken up for placement in collector books, the Jeffersons tend to get forgotten in what we might call the hustle for the Franklin Half-Dollars. This in turn means that for savvy collectors today, we might be able to add a 1950-proof nickel to our own collection for as little as $30.

Whenever a person goes into a new collecting thrust, it’s worth taking a moment or two to consider the highs and lows of what we are going to spend. The price tag we just quoted is for a PF-64 example. This is a good-looking coin – what proof is not? – yet there are grades and prices that are remarkably high in comparison. For example, the same 1950 Jefferson Nickel as a PF-67 with a deep cameo finish lists in some of the big monthly price listings at a whopping $2.5K. Some folks may decide that’s worth spending for the best a person can possibly get. It’s a fair bet though most of us will be satisfied with the PF-64 piece and a $30 expense.

1953 – 1957

The growth of the United States Mint’s proof coinage program was amazing in these few years, and 1957 saw the one-million-mark broken. Considering this many proofs, this many coins that were never designed to be spent, we have to realize that this is the beginning of what we can call the common proofs. Since proof coins were still packaged in rather flimsy containers – certainly by today’s standards – plenty of single-proof Jefferson Nickels exist, and are waiting for collectors to grab them. Because they are so common, price tags are usually low.

1958 – the present

The year 1958 saw something of a dip in proof set production, but it wasn’t too low, and the aftermath was even higher. By the 1960’s, the totals had climbed into the millions – plural. In this time frame, all proof Jefferson Nickels can be had at good prices, usually $20 or lower. The only exceptions are if we insist on the absolute uppermost flakes of crust. What we mean are ‘full steps’ examples.

Full steps?

For those unfamiliar with this detail of the Jefferson Nickels, the reverse sports a stylized image of Monticello, Jefferson’s home near Charlottesville, VA. In the design, the steps are positioned across from Jefferson’s ear on the obverse, effectively pitting two high points of the coin’s design against each other. This means that plenty of examples, including some proofs, do not show a complete delineation of all the steps. Some Jefferson aficionados are keen to see if they can get full-step versions of these coins. That in turn means putting out some serious money. For some collectors, this is money well spent. For others, it is sometimes rather dismissively called “microscope collecting.” Each of us will have to decide.

Onward!

Jefferson Nickels are often collected by novice collectors because they can be a wonderfully inexpensive coin to pull from change. Proofs aren’t found there unless someone has inadvertently spent one by mistake. But the proof Jefferson Nickels are a series from which just about anyone can assemble a wonderful-looking date run. The fact that plenty of folks overlook these humble five-cent pieces makes them that much more fun to chase down at stores and coin shows.

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