SMS Question
Tootawl
Posts: 5,877 ✭✭✭
I know SMS stands for Special Mint Set but what exactly is a Special Mint Set?
PCGS Currency: HOF 2013, Best Low Ball Set 2009-2014, 2016, 2018. Appreciation Award 2015, Best Showcase 2018, Numerous others.
0
Comments
In 65-67, the US Mint chose not to market proof sets. The SMS sets were a poor substitute, and contained hybrid MS/Proof coins that were generally better quality than the circ strikes, and were occasionally cameo. The 65 and 66 coins were single-struck, with poorly prepared dies, and the coins were dumped into hoppers before being packaged. 67 sets were better prepared, and were precursors to modern proofs.
and it sets us apart from practitioners and consultants. Gregor
<< <i>Official Mint Sets are special government packaged coin sets. They contain uncirculated specimens of each year's coins for every denomination issued from each mint. Unlike proof sets, these are normal coins intended for circulation and are not minted with any special consideration for quality. Coins struck as proofs are not included in these sets. Since 1959 mint sets have been sealed in a protective plastic envelope. In 1965, 1966 and 1967, Special Mint Sets (SMS) of higher than normal quality were made as a substitute for proof sets which were not made during those three years. >>
Cameron Kiefer
1998 Kennedy Half
1994 Jefferson Nichel
1997 Jefferson Nickel
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
what i think is interesting about the SMS years is that our Uncle did what he did because he thought we were hoarding coins and causing shortages of change in circulation!!! they did such a masterful job of trying to keep collectors from being able to hoard dates/mintmarks that apparently very sloppy record keeping took place. the result-----no certain answers as to when they started each dated mintage and no figures for what was struck at each mint since there were no MM's. a neat consequence are some grade rarities, die varieties and at least one over-scrupulous-mint-worker-die-polish error, the "no FG" 1966 Kennedy. best that they should have left well enough alone. i won't even get into the confusion caused at the point of TPG with regard to "is it a Circ Strike or an SMS??" caused by using dies interchangeably. a carryover of those dark years is that when things returned to normal, it took till the mid-1970's before they could make a consistently high quality proof coin with Cameo. they were doing better prior to 1965.
while fcloud is correct with the three coins he listed, they are more SMS coins by virtue of how they were packaged than how they were manufactured. as Don pointed out, the 1965-1967 coins of all denominations were a hybrid of minting technique, more than business strikes yet less than proofs. the coins mentioned by fcloud are essentially Matte Proofs much the same as Modern Circulation Strike Commemoratives.
al h.
prepared in at least three different ways and planchets in two. Most of these coins
look like a proof/mint hybrid but there are some which don't really fit.
These were struck with higher tonnage on the same presses used for general cir-
culation coins. Most of the dies were basined and many of these were treated to
achieve the cameo effect. A few regular circulation dies were heavily polished and
used to strike heavily polished planchets.
Records are very spotty at best.
Much of the information regarding production of the special mint sets is limited to heresay, as it is believed most if not all of the mint records from that period were destroyed by Stella Hackel-Sims (mint director Nov 1977- April 1988). In an effort to save space, she ordered most of the working mint records from 1900-1970 destroyed. Ironically, they were headed for a landfill when the paper recycler saw what he had and sold them to a coin dealer. When the dealer traced the records back to their source, the government tried to force the dealer to give the records back. According to an E-Sylum article, Julian Leidman knew the dealer and saw the journals. Perhaps he'll comment on this thread.
All of the halves minted in 1964 seemed to evaporate as soon as they reached the banks. Breen believed many of these coins were sent overseas, and many were purchased by speculators and investors. More still were used as payment for silver certificate redemption. The mints simply could not manufacturer enough coins to satisfy demand. It was wrongly assumed that collectors were responsible for the unavailability of the coin. President Johnson signed a bill on 7/23/65 changing the composition of the half, and the mint chose to remove the mint mark, hoping to discourage collectors.
Coins manufactured till that time were dated 1964 (well into 1965).
The first 1965 dated coins were released 3/8/66. The first 1966 dated coins were released 8/1/66. Essentially all of the 65 and 66 production occured in 1966. The 65-66 coinage was produced with slightly more care than circulation coins were given. Paraphrasing Rick Tomaska, the mint preparation for the 65-66 sets was as follows -
1 - The dies were not as polished as proof dies
2 - SMS planchets were not burnished
3 - SMS dies were used longer before being discarded
4 - SMS planchets were struck at higher pressure like proof coinage, but were only single struck, where proof coins were double struck
5 - SMS dies did not receive special cleaning and maintenance the proof dies did, and were infrequently repolished.
6 - SMS coins did not receive individual handling prior to packaging, and were dumped into hoppers.
You can see why finding a nice high-grade cameo is a challenge. The mint produced 2.360,000 1965 Kennedy halves. Rick estimated the total population of heavy cameo 65 halves in grade 67+ at 125-250 pieces. So far, the actual number of graded examples proven him quite the optimism.
As Keets pointed out, there were many interesting varieties produced during that very brief period of time. There are 28 distinct doubled die 66 halves. There is of course the 66 No FG, and there is a 65 rotated reverse.
There is one "SMS" coin that the services recognize that falls outside the bounds of this discussion. There are some special 1964 sets that for lack of a better description have come to be called special mint sets. They have unique finishes. I have included a picture of one of the halves.
A few years ago, I began chasing these coins hoping to learn their significance and origin. Since no information was available in mint records, I traced ownership of the coins by phone last year, and have come to believe there were 12 complete sets of these coins sold by Lester Merkin in the early 90's. Speculation is that he acquired them from the mint. I believe them to be either trial strikes or presentation coins, but they have come to be known by the TPG's as SMS. The original purchaser of these sets noted that 4 of the halves were ordinary, and did not posess the same finish as the other 8. The 4 ordinary halves were thrown into the silver bin. Interestingly, when Merkin's estate was auctioned (Stack's Nov.30 1994), the only modern half in the auction was one 1964 proof JFK described as "Very choice brilliant proof, pale grey with a trace of an old fingerprint". It hammered for $10. I'm still looking for it.
Over the last few years, I've been lucky enough to come across a few exceptional examples of 65-67 SMS coinage, but it seems that since their inclusion in the proof registry sets, they have finally been discovered by a more mainstream audience. They are hybrid coins, neither MS or proof, but occasionally you find one that combines the best qualities of both. The Washington below is one of my personal favorites, and the 66 half is one I purchased raw last year.
Tootawl, I apologize for the lengthy post, but there is so much to say.
and it sets us apart from practitioners and consultants. Gregor
Lest someone misunderstand it is the half dollar coins which were referred to as struck
later.
The quarters were released first in November, 1965.
Not only had mint marks been removed, the alloy changed to copper nickel clad, and the
mint and proof sets had both been eliminated to deter collectors, but there was also a bill
pending in Congress to make coin collecting illegal. While all this was going on the high
flying coin market of the era was crashing and burning. Much of the activity of the era was
based on removing better coins from circulation and setting aside vast quantities of coins
for future generations. It was obvious to even the casual observer that the better coins
would soon be gone and the mountains of coins were ample for many decades. As if this
wasn't all enough to discourage even the dreamiest hoarders, the new coins almost always
looked like crap. There was a date freeze in place so collectors of this era expected 1965
coins for many many years, but those released at the time were horribly struck from grossly
overused dies. Even large design detail was often non-existent.
Incredibly 1965 coins were saved in large numbers. Most of these were just spent over the
next several years, but you'll find today that this date is still one of the few clad coins that
can be found in rolls.
Proof set collectors found these new SMS's to be a poor substitute for proof coins and most
just ignored them. Few collected mint sets but thos who did tended to avoid the SMS's be-
cause they don't look like mint state coins. The SMS's just languished for decades despite
their relatively small mintages and great looking coins. The wholesale prices on these sets
was only about double face/melt within the last 8 years. In 1980 all of these were worth
more as bullion than as numismatic coin and many were melted.
Not only are there numerous varieties among these coins but there is an enormous spread
in the quality of the types of SMS coins. They range from appearing fully proof to little bet-
ter than circulation strikes.