What's the Difference Between a Mint and Proof Set?

Justin

My father bought me US Proof Sets last year 1959-2001 complete run (43 sets). In 1966 and 1967, if I remember correctly, the US Mint didn't issue Proof sets but instead issued Mint sets. Does anybody know the history behind this? My father bought them on eBay and they all look great but I noticed the 1967 holder was cracked and the Kennedy Half dollar was more toned. Unfortunately, I didn't notice it was cracked until several weeks after the auction was over so didn't pursue it with the dealer.

Anyway, what's the difference Between a Mint and Proof Set?

Mark

You are asking several questions here. Proof sets are comprised of coins on on specially polished plancets, struck more than once to bring out all the details. In general, a typical mint set consists of MS coins from all the mints that issued them in a given year. There are exceptions to this general rule, but in general that's what a mint set is. Now, in 1965, 1966, and 1967 the mint issued so-called "special mint sets," SMS, in lue of issuing proofs. (There also are a handful of 1964 special mint sets, but these are VERY rare.) The reason for this is that during that era the United States had a signficant coin shortage and the authorities blamed coin collectors as a major reason for this shortage. (This assertion was false; the cause of the shortage was the spreading use of vending machines in which coins sat for days before being recycled combined with the fact that silver coins were being quickly withdrawn from circulation.) Anyway, the special mint sets were not stuck on specially polished planchents, at least not in 1965. The coins also were not double struck, though the strike seems to be better than the strike for circulation coins.

Collectors of the era hated SMS. The coins were distinctly inferior to proofs. And proof sets in 1964 cost $2.10 and the inferior SMS sets cost $4.00. Nowadays I think SMS coins are held in more esteem than when they were issued.

Mark