What's up with SMS sets?

sliderider

I mean, why did the mint discontinue proof sets for three years? Was it a cost consideration? Was there a need to modify the proof process due to the new clad composition that took three years to complete? What's the history?

Russ

They were attempting to discourage collecting because of a nationwide coin shortage.

Russ, NCNE

keets

hey sled-rider

there are plenty of threads about this in the archives and it's been re-hashed in just about every book on the topic. where have you been hiding???

search in the search function for some enlightening reading!!!

al h.

richbeat

Given their disdain for collectors at the time, I'm surprised they came out with anything at all.

cladking

Late in 1964 it was announced by the mint that proof and mint sets were expected to be discontinued
at least until the coin shortage was over. Shortly afterward they said there would definitely be no sets.
The date freeze for 1964 was already in effect and there was experimentation taking place on a suitable
replacement material for the silver in coins. The clads went into production in mid-'65 with the 1965 date
but there was a new date freeze in effect which was expected to keep the '65 date in use indefinitely.
Mint marks were also discontinued to further suppress demand for new coin.

By mid-65 the mint determined they had enough productive capacity (and the needed equipment sitting
idle) to produce some sort of collector editions of the new coins. They began experimenting with what they
had on hand to make a greatly cheapened proof set as a boon to collectors and for the revenue it might
produce. It appears they experimented on the '64 issues before the '65 went into production. Several
different methods were tried on the '65 some of which used polished planchets or highly polished regular
production dies and partially processed proof dies. There are various hybrids of these techniques and a
distinct possibility that some true proofs exist!

The price of these sets was considered outrageous by hobbyists of the time since this "clad junk" was
actually priced higher than the better quality silver proof sets. Sales were abysmal and dropped still
further in subsequent years. Despite being made as a replacement for both mint and proof sets, the
mintages didn't even get as high as the old proof sets had been.

By 1968 normal dating, mint marks, proof sets and mint sets had all returned. The proof set featured
a new mint mark "S" for the San Francisco mint and this mint mark as well as the one for Denver had
been moved to the obverse of the clad and silver clad coins. Philly continued to not use a mint mark at
that time. The S mark was also restored to the circulation cents and nickels made at that mint.