1964 SMS Nickel, MS68 Full Steps - Sold for $17,625.
TopographicOceans
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1964 5C SMS MS68 Full Steps PCGS.
The 1964 SMS nickel is among the rarest of all Jeffersons, and its coinage was unknown to the collecting public for nearly three decades after it was struck. The first known auction appearance of an example was in Stack's Public Auction Sale (1/1993), lot 693, which included a cent-half dollar set of SMS 1964 coins. The cataloger wrote of the coins:
"Nearly all show evidence of die refinishing at the Mint. The strike on all the coins is far sharper than is seen even on the Special Mint Sets. We suspect that these were struck as an experiment to determine the sort of finish the Mint would use from 1965 to 1967."
The set was consigned by Lester Merkin, who is presumed to have acquired the pieces directly from Eva Adams, the Mint Director from 1961-1969. Today, fewer than two dozen 1964 SMS nickels are believed known, with a PCGS certified population of just 18 coins. None are listed at NGC. This piece is razor-sharp, with the characteristic faint die striations in the fields. Each side displays a blush of light golden toning, and the preservation is virtually flawless. Population: 6 in 68 Full Steps, 0 finer
The 1964 SMS nickel is among the rarest of all Jeffersons, and its coinage was unknown to the collecting public for nearly three decades after it was struck. The first known auction appearance of an example was in Stack's Public Auction Sale (1/1993), lot 693, which included a cent-half dollar set of SMS 1964 coins. The cataloger wrote of the coins:
"Nearly all show evidence of die refinishing at the Mint. The strike on all the coins is far sharper than is seen even on the Special Mint Sets. We suspect that these were struck as an experiment to determine the sort of finish the Mint would use from 1965 to 1967."
The set was consigned by Lester Merkin, who is presumed to have acquired the pieces directly from Eva Adams, the Mint Director from 1961-1969. Today, fewer than two dozen 1964 SMS nickels are believed known, with a PCGS certified population of just 18 coins. None are listed at NGC. This piece is razor-sharp, with the characteristic faint die striations in the fields. Each side displays a blush of light golden toning, and the preservation is virtually flawless. Population: 6 in 68 Full Steps, 0 finer
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Comments
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
You could get a REAL nice UNC 1880 Shield for that!
given this statement I wonder why they have never been considered Pattern coins??
Are you telling me that price dropped 50% in the last 5 months?
Same grade and same grading service, one was sold Jan 2016 1964 5c SMS PCGS MS68FS
Are you telling me that price dropped 50% in the last 5 months?
...maybe Steve Strom picked it up for his set
We suspect that these were struck as an experiment to determine the sort of finish the Mint would use from 1965 to 1967.
given this statement I wonder why they have never been considered Pattern coins??
I wish the would call the 64 SMS coins patterns and get them out of the Complete Variety Sets! That would be great!
Steve
"VDB Coins in the last few years has sold more 1964 SMS ("Special Mint Set" or "Special Strike") coins of all denominations than any other U.S. coin dealer. We have specialized in these coins and done extensive research on them, although much remains to be uncovered. All of the 1964 SMS coins--Lincoln cents, Jefferson nickels, 90% silver Roosevelt dimes, Washington quarters, and Kennedy halves (note 90%, not 40%)--started appearing in Stack's auctions in the early 1990s. Although the published literature says 1993, we have actually found listings as early as 1991. NONE OF THE 1964 SMS COINS WERE IN ANY OFFICIAL MINT PACKAGING. All of the coins that surfaced at Stack's were in individual Snap-Lock clear plastic holders. We are sure that the coins came from the estate of coin dealer Lester Merkin, and we are pretty certain that before that, they were in the possession/estate of Mint Director Eva Adams, but we lack concrete proof of that. Coin and currency dealer Jess Lipka bought most of the so-called 1964 SMS sets over a period of a few years, sending some in first to NGC, and soon after many to PCGS. Both companies have recognized the coins as extraordinary, legitimate varieties in terms of both strike and finish for decades now, in spite of the vehement protestations of a few collectors. Why do we say "so-called SMS"? Because we think that the Stack's catalogers, simply and understandably, did not know what to make of them, yet they, as well as most astute numismatists after them recognized their extraordinarily different surface texture. They wrote that they believed the coins were test strikes for the 1965-67 Special Mint Set coins--and the name SMS stuck. (They had to write something, after all.)
There has been a whole lot of hogwash written out there in cyberspace by so-called experts who mostly don't know what they're talking about regarding these coins and have never bothered to do their homework. We have counted only nine sets appearing in Stack's auctions between 1991 and 1995. But a few must have entered the market via another route. There was NEVER ANYTHING CLOSE TO 50 SETS that existed. We think maybe 18 or so five-coin sets were released, but even so, the Kennedy half dollars are the rarest denomination. Why? Lipka has told me that some of the Stack's sets contained only normal 1964 Kennedy business strikes; the same applies to some of the Washington quarters. (We do not know why.) We have kept a roster of all certified PCGS and NGC coins for years now. We believe that most of the original NGC-certified coins have been crossed into PCGS holders. We can account for only 14 different 1964 SMS Lincoln cents; 11 Jefferson nickels; 14 Roosevelt dimes; 17 Washington quarters; and 12 Kennedy halves in all grades at both services combined. These coins are so rare and in demand that the auction marketplace for them has virtually dried up. Most of the 1964 SMS coins that we have sold or brokered the sale of--24 coins in all--are tightly held in the hands of a few collectors and are unlikely to appear at auction again in my lifetime."
I have never believed these were pattern coins. Why in the world would the Mint use 90% silver planchets (the dime, quarter, and half are all struck on 90% planchets) if they were experimenting for a reduced silver content? And the strike is far superior to the "true" SMS coins ..."
If the story regarding their source is true, why was the director of the mint allowed to profit from these? They were government property.
She passed in 1991, and they were acquired from her estate. I guess the better question would be why her heirs were allowed to profit from these?
For what it's worth, I don't think the people coining these thought they were anything special, and I think the mint director wouldn't believe what they would eventually be sold for. If you've ever seen one in hand, you would probably believe that it is nothing more than a nicely struck coin with heavy die polishing throughout the fields. Since there is nothing technically "different" about the coins from other 1964 dated business strikes, I have a difficult time calling them "patterns," and I prefer "experimental strikes."
I find the story of these 1964 SMS coins very interesting, and at the same time the coins themselves to be a bit boring! I owned the dime, and if you cracked it out of the PCGS slab and mixed it into a bucket of other 1964 dimes, I would have a hard time picking it out of the pack. At least without strong magnification.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
If the story regarding their source is true, why was the director of the mint allowed to profit from these? They were government property.
She passed in 1991, and they were acquired from her estate. I guess the better question would be why her heirs were allowed to profit from these?
For what it's worth, I don't think the people coining these thought they were anything special, and I think the mint director wouldn't believe what they would eventually be sold for. If you've ever seen one in hand, you would probably believe that it is nothing more than a nicely struck coin with heavy die polishing throughout the fields. Since there is nothing technically "different" about the coins from other 1964 dated business strikes, I have a difficult time calling them "patterns," and I prefer "experimental strikes."
I find the story of these 1964 SMS coins very interesting, and at the same time the coins themselves to be a bit boring! I owned the dime, and if you cracked it out of the PCGS slab and mixed it into a bucket of other 1964 dimes, I would have a hard time picking it out of the pack. At least without strong magnification.
Keep in mind that this was taking place during the time of the great coin boom and the 1964-D Peace Dollar production/destruction. The mint director, of all people, would have been well aware of the potential numismatic interest in, and value of such pieces. Government officials or their heirs should not be permitted to profit from such items.
without knowing the details of how, where and when they were struck there could be many reasons. the Mint may have not yet made a decision to switch planchet composition, they may have made that decision already but used 90% planchets because they were close at hand, etc. the surface finish, the strike quality and the small number indicate that it wasn't a standard issue coin, and Stack's termed them "test strikes" which logically means Pattern or Experimental issue.
it isn't worth getting into an argument over semantics, but to term them an SMS issue 20 years after the fact doesn't seem proper.
Giorgio11 are these the clear snaps that you are referring too that the Sms coins came in?
