1936 through 1942 proofs, cents through halves
batumi
Posts: 865 ✭✭✭✭
These coins are of interest to me, as they are relatively scarce to downright rare for attractive pieces. I have been fortunate enough to win several nice ones in the past couple of years for really attractive prices for little to no premium over 'run of the mill' pieces. Any skinny on why prices for these coins have been pretty much flat across the board? I have always liked the coins from this era-MS and PR- and am in the stretch in finally completing a nice set of both the MS and proffs.
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Comments
Proofs is the last word! sic
Except for very scarce monster rainbow toned pieces or cameo coins, most of the issues are common and overpriced for the relative scarcity and availability. Most also aren't very nice and are either hazy or have brown/splotchy toning or are dipped which don't exactly generate much excitement for the series.
I'm a big fan of the '36 cent proofs, especially the T1 (satin finish). Very tough to find attractive ones in gem condition. You will definitely pay a premium for those. Given the higher mintages for MS coins after 1933 and PR after 1936, this is probably why you can get the more attractive ones for little premium - a similar comment to what Cameonut said.
https://pcgs.com/setregistry/showcase/2819
When I went to coin shows in the PNW, some dealers had the old sets, but they were really picked over and not attractive, with blotchy surfaces. I thought about a few that might have endured a quick dip, but never purchased any. Cheers, RickO
There are a lot of "gradeflated" ones out there, especially the halves. If you're taking the time to cherrypick for quality, not paying a premium, and you enjoy building the sets, you're doing it right.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
I have dabbled in the 36-42 proofs over the years. As others have said, they are tough to find nice. I've done OK on some cents, the Jefferson nickels, and a few Mercs and quarters. As cameonut2011 mentioned, many are overpriced (I am thinking buffalo nickels and walkers).
That said, I continue to look for nice pieces but am really not trying to assemble a complete set.
Here are a couple of photos.
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
My digital cameo album 1950-64 Cameos - take a look!
Prices are dragged down by the dipped and bland examples. A full set could be put together in one show if you were just looking for regular examples. Took me about 5 years to get this set together of just the dimes, and they sold at premium prices this past spring. Don't be afraid to pay up. https://pcgs.com/setregistry/half-dimes/mercury-dimes-major-sets/mercury-dimes-proof-1936-1942/alltimeset/117827
Most 1936 to1942 proof sets on the market are rather mundane, especially those which are raw. Once is a while sets with outstanding eye appeal appear and they are a joy to see.
The 1936 – 1942 Proof coins have been in a quiet area of the market for a long time. Back in the 1970s, during my only trip to the New Netherlands coin office, I remember Charles Wormser talking about how they were a “dead area of the market.”
There are many reasons for this:
• The coins have always been more expensive than the 1950 – 1964 Proof sets, and many collectors cut off their Proof set collections at the 1950 mark. I think that the high prices for the 1936 and ‘37 sets made collectors think twice that finishing the 1936 - ’42 collection because those sets would be out of their financial reach.
• Most of these coins have been dipped because of the hazing issue. If you are not familiar with this, the cellophane sleeves that were used to house these coins imparted a thin film on the surfaces of the coins, the silver coins especially. This prompted many collectors to dip the coins, which can result in impaired luster or a look and many collectors don’t like. Too much haze makes the coins too dull, however, which necessitated the dipping to make the coins salable for dealers.
• Only a minority of these coins have attractive toning.
• Only a small number show any cameo contrast and the leading grading services have marked only a very small number of these coins as “Cameo Proofs.”
So far as raw Proof sets are concerned, collectors have been warned about 1936 Proof sets that have had one or more shined or polished Mint State included in the collection. The phrase “Know your dealer or know your Proof coins” has been often repeated.
I assembled a six piece 1942 Proof set years ago. That set is great for type collectors because it contains three designs, the War Nickel, Mercury Dime and the Walking Liberty Half Dollar. Recently I put together a 1936 Proof including both of the cents and nickels. As for everything in between, I have bought a few pieces, but the bug is yet to bite.
My goal is to buy silver coins that have either been dipped expertly or original pieces with a tiny bit of haze. I don’t mind a little haze as long as the Proof mirrors are showing through.
Here are a couple of half dollars with original surfaces. Love them or hate them, this is how the nice pieces that have not been dipped should look.
I really like the 38-42 sets. I am focused on the nickels though, and have not yet acquired any other denominations. I wish and want to get the walkers and cents. 1938 is my favorite year for these proofs and 1939 is a close second.
The Proof buffalo prices have convinced me to stick with 1938+.
Roger Burdette wrote a book about 1936-1942 proofs
@RogerB
https://www.autismforums.com/media/albums/acrylic-colors-by-rocco.291/
Roger’s book is excellent. I highly recommend it.
I like the 1942!
OP. It's OK to ask questions as you become more familiar with the series. I don't collect the coins, but experienced collectors provided a lot of information for the book. There are also tables showing price changes over time and they will confirm that most - not all - issues have declined. Now.....if you have a deep cameo proof Washington Quarter from 1936-42, then you will have folks lined up at your door.
Proof quarters from 1936 to 1942 that have frosted devices are like the Tooth Fairy, Easter Bunny, Santa Claus, Great Pumpkin and Voldemort.
They do not exist.
My 1st proof from this era.
Loved the toning. They are out there.
Crossed from n67 to p66. On its way home today!
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Prices have actually declined on these in recent years. It makes no sense to me at all. The beauty and scarcity of nice issues all adds up a great value and a great collection.
It took me three years of Ahab-like, obsessive searching to build a problem-free set of every 1936-42 issue in 65-67. The toughest finds were the 1936 brilliant cent and quarter.