1940 1c-50c Proof Set, Reverse of 1938 Nickel, 5 Coins PR

Collectors were keenly aware of the aftermarket price increases for the Proof sets of 1936, and sales of Proof coins in 1940 showed a notable increase from the year before. Prosperity was returning to the United States after a decade of economic depression, and this undoubtedly encouraged sales, too.

Once again, the quarter dollar registered the lowest sales, though time has rendered these slight differences meaningless. Most of the 1936­ to ­1942 Proofs have long since been removed from their original envelopes, so their subsequent handling weighs more heavily on their survival rate than does the respective numbers coined.

Like the nickels of 1939, those dated 1940 are transitional. The majority feature the sharper steps of Monticello introduced in 1939, yet a few were coined with dies that were impressed from the old hub having the wavy steps typical of 1938 nickels and most of the 1939 nickels. Collectors eagerly seek the 1938 Reverse nickel among the 1940 Proofs.

The Mint’s achieving of a fully brilliant finish after 1936 often came at a price in terms of design detail. Its die polishing was very harsh, and this tended to soften some of the details rather than enhance them. In addition, the dies wore quickly, and this further eroded some details. Wear was evident as shallow flow lines radiating outward from the center of the die. These lines were transferred to the coins struck from such dies, a phenomenon that a later generation of Mint employees described as “starburst.”

Instead of quickly retiring Proof dies as they became worn, Mint personnel repolished them to a full brilliance. This further eroded the details, and it even wiped out some shallow features altogether. An example is the lapel of Lincoln’s coat on the cent. Where it meets the coin’s field, this feature is in very low relief, and repeated polishing of the dies removed enough metal to diminish it significantly. Another example of overzealous polishing of the dies is seen on the Mercury dime, where the band that secures the rods of the fasces is left hanging at the bottom. Being a fairly shallow feature, one that is near the coin’s border, it was particularly vulnerable to abrasive polishing of the die. On this and other dates of Proof dimes, it may appear very thin or even partially obliterated.

Source: Whitman