Greysheet Catalog Details (GSID: 10898)

The sale of Proof coins to the public resumed April 28, 1936, after a hiatus of some twenty years. This move was prompted by growing complaints from collectors about the unavailability of such pieces. The Mint’s position had been that the concave fields of the current issues precluded the kind of die polishing that was used with Proof coins of older types, which had flat, brilliant fields and frosted lettering and devices. While this was true, a new method would have to be devised that accommodated the current coinage.

A resumption of the Matte proofing technique used by the U.S. Mint from 1908­ to 1916 was out of the question, as collectors had voted against it with annually declining sales. In fact, these poor results, along with the introduction of bold new designs for the silver coinage in 1916, are what prompted a discontinuance of Proof coinage that year.

The first deliveries of Proofs in 1936 included coins that, while clearly different from regular circulating pieces, were not quite what collectors anticipated. The cents and nickels in particular were only semi­-­brilliant and may be more accurately described as having a satin finish. Indeed, this is how they are labeled by the major grading services. Coins certified some years ago may still carry the designations “Type 1” and “Type 2,” but it is now clearly understood that the differences between satin Proofs and brilliant Proofs represent not a change in type, but only in die preparation.

Responding to complaints from purchasers, the Mint went back to the drawing board and began producing Proofs that were fully brilliant throughout. These are comparable to the Proof coins of 1937 and later years, and they are by far more popular with collectors. Ironically, the Satin Finish Proofs are more rare, but this has little impact on their desirability, and for this reason their market value is smaller.

While there exist differences in brilliance for all five denominations, it is only the cents and nickels that are distinctive enough to be labeled accordingly. The greater natural brilliance of silver as a metal makes the early Proof dimes, quarters, and halves of 1936 fairly similar to the ones made later in the year. Cameo Proofs—those having some frosting on the raised devices—are extremely rare.

The quality of surviving pieces varies tremendously. The cents in particular have suffered over time, most showing flaws such as toning streaks, fingerprints, and small black spots commonly called flyspecks. This spotting is also evident on other denominations, but it is especially troubling with the highly reactive composition of the cent.

The original packaging for the Proof coins of 1936­ to ­1942 contributed to these problems in two ways. First, its simplicity and unattractiveness prompted collectors to remove the coins and place them in albums, where the sulfurous cardboard and paper dust reacted with them. Second, the cellophane’s own composition caused coins left in it to develop a milky, tan­-­colored film that cannot be safely removed except by professional conservators. Over the years, many collectors and dealers have attempted to restore early Proof coins themselves, with mostly unfortunate results.

There is anecdotal evidence that Proofs of the 1936 to 1942 period purchased in person at the Philadelphia Mint were not distributed in cellophane, which was seemingly reserved for mail orders. Proofs acquired in person were reportedly presented in small tissues that were simply folded over. This was the usual practice in earlier years to 1916, but no surviving examples of such tissues are reported. Perhaps due to the initial complaints about quality, sales of Proof coins in 1936 were quite low by later standards. These pieces are all quite scarce, regardless of condition, and the 1936 Proof set is easily the most valuable and desired set in this long series.

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