1956 1c-50c Proof Set, 5 Coins PR

Original Packaging: The five coins were sealed into a single pliofilm envelope with pockets for each coin, a sixth pocket containing an embossed and printed paper seal reading US MINT PHILADELPHIA in blue on a silver background. The set was protected from damage by two strips of cardstock, and all three pieces were inserted, along with a brief fact sheet, into a buff-colored mailing envelope. This carried a pre­-­printed return address and a discreet notation of its contents.

Commentary: As the speculative mania for Proof sets grew, alongside a general increase in the number of coin collectors, sales of Proof sets for 1956 nearly doubled in sales from the previous year. There was a great investment interest in these sets, and those who had ordered sets at $2.10 could sell “futures” at $2.50 or more, pending delivery.

The exclusive use of pliofilm packaging for this and subsequent Proof sets through 1964 led to a much higher survival rate in gem condition. Indeed, prices for top-grade certified Proofs are somewhat lower for this and later dates.

Also more abundant, though still not common, are cameo Proofs. The Mint produced some truly amazing, ultra cameo Proofs in 1956. While these represent the best of the best, coins having enough contrast to be certified simply as “cameo” are much more readily available than for earlier dates.

A small number of the Proof nickels dated 1956 were coined with a doubled­-­die obverse. This is evident as slight doubling in the motto IN GOD WE TRUST.

Another highly desirable variety for this date is the Proof half dollar having the old reverse used from 1950­ to ­1955. The original reverse hub for the Franklin half dollar featured an eagle that was not sharply rendered. This hub was replaced early in 1956 with one having a very distinctly sculpted eagle, and Proofs dated 1956 of the first variety are very scarce. These varieties may be distinguished fairly easily: the Type 1 reverse has a weak eagle with four narrow feathers visible to the left of its perch, while the Type 2 reverse shows a bold eagle having just three more prominent feathers to the left of the perch. Proofs of all subsequent dates have only this new reverse, though the coins made for circulation may be found with either reverse, since retired Proof dies were used to coin circulation pieces at the Philadelphia Mint.

Source: Whitman