1962 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: Sales of Proof sets in 1962 were similar to that of the previous year. The Mint was not able to fill every order received, as it set itself a certain capacity for Proof coin production and did not exceed it. In the 1960s, Proof coins were still being made under funding provided by the Mint’s annual appropriation from Congress, and the profits from their sale did not go toward the Mint’s operating expenses. Thus, the Mint had to balance its allocation between circulating coinage and the manufacture of collector coins. As demand for the former increased multifold during the early 1960s, sales of Proof coins were held in check and ultimately discontinued after 1964.

The Proof coins of 1962 did not yield any significant varieties. Perhaps the embarrassing doubled­-­die reverse half dollar of the previous year prompted more careful die preparation.

Cameo and deep cameo Proofs are somewhat more readily available for this date than for previous ones. The generally superior craftsmanship displayed by the U.S. Mint in its production of Proof coins beginning in 1960 continued through 1964. While certainly not common, both cameo and deep cameo Proofs are collectible for all five denominations. Severely worn or overpolished dies are seldom evident in the 1960­ through 19­64 Proofs.

One possibility for why the U.S. Mint improved its product may have been the growing popularity of Canadian coins among American collectors. Canada’s Ottawa Mint consistently manufactured coins of vastly superior quality to United States Proofs of the 1950s and ’60s, and ever more American hobbyists were adding their names to its mailing list at this time.

Source: Whitman