1938 1c-50c Proof Set, 5 Coins PR

The big news for 1938 was the debut of the Jefferson nickel. While today’s collectors regret that the popular Indian Head/Buffalo type was not continued for a few more years, hobbyists of 1938 eagerly anticipated the new issue. Unfortunately, these coins were not ready until the fall. Most collectors went ahead and ordered the other denominations early in the year, because the Mint still permitted Proofs to be ordered in any combination desired.

As may be seen from the published mintage figures, the new nickel was a runaway bestseller. Because the number of other Proofs sold in 1938 was up significantly from the year before, it is quite possible that some collectors went ahead and ordered complete Proof sets, including the nickel, after having already purchased the other coins earlier in the year.

Beginning with this year, the number of Proofs surviving in gem condition likewise increase. There was a growing demand for the Proof coins of 1936 and 1937 among those who had been caught napping or who were just discovering the hobby, and the prices of these issues were already above their original cost. This proved to be just a precursor of what was to come, as the 1936 set in particular caused a speculative mania.

1938 Proofs showing any degree of cameo contrast are very rare and highly desired by collectors.

Source: Whitman