1965 1c- 50c Special Mint Set, 5 Coins SP

Original Packaging: For 1965 alone, the Special Mint Sets were delivered in packaging that differed little from that used for recent Proof sets. The five coins were sealed in a single pliofilm envelope with pockets for each coin, while a sixth pocket contained a blue plastic token. This featured a silhouette of the Mint eagle and the words UNITED STATES SPECIAL MINT SET, both heat-stamped in metallic silver. 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 white mailing envelope. This carried a pre­-­printed return address and a discreet notation of its contents.

Because the Special Mint Sets were produced at the San Francisco Assay Office (as the San Francisco Mint was renamed in 1958), its return address appeared on the mailing envelope and shipping boxes, in place of the Philadelphia Mint address used previously.

Commentary: It was announced by the Treasury Department in mid­-­1964 that no Proof sets would be offered the following year. This action was prompted by a nationwide shortage of circulating coins that caused the Mint great embarrassment and resulted in Congressional finger pointing. Though the problem lay primarily with the too­-­infrequent collections from payphones and other coin­-­operated machines, Mint Director Eva Adams was compelled to take action of some kind to placate her critics.

As for the coin collectors who were mistakenly blamed for this shortage, they went through 1965 with neither Proof sets nor their companion Uncirculated sets, commonly called “Mint Sets” by the hobby. Early in 1966, production began in San Francisco on a hybrid coinage that combined features of both. Called “Special Mint Sets” by the Mint, these coins were special only in comparison to regular circulating coinage. Despite being coined at San Francisco, they bore no mintmarks.

As in 1936, and again in 1950, the early deliveries of Special Mint Sets featured coins that were semi­-­brilliant or satiny. These are highly distinctive, yet they were certainly not equal to Proofs. Later issues dated 1965 featured very brilliant fields, though perhaps not as brilliant as on Proofs. Because the coins were permitted to come into contact with other coins, they suffered numerous tiny marks that further diminished their appeal to collectors. Combined with the fact that only one of the three higher denominations contained any silver, the result was a very disappointing product.

Aggravating the situation further, the Mint set the price of these coins at $4.00 per set. While this may have been more in line with actual cost than the ludicrously small figure of $2.10 still being charged for Proof sets as late as 1964, it only added insult to injury. As noted above, there are really two finishes to the 1965 Special Mint Sets, the only date of these sets to come both ways. While the specialist will be attracted to this distinction and want to include examples of both, most collectors prefer the brilliant finish that is more akin to actual Proof coinage. These latter coins are also known with cameo and even ultra cameo frosting, though such pieces are far more rare than for the Proof coins of 1960­ through ­1964.

Source: Whitman Publishing