1970-S 1c-50c Proof Set, Large Date Lincoln Cent, 5 Coins PR

Original Packaging: A transparent plastic casing surrounded a black plastic insert containing the coins. This was inserted into a blue cardboard box upon which, in white script, appears “UNITED STATES PROOF SET • 1970.”

Commentary: As in 1960, two different obverse hubs were employed to sink dies for the cent’s obverse. Quickly labeled “Small Date” and “Large Date” by the hobby, the distinctions were not so obvious. Some collectors have come to recognize the Small Date variety as the “Level 7” variety, since the tops of the 7 and the 0 are even with one another. On the more common Large Date variety, the 0 is distinctly taller than the 7.

The unthinkable happened again in 1970, when the Philadelphia Mint shipped an S­-­less die for the obverse of the dime to San Francisco. Polished up and placed into a coin press, it went to work striking Proofs that bore no mintmark. As before, the error was spotted only after some coins had been shipped to customers, the Mint providing an estimate of 2,200 such sets having been delivered. Given the small number of pieces certified to date, the actual net mintage of this variety is probably lower than the figure quoted.

Less dramatic varieties include several doubled obverse dies, the most interesting of these having the Large Date impressed over the Small Date. This same situation occurred in 1960, and both years are popular with specialists.

The quality of 1970­-­S Proof sets is generally very high, though the level of perfection achieved in the 1980s and later was simply unknown at this time. Cameo and deep cameo coins are not common for this date, but they are readily collectible for those willing to pay the appropriate premium. Undoubtedly, there are still unsearched Proof sets in the hands of persons who purchased them from the Mint in 1970, so the prospect of cherrypicking cameo coins among these sets remains.

The year 1970 marked the last time that silver was used in a United States coin intended for circulation. As it turned out, however, circulating half dollars of this date were never produced because legislation to change their composition to copper­-­nickel­ clad was pending most of the year. Not passed until the final week of 1970, this bill held up production of half dollars and ultimately limited their coinage to the number needed to fulfill orders from collectors for Uncirculated and Proof sets. The appeal of the last silver half dollar is such that this year’s Proof set has commanded a premium over the comparable 1968­ and ­1969 sets ever since. While error­-­strike coins are not generally featured in this book, it is worth noting one particular exception. A single 1970­-­S quarter is known struck over a worn silver quarter dated 1900! At this time, the U.S. Mint was withdrawing and melting obsolete silver coins, and it has been suggested that one of these pieces remained in a hopper that was later loaded with planchets intended for Proof quarters. However, investigation revealed that it was a novelty made by an employee of the San Francisco Mint and quietly sold to a California coin dealer, who soon resold it. The coin was confiscated by the Secret Service.

Source: Whitman