1974-S 1c-$1 Proof Set, 6 Coins PR

Original Packaging: The packaging used in 1973 was employed again for the 1974 sets. This consisted of a clear plastic casing with a red, flocked insert and a black, hinged frame. The hinge provided for an easel display of the set, and the words UNITED STATES PROOF SET appeared at the bottom of the frame in raised, silver lettering. A black cardboard box housed the assembled set, and the words “UNITED STATES PROOF SET • 1974” were printed on it in silver script.

Commentary: The Proof sets of 1974 were a replay of 1973 in all respects. They are priced similarly, and they are alike in the appearance of both the coins and the packaging.

The Proof cents of 1974 carry a modified portrait of Lincoln. This was used for all the Proofs and about half of the circulation pieces before yet another obverse appeared later in 1974. It came too late for the Proofs, which had already been delivered, but both portraits may be collected for the circulating cents of this date. The changes are very subtle, and they are best understood by making a side­-­by­-­side comparison of the 1973, 1974, and 1975 Proof cents.

The obverse of the quarter was also modified. A fine, high­-­relief bust of Washington replaced the one used for earlier clad issues, and this same bust continued through the Bicentennial coinage of 1975 and 1976. As with the cent, the differences may seem trivial to the casual viewer, but they are nonetheless worth noting.

Since 1972, cameo coins had made up a growing percentage of each year’s output, though most pieces were still of the fully brilliant finish or simply lacked enough cameo contrast on both sides to receive a “cameo” designation from the commercial grading services.

A fact perhaps not evident from the table above is that cameo and ultra cameo coins in grades above PF­-­67 become increasingly common for dates in the mid­-­1970s and later. This reflects an increase in the quality of the coins as made, as well as a greater likelihood of their being preserved carefully. The traditional 1950s and ’60s practice of breaking open Proof sets to place the coins in albums took its toll on their pristine surfaces. As more collectors came to value Mint­-­sealed sets or coins certified by third­-­party grading services, the survival rate of top­-­notch pieces has been higher.

Source: Whitman