1937 1c-50c Proof Set, 5 Coins PR

The Philadelphia Mint had more or less perfected its proofing process, and 1937 Proof coins are of fairly consistent finish and quality. All have the fully brilliant style of later 1936 Proofs. A precious few are known with cameo contrast on one side, and even more rarely on both sides.

The Proof cents of 1937 are very difficult to locate without spotting and staining. Some have mellowed in color and can no longer be certified as Proof­ Red, yet there are many examples in Red­-­Brown and Brown that remain quite attractive. Coins that have been stored in albums for many years will sometimes display vibrant, multi­-­color toning that is quite appealing. Such coins will be certified as PF BN, though that scarcely gives a true picture of their appearance. While toning is very desirable to the advanced collector, the Proof coins most hobbyists still prefer are fully red.

As the final year that Buffalo nickels were coined in Proof, this date should have realized an upward spike in sales. Unfortunately for collectors, the Treasury Department did not announce the demise of this popular coin type until the following spring, and sales of 1937 Proofs had already ended. This left a total of little more than ten thousand Proof Buffalo nickels available to collectors, not including the Matte Proof issues of 1913­ to ­1916. As a type, it is thus the rarest of these early Proofs and highly desired.

As would prove the case almost every year that Proof coins could be purchased singly, the quarter dollar had the lowest mintage of the five denominations. A coin of very recent design, and one that was not particularly liked by collectors of the time, it received the least interest from buyers. It is likely that few quarters were purchased separately and that most demand resulted from collectors purchasing complete sets. Though it is the key coin in terms of mintage, this fact is not reflected in its current value.

Source: Whitman