The United States Mint revived its dormant Proof program in 1936 and experienced steady growth in sales from 3,837 in its relaunch year to 21,120 in 1942. World War II forced the Mint to put the program on hiatus again, and from 1943 to 1949, no Proof Sets were issued.
In 1950, the Proof Set returned, but unlike the 1942 set, no coin bearing the likeness of Liberty was represented on America's coinage. The 1950 set was the first Proof Set to feature designs bearing only the likenesses of past presidents and Founding Fathers. These included the Lincoln Wheat Cent, the Jefferson Nickel, the Roosevelt Dime, the Washington Quarter, and the Franklin Half Dollar. The dime, quarter, and half dollar were struck in .900 fine silver.
While it's true that the Franklin Half is the star of the 1950 Proof Set, the other denominations are important nevertheless, and the Lincoln Wheat Cent-the most popularly collected United States coin-as presented in the 1950 Proof Set is an important issue for collectors of the Proof strikings.
As struck, the 1950 Lincoln Cent Proof is one of if not the best-made coin in the set. The problem, however, is not the strike quality of the coin but the storage medium. As the cellophane holders age, they break down and become brittle. This chemical reaction, plus environmental exposure, causes many of the coins to stain and mellow.
Some examples even exhibit a degree of satin finish. The Mint did not intend to create two types of Proof cents, but the overuse of dies between polishings made Proof impressions that did not have the mirror-like brilliance of earlier strikes. In our opinion, the satiny Proofs are less desirable than the fully brilliant ones, and all are less desirable than examples with thick cameo contrast.
As of October 22, 2024, NGC has certified 2,413 1950 Proof Lincoln Cents. From that number, 2,005 coins are in Proof Red, 21.96% have been assigned the Cameo designation, and only 3.77% are in Ultra Cameo.
Through the same period, PCGS has certified 2,615 1950 Proof Lincoln Cents. 1,909 are in Proof Red, 15.33% have been assigned the Cameo designation, and only 2.29% are in Deep Cameo. NGC and PCGS use slightly different terminology to express the same concept.
CACG, a new grading service, has only graded five 1950 Proof Lincoln Cents.
The combined certified population of 1950 Proof Lincoln Cents from all three services amounts to slightly less than 10% of the original mintage. We estimate that a large portion of the ungraded examples fall below the coin's terminal point, given present values and grading costs.
The value of the 1950 Proof Lincoln Cent depends entirely on its grade. At a minimum, one can expect to pay between $40 and $60 for a Choice (PR63) example in Red. Choice coins will exhibit some blemishes from improper storage or handling. Some can be attractive if these issues are not too prominent.
CoinWeek strongly advises collectors to purchase only certified coins as non-professional sellers often cannot distinguish between Proof coins and circulation strikes.
1950 Lincoln Cent Proofs without Cameo are affordable in grades up to Proof 67. An attractive example graded by NGC realized $152 in an eBay auction that closed on April 7, 2024. Some Brown coins are worth a look, as rainbow-toned copper coins are often designated as Brown when they are, in fact, vibrant and colorful. An example graded PCGS PR64BN with PQ color sold for a reasonable $200.06 on March 27, 2024.
Raw 1950 Proof Sets are still available, but most of these have been picked through, and the likelihood of acquiring original, unopened sets, without paying a premium price is extremely low.
CoinWeek advises collectors against buying such sets unless there is a fair return policy, or if the seller is a known dealer with a good reputation within the industry.
Proof Lincoln Cents made since the 1990s are not difficult to find in Proof 70, although that grade is no certainty as the Lincoln Cent is the most difficult coin denomination to find in "perfect" condition.
For the 1950 Lincoln Cent Proof, age, the methods of manufacture, mint and collector handling, and storage media all played a role in the degradation of the coin. They can be found in Brown, Red Brown, and Red, but most certified examples are in Red.
Coins designated Red will not often have the original brightness that the coin exhibited in 1950. Fully Red coins may also have copper spotting, isolated patches of purple or reddish toning, or an overall cognac hue.
Coins that are brighter, redder, and free of distracting blemishes will sell for significantly more money at auction.
Designer Victor David Brenner's portrait of the beloved former president Abraham Lincoln depicts the president from the shoulder up. Lincoln is dressed in a period suit and is wearing a bow tie. Brenner's initials V.D.B. appear in Lincoln's shoulder truncation. At the top of the design, wrapping around the rim is the motto IN GOD WE TRUST. LIBERTY appears behind Lincoln's neck, on the left side of the coin. The date 1929 appears slightly lower, in front of Lincoln's portrait, on the coin's right side. While Lincoln Cent mintmarks appear below the date, there is no mark here since this coin was struck in Philadelphia.
Reverse:
Brenner's "Wheat Cent" reverse. Two sheaths of wheat wrap around the right and the left side of the coin. At the top of the design, the motto E · PLURIBUS · UNUM wraps around the rim. The denomination ONE CENT is inscribed in large letters, sans serif, the bottom arm of the E extending beyond the arm at the top. The middle arm is recessed. Beneath, in the same font but in smaller type, is the legend UNITED STATES OF AMERICA.
Edge:
The edge of the 1929 Lincoln Cent is smooth or plain, without reeding or edge lettering.