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The 1940 Proof Set is a remarkable and historic collection of American coinage that captures the essence of pre-war numismatics at a time when the nation was emerging from the Great Depression and on the brink of entering World War II. Issued by the Philadelphia Mint, the 1940 Proof Set includes five coins: the Lincoln Cent, Jefferson Nickel, Mercury Dime, Washington Quarter, and Walking Liberty Half Dollar. These coins reflect the artistry and national pride of the period, struck in brilliant proof quality with mirror-like surfaces and sharp design details. Collectors cherish the 1940 set not only for its beauty and limited availability but also for its historical significance as one of the early modern proof sets issued after a decades-long hiatus in proof coin production.
Proof coinage had been suspended by the U.S. Mint after 1916 due to cost concerns and limited collector demand, but in 1936 the Mint reintroduced proof coins in response to renewed collector interest. By 1940, the production process had improved significantly, and the Philadelphia Mint was producing higher quality proof coins with better-defined details and more consistent mirror finishes. Each coin in the set was carefully struck using specially polished dies and planchets, receiving extra attention to ensure a sharp, frosted design against a mirrored background. The 1940 Proof Set thus represents an evolution in the Mint's ability to produce numismatic-quality coins and is widely regarded as one of the most attractive of the early modern proof issues.
The Lincoln Cent included in the 1940 Proof Set features Victor David Brenner’s original 1909 design, with the iconic portrait of Abraham Lincoln facing right on the obverse. The reverse bears the wheat ears flanking the denomination “ONE CENT” and the inscriptions “UNITED STATES OF AMERICA” and “E PLURIBUS UNUM.” Struck in 95% copper and 5% tin and zinc, the proof cent of 1940 exhibits a rich red color when preserved well, often with reflective surfaces that elevate Brenner’s modest yet profound design. In high-grade proof condition, the Lincoln Cent displays fully struck wheat lines and intricate details in Lincoln’s hair and beard, distinguishing it sharply from circulation issues.
The Jefferson Nickel, introduced only two years prior in 1938, was designed by Felix Schlag and features a profile portrait of Thomas Jefferson on the obverse and a depiction of his Virginia home, Monticello, on the reverse. The 1940 proof version of the Jefferson Nickel was made from a composition of 75% copper and 25% nickel and is notable for its brilliant fields and frosted design when well-preserved. Proof strikes from 1940 often exhibit sharp steps on Monticello and crisp facial features on Jefferson, characteristics that are difficult to find on business strikes. These attributes make the 1940 proof nickel highly sought after by collectors of the series.
The Mercury Dime, or Winged Liberty Head Dime, is one of the most celebrated designs in U.S. coinage. Designed by Adolph A. Weinman, the obverse features Liberty wearing a winged cap symbolizing freedom of thought, often mistaken for the Roman god Mercury. The reverse shows a fasces and olive branch, representing strength through unity and peace. The 1940 proof Mercury Dime, struck in 90% silver and 10% copper, is especially prized for its elegant design and the contrast achieved in proof condition between the brilliant fields and the frosted devices. A well-preserved 1940 proof example displays sharp central bands on the fasces and full details in Liberty’s hair and wings, which are often lacking on circulated coins.
The Washington Quarter in the 1940 Proof Set features the John Flanagan design introduced in 1932 to commemorate the 200th anniversary of George Washington’s birth. The obverse depicts a left-facing bust of Washington, while the reverse features a heraldic eagle with wings spread, perched on a bundle of arrows above olive branches. Composed of 90% silver and 10% copper, the 1940 proof quarter exemplifies the bold, patriotic style of early 20th-century American coinage. In proof condition, these coins exhibit exceptional sharpness in the eagle’s feathers and Washington’s hair, making them an excellent showcase of the Mint’s technical refinement during the early proof coin revival.
The Walking Liberty Half Dollar, another masterpiece by Adolph A. Weinman, rounds out the 1940 Proof Set. First introduced in 1916, this design is widely considered one of the most beautiful ever struck by the U.S. Mint. The obverse features Liberty striding toward the rising sun, draped in the American flag and holding laurel and oak branches, while the reverse shows a majestic eagle perched on a mountain crag with wings partially extended. The 1940 proof version is a superb representation of this design, offering intricate detail and a glowing mirror finish that dramatically enhances the sculptural quality of the composition. The proof strike brings out the texture of Liberty’s flowing gown and the strength of the eagle’s form with dazzling clarity.
The 1940 Proof Set was issued by the Philadelphia Mint, as no other U.S. mint facilities were producing proof coins at the time. A total of 11,246 sets were officially produced, a number that is modest by modern standards but represented a significant increase over earlier proof set mintages from 1936 through 1939. These sets were not housed in the familiar hard plastic holders used today, but rather in small cardboard boxes or cellophane sleeves, which left them vulnerable to environmental damage. As a result, high-grade, original-matching 1940 proof sets with clean, problem-free coins are relatively scarce today, especially those with fully brilliant surfaces and no signs of toning, haze, or mishandling.
The condition of individual coins in the 1940 Proof Set varies considerably depending on how the set was stored over the decades. When preserved carefully, the coins can retain their original mirror-like luster and exhibit strong cameo contrast between the raised devices and the flat fields. However, many surviving examples display hazing, spotting, or impaired surfaces from improper handling or environmental exposure. Sets that have been professionally graded and encapsulated by third-party certification services are particularly prized, especially those achieving grades of Proof 65 (PR65) or higher. Complete, high-grade sets are becoming increasingly difficult to find, adding to their desirability among serious collectors.
The 1940 Proof Set is not merely a grouping of coins but a historical capsule that reflects the United States at a moment of quiet before global conflict. It represents the work of some of the greatest American coin designers—Brenner, Weinman, Flanagan, Schlag—and showcases the evolution of proof minting techniques at the Philadelphia Mint. Whether appreciated for its artistry, its silver content, or its role in the trajectory of U.S. numismatics, the 1940 Proof Set remains a foundational collectible for those who seek to understand and preserve the legacy of early 20th-century American coinage.
Today, the 1940 Proof Set is a prized possession for both advanced and aspiring collectors. Its beauty, historical importance, and relatively low mintage make it a key addition to any serious U.S. coin collection. Each coin in the set tells a story of American resilience, creativity, and craftsmanship on the eve of dramatic global change. As surviving sets become fewer and quality examples more elusive, the 1940 Proof Set continues to grow in value and prestige, standing as a brilliant testament to a pivotal time in U.S. numismatic history.