1938 Proof

Production at Philadelphia's proof line continued to grow in 1938 as collector interest in U.S. Mint sets gained momentum. The Treasury was offering proof coinage as individual pieces and in five-coin sets that paired the dime with the cent, nickel, quarter, and half dollar, and orders climbed each year. A proof is a coin specially struck on prepared planchets from polished dies for collector sale, distinct from the regular business strikes intended for circulation. Mintage for 1938 reached 8,728 pieces, roughly half again the prior year's total. Adolph A. Weinman's design continued in use with no modifications, and dies were prepared specifically for proof work, receiving extensive hand polishing before being placed in the press.

Each 1938 proof weighs 2.5 grams in 90% silver, 10% copper, measures 17.9 mm, and shows reeded edges. To separate a genuine proof from a deceptive prooflike business strike, examine three features under magnification. The fields must show true mirror reflectivity, not just bright luster, and they should appear watery rather than frosty. The rims should be sharply squared with denticles fully formed all the way around. Design transfer must be complete on high points such as the wing feathers above Liberty's ear and the central horizontal band on the reverse fasces. Die-polish direction provides another tell; on real proofs, polish lines run in steady directional sweeps rather than random patterns. The Professional Coin Grading Service (PCGS) and Numismatic Guaranty Company (NGC) certify these coins and assign Cameo (CAM) or Deep Cameo (DCAM) when device frost contrasts strongly with mirror fields.

The 1938 proof sits in the middle of the seven-year run for both availability and price. Heritage Auctions records show frequent appearances at PR65 through PR67, with cameo-quality pieces commanding meaningful premiums. Collectors building a date-and-mintmark set should keep an eye on registry-set premiums when assessing comparable certified examples. See the Mercury Dime series history.