Proof-Likes
Franklin half dollars that are fully proof-like are very rare and sell for nice premiums over their non-PL counterparts. Only a few dates are known with proof-like surfaces; 1949-S, 1951-S, 1954-S, and 1959. Currently, NGC and ANACS are the only major grading services that designate PL Franklins.
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1949-S This is the most common issue for PL Franklins. It's estimated by Franklin experts that between 50 to 100 pieces exist. The majority of the pieces I've handled have full bell lines and grade MS64 to MS65, only two or three are known in MS66 and none higher. Two die pairs have been identified as having struck 1949-S PLs. Both have moderate to heavy die scratches covering the fields and devices. An interesting thing I've noticed is that most examples have a small strike through wire or string. Die pair #2 has a repunched mintmark; listed as RPM-003 S/S/S east, west. There are a few different theories as to the origin of these pieces. It's been suggested these could be branch mint proofs or presentation pieces for the 1949 ANA Convention in San Francisco. No documentation or proof exists to back up either of these theories. The die scratches on these coins is unattractive to a lot of collectors so it seems unlikely these are some type of special strike or presentation piece. They're likely just an unintentional result of the dies being abraded.
Die Pair #1
NGC MS64 PL/CAC
NGC MS64FBL PL
Die Pair #2
NGC MS64 PL/CAC
NGC MS65 PL
NGC MS65FBL PL
Repunched Mintmark (RPM-003)
Certified Populations
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1951-S & 1954-S These two issues are extremely rare in PL Only one example of each is known. They were featured in a 2004 Heritage auction of "The William Paul Proof-Like Collection." The 1954-S is certified by NGC as MS66*. Unfortunately, the grade and image of the 1951-S is no longer available in the Heritage Auction archives. I'd be interested in hearing from anyone that has any knowledge of these pieces.
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1959
Type 2 A large percentage of Philadelphia mint business strikes were struck from proof dies this year, commonly referred to as the type 2 reverse (Breen 5250). Breen estimates these represent 70% of the total mintage, or roughly 4,340,000 coins. While this estimate may be a little high, type 2 business strikes are not at all scarce and can still be found in rolls and mint sets. With such a large number of business strikes struck from proof dies it would seem that proof-like coins would be easy to find. This is not the case, however. Only a few 1959 type 2 half dollars are known that are fully proof-like and all were struck from the same die pair. The likely reason for so few could be attributed to the dies having struck over a million proofs and therefore lost their proof-like qualities. 1959 PLs have a much different appearance than their 1949-S counterpart. The fields have very fine die polishing lines which gives them a much smoother appearance. At first glance, one might mistake these as proofs but closer inspection reveals bag marks, milling marks, etc. which makes them easily distinguishable. A much smaller percentage of 1958 (P)-mint business strikes were also struck from proof dies. These are occasionally found with semi-PL surfaces. No fully proof-like pieces are known to exist.
NGC MS64 PL
Certified Populations
There's one known example of the 1959 type 2/type 1 DDR that is fully proof-like. The reverse die was first hubbed with the type 1 design and then a type 2. The obverse is very likely a proof die. This one known specimen is no doubt a very early strike and quite possibly one of the first few pieces struck from the die pair.
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