Owner Comments:
The Prooflike Franklin makes all other Franklins seem common.
There are three prooflike 1959’s designated by NGC (for more info, see the entry for 1958), but far more mysterious is the 1949S prooflike. Where the 1959 has smooth and deep mirrors, the 1949S PL is characterized by a good deal of die polish. There are several theories as to the reason these were made: The first theory is that these were intended to be branch mint proofs, but that is highly unlikely. Another unlikely theory holds that these were intended to be special presentation pieces for the ANA convention, which was held in San Francisco that year. However, prooflikes occurred in various years throughout the 40’s and 50’s on San Francisco minted coins, on many different denominations. These were not presentation pieces – there would have been some supporting documentation for their creation.
No, these coins were most likely lucky accidents. Some operator polished the dies, and the first few coins struck were these gorgeous, incredibly rare prooflike coins. There are just 16 graded by NGC, and I know that this number includes more than one duplicate.
Of the S mint Franklins, the 1949 is by far the easiest to find in FBL, most likely because the master hub had not yet begun to significantly wear. Roger Burdette, the noted numismatist and author of the “Renaissance of American Coinage” series, theorized that the reverse dies used might have been shipped to San Francisco in 1948. They were not used immediately because there was a surplus of Walking Liberty halves left in the vaults; San Francisco did not mint any Franklin halves in 1948. On occasion, a rather well struck 1949S will come along, but even so NGC has only certified about 160 FBL of this date in any grade – twice as many as any other S mint, but far below many other issues. The 1949S, before the days of third party certification, was known as “the king of Franklins”. Obviously, this was before the rarity of the 1953S and other issues was understood. Today, the 1949S is considered a semi-key to the series.
Besides the poor strike, the 1949S usually has very good luster. Marks are generally few; Tomaska says that MS-65s are much easier to locate than the 1949 or 1949D. Color is usually limited to mint set toning, but the 1949S is the first of the series for which a number of outstanding mint set toned pieces exist.
I recently was fortunate enough to purchase the third highest graded example of this fantastic coin. It is graded MS-65+ FBL PL, and I got it in a Heritage auction. The mirrors are deep and genuine; the surfaces are reflective and amazing. Its been a long time since a Franklin has taken my breath away like this one did. I was mesmerized by the look of the coin, and the unique beauty it holds. I’ve seen plenty of prooflike coins, and more than my share of prooflike Franklins – but this one is special. The strike is incredible also – while Franklin is often called baldy, there is no mistaking that he has a full head of hair on this coin. The bell lines are amazingly bold and clear. The coin is overall mark-free except for a few ticks scattered on the obverse (the reverse is nearly mark free). The characteristic die polish lines are scattered over both sides, but are not distracting. And there is significant cameo contrast on the reverse, just in case you wanted something more.
Music in 1949:
Billy Joel, Hank Williams, Jr., Gene Simmons, and Bruce Springsteen are born.
45 rpm discs are introduced.
Vaughn Monroe’s “Ghost Riders in the Sky” tops the year’s charts.
Frankie Lane records “Mule Train,” considered by some to mark the beginning of the rock era.