Q. David Bowers
Apart from commemoratives the coin collecting hobby was alive and well after the commemorative bust in late summer 1936. The remaining years of the 1930s saw expanded distribution of Wayte Raymond's National coin albums and his popular Standard Catalogue, whereas even more important was the large-scale entry into numismatics of the Whitman Publishing Company with distribution at first of cardboard panels for popular series followed by the Handbook of United States Coins (a list of dealers' buying prices) in 1941. In the meantime dealer B. Max Mehl was busy in Fort Worth, Texas selling hundreds of thousands of copies of his Star Rare Coin Encyclopedia to American citizens who heard his radio commercials or read his printed advertisements and who dreamed of finding a rare 1913 Liberty Head nickel or other treasure in pocket change. Many Encyclopedia purchasers went on to become numismatists.
Indian and Lincoln cents, Liberty and Buffalo nickels, Barber coins, Mercury dimes, and other series came to be desired by tens of thousands of new aficionados, and by the early 1940s the date and mintmark syndrome was in full force. In contrast, about a decade earlier all Liberty nickels in the series from 1883 to 1912 were priced about the same in Proof grade, despite varying mintages and rarity. By 1940 such key issues as 1885 and 1886 were selling for multiples of the price of the dates viewed as being more common. In the Lincoln cent series the 1909-S V.D.B., 1914-D, and other key issues were in intense demand, as were the 1916-D Mercury dime, 1916 Standing Liberty quarter, and other rarities in other series.
Beginning in 1943 the coin market took a big leap forward. The late Abe Kosoff, who at the time operated the Numismatic Gallery in New York City, was fond of saying that his auction of the Michael F. Higgy Collection conducted in 1943 provided the jumping-off point for price increases which doubled and tripled earlier valuations, although commemoratives were not as much affected as were key issues in popular series such as Buffalo nickels. The coin market continued apace with unbridled enthusiasm and increasing prices.
By the end of World War II in 1945, the coin collecting hobby was strong and vibrant. Numerous individuals had suggested that commemorative half dollar issuance be renewed and that minting of Proof sets of regular issue coins (which had been suspended since 1942) be resumed. By 1945 commemorative coins of earlier dates were very popular with collectors, and a number of dealers, the Bebee Stamp & Coin Company prominent among them, made a specialty of the series.