According to Ron Guth and Bill Gale in their 2002 edition of United States Proof Sets and Mint Sets, the Reverse of 1938 (with wavy steps on Monticello) is currently “approximately fifty times rarer” than the Reverse of 1940 variety. This variety is easily distinguished from its common Reverse of 1940 counterpart by examining the steps of Monticello. The 1938 hub shows the steps slightly indistinct with mild “wavy” appearance, while the 1940 hub shows the steps crisp and straight. T he PCGS population is only 4 with none graded higher.
Listed at $25,000 in the PCGS price guide.
Offered at $18,500
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