In the year 1992, the United States Mint introduced a new annual coin set product. This was the Silver Proof Set which contained certain coins struck in 90% silver. This product proved popular in the year of launch and the US Mint continues to make the product to the current day. The early sets issued during the first decade of 1992 to 1999 included a packaging change and a significant expansion of the set in the final year.
The first Silver Proof Sets issued from 1992 to 1998 were in distinctive black packaging. This packaging made a strong visual impact with the 90% silver coins and differentiated the product from the clad version of the proof set. The silver coins included in each set were the Kennedy Half Dollar, Washington Quarter, and Roosevelt Dime. The remaining coins of the set were produced in their standard compositions. While the 1992 Silver Proof Set had a very high mintage, some of the following sets experienced low sales, making the sets more valuable.
For the period from 1992 to 1998, the United States Mint also issued the Silver Premier Set product. This was a specially packaged version of the Silver Proof Set. The same coins were included, but the box was much more ornate and could be arranged as a display for the coins. This version sold significantly less units than the standard version.
In 1999, the State Quarter Program was launched, which saw the release of five different quarter designs over a period of ten years. This caused the number of coins in the Silver Proof Sets to increase from five to nine. The packaging was redesigned to a red color scheme of the Statue of Liberty motif used on the clad proof sets. The price of the set was also raised from $21.00 to $31.95.