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Originally Posted by RchW
For clarification the Rule 5 draft existed during the reserve clause but in a very different form.
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Well, yes and no. The essence was the same, namely, the selection from minor league clubs of players with certain amounts of service who were not on the 40-man roster of a major league club. The details, of course, varied.
See this page for a rundown of the history of the draft.
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Prior to its current incarnation, from 1959 until the creation of the Rule 4 draft in 1965, top first-year prospects of teams were exposed to the Rule 5 draft. This was in some ways an outgrowth of the Bonus Rule that existed in 1946–50 and 1953–57.
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That's not quite correct. What's described above was in fact the "First-Year Player" draft. This draft was separate from the Rule 5 draft, though it operated on somewhat similar principles. It was created in response to the failure of the bonus rule to curb the escalation of signing bonuses for amateur players seen after WWII. Only players without prior pro experience were subject to it.
If anyone wishes more detail on the First-Year Player draft or Rule 5 draft of this era, I should be able to provide it.