Written by Q. David Bowers, Chairman Emeritus
The era of classic silver
commemoratives, 1892-1954, comprises 48 different design types of half dollars
or, with mintmark and other varieties added, 142 half dollars. In addition
there is the 1893 Isabella quarter and 1900 Lafayette dollar. Accordingly, a
complete collection of classic silver commemoratives includes 50 pieces if you
desire just the design types, the 144 pieces if you want one of everything.
The series began in 1892 when
half dollars were released for the World’s Columbian Exposition scheduled to
open that year. However, construction delays occurred, and although there was a
brief ceremony in 1892, the gates were not opened to the public until 1893. In
1893 more were struck with that date, celebrating the 401st anniversary of the
“discovery” of America (not that it was lost in the first place. Thus was set a
pattern of issuing commemoratives with illogical dates.
Fast forward to 1920 when the
Pilgrim Tercentenary half dollar was issued to observe the 300th anniversary of
the pilgrims at Plymouth, Massachusetts. Even though quantities remained
unsold, an additional issue dated 1921, for the 301st anniversary, was
produced. A further oddity occurred with the Alabama Centennial half dollar
that year. First of all, the actual centennial took place in 1919, so in 1921
the coin was two years late. Although there was no necessity to do so, two
varieties were made, one with a 2X2 in the field, for Alabama being the 22nd
state. To complete their collections, numismatists had to buy two, not just one,
Alabama half dollar. The flood gates opened and before long we had Grant half
dollars with and without stars, Missouri half dollars with and without 2*4, and
so on.
In 1926 the Oregon Trail Memorial
Commission sponsored a commemorative half dollar. Two varieties were made, one
at the Philadelphia Mint and one at the San Francisco Mint with an S mintmark.
Too many were produced, and thousands were stored at the Mint until the
commission could pay for them. One might think that the series was over. However,
the Oregon Trail was long and winding, with another issue in 1928, some skips,
then more extending all the way to 1939, when Congress put an end to the
practice.
Therein lies this week’s message.
A number of long-extending series issued without logic but simply to create
coins for collectors, have very low mintages toward the end. For example, in
1939 the Oregon Trail half dollars of the Philadelphia, Denver, and San
Francisco mints were distributed only to the extent of 3,000 pieces. The prices
of individual coins in Choice and Gem condition are in the hundreds of dollars,
believe it or not. Just imagine if today in 2013 the U.S. Mint issued a
commemorative half dollar with a mintage of just 3,000 pieces; you would be
looking at $5,000 to $10,000 or even more. Why are these low-mintage pieces so
cheap? Primarily because few people have paid attention to them. There are so
many regular and commemorative issues these days, from older varieties to new
ones, that they have fallen by the wayside.
Texas celebrated it centennial
anniversary in 1936. However, the half dollar observing this was first put out
in 1934, two years in advance, in order to capture money for numismatists,
followed by sets in 1935, more during the actual anniversary year of 1936, and then
in the last year, 1938, low mintages of just 3,775 sets totally. Again,
individual Choice and Gem coins are priced just in the hundreds of dollars.
Next comes the 1934-1938 Daniel
Boone Bicentennial half dollar, more or less following the pattern of Texas,
stringing on almost forever, terminating in 1938 with just 2,100 coins from the
Philadelphia, Denver and San Francisco mints. Once again you can buy Choice and
Gem pieces for in the hundreds of dollars. Next comes the Arkansas Centennial,
an actual event that took place in 1936, unless you look at numismatic data and
you will find that it began in 1935 and kept going on and on until 1939. In the
last year just 2,100 coins were released from each of the three mints.
After 1939 there were not any
commemoratives until 1946 when the Iowa Centennial half dollar was produced to
the extent of 100,000 pieces for distribution. Curiously, not all have been
distributed, as 500 are being set to be released on the 200th anniversary,
which will not take place until 2046. Be sure to mark your calendar so you can
get one!
Booker T. Washington half dollars
were made that year at all three mints, continuing in sets through 1951.
Stack’s was an official distributor as we were with certain earlier issues.
Certain of these issues have low mintages, such as just 6,000 coins for 1949
and 1950, with a complete set in Choice and Gem condition costing in the low
hundreds of dollars. Imagine that! The scenario concludes with the
Carver-Washington half dollars from 1951 to 1954, again with low mintages in
some instances, such as just 8,000 pieces from certain mints in 1952 and 1953,
again as inexpensive as can be.
If you want to try something
interesting, how about putting together a complete set of the 13 varieties of
the 1926 to 1939 Oregon Trail Memorial halves? Some years ago the Society for
U.S. Commemorative Coins took a poll of its readers as to the most beautiful
design and this was the winner. A complete collection includes scarcities and
rarities, low-mintage issues, and is unbelievably inexpensive.
See you next week!
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