Commems Collection Modern: Looking At The History Of The 1997 F D R Gold $5

Many collectors of the modern US commemorative coin series are familiar with the $5 gold coin (i.e., half eagle) issued in 1997 in honor of President Franklin Delano Roosevelt. I've previously discussed the coin here 1997 FDR Gold Half Eagle and the FDR Coin and Stamp Set here 1997 FDR Coin & Stamp Set.

Before the bill for the gold coin was passed, however, other bills calling for silver coins instead were introduced in Congress.

Efforts for an FDR commemorative coin began in October 1993 when companion bills were introduced in the House and Senate during the 103rd Congress. The bills called for up to 500,000 silver dollars to be struck using standard specifications.

The proposed coin was to have a surcharge of $10 added to its issue price, to be collected by the Mint, with 50% distributed to the National Park Foundation Restricted Account to be used for ongoing support of the FDR Memorial and 50% distributed to the National Park Foundation Restricted Construction Account for use in building the FDR Memorial. Each bill was referred to the designated Committee of its respective chamber, but neither made it out of Committee for full consideration.

Things were switched up a bit during the 104th Congress; an FDR commemorative coin bill was introduced in February 1995 that called for up to 500.000 silver half dollars to be struck to mark the opening of the Franklin Delano Roosevelt Memorial in Washington, DC; the coins were to carry a $3 surcharge. As with the previous bills, this one died for lack of action. Had this bill passed, we would have at least three silver half dollar commemorative coins today: 1982 George Washington birth anniversary, 1993 James Madison/Bill of Rights and 1997 FDR Memorial. (I bet a silver half dollar would have been popular with collectors!)

In June 1995, the "United States Commemorative Coin Act of 1995" was introduced; it moved away from the idea of a silver FDR coin and proposed a gold $5 coin instead. In addition to the FDR coin, it also included provisions for coins commemorating the 50th anniversary of the United Nations (silver $1), the 150th anniversary of the Smithsonian Institution (gold $5, silver $1), the 125th anniversary of Yellowstone National Park (silver $1) and the National Law Enforcement Officers Memorial (silver $1). The bill's FDR coin language called for the striking of up to 100,000 coins, with each coin sold to carry a surcharge of $35; proceeds were to be paid to the Franklin Delano Roosevelt Memorial Commission.

Though this bill did not get approved, all of the proposed coin programs did eventually get authorized with the exception of the United Nations (UN) coin. I would have enjoyed a UN coin. Many other countries around the world issued coins for its 50th anniversary in 1995 - it would have been nice to add a US coin to such a set considering the US' prominent role in the organization's founding. (I did purchase the Great Britain coin at the time and still have it in my collection!)

A new multi-coin bill was introduced in 1996, the "United States Commemorative Coin Act of 1996." This one repeated the call of the 1995 bill for coins in observance of the 150th anniversary of the death of Dolley Madison (1999, silver $1), observance of the 200th anniversary of the death of George Washington (1999, gold $5), commemoration of the 125th anniversary of Yellowstone National Park (1999, silver $1) and recognition of the sacrifices made by law enforcement officers and their families in preserving public safety and creation of the National Law Enforcement Officers Memorial (1997, silver $1).

To the mix it added coins in celebration of the 275th anniversary of the birth of the first Black Revolutionary Patriot - Crispus Attucks (1998, silver $1) and in recognition of the 50th anniversary of the breaking of the color barrier in major league baseball by Jackie Robinson (1997, gold $5 + silver $1). The 1996 Act also repeated the call for the striking of up to 100,000 FDR $5 gold commemorative coins to be issued in 1997. The bill was approved by the House and Senate in October 1996 and became Public Law 104-329 when it was signed by President Bill Clinton on October 20th.

A total of 41,368 1997 FDR gold coins were struck (29,474 proof coins and 11,895 uncirculated). The sales price of each coin sold included a $35 surcharge that was paid to the Franklin Delano Roosevelt Memorial Commission vs. either of the Restricted Funds of the National Park Foundation as listed in the silver coin bills.

So, in the end, a group of collectors who could afford/desired to purchase a gold FDR commemorative got a new $5 gold coin to add to their cabinets, but I believe many more collectors likely would have added an FDR commemorative coin to their collection had it been a silver half dollar or silver dollar coin!



Image Credit: Coin images courtesy of PCGS CoinFacts.


In case you were wondering...I include the phrase "Commems Collection" or "Commems Modern Collection" in the title of some of my posts to make it easier for those with an interest in finding my other posts with stories about the US commemorative series, nothing more.