The founding of New Rochelle, NY dates to 1688 when 6,000 acres of Pelham Manor were sold by John Pell, Lord of the Manor of Pelham, to Jacob Leisler of New Amsterdam (New York City). Leisler purchased the land on behalf of the French Huguenots who wanted to move to the New World to start a new life free of religious persecution. The 1938 New Rochelle, NY Half Dollar was struck to mark the 250th anniversary of such roots.
The land for the settlement was purchased for "the sum of Sixteen hundred twenty & Five pounds sterling currant [sic] silver money of this province" and "...one fatt calfe on every fourer & twentieth day of June YEARLY & Every Years forever (if demanded)."
Have you ever wondered about the June 24th date specified in the land purchase contract? Is it the date the purchase contract was signed? John Pell's date of birth? The date John
inherited the Manor from his uncle Thomas Pell? No, no and no.
The date was not chosen at random, however. Each year, the Feast of St. John the Baptist is celebrated on June 24. Among those of Christian faiths - especially those of French descent - St. John the Baptist Day was/is an important holiday. By including the date in the contract, John Pell had hoped to create a reason for the new residents of his former property to come together and celebrate with a feast. The Feast of Saint John the Baptist was created by the Catholic Church in the 4th Century AD to celebrate the birth of John the Baptist (1st Century BC); John had recently been declared a martyr and saint.
John the Baptist, a forerunner of Jesus Christ, is believed to have been a Jewish preacher/prophet who sermonized about how the kingdom of heaven was soon to arrive and that it was time for all to repent/turn their lives toward God. He baptized those who heeded his message; his practice of baptizing those who repented is the source of his historical moniker.
The Pell family has not/does not regularly request its annual "fatt calfe" payment on June 24th, but, when it has in recent times, the City of New Rochelle does present a calf to a Pell family representative. The calf is not killed, however, it is just an "actor" in the symbolic gesture that is played out as part of a ceremony for the public's enjoyment/amusement. To my knowledge, the last presentation ceremony of the "fatt calfe" took place in June 2013, during New Rochelle's year-long celebration of its 325th anniversary.
(Channeling my best Paul Harvey..."And now you know, the rest of the story.")
Note: I didn't want to turn the focus of this post into a religious discussion, so I limited my discussion of Saint John the Baptist to the essentials needed for proper context. I encourage folks who are interested in learning more about the life and legacy of John the Baptist, and his place within the Catholic Church, to search the internet for details.1938 New Rochelle, NY 250th Anniversary Half Dollar

For more of my topics on commemorative coins and medals, including more on the history and design of the New Rochell half dollar, see:
Commems Collection.