Commems Collection Classic: What If? 1930 Gadsden Purchase - Hoover's Veto Message

I previously discussed US President Herbert Hoover's veto of the 1930 Gadsden Purchase 75th Anniversary Half Dollar, (You can read it here: What If? 1930 Gadsden Purchase), but the significance of the veto compelled me to return to the topic to share a few comments he included in his veto message.

But first, why do I believe Hoover's veto to be significant?

For one thing, it represented the first time a US President took a formal step to attempt to halt the building US commemorative coin surge. For another, it had the effect of discouraging the promotion of multiple other commemorative coin bills until the 1934 Province of Maryland Tercentenary bill was approved. (You can read about two such "discouraged" cases here: What If? 1930 Lewis And Clark Expedition 125th Anniversary and here What If? 1930 Massachusetts Bay Colony Tercentenary.)

In his message to Congress, Hoover included the following comments:

- During the past 10 years 15 such special coins have been issued, an average of one each eight months, an aggregate of over 13,000,000 such coins having been authorized. There are now pending before Congress five other bills for such coinage and before the Treasury Department several other requests for support to proposals of the same character.

- The monetary system of the country is created and exists for certain well-defined and essential purposes. Sound practice demands that it should not be diverted to other uses, if we are best to serve the needs of trade and commerce, satisfy the convenience of the people, and protect the integrity of our coins. Experience has demonstrated that the necessities and convenience of the people can best be served and the Integrity of our coins can only be protected from counterfeiting by limiting the number of designs with which in the course of time the public can become thoroughly familiar.

- The growing practice of issuing commemorative coins, incidentally to be sold at a profit and provide funds for projects or celebrations, appears to me to rm counter to this principle and by their multiplicity to have become a misuse of our coinage system. These coins do not serve for.circulating medium which is the real function of coins. They introduce an element of confusion and lack of uniformity.

- There are a great many historical events which it is not only highly proper but desirable to commemorate in a suitable way, but the longer use of our coins for this purpose is unsuitable and unwise. This would seem to be clear from the very number of events to be commemorated, and past experience indicates how difficult it is to draw the line and how such a practice, once it is recognized, tends constantly to grow.

- The Government would be glad to assist such celebrations in the creation of appropriate medals which do not have coinage functions.

Hoover's comments primarily espoused the then-current position of the US Treasury Department in regards to US commemorative coins (and medals). Though it created a temporary pause in new commemorative coins, the impact of the veto was, most definitely, only temporary. The explosion of new issues in the mid-1930s illustrates just how temporary it was!


For other of my posts about commemorative coins and medals, including more What If? stories, see: Commems Collection.