A Brief Review Of Commemorative Coins

"(Reprinted from 'The 3-C Book,' publication of the Federal Reserve Club, Philadelphia)

The coins specially authorized by Congress to commemorate the Sesqui-Centennial of our Declaration of Independence, which are now being distributed by 3-C, will survive, long after other evidences have disappeared, to impart to future ages a message of our celebration of the event. Glancing back through the centuries we find coins are metal documents that span twenty-seven hundred years; preserved or surviving as not other records, they tell the story of their day and its purpose continuously and consecutively.

All coins are commemorative to some degree, as their device or inscription, or both, may relate to that which proves of interest or importance. Just as the early stamped weights of metal, from which modern coinage has been developed, as issued in ancient Greece, bearing ideal heads and figures, impart knowledge of the Greek's worship of mythological gods by their placing symbols of their gods on the coins as a religious guarantee of quality, so do most coins issued through the centuries since then commemorate practices, persons, places, conditions and events.

Coins bearing the portrait of Alexander the Great are commemorative of his few years of flourish as king of Macedonia, 336-323 B.C. A great leader and conqueror, demi-god in life, deified in death, his was the first human portrait to appear on a coin; his memory and works revered, coins bearing his portrait were issued by several states and city-states of Greece for more than a century. Other Greek coins are particularly commemorative of sports-the much to be desired prizes in the Olympic Games of old. The coins of ancient Rome are notable as commemorative of persons and events. From Rome to today the coins of most countries carry the portrait of the ruler, and in that are commemorative of a reign. Times of stress, such as a siege, are especially memorable; not that coins were issued at the time, but for dire reminders in the future, but the necessitated substitutive (crude in character and base in fabric) for regular coins, tell the story; liberation also has had coin commemoration. Victory, acquirement of territory, and revolution has been recorded with coins, and the glory so noted was in some instances so brief that the coins served to taunt memory with "what might have been.

The coins of modern days that come within the numismatic classification commemorative-are those that have been specially issued for memorial or souvenir purposes. Since the revival of art in the coin, starting during the closing years of the fifteenth century, special coinages have been common to most countries of Europe, but they have nearly all been in relation to rulers, their family or favorites-accession to rule and its jubilees, marriages and anniversaries, births and birthdays and deaths being the occasion most adapted to special coin commemoration.

That the United States has special coin issues is a recent departure from long established practice; all have been issued since 1892. Our previous events, even the Centennial, had no coin memorials. Within the thirty four years since, 1892, there have been twenty events with coinage commemoration by our nation, the product of which, with differences of denomination, date or special marks, makes a small but very interesting collection of thirty-five varieties, a greater number of special coins than that issued by any other country within the same period of time.

Commercial rather than commemorative purposes actuated the introduction of our first special coin legislation. All our coin issues in this class have been sold at a substantial premium, and commercialism has been further enhanced by specially marking a part of some issues so that there would be an additional variety for the collector to purchase. Only a part of some issues ahs been marketed at a premium; remainders of some have later come on the market at depreciated prices or were obtainable at face value. Issues that have had their remainder deminted have increased in value and proved an investment for the purchaser.

As an aiding financial factor in support of the Columbian Exposition our first special issue coins were introduced, the purpose being that these coins, delivered to the Exposition at par, would be sold at a premium, the profit going to the project. This established a precedent of special coins as a revenue producer for celebrations, and all our special coins have been sought and marketed on that basis. On this account, requests for them have become frequent, and in some instances they were to 'commemorate' that which was of little more than local interest. It was a spirit of 'Let us have a celebration. What can we celebrate? We will get a coin to pay the bill.' In recent months Congress has refused or discouraged requests for special coins.

Special coins in other countries have been entirely for commemorative purposes, either of very limited issue for presentation to States and favored individuals, or a large issue for common circulation at face value.

Our first commemorative coin was the Columbian half dollar, portrait of Columbus, and dated 1892 and 1893. The novelty of the issue, the first of its kind, for our country, found a popular market for many at $1 each, but a far greater quantity some years later went to circulation at face value. Our only special quarter dollar was also a Columbian issue, 1893. It is notable in that it is our only coin suggestive of monarchy; it bears the crowned head of Isabella, Queen of Spain. Washington's was the first portrait of a President to grace a coin; his bust conjoined with that of Lafayette appears on the special silver dollar, known as the Lafayette dollar, of 1900. This, our only specially authorized silver dollar, was sold at a premium in support of a statue to Lafayette presented to France by the youth of the United States.

Our first commemorative gold dollars were for the Louisiana Purchase Exposition, Saint Louis, 1904. They are of two types, Jefferson head and McKinley head, all dated 1903, and are wonderful examples of medallic portraiture within a small diameter. Gold dollars with portraits of Lewis and Clark were issued, dated 1904 and 1905, for the Lewis and Clark Exposition held in Portland, Oregon, in 1905.

Our most extraordinary issue of special coins was for the Panama-Pacific Exposition, San Francisco, 1915. It gives us four different denominations and five varieties. There was good reason for this graciousness by Congress. That wonderful exposition was carried to success without one cent of Government aid. In the Panama-Pacific series we have our only issue of $50 pieces, coined both round and octagonal, are the same in design. Minerva, obverse, with an owl on reverse, in all symbolic of productivity and wisdom. A silver dollar with an ideal full length figure of Columbian; a $2 ½ gold piece with a design suggestive of the use of the Panama Canal, and a gold dollar with a head intended to represent Labor complete the series. All are dated 1915 with an 'S', San Francisco mintmark.

In support of a memorial to President McKinley at Niles, Ohio, his birthplace, special gold dollars with McKinley's portrait were coined, all dated 1916 and 1917.

Commemorating the centennial of Statehood with a special half dollar has become popular and should, and probably will, be continued. Illinois, 1918, is the first State with a coin for this purpose: a fine coin with portrait of Lincoln. Maine has its coin, 1920, bearing the arms of that State. Missouri with its centennial in 1921 has a special half dollar with figures in design typifying frontier life; a variety being produced by part of the issue being marked with '24' separated with a star, denoting that Missouri was the 24th star in the flag. Alabama's centennial half dollars were not struck until 1921 though its hundredth anniversary as a State was in 1919; the dates 1819-1919 appear on the coins. The Alabama coins have the portraits of William Wyatt Bibb, the first Governor of the State, and Thomas E. Kilby, the centennial Governor. This coinage is particularly notable in that it is the first by the United States with the portrait of a living person, Governor Kilby being the first so distinguished. A part of the Alabama issue is stamped with '22' divided by a Saint Andrew's cross, denoting the 22nd state and with the cross from its flag.

The Tercentenary of the Landing of the Pilgrims ahs been commemorated with special half dollars, dated 1920 and 1921; the obverse has a half length portrait of Governor Bradford; a sailing 'Mayflower' is on the reverse. In 1922, in commemoration of the centennial of the birth of Ulysses S. Grant and its observance in Southern Ohio, special half dollars and gold dollars were coined, and varieties of both produced by a portion of the issue being stamped in the field with a star. Both denominations are the same in design, a bust portrait of the illustrious general, with a reverse suggestive of his log-cabin birthplace.

The three hundredth anniversary of the settlement of New Netherlands (now New York) by the Huguenots and Walloons was commemorated by a special half dollar in 1924. This coinage has the portraits of Admiral Coligny and William the Silent, with a reverse picturing the ship 'Nie Netherlands.' A hundred years of peaceful protection in the Monroe Doctrine was marked with a special half dollar in 1923; conjoined busts of James Monroe and John Quincy Adams, and a map of the western continent are the devices appearing on it.

'The shot that was heard around the world' has its Sesqui-Centennial commemorator in the 'Patriot Half Dollar' dated 1925, in memory of the Lexington-Concord battle. The figure of a Minute Man and the old belfry at Lexington are the devices. The much discussed Stone Mountain half dollar as a 'memorial to the valor of the soldier of the South' and in support of the great Stone Mountain monument was issued in 1925. As a coin type it is a departure from the conventional. It pictures equestrian figures of Generals Robert E. Lee and 'Stonewall" Jackson.' Our one coin bold enough to speak for itself is the California Diamond Jubilee half dollar, commemorating seventy-five years of Statehood, 1925.

The models were by a California artist, and on account of their simplicity and strong relief they have had much favorable comment. A figure typical of an Argonaut, panning gold is on the obverse; a bear, as on the flag of California, is on the reverse.

The one hundredth anniversary of the building of Fort Vancouver, the site now in the State of Washington, has a special half dollar, 1925, that presents the portrait of Dr. John McLoughlin, builder of the fort, and has for its reverse an ideal figure of the pioneer in the Northwest.

The coins for the Sesqui-Centennial of American independence are the first to commemorate an event that is near to the heart of all the nation. A silver half dollar and a $2 ½ in gold, with their appropriate and patriotic devices, should prove pleasing to all. The gold coin bears the Goddess of Liberty on the face and Independence Hall on the reverse.

The half dollar, which is in unusually low relief, bears the bust portraits of our first and Sesqui-Centennial Presidents-Washington and Coolidge, the Liberty Bell is pictured on the reverse. That President Coolidge consented to the use of his portrait on a coin and that it so appears establishes a precedent, as he is the first President to be so honored during life.

There has been some politically biased comment to the effect that there is an "unwritten law" against the use of portraits of living men on our coins. This is an unsupported statement that has come to be accepted by some as fact. The basis of it appears to rest on the reported attitude of President Washington when the use of his portrait for coin purposes was suggested. When types for our first coins were being considered, some ambitious to please the President, privately produced experimental or sample coins bearing Washington's portrait. It is tradition, I do not know if of record, that Washington objected to the use of his portrait on the national coinage on the ground that so to distinguish the Executive was characteristic of monarchy. This was apropos of conditions at the time, but we are now a Sesqui-centennial away from monarchy and very happy over it. The government does not recognize any such 'unwritten law' was disclosed in 1921 in the Alabama Centennial coin that pictures the living Governor Kilby.

Commemorative coins have, and serve, a good purpose. In a practical sense it is fortunate that our special coins have been deprived of common circulation, otherwise we would not have had so many of them and, regardless of how few, confusion and inconvenience would be associated with their use. Our best known special coin is the Columbian half dollar for the reason that many thousands of them passed to circulation at face some years after the ceased to be sold at a premium. Try to spend one with a country tradesman. He will look upon you and your coin with suspicion; and so it is with any new type of coin until it becomes familiar. Coins are made for use. Practicability has been the watchword with Uncle Sam's hard money no change in coin designs is made oftener than once in twenty-five years and art and other things are sacrificed in the effort for long service and convenience.

Since our memorial coins are not intended for common circulation, they offer remarkable opportunity for the display of medallic art in picturing certain great personages and events in our history.

In addition to the commemorative coins mentioned by Mr. Zerbe, a half dollar was authorized more than a year ago by Congress to commemorate the one hundred and fiftieth anniversary of the Battle of Bennington and the Independence of Vermont, to the number of 40,000 pieces. These coins have not been issued, and it is possible they may not be. Authority for their issue is contained in the same bill that authorized the California Jubilee and the Vancouver half dollars.

A bill was also introduced last winter in the House of Representatives authorizing an issue of 1,000,000 half dollars to commemorate the one hundredth anniversary of the birth of Stephen C. Foster on July 4, 1926. Mr. Foster was the author of a number of old-time songs, such as 'Old Folks at Home,' 'Old Black Joe,' etc."1


1 The Numismatist, A Brief Review of Commemorative Coins, by Farran Zerbe, , August, 1926, p. 422-425.



I hope you enjoyed this history lesson in this series.