US collectors are likely familiar with the quarter-dollar, half-dollar and dollar coins that were issued to celebrate America's 200th Anniversary - its Bicentennial. Lesser known is the story of the efforts to add a Two-Cent Coin to the program to help mark the milestone event. Here's that story...
The bill that revised the Coinage Act of 1965 to enable the Mint to strike coins in commemoration of the Bicentennial of the American Revolution was signed into law on October 18, 1973 by US President Richard Nixon. In June 1975, Richard Taylor Schulze introduced a bill in the House of Representatives that sought to amend the Bicentennial Coinage Law to include a Two-Cent Coin that was to be "emblematic of the Bicentennial of the American Revolution." The bill was referred to the House Committee on Banking, Currency and Housing.
Note 1: The bill left it to the Secretary of the Treasury to determine the alloy and weight for the Two-Cent coin; a new, cost-effective coinage alloy vs. the traditional composition for the coin was certainly a possibility.Note 2: Schulze introduced identical bills in August and September 1975 in an efforts to win support for the coin. In September 1975, Schulze's original bill was included on the agenda of a Hearing of the Committee on Banking, Currency and Housing's Subcommittee on Historic Preservation and Coinage. The Director of the US Mint, Mary Brooks, attended the Hearing and provided the Treasury Department's view on the coin:
"While it may ultimately be desirable to include a new low denomination in our coinage system, I believe it would be premature to authorize the issuance of a 2-cent piece as proposed...Before any new coin denomination is issued, we must take into account a broad range of the relevant considerations, including the need for the particular denomination, its public acceptability, and the impact it may have on business establishments, banks, and coin-operated devices. At the present time, we do not have such information concerning a 2-cent piece.
[...]
"By making the proposed 2-cent piece part of our Bicentennial coinage, this bill would preclude the orderly introduction of the new coin into our trade and commerce. Because of these considerations. Mr. Chairman, the Department does not favor the passage of [this bill]."David L. Ganz prepared a Statement for the Hearing; he supported the Two-Cent Coin proposal. (At the time, Ganz was a law student, had a strong interest in numismatics and was involved with writing for
COINage Magazine, Coin World and
Numismatic News Weekly.Ganz' initial comments in support of the coin focused on the potential production efficiencies and cost savings to be realized by the Mint by replacing a portion of its production of one-cent coins with two-cent coins. He then shifted his attention to the desirability of having a Two-Cent coin as a circulating Bicentennial commemorative coin, especially one that could help tell the story of America's Colonial women.
He stated,
"There are many great women without whom the battle for independence surely would have been more difficult. And no American woman has ever been honored on our circulating coin of the realm. The Bicentennial and International Women's Year, afford the opportunity for Congress to right this wrong and honor our Founding Mothers on a circulating coin."Ganz concluded his statement on the Two-Cent coin with
"a denomination between one and five cents offers great opportunity to the consumer, production savings to the Mint, and a means of honoring American Colonial women -- the Founding Mothers of our great nation. If such a bicentennial commemorative is to be authorized, the time for action on it is now. Time is running out. July 4, 1976 will be here before we know it."The Subcommittee was not swayed by Ganz' statement, however, and, instead, aligned with the Treasury Department/Mint by taking the position that such a coin was not practical/feasible at the then-present time.
The bill was not reported by the Committee or considered further by Congress. (Schulze's follow-up bills did not gain traction either.)
Personally, I think a Two-Cent piece would have had more interest among collectors vs. the general public - I, for one, would have added nice examples to my collection - but we'll never know!
1976 Bicentennial Dollar - Reverse
1976 Bicentennial Half Dollar - Reverse
1976 Bicentennial Quarter Dollar - Reverse
For other of my posts about commemorative coins and medals, including more What If? stories, see:
Commems Collection.
Posted 03/12/2025 2:32 pm
