The Decline And Fall Of Commemorative Coins

The 1930's were a tough time for classic commemorative coins. The Treasury Department was crying for a shut done of these issues of coins and had the ear of the President on their side.


A portrait of A. N. A. President Frank G. Duffield, of Baltimore, Md., Mr. Duffield was born in Clayton, Gloucester County, New Jersey, on Oct. 4, 1866, and spent his boyhood there. He moved to Woodbury, N. J., in 1883, and in 1889 went to Philadelphia to live. He moved to Baltimore, Md., in 1893, and has lived there since, being connected with the printing and publishing house of Fleet-McGinley Company, South and Water Sts.

President Duffield began collecting coins in 1901, and became a member of the A. N. A. in that year. He was a member of the Board of Governors, 1905-1907. In 1908 he was District Secretary, and was General Secretary, for the years 1909 and 1910. He was elected First Vice-President in 1912 and served that and the following year in that position.

He attended the conventions held in Columbus, Philadelphia, Montreal, New York, Chicago, Rochester, and Detroit.


This is a paper from Frank G. Duffield, President of the ANA and Editor & Bus. Mgr., of The Numismatist in the Editorial Comment - Numismatic News section providing his thoughts:

It seems reasonably safe to conclude that the issues of commemorative coins in 1937 will be limited to the Antietam and Norfolk half dollars. Bills for these two coins have passed Congress and been approved by the President. Not one of the other fifty-odd half dollars proposed at this session of Congress has reached first base. What is of greater concern is that commemoratives as a series seem to have run their course, like most other epidemics. All that is left to do is to count the casualties and take steps to provide a remedy.

No one can seriously claim that collectors or collecting have been injured by the numerous issues of the last two years. They have given coin collecting a boost-something that has for years been needed and hoped for. It has taken considerable of the collector's money to keep up with the procession if he wanted two or three specimens of each issue, but there need be little fear by the conservative buyer that he will lose any money on his coins in the event he desires to sell in the future. Except in a few well-known cases, the number struck of any issue has been comparatively small. And it might be added that it has been the speculative side of commemoratives, particularly by the small and vest-pocket dealer, that has given the series a kick that is absent in some other series of coins.

There is no good reason why the issue of these coins should be completely stopped. Within reason, their issue serves a useful purpose. Like every good thing, it is the abuses that have crept in-even boldly walked in-brought about their downfall. With the insight members of congress have been given on the subject in the last two years, we can hardly imagine that any more bills authorizing a million coins, or even half a million, will receive respectful consideration.

What has happened to the series may be attributed, we believe, to the following:
First - The very large number of coins authorized of some issues, distributed over several successive years, with various mint marks, making it necessary for a collector to buy a large number of coins of the same type if he wanted his collection complete.

Second - The reported "salting" of part of a small issue in order to take advantage of the increase in price that would naturally follow, resulting in disappointment in having early orders unfilled.

Third - The deluge of letters to Congressmen from collectors all over the country complaining of abuses in the distribution of the coins in some cases, too large or too small issues, different mints, etc., each letter written according to the viewpoint of the writer. These letters have possibly made it appear to the average Congressmen that the entire commemorative coin series in honeycombed with rackets and abuses of various kinds, and that no matter what a coin bill contained it would be unsatisfactory to many collectors.

Fourth - The desire of groups of men in some localities to get in the commemorative coin game with some celebration that has no interest beyond the limits of their locality.

Fifth - The announcement of a proposed issue and soliciting orders for coins before the bill passes congress, often resulting in holding a buyer's money for months.

Sixth - The difficulty members of the two Congressional committees which consider coinage bills have in deciding which bills to report and which to leave in committee. The result is that all pass (as in 1936) or all fail (as in 1937).

There does not seem to be a remote possibility that Congress will authorize the issue and distribution of future commemoratives by Government officials or bureaus, and indications are that it is not willing to permit any other agency, official, semi-official or otherwise, to take an active part in authorizing commemorative coins.

There are indications that Congress is making or will make an attempt to regulate to some degree, and within reason, the distribution and perhaps other details of these coins. Both the bills for the Antietam and Norfolk coins, which became laws during June, were amended in two or three particulars. One was to change the words "struck at the mint" to "struck at one of the mints." This provides a little more definitely that the coins shall be struck at one mint only. This is all to the good. The other amendment provides that the sale of the coins is to be under the direction of the Director of the Mint.

Perhaps the most important development in the matter is found in the debate in the House when the Antietam bill was before it on June 7. In this Mr. Parsons is reported to have said:". . . until we can file the regulations that the Treasury has asked us to file, so that all Members may have an opportunity to study the regulations and have their bills conform to them in the future."

From this it is gathered that regulations covering other details of commemorative coin issues are being formulated which in the future must be made a part of all bills for commemorative coins. Perhaps the vexatious problems of these coins are about to be solved.

Courtesy The Numismatist, August, 1937, p. 721-722.


Enjoy your coins.