Commems Collection Classic: What If? 1936 Presidential Coins

Here's a quick little story in support of the famous Mark Twain quote: "There is no such thing as a new idea. It is impossible."

In March of 1936, the Senate Committee on Banking and Currency held a hearing to discuss a laundry list of commemorative coin bills. Lyman William "LW" Hoffecker, Chairman of the Legislative Committee of the American Numismatic Association ( ANA) participated in the hearing. His primary reason for attendance was to submit a petition on behalf of the ANA that opposed a bill calling for the replacement of future issues of commemorative coins with issues of commemorative medals; the ANA wanted commemorative coins to be continued, though "for events of national importance only."

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Hoffecker discussed multiple commemorative programs and how the sale and distribution of the coins was handled (both the good and bad). He was trying to provide context for the positive future consideration of commemorative coin bills by Congress. At the time of the hearing, Hoffecker had experience as the successful distributor of the 1935 Old Spanish Trail commemorative half dollar and would soon become involved with the Elgin, IL / Pioneer Memorial coin; both programs are considered to have treated collectors fairly in terms of sales and distribution.

As Hoffecker's testimony was coming to an end, he was asked by Senator Francis T. Maloney (D-CT), "Have you any fixed opinion concerning the wisdom of issuing coins in commemoration of great men?"

Hoffecker's response, "No, sir. Our association [the ANA] has brought the question up that it might be a good idea to get out a series of presidential coins, and to get out three or four annually until you bring the Presidents up to date. They would be very popular with collectors, and we cannot see where the Government would have so much objection to the coinage of that kind of coin."

Sound familiar? It only took about 70 years, but the Presidential $1 Coin Program was finally authorized by Congress; it was approved by President George W. Bush in December 2005. The Mint launched the Presidential $1 Program in January 2007; it issued four different Presidential $1 coins per year until 2016 when the last three eligible presidents were honored.

If only Hoffecker was alive to see it! (He died in 1955.)

And, because everyone likes images...here's my Spanish Trail...