Commems Collection Classic: To The Melting Pot #12 - 1923 Monroe Doctrine Centennial

As I note at the start of each of these "Melting Pot" posts, I've written multiple times about the subject coin(s) - here the Monroe Doctine Enunciation Centennial Half Dollar - and prefer not to repeat too much of those previous posts here, so check out the links below for my previous posts on the topic coin(s) which provide more detail about the anniversary, the coin itself and the involvement of the US Congress that brought about its creation.


For this edition of "To the Melting Pot" I offer up an "Almost" story that had a very different outcome vs. what the coin's sponsors had anticipated.

In 1923, the 100th Anniversary of US President James Monroe's 1823 address to Congress that outlined the US' policies toward European intervention in the Western Hemisphere and/or European attempts to colonize countries in South America - such acts would be viewed as hostile acts against the US - was celebrated with a commemorative half dollar. The coin was sponsored by the American Historical Revue and Motion Picture Historical Exposition and the Los Angeles Clearing House (beneficiary and financial backer of the coin, respectively).

The Act that authorized the coin, allowed for up to 300,000 coins to be struck. The Mint struck 274,000 of the coins in May and June of 1923 at San Francisco and delivered them to the Clearing House for sale/distribution at the Exposition, at local banks and via mail orders. The Exposition was staged from July 2 through August 6, 1923 in Los Angeles, California. Overall, the Exposition was poorly attended by the general public and only marginally supported by the movie industry.

The Monroe Doctrine Centennial, while a subject worthy of commemoration, never seemed a good fit for a Los Angeles-based Exposition about movies, no matter how hard it tried to promote its "American History" educational aspects. The odd pairing was recognized at the time and likely contributed to the coin's lukewarm sales reception. (I've written about the lengthy debate held in the House of Representatives regarding the coin proposal - access it via the "Commems Collection" link below.)

Slow coin sales resulted in just 27,000 (approximately) being sold at $1.00 each. Here's where the "Almost" comes into play. The sponsors came to understand that they were never going to be able to sell all the coins they were holding and contacted the US Mint about returning them to be melted. The Mint, however, was not "excited" about having the coins returned and convinced the sponsors to place their remaining coins into circulation. Eventually, ~247,000 Monroe Doctrine Centennial half dollars were released into circulation.

So, while melting the unsold coins was "Plan A," the sponsors were forced to pursue "Plan B" and place nearly 250,000 coins into circulation in and around Los Angeles and Southern California. This large release is the main driver behind the ease by which circulated Monroe half dollars can be found in today's collector marketplace.

1923 Monroe Doctrine Enunciation Centennial Half Dollar



For other of my posts about commemorative coins and medals, including more about the Monroe Doctine half dollar and more Melting Pot stories, see: Commems Collection.