When the Executive Committee of the Stone Mountain Monumental Association received word that the US Treasury Department had approved the designs for its coin, and had sent such word to the US Mint that OK'ed the start of production, it was elated. Spokesman G F Willis commented, "We have waited patiently to get this coin and have encountered many difficulties, but these are now past, and the coin is a certainty."
Willis continued, "This means that the success of the memorial, so far as finances are concerned, is absolutely assured." (If such a statement had only proved to be true!) Willis was apparently basing his comment on the coins being a complete sell-out. He stated, "The Association will take them from the Mint at face value, fifty cents, and sell them for a dollar, thus putting into the Association treasury a profit of fifty cents on each coin, or a total gross profit of $2,500,000, or one-half the amount required to complete the whole memorial."
He further stated, "There is every indication that five million [coins] will not be enough to satisfy public demand. Everybody in the country is interested in the Memorial, and the coin gives everybody an opportunity to contribute to the cost of it, and to obtain a beautiful souvenir issued by the United States government."
IMO, Willis had an overly naive view of the challenges ahead. He expected the Association to sell nearly all of its coins in a single day at the start of its nationwide sales campaign, for example, and then stated matter of factly, "Having sold the coins and put the proceeds in the bank, the Association will be in a position to give Mr. Borglum a maximum crew of men to push the work along with all possible speed. Then we will raise the balance of the money needed and the job will be done, so fas as finances are concerned."
Of course, not all 5 million authorized coins were sold (just over 1.3 million were - and it took years), multiple issues arose regarding Gutzon Borglum that led to his departure from the project and the Association encountered financial (and other) issues that prevented it from completing the Memorial. (I've discussed such issues in previous posts that can be referenced via the link below.)
Enthusiasm is a good thing, and is common in the early days of a project. (From my corporate days - Project Phases: 1. Enthusiasm, 2. Disillusionment, 3. Chaos and Panic, 4. Search for the guilty, 5. Punishment of the innocent and 6. Praise and rewards for those not involved.
) So, Willis shouldn't be overly criticized for his "rose-colored glasses" view of the Stone Mountain Memorial project and its commemorative half dollar. He was, after all, a spokesman for the Association and it was part of his job to put the best light on things - especially for the press/public.
We all know what happens, however, when you assume...
1925 Stone Mountain Memorial Half Dollar
For more of my posts about commemorative coins and medals, including many others on the Stone Mountain half dollars, see:
Commems Collection.
Posted 06/25/2023 3:29 pm
