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CCF Master Historian of USA Commemoratives
 United States
12250 Posts |
I'm presenting this "Melting Pot" story not because an exceedingy high number or percentage of Lafayette Memorial Dollars was melted, but because of the journey the coins took to the Mint's melting furnaces. As I note at the start of many of these "Melting Pot" posts, I've written multiple times about the subject coin(s) - this time the Lafayette Memorial - 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 event being commemorated, the coin itself and the involvement of the US Congress that brought about its creation.Between stateside sales and sales at the 1900 Paris Exposition, ~36,000 Lafayette Memorial dollars were sold/distributed by the Lafayette Memorial Commission - this left ~14,000 of the coins unsold. The coins were returned to the Mint/Treasury where they sat in bags of 1,000 coins in a Treasury vault for decades. A check of Mint Listings/Statements from the 1930s shows that no Lafayette Dollars were recorded as having been melted to that point. (The Treasury had either forgotten about the coins or had them "on the books" as backing coins for US Silver Certificates.) The possible presence of the coins became known In the 1940s to coin dealer Aubrey Bebee. Bebee saw strong profit in the bags of Lafayette dollars and contacted the Treasury about purchasing them (at face value!). The Treasury reported back to him that it had recently melted the coins and that none were available for purchase. A check of a Mint Listing of 1948 includes an entry for the melting of 14,000 Lafayette Dollars. I imagine the market for Mint State Lafayette Dollars would have proceeded quite differently if Bebee had been able to acquire such a large hoard/volume of the coins! (It likely would have made my purchases of the coin a few dollars less expensive!) 1900 Lafayette Memorial Dollar  For more of my topics on commemorative coins and medals, including more on the history of the Lafayette Memorial Dollar, see: Commems Collection. Collecting history one coin or medal at a time! (c) commems. All rights reserved.
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Bedrock of the Community
United States
94367 Posts |
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Pillar of the Community
United States
5601 Posts |
Commems, You Said, " I imagine the market for Mint State Lafayette Dollars would have proceeded quite differently if Bebee had been able to acquire such a large hoard/volume of the coins! "!! Agreed, The Path Would of Changed the " Mint State " Population, Drastically!!!!.... Your MS-64 Example is Quite the Example , Thanks Again, for Sharing..... PS, I Too have This Commemorative Silver Dollar. I heard Long , Long Ago, There was a Variety or Die Stage out there that Has a Different Design Feature, Something about the Reverses Depiction of the Branch or Sprig of Flora Leaves, under Lafayette and the the Horse...  ( Not a Challenge )...  |
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Pillar of the Community
United States
1747 Posts |
If I recall correctly there is a picture in Bowers Morgan dollar book that shows bags of dollars in the value with at least one labeled Lafayette. Maybe it was somewhere else, but I know I have seen the picture. |
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CCF Master Historian of USA Commemoratives
 United States
12250 Posts |
Collecting history one coin or medal at a time! (c) commems. All rights reserved.
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CCF Master Historian of USA Commemoratives
United States
12250 Posts |
Quote:If I recall correctly there is a picture in Bowers Morgan dollar book that shows bags of dollars in the value with at least one labeled Lafayette. Maybe this one? I held off including it originally, but it does add nicely to the story. So...  (Image Credit: Bowers, Q. David. Silver Dollars & Trade Dollars of the United States - A Complete Encyclopedia. Fair use, education.)Thanks for bring ing it up! Collecting history one coin or medal at a time! (c) commems. All rights reserved.
Edited by commems
07/10/2023 11:11 am
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Bedrock of the Community
United States
24878 Posts |
Excellent story, coin and pics, commems! If only....
Inordinately fascinated by bits of metal with strange markings and figures
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Moderator
United States
187472 Posts |
Very interesting!  |
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Moderator
United States
15384 Posts |
If Mr. Bebee had acquired the ~14,000 coin hoard prior to melting then our available supply today would indeed be much more favorable. Its a shame IMO that any of these historic coins were melted for lack of interested buyers. I suggest there is a MS Lafayette out there for every serious collector who wants one. Interestingly the Lafayette is also widely available across the range of circulated grades. One collector, a prior CCF contributor, has assembled a PCGS grading set PO01 to AU58 inclusive. My two examples are both PCGS certified at MS64/CAC and PO01. Many thanks @commems for the continued fascinating Melting Pot threads. Take a look at my other hobby ... http://www.jk-dk.art |
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Moderator
United States
15384 Posts |
Wow on that photograph @commems - I had not seen it before and can only imagine the numismatic treasures contained within those bags.
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Pillar of the Community
United States
1747 Posts |
Quote:
Maybe this one? I held off including it originally, but it does add nicely to the story. So... Yes, that's the one! |
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Pillar of the Community
United States
5601 Posts |
Thanks Commems, ....... |
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Pillar of the Community
United States
807 Posts |
A true pity that they were melted instead of, say, being distributed to silver-certificate redeemers in the early '60s.
I'm guessing, based on the timing, that they were made either into Panama 1 Balboas or Chinese "Junk" dollars.
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Moderator
United States
187472 Posts |
Quote:
A true pity that they were melted instead of, say, being distributed to silver-certificate redeemers in the early '60s. I agree. That would have been a better fate for them. |
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Pillar of the Community
United States
3634 Posts |
Great story, commems, thanks for the information! Quote:
It likely would have made my purchases of the coin a few dollars less expensive! Indeed it would have. I'm actively looking for an upgrade for the example currently in my collection, and it will easily become the priciest one in my classic silver commemorative collection when that does happen! Member of SPMC, FCCB, ANA and ANS. My U.S. Classic Commemorative Complete Set: https://www.NGCcoin.com/registry/co...sets/278741/My U.S. Fractional Note Set: https://notes.www.collectors-societ...eSetID=34188Edited by hokiefan_82
07/11/2023 6:13 pm
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Replies: 14 / Views: 956 |
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Posted 07/10/2023 10:17 am
