Commems Collection Classic: Recalling The Efforts Of Joseph Cochran

I've written on multiple occasions about the mid- to late-1930s efforts in the US Congress aimed at placing controls on the US commemorative coin series - you can read some of them via the following:

- Prohibiting Certain US Commemorative Coins and
- Prohibiting Certain US Commemorative Coins - Revisit.

- Regulating US Commemorative Coins
- Regulating US Commemorative Coins - Redux / Part I
- Regulating US Commemorative Coins - Redux / Part II

A key player in the efforts was Representative Joseph Cochran (D-MO). As noted in the links above, Cochran introduced legislation that was intended to halt the further issue of US commemorative coins (with the exception of the recently-passed coin bills for the Norfolk, VA Bicentennial/Tricentennial, the Battle of Antietam 75th Anniversary and the Texas Independence Centennial).

I wanted to swing back and share a few excerpts from Representative Cochran's lengthy address to the House of Representatives on July 29, 1937. From the Congressional Recod:

"Recently I notified the Members of the House that in the very near future I proposed to address the House upon the subject of commemorative coins and the racket that has grown up as a result of their issuance. I also stated that I would present to you an argument which should prevent the passage of such measures for all time.

"I have devoted a great deal of time and study to this subject and in an effort to cut off the further coinage and issuance of commemorative coins, I have drafted and have today introduced a bill (H. R. 8036) to suspend the execution of commemorative coin acts. This bill will prohibit the further coinage and issuance of such coins under any act of Congress with three exceptions. In order to accomplish this, the bill specifically ratifies any refusal by the Director of the Mint to coin or issue any coins subsequent to the date of its introduction. It is drafted to cover all such acts and will give room to no possible complaint on the ground of discrimination. I have been advised that coins have been ordered and issued under every such authorizing act. The bill is worded so as not to affect those bills which recently were passed by the present Congress. In all fairness to the sponsors of those measures, it is my feeling, shared by other members of the Coinage Committee, that they should be afforded an opportunity to place their orders and receive their coins. In any event, those acts themselves contain express limitations as to time, that is, they expire one year from the date of their enactment, with the exception of the Texas Act."

After discussing how the then-present Congress was ignoring the "wise" advice of a previous Congress and its passage of section 3510 of the Revised Statutes of the United States:

• • • no change in the design or die of any coin shall be made oftener than once in 25 years from and including the first adoption of the design, model, die or hub for the same coin • • •

and noting how adherence to the statute "would have prevented the present abuses which result from numerous authorizations for the coinage of commemorative coins" Cochran continued:

"From 1892, when the first issue of commemorative new design half dollars was approved, through 1928, a period of 36 years, 18 new design half dollars were authorized. From 1934 to 1936, inclusive, a period of 3 years, 26 new half dollar coins were authorized. In other words, and I want to stress this fact, in the last 3 years we passed more commemorative coin bills than during the entire 36-year period from 1892 through 1928. Surely, this must end sometime and I think you will agree that that time has arrived."

Cochran then presented a fairly comprehensive review of previously-approved commemorative programs that included discussions of their mintage, the coins struck, the coins returned for melting and selling prices. He also discussed some of the series' dealer/promoter abuses of collectors including deceptive marketing and exorbitant prices. Cochran wrapped up his remarks with:

"What is the situation that confronts the Congress today? Since this session convened in January there has been introduced in the House and Senate 81 bills which provide for the issuing of commemorative coins. If we are justified in passing one we are justified in passing the others so you can realize for yourself what is going to happen in the future if the Congress continues the policy it has adopted in the past, and enacts such legislation into law. "

It took until 1939 to get a bill regulating commemorative coins through to becoming Public Law, but Representative Cochran was diligent (and successful!) in his efforts! His was a wise voice!


For other of my posts about commemorative coins and medals, see: Commems Collection.