When first received, the 1920 Maine Statehood Centennial Half Dollar was sold for $1.00 per coin - double its face value, a price point with precedent. As the coins had arrived from the Mint after Maine's Centennial celebrations had been completed, however, the coins did not sell as well as had been hoped.
This left tens of thousands of coins (~40,000 of 50,000) unsold and sitting in the vaults of the State Treasury.
To help promote Maine (the intended purpose of the coins) and avoid ongoing storage costs and prevent further loss of revenue from the interest that was not being generated by the unsold coins (vs. if the $20,000 had been invested), Governor Frederic Hale Parkhurst and his Council decided the best course of action would be to release the coins into circulation at face value. The following Order was issued:
"Ordered, that the State Treasurer be directed to offer the Centennial half-dollars at 50c each to the various national banks, trust companies snd savings banks of the State, the distribution of the same to be based upon the deposits in these institutions as shown by the 1920 report of the Bank Commissioner; the understanding between the State and these several institutions being that all these coins will be promptly distributed at fifty cents each and that not more than one coin will be sold or given to any one person."A late-to-the-scene collector could save fifty cents if he/she took advantage of the bank promotion, but they likely wouldn't have had too much recourse if they got a banged up example - a marked up coin "spends" the same as a pristine example in a bank's view!
The Maine State Treasury was not able to clear its entire inventory of coins with its face-value bank program; it still had coins available years later - though for $1.00 each vs. face value. The inventory was essentially depleted about a decade after the coin's initial release; no coins were returned to the Mint to be melted.
1920 Maine Statehood Centennial Half Dollar
Maybe
nickelsearcher can add an image of his circulated Maine half dollar to fill out the story?
For other of my posts about commemorative coins and medals, including more Maine half dollar stories, see:
Commems Collection.
Posted 10/10/2025 09:32 am
