Q. David Bowers
The prices listed are retail prices. Prices between dealers or in wholesale transactions are lower. Also coins of poor aesthetic quality sell for lower prices, and certain selected high quality coins trade at higher valuations. As noted earlier, the prices are for attractive examples of their grade levels: coins of "nice" quality.
Over the years the market for commemoratives (and certain other coins) has been characterized by cycles. Readers are referred to my book, High Profits From Rare Coin Investment, for a detailed discussion of market cycles and related considerations.
Commemoratives issued from 1982 to date are priced in MS-65 or Proof-65 grade, as applicable, and are for pieces in condition as issued. On a technical basis some have graded such pieces with higher numbers such as MS-66, MS-67, MS-69, etc., but for practical purposes the MS-65 and Proof- 65 designations will suffice. If desired, you can simply substitute the term, "in condition as issued," for these numerical designations.
The following sample listing represents the market price structure of the 1936 Albany commemorative half dollar (issued in 1936 for $2 per coin):
1940 MS-63 to 64 $1.50
1945 MS-63 to 64 $3
1950 MS-63 to 64 $4
1955 MS-63 to 64 $18
1960 MS-63 $27
1965 MS-63 $55
1970 MS-63 $80
1975 MS-63 $150
1980 MS-63 $500
1985 MS-63 $400
1986 MS-60 $265, MS-63 $425, MS-64 $710, MS-65 $1,000
1990 (spring) MS-60 $305, MS-63 $340, MS-64 $520, MS-65 $1,150
1990 (December) MS-60 $245, MS-63 $280, MS-64 $340, MS-65 $675
As the Albany half dollar was issued in 1936, the next even five-year interval is 1940. Prices are given in MS-63 to MS-64 grade, representing the average condition in which a typical Uncirculated Albany half dollar was found at the time. After 1955 the average grade is lowered slightly to just MS-63, reflecting that by this time the typical Uncirculated Albany half dollar had received some numismatic handling and possibly had been dipped a few times.
Beginning for the year 1986, at which time grading interpretations were changed and from that time became more consistent, prices are given for several different grade levels. Each price represents approximately what an average Uncirculated coin cost when a knowledgeable buyer purchased it from a knowledgeable seller. Grading standards in use since 1986 have remained unchanged (more or less).
It is shown that a typical Albany half dollar cost $1.50 in 1940, $4 in 1950, $27 in 1960, $80 in 1970, $500 in 1980, and $400 in 1985. Under the new grading interpretations in 1986, an MS-63 coin (representing the typical grade of the issue) was worth $425, but now a lower grade MS-60 coin cost $265 whereas a measurably nicer MS-65 was valued at $1,000. By December 1990 an MS-60 coin cost $245, an MS-63 cost $280, an MS-64 $340, and an MS-65 $675.
Information comparable to the preceding is given for each of the various 19th and 20th century silver and gold commemorative issues.
Obverses and Reverses
Which is the obverse and which is the reverse? For some commemorative issues this has been a frequently debated question. On a 1935 Connecticut half dollar, is the Charter Oak side the obverse and the eagle side the reverse, as most texts have it, or is the Charter Oak on the reverse as Mint records indicate? For the 1935 Arkansas Centennial half dollar, records of the Mint call the portrait side the reverse and the eagle side the obverse, while correspondence involving the design, with the Commission of Fine Arts, gives the positions the other way around.
Perhaps one of the most egregious points of contention is the 1926 Oregon Trail half dollar. The husband and wife team of James Earle Fraser and Laura Gardin Fraser, who should be the final authority (in my opinion), designated the Indian side as the obverse and the Conestoga wagon side as the reverse. However, the Mint records state that the Conestoga wagon side is the obverse (possibly because that is where the date is located).
Who is right? Indeed, is there a right way and a wrong way?
An excellent discussion of the situation is found in Mike Fuljenz' s article, "Research in Mint Records Reveals Intended Obverses." (Numismatic Netos, September 9, 1986, p. 10.) The writer suggests that Mint records should be accepted as the final word. However, as noted, minutes of the Commission of Fine Arts, correspondence to and from the artists who designed the pieces, and popular numismatic practice are often different.
I hesitate to accept Mint records as gospel, for as relating to many areas of numismatics such records are inconsistent, incomplete, contradictory, or wrong. You can decide for yourself.
Mintage and Distribution Figures
For commemorative coins of the 19th century onward, through and including the 1982 George Washington half dollar, the Mint released mintage and melting figures for each issue. Beginning with the 1983-1984 Olympic commemorative coin programs, the Mint changed its policy.
Dr. Andrew Cosgarea, of the U.S. Mint, informed the author that from 1984 to date the Mint has issued only the distribution figures, and that no separate figures have been kept of total production. (Telephone conversation of March 20,1991.) Melting figures have been kept, but have not been released, for they are apt to be confusing to the public, as the numbers include not only commemorative coins minted for intended sale, but also rejected coins (mint errors) and defective planchets.
Current practice is to discontinue sales of a given commemorative issue at a fixed point in time, as mandated by Congress in the original legislation or as determined by the Mint. After that point, all excess coins are melted, except for about 2,000 to 5,000 pieces which are kept on hand for approximately one year to fill orders lost in the mail, to exchange for damaged or defective coins sent in for replacement, and to take care of other contingencies. Approximately one year after the final date for ordering, a tally is taken of the coins sold, and a net distribution number is released to the press and others. This number is "frozen" and is not revised later, although a small number of coins are kept on hand for any later contingencies and may be distributed. For example, in March 1991 Dr. Cosgarea estimated that 50 to 100 of each of the 1986 Statue of Liberty program coins were still on hand at the Mint for that purpose.
Accordingly, distribution figures given in the present text (or any other reference works) for commemoratives after 1982 reflect official figures as given by the Mint, but are not precise, as a small number of additional coins were subsequently issued in all instances.