Q. David Bowers
Hoards
Anthony Swiatek and Walter Breen, writing in 1980, related that a large hoard of 31,050 pieces of the 1935-S issue, a staggering quantity amounting to a significant percentage of the net coinage after melting, was retained by an official associated with the Exposition and was dispersed after 1966. This fact contradicts the statement made by Emil Klicka in 1936 that just 2,000 unsold examples of the 1935-S remained on hand (see Slabaugh, p. 105); the explanation is that vast quantities of the 1935-S half dollars had been transferred to an individual, as noted. An Analysis of Honesty in the Public Statements of Commemorative Issuers would be an excellent title for a research study. Just as absolute power is said to corrupt dictators and monarchs. exclusive distribution rights seemed to corrupt a number of commemorative distributors.
In the market of the 1970s and 1980s quantities of this particular coin changed hands from time to time, providing a rare opportunity for modem day collectors and dealers to acquire pieces which had been kept intact since the time of the Exposition.
Dwight Manley advised the author that beginning in the early 1980's a Southern California individual, whose grandfather had been associated with the Exposition and who had obtained them for face value, dispersed over 5,000 1935-S San Diego half dollars from a holding estimated at 10,000 and also sold his complete holding of 5,000 to 6,000 1936-D pieces. (Telephone conversation with the author, January 8, 1991.) The owner of the half dollars had retained them for many years and in the early 1980s had given some as Christmas presents to employees. The employees took them to San Diego area coin shops and sold the coins at prices from $20 to $100 or more. Eventually the owner leamed of Dwight Manley, and most, if not all, later transactions were handled through him. Many thousands of coins from the hoard were sent to PCGS, and most were assigned grades in the MS-64 and MS-65 categories.
Collecting San Diego Half Dollars Both the 1935-S and 1936-D issues were coined with deeply frosty and lustrous surfaces, giving them a very attractive appearance. The design made them susceptible to bagmarks and other evidences of handling, particularly on the figure of Minerva on the obverse, and most survivors, even in higher Mint State levels, show evidence of same.
GRADING SUMMARY: Check the bosom and knees of Minerva on the obverse and the high points of the building on the reverse for friction and/or handling marks. Minerva in particular usually displays some graininess or contact marks, even on coins given high numerical grades. Most coins are deeply lustrous and frosty. On the 1935 San Francisco coins the "S" mintmark is usually flat, and on the Denver coins the California Tower is often lightly struck at the top.
(Also see the following listing)
Commemorating: The California-Pacific International Exposition held in San Diego Obverse motif: Minerva seated (from California State Seal)
Reverse motif: Exposition buildings
Authorization date: May 3, 1935
Date on coins: 1935
Date when coins were actually minted: 1935
Mint used: San Francisco
Maximum quantity authorized: 250,000
Total quantity minted (including assay coins): 250,132
Assay coins (included in above): 132
Quantity melted: 180,000
Net number distributed (including assay coins): 70,132
Issued by: California-Pacific International Exposition Company, Balboa Park, San Diego, California (Emil Klicka, treasurer (Roy E. Hegg, secretary: Philip L. Gildred was managing director of the Exposition.))
Standard original packaging: Plain paper envelope; some mailed in plain multiple coin insert-type cardboard holders; some 1935-S coins mailed in folder-type holder for one coin (one version in white, with a silver-colored scene of Balboa Park buildings, royal blue velour interior); Christmas card with red poinsettias, red and green lettering, green velour interior, space for one coin
Official sale price: $1 (increased to $3 in 1937; dropped to $2 in 1938)
Designer of obverse and reverse: Robert L. Aitken
Interesting fact: The 180,000 melted 1935-S coins were recoined into 1936-D San Diego half dollars.
(average market prices)
1935 MS-63 $1.50
1936 (summer) MS-63 $2
1940 MS-63 $1.25
1945 MS-63 $2.25
1950 MS-63 $2
1955 MS-63 $5
1960 MS-63 $8
1965 MS-63 $16
1970 MS-63 $16
1975 MS-63 $38
1980 MS-63 $210
1985 MS-63 $160
1986 MS-60 $115, MS-63 $185, MS-64 $325, MS-65 $630
1990 (spring) MS-60 $115, MS-63 $125, MS-64 $160, MS-65 $360
1990 (December) MS-60 $93, MS-63 $105, MS-64 $120, MS-65 $225
Note: A large hoard amounting to thousands of coins came on the market in the late 1980s, depressing the price of Mint State coins.