Q. David Bowers
Writing in 1937, B. Max Mehl commented: (In Commemorative Coins Of the United States, p. 46.) "A great to-do was made by the commission about their sale and about the limitations that were to be placed on their distribution. But apparently collectors did not fall all over themselves to buy the coins at $2 each, and some months after their issue, the coins were still being offered by the commission at their regular issue price."
The committee continued offering Albany half dollars for six more years. At one time Abe Kosoff was given the opportunity to purchase the entire remaining stock for just $50 above face value for the lot but could find no takers! In 1943 some 7342 unsold, unwanted coins were sent to the Philadelphia Mint and melted. However, quantities still remained on hand. Les Zeller advised the author that circa 1954 it became known that the State Bank of Albany had between 1,600 and 2,400 undistributed pieces in its vaults and was willing to sell them for the issue price of $2 each. (Conversation with the author, April 15, 1991.) Jacob Cheris, Charles French, Dr. Kenneth Sartoris, and other local dealers and collectors quickly purchased the entire supply.
Collecting Albany Half Dollars
The design of the Albany half dollar has always been considered pleasing by numismatists, and the issue has always ranked high on the popularity list of coins from the era.
Most specimens in collections today are deeply lustrous and well struck. No scandals or problems were ever associated with the issue, and it stands as a good example of a distribution that was pleasing to the numismatic community. Albany half dollars are readily available on the market, with typical grades being from MS-60 to MS-64.
GRADING SUMMARY: The hip of the beaver on the obverse is the first and most obvious area for friction and contact marks, and nearly all coins show at least some minor evidence of contact at this point. On the reverse scattered marks are often seen, especially on the sleeve of the figure on the left. This issue was fairly carefully handled, and most examples are relatively free of marks in the fields. Most specimens are lustrous and frosty, although the frost has satinlike aspects.
Commemorating: 250th anniversary of the charter of Albany, New York
Obverse motif: Beaver
Reverse motif: Three standing historical figures
Authorization date: June 16, 1936
Dates on coins: 1936 (also 1614 and 1686)
Date when coins were actually minted: 1936
Mint used: Philadelphia
Maximum quantity authorized: 25,000
Total quantity minted (including assay coins): 25,013
Assay coins (included in above): 13
Quantity melted: 7,342
Net number distributed (including assay coins): 17,671
Issued by: Albany Dongan Charter Coin Committee; (A branch of the Mayor Thacher 250th Charter Celebration Committee (William E. Fitzsimmons, chairman; Mrs. Irene E. Scott, secretary, 246 Lark Street, Albany)) 60 State Street, Albany, New York (W.L. Gillespie, chairman)
Standard original packaging: Cardboard coin holder with spaces to accommodate five coins; with imprinted cover; additionally, white box with blue velour interior, printed in blue on top of box cover, and red box with red velour interior, printed in white on top of box cover. No hinges on either type of box. Imprint is "The National Commercial Bank and Trust Company of Albany," with coat of arms.
Official sale price: $2 postpaid
Designer of obverse and reverse: Gertrude K. Lathrop
Interesting fact: This is one of many commemorative half dollars issued to observe an event of strictly local significance, in this case the anniversary of the granting of a city charter.