Q. David Bowers
Distribution
In April 1937 the Philadelphia Mintstruck 25,015 1938-dated New Rochelle commemorative half dollars, which were turned over to the First National Bank of New Rochelle, for the government felt that issuing such pieces through the Westchester County Coin Club would set an unfavorable precedent (although it is hard to see how this could have been worse than selling 1935 Old Spanish Trail and 1936 Elgin coins to coin dealer L.W. Hoffecker or shipping the entire production of 1936 Cincinnati halves to numismatist Thomas G. Melish).
In addition to pieces sold locally through banks and elsewhere for $2 each, the New Rochelle Commemorative Coin Committee filled mail orders from an office at 20 Summit Avenue in New Rochelle. Advertisements offered one coin for $2.18, two coins for $4.21, and five coins for $10.27, the odd amounts being reimbursement for postage and insurance.
The New Rochelle half dollars sold fairly well, considering the depressed market of the era. While citizens of New Rochelle undoubtedly purchased numerous examples, the main market consisted of collectors and dealers. When all was said and done, 9,749 remainder coins were melted. Just prior to this some members of the Westchester Coin Club purchased hundreds of unsold coins for face value. Skipton later noted. (Letter from Pitt M. Skipton to Abner Kreisberg, Beverly Hills, California, April 30, 1953. Bowers and Merena Galleries Reference Collection.) "Please be advised that the unsold balance of the New Rochelle half dollars was returned to the Mint for melting in the early summer of 1938, and the Coin Committee disbanded at that time."
Collecting New Rochelle Half Dollars
New Rochelle half dollars received better than average care and handling during the minting and distribution process. Today the typical coin is apt to be in Mint State, usually MS-63 or higher. The majority of pieces have lustrous, frosty surfaces, but occasionally an example with a partial prooflike surface is encountered (these are sometimes offered as "presentation pieces").
GRADING SUMMARY: Some examples show very light handling marks, but most are relatively problem-free. Some show areas of graininess or light striking on the high spots of the calf on the obverse and on the highest area of the iris on the reverse.
Commemorating: 250th anniversary of the founding of New Rochelle, New York
Obverse motif: John Pell and fatted calf
Reverse motif: Fleur-de-lis
Authorization date: May 5, 1936
Dates on coins: 1938 (also 1688 and 1899)
Date when coins were actually minted: 1937
Mint used: Philadelphia
Maximum quantity authorized: 25,000
Total quantity minted (including assay coins: 25,015
Assay coins (included in above): 15
Quantity melted: 9,749
Net number distributed (including assay coins): 15,266
Issued by: New Rochelle Commemorative Coin Committee (P.O. Box 202; street address: 20 Summit Avenue, Pitt M. Skipton, chairman) through the First National Bank of New Rochelle, New Rochelle, New York.
Standard original packaging: Paper envelope; one-, two-, five-, and 10-coin holders imprinted on the front, back, and left side of the interior; presentation coins placed in special boxes with glossy red, gold, and black New Rochelle 250th anniversary seal glued on top
Official sale price: $2 ($2.18 by mail; 5 for $10.27 by mail; other discounts for larger quantities)
Designer of obverse and reverse: Gertrude K. Lathrop
Interesting facts: These coins were struck in 1937, a year before the date appearing on them; this was an issue sponsored by a coin club.
(average market prices)
1940 MS-64 to 65 $1.75
1945 MS-64 to 65 $4
1950 MS-64 to 65 $6
1955 MS-64 to 65 $20
1960 MS-63 to 64 $35
1965 MS-63 to 64 $75
1970 MS-63 to 64 $67
1975 MS-63 to 64 $185
1980 MS-63 to 64 $850
1985 MS-63 to 64 $500
1986 MS-60 $435, MS-63 $510, MS-64 $800, MS-65 $1,450
1990 (spring) MS-60 $405, MS-63 $440, MS-64 $520, MS-65 $1,025
1990 (December) MS-60 $340, MS-63 $390, MS-64 $455, MS-65 $650