Q. David Bowers
Selling the Coins
Anticipating an enthusiastic reception, the Association caused the Mint to strike 1,000,528 half dollars during the months of May and June, 1926, beginning with an inaugural striking ceremony on May 19th, when Philadelphia Mayor Kendrick produced the first coin. Relatively few people cared to part with the required $1 to purchase a commemorative half dollar (or $4 for a quarter eagle). When all was said and done, the staggering quantity of 859,408 half dollars went back to the Mint to be melted! (A letter from Secretary of the Treasury Andrew W. Mellon to Hon. Randolph Perkins, chairman of the House Committee on Coinage, Weights and Measures, January 31, 1930, states that by that date 420,000 had been returned for melting (more were returned later).) Of the original mintage of half dollars, only 140,592 pieces were distributed.
B. Max Mehl had this to say about the issue: (In Commemorative Coins of the United States, 1937, p. 21.) "Personally, I think it is one of the poorest designed and struck coins of the entire series .... The number of coins sold of this issue is indicative of rather poor salesmanship. Philadelphia with a population of over 2,000,000 people, and so-called World's Fair (which was almost finished just before it closed), should and could have disposed of a greater number of coins."
Collecting Sesquicentennial Half Dollars
Today 1926 Sesquicentennial of American Independence half dollars are plentiful in numismatic Circles. Most extant examples are in grades ranging from AU-50 to MS-60, and many have been cleaned or lightly polished.
As noted, the relief of the designs is very ... unsatisfactory, and even the finest preserved pieces lack detail and appear flat, usually with graininess (from surface characteristics of the Original planchet) on the cheek of Washington. From the standpoint of aesthetic appeal the coin is at the bottom of the popularity charts along with the 1923-S Monroe half dollar among half dollars produced up to this point in time.
Of course; today the 1926 Sesquicentennial half dollars are interesting to collect, for they have their own story to tell. Although the flatness of the designs may bring no admiring glances, the pieces are certainly distinctive as part of a commemorative half dollar collection.
GRADING SUMMARY: This low-relief coin, like the 1923-S Monroe, is best forgotten if you are a connoisseur; but, as you need one for your set, your best bet is to wince and settle for an average coin, which will nearly always show graininess on Washington's cheek. Light handling marks (but not as many as you might think) may also be present. Most have incomplete mint lustre. Avoid cleaned and/or lightly polished coins, which are common. The grading evaluation of a given Mint State specimen, particularly in the range of MS- 64 or finer, is apt to vary widely from grader to grader.
Commemorating: 150th anniversary of American independence
Obverse motif: Portraits of presidents Washington and Coolidge
Reverse motif: Liberty Bell
Authorization date: March 3, 1925
Dates on coins: 1926 (also 1776)
Date when coins were actually minted: 1926
Mint used: Philadelphia
Maximum quantity authorized: 1,000,000
Total quantity minted (including assay coins): 1,000,528
Assay coins (included in above): 528
Quantity melted: 859,408
Net number distributed (including assay coins): 141,120
Issued by: National Sesquicentennial Exhibition Association, Philadelphia, Pennsylvania; some through the Franklin Trust Company, Philadelphia
Standard original packaging: Envelope issued by the Franklin Trust Co., with blue imprint, "Official Sesqui Centennial Coins," and circle in center reading "At Your Service Day and Night," and other lettering
Official sale price: $1
Designers of obverse and reverse: John R. Sinnock from sketches by John Frederick Lewis Interesting facts: Calvin Coolidge's portrait on this coin was of a living man, an unusual situation (with counterparts on the 1921 Alabama, 1936 Robinson, and 1936 Lynchburg half dollars); the vast majority of Sesquicentennial half dollars went to the melting pot.
(average market prices)
1930 MS-60 to 63 $1.25
1935 MS-60 to 63 $1.50
1936 (summer) MS-60 to 63 $2 1940 MS-60 to 63 $1.25
1945 MS-60 to 63 $2
1950 MS-60 to 63 $2.50
1955 MS-60 to 63 $7
1960 MS-60 to 63 $10
1965 MS-60 to 63 $14
1970 MS-60 to 63 $16
1975 MS-60 to 63 $40
1980 MS-60 to 63 $220
1985 Ms-60 to 63 $125
1986 MS-60 $50, MS-63 $125, MS-64 $950, MS-65 $2,100
1990 (spring) MS-60 $62, MS-63 $280, MS-64 $1,650, MS-65 $14,500
1990 (December) MS-60 $62, MS-63 $145, MS-64 $625, MS-65 $8,000