Q. David Bowers
A Quick Sellout
In June 1928, 10,008 Hawaiian Sesquicentennial half dollars were struck at Philadelphia, the extra eight being reserved for assay. Of the production figure 50 were Sandblast Proofs, made by a special process which imparted a dull, grainy finish to the pieces, similar to that used on certain Mint medals of the era as well as on gold Proof coins circa 1908-1915. Collectors considered the surface style to be quite unsatisfactory, but those at the Mint believed it to be artistic.
Distribution began through the Bank of Hawaii, Ltd. in Honolulu on October 8, 1928. Sales were brisk, and soon the supply was gone, just as Bruce Cartwright, Jr. had predicted. It was intended that about half the pieces be reserved for residents of the Hawaiian Islands and the other half be distributed on the mainland, but in practice it is believed that most were distributed on the islands. Almost immediately pieces traded at a premium over the $2 issue price, despite the fact that the original price charged was the highest of any commemorative half dollar up to that time.
A quantity of these, variously estimated as being from 500 to 1,500 pieces, was said to have been purchased by investors and kept off the market. A hoard of 137 Hawaiian half dollars sold by Bowers and Merena Galleries at auction to the order of the Bank of Hawaii, Ltd. on January 23, 1986 represented specimens that had been set aside for the bank's employees. In 1928 the bank's president put one Hawaiian coin out with a card for the employees to sign if they wanted to purchase a coin for approximately $1 to $1.50. The displayed coin was stolen by an employee. The bank president was angry about this and locked up the remaining pieces, and they remained untouched in a vault for over a half century thereafter.
No controversy was associated with the authorization, the reason for creation, or the distribution of the 1928 Hawaiian Sesquicentennial half dollars, and the entire affair was a model of excellence. Many collectors wished that more had been struck, a radical departure from the over-supply of other issues of the decade, but perhaps this was balanced by the satisfaction of those who had the good fortune to obtain them at the $2 issue price and saw them rise steadily in value.
Collecting Hawaiian Half Dollars
By all standards the 1928 Hawaiian Sesquicentennial half dollar is the most important single silver commemorative type from the standpoint of scarcity of available specimens. Examples are elusive in all grades and are highly prized. Most Hawaiian commemoratives were produced with a somewhat satiny surface, rather than deep frosty lustre. Today the majority of examples are in the range of AU-50 to MS- 60 or slightly finer. As noted, most of the half dollars were distributed to citizens of the Hawaiian Islands and other members of the public rather than to numismatists. Relatively few coins were preserved with care. Pieces in higher Mint State levels of MS-63 or above are especially difficult to find.
GRADING SUMMARY: Most examples show contact or friction on the higher areas of Captain Cook's portrait on the obverse and on the legs of the Hawaiian chieftain on the reverse. Some coins have a somewhat satiny surface, whereas others are lustrous and frosty. Beware of coins which have been repeatedly dipped or cleaned. Problem-free examples are even rarer than the low mintage indicates.
Commemorating: 150th anniversary of Captain James Cook's landing in Hawaii
Obverse motif: Portrait of Captain Cook
Reverse motif: Standing Hawaiian chieftain
Authorization date: March 7, 1928
Dates on coins: 1928 (also 1778)
Date when coins were actually minted: 1928
Mint used: Philadelphia
Maximum quantity authorized: 10,000
Total quantity minted (including assay coins): 10,008
Assay coins (included in above): 8
Quantity melted: None
Net number distributed (including assay coins): 10,008
Issued by: Captain Cook Sesquicentennial Commission through the Bank of Hawaii, Ltd., Honolulu, Territory of Hawaii (The Captain Cook Sesquicentennial Commission, Edgar Henriques, executive secretary, was located in Room 308, McCandless Building, Honolulu. Commissioners were: Col. C.P. Iaukea (chairman), Dr. Herbert E. Gregory (vice chairman), Bishop H.B. Restarick, A.P. Taylor, and Bruce Cartwright, Jr.)
Standard original packaging: Paper coin envelope; five-coin cardboard holders of the insert type; Matte Proofs were issued in plush cases accompanied by a letter from Edgar Enriques, executive secretary of the Commission
Official sale price: $ 2
Designer of obverse and reverse: Juliette May Fraser (models prepared by Chester Beach) Interesting facts: $2 was the highest issue price for any commemorative half dollar up to this time; most were distributed in the Hawaiian Islands.
(average market prices)
1930 MS-63 $8
1935 MS-63 $8
1936 (summer) MS-63 $12
1940 MS-63 $10
1945 MS-63 $30
1950 MS-63 $30
1955 MS-60 to 63 $95
1960 MS-60 to 63 $480
1965 MS-60 to 63 $575
1970 MS-60 to 63 $475
1975 MS-60 to 63 $950
1980 MS-60 to 63 $4,500
1985 MS-60 to 63 $1,750
1986 MS-60 $1,100, MS-63 $1,800, MS-64 $3,000, MS-65 $5,750
1990 (spring) MS-60 $825, MS-63 $1,800, MS-64 $3,250, MS-65 $10,500
1990 (December) MS-60 $725, MS-63 $1,600, MS-64 $2,700, MS-65 $6,500