Q. David Bowers
The Continuing Story of Commemoratives
In 1929 various proposals were made to issue commemorative coins to celebrate the 125th anniversary of the Lewis and Clark expedition, the 300th anniversary of the founding of the Massachusetts Bay Colony, and the 250th anniversary of the founding of Trenton, New Jersey-all of which legislative efforts were unsuccessful. In 1930 the idea of a $1.50 gold coin arose again in an issue to observe the discovery of anesthesia, whereas another proposal suggested that $3 gold pieces be made for the Washington Bicentennial.
During the late 1920s much effort was expended by coin dealer L.W. Hoffecker and others to authorize a half dollar observing the 100th anniversary of the Gadsden Purchase, and in April 1930 an appropriate bill was passed but was vetoed by President Hoover, who during his administration was not inclined toward new commemorative issues of any kind. Hoover's negative attitude was said by observers to have been based upon the wasteful process of minting large numbers of commemoratives and melting them that had occurred following the striking of coins for the 1926 Sesquicentennial of American Independence and the problems surrounding the Oregon Trail issues. On April 20, 1930, President Herbert Hoover gave the following message in connection with his rejection of the proposal for the Gadsden Purchase issue, sounding the death knell for commemorative coins during the Hoover administration:
"To the House of Representatives: Herewith is returned, without approval, H.R. 2029 .... This bill provides that in commemoration of the 75th anniversary of the acquisition by the United States of the territory known as the Gadsden Purchase, there shall be coined in the mints of the United States 50-cent pieces to the number of 10,000, to be of a design fixed by the Director of the Mint and approved by the secretary of the Treasury. The coins are to be legal tender and are to be issued only upon the request of the Gadsden Purchase Coin Committee, in such numbers and at such times as they shall request.
"The matter is not perhaps one of large importance in itself, were it not for the fact of the great number of other similar proposals by the aggregate of which the principles of sound coinage are being jeopardized. Moreover, the multiplicity of these demands have largely destroyed their interest and value for the purposes intended. During the past 10 years 15 such special coins have been issued, an average of one each eight months, an aggregate of over 13,000,000 such coins having been authorized. There are now pending before Congress five other bills for such coinage, and before the Treasury Department several other requests for support to proposals of the same character.
"The monetary system of the country is created and exists for certain well-defined and essential purposes. Sound practice demands that it should not be diverted to other uses, if we are best to serve the needs of trade and commerce, satisfy the convenience of the people and protect the integrity of our coins. Experience has demonstrated that the necessities and convenience of the people can best be served and the integrity of our coins can only be protected from counterfeiting by limiting the number of designs with which in the course of time the public can become thoroughly familiar. Indeed, the Congress itself has recognized the soundness of this principle by providing that 'No change in the design or die of any coin shall be made oftener than once in 25 years from and including the year of the first adoption of the design, model, die, or hub from the same coin. (During the Hoover administration this principle would be violated in 1932, when the Standing Liberty quarter dollar, minted only since 1916 and not yet for a span of 25 years, was discontinued in favor of the 1932 Washington quarter.)
"The growing practice of issuing commemorative coins, incidentally to be sold at a profit and provide funds for projects or celebrations, appears to me to run counter to this principle and by their multiplicity to have become a misuse of our coinage system. These coins do not serve as a circulating medium, which is the real function of coins. They introduce an element of confusion and lack of uniformity. The danger of counterfeit coins being successfully passed is unquestionably increased by a multiplicity of designs, with which the public can not become thoroughly familiar. Furthermore, the very premiums at which these coins are sold stimulate counterfeiting of them. (At this point in time there had been no problem of any kind involving the counterfeiting of commemorative coins. President Hoover was incorrect.)
"There are a great many historical events which it is not only highly proper but desirable to commemorate in a suitable way, but the longer use of our coins for this purpose is unsuitable and unwise. This would seem to be clear from the very number of events to be commemorated, and past experience indicates how difficult it is to draw the line and how such a practice, once it is recognized, tends constantly to grow. If this bill is to become law, it is not apparent on what grounds similar measures, no matter how numerous, may be rejected. Yet their enactment in such numbers must bring further confusion to our monetary system. The government would be glad to assist such celebrations in the creation of appropriate medals which do not have coinage functions.
"Herbert Hoover
"The White House, April 20, 1930."
The entire list of commemoratives that might have been but weren't is a long one, and perhaps collectors can be grateful today that they do not have to payout money to complete their collections by adding even more pieces commemorating, for the most part, anniversaries and observances of relatively obscure or forgotten situations.
Following the election of Franklin Delano Roosevelt in 1932 and his inauguration in 1933, the floodgates were opened. Roosevelt himself was a collector, and although his specialty was stamps, he was fully aware of the coin hobby as well. The sequence of Oregon Trail half dollars, last coined in 1928 and not produced during the Hoover administration, was resumed in 1933, and in 1934-1935 other commemorative series were launched.
(During the Hoover administration this principle would be violated in 1932, when the Standing Liberty quarter dollar, minted only since 1916 and not yet for a span of 25 years, was discontinued in favor of the 1932 Washington quarter.)