Q. David Bowers
"The provision for this souvenir coin in the appropriation recently made by Congress for the Board of Lady Managers was intended by the national legislature to mark two important events: the aid given by Queen Isabella of Spain to Columbus in the furtherance of his voyage of discovery; and also emphasis of the fact that for the first time in the history of the world, special provision has been made by the United States Congress for the adequate participation of women in a great international enterprise. (This is a commentary on Susan B. Anthony's complaint to Congress that the 1876 Centennial Exhibition held in Philadelphia generally ignored women.) The board has received several offers of $40,000 for the first 4,000 coins, in addition to special bids made for the first coin issued."
The American Journal of Numismatics, April 1893, gave an optimistic view of impending sales of the Isabella quarter: "It was reported that at the Woman's Building at the fair in Chicago in 1893 orders for lots from 10 to 500 are being received every day. As there are to be only 40,000 of these coins, the prospect is that most of them will be disposed of before the first one is issued by the Mint.... But as the present demand indicates that the limited supply will be quite insufficient, and as no definite price has yet been fixed, it is possible that the coins will be sold for more than $1. It is the desire of a large number of the Board of Lady Managers to make provision for a memorial of some sort which shall be of permanent value to women when the World's Fair is over, and it is more than probable that the amount made by the sale of the Isabella coins will be devoted to this purpose. (The Woman's Building was dedicated on May 1, 1893. Member> of the Board of Lady Managers included Mrs. Potter Palmer, Miss Catharine L. Miner, Mrs. John N. Logan, Mrs. Martha B. Stevens, Mrs. William Reed, Mrs. Margaret Blaine Saulsbury, and Mrs. Richard J. Ogelsby. Mrs. Susan G. Cooke was secretary.)
Production and Distribution
Production of the Isabella quarter dollars began at the Philadelphia Mint on June 13, 1893. The 1st, 400th, 1492nd, and 1892nd strikings were reserved with certificates, and the same were sent to the Board of Lady Managers in Chicago. Unlike the Columbian half dollars, the Isabella quarters seem to have been handled with a degree of care at the Mint, for contact marks and abrasions were minimal on specimens delivered to the distributor. At the Exposition they were offered for sale for $1 each.
A contemporary account related that on July 31, 1893 the Board of Lady Managers voted "to establish a building fund for the erection of a permanent structure commemorative of the work of woman at the World's Fair. (The Book ofthe Fair, Bancroft, 1893, p. 303. Mrs. Palmer's husband added a pledge of$200,000 to the building project, provided that a suitable site could be found.) The same narrative envisioned a sellout of the coins: "It was agreed to reserve as a nucleus for the fund the premium realized from the sale of the Isabella souvenir coins, amounting to $30,000, and to this sum Mrs. Potter Palmer added her salary, amounting to $9,000."
The 1893 Isabella commemorative quarter dollars received virtually no attention from the public and were lost in the shadow of the Columbian half dollar controversy. At the World's Columbian Exposition itself, relatively few were purchased, probably because they represented less of a "good buy" at the dollar price demanded, for someone cou1d buy a Columbian half dollar-a coin of twice the face value-for the same amount. While Columbian half dollars were sold through exhibits at several places at the fair, the only notable exhibit of Isabella quarters was in the Woman's Building.
Writing in The Numismatist in May 1923 dealer Thomas L. Elder commented: "I bought 1,000 Isabella quarter dollars from the Exposition Committee once for 40 cents each, and many others at 45 cents." B. Max Mehl, the Texas dealer who became a prominent factor in the commemorative coin resale market after about 1915, wrote the following about Isabella quarters in his 1937 monograph, The Commemorative Coins of the United States: "A great percentage of this number was purchased by a prominent member of the Board of Lady Managers and were afterwards released as the demand required. I well remember that these coins were obtained from the late Mr. Stevens (During the 1890. Stevens & Co., located at 69 Dearborn Street, Chicago, was an active dealer in a city well known for its numismatic proclivities (the American Numismatic Association was founded there in 1891 among other things). Offered for sale for 10¢ was a 32-page coin buying list. Later Stevens moved to 143 Dearborn Street in the same city. In 1912 he offered a 64-page coin booklet for 15 ¢.) of Chicago at 50¢ or 60¢ each in lots of 100 or more until about 10 or 12 years ago."
The "prominent member" was Mrs. Potter Palmer, and the quantity of Isabella quarters she sequestered was about 10,000, an incredible number.
Possibly as many as 15,000 Isabella quarters were sold at the Exposition and by mail to collectors and dealers in 1893, a miniscule quantity compared to the Columbian half dollar coins distributed. The biggest buyer is believed to have been the Scott Stamp & Coin Company, which purchased several thousand Isabella quarters late in the year 1893.
After the fair ended and a quantity had been disposed of to Scott, the Board of Lady Managers still had about 25,000 un-sold pieces on hand, and, as noted, 10,000 of these were bought for face value by Mrs. Potter Palmer and several of her friends and were parceled out through coin dealers and others through the mid-1920s. Returned to the Mint for remelting were 15,809 unwanted coins.
Collecting Isabella Quarters
Unlike their half dollar counterparts, Isabella quarters were never released into circulation. For more than 10 years after-ward the value on the collectors' market did not fall Significantly below the issue price of one dollar; thus numismatists continued to hold them in high esteem (until the 1910-1920 decade, at which time they were readily available in dealers' stocks for as low as 65¢ each). Immediately after the Exposition closed a steady market for Isabella quarter dollars ensued, quite unlike that for the Columbian half dollars issued in connection with the same event. Those who possessed unsold remainders were careful to sell them in modest quantities over a period of time without disturbing the price structure.
By 1896 an Isabella quarter had appreciated in value 50% and was fetching $1.50, prompting a contributor to The Numismatist to observe: "The Columbian quarter-dollar is already worth $1.50. A decade hence a specimen of this coin is likely to fetch $10." Unfortunately for those reading this investment prediction, it turned out that over a half century would elapse before the Isabella quarter would cross the $10 mark! However, in the next following half century, the Isabella quarter would rise to over $1,000 in value.
Today nearly all known Isabella quarters are in Mint State, although some show friction from evidence of mishandling by those who purchased them as souvenirs. Very few specimens show actual wear. Most are very well struck. The issue has always been very popular with the collecting fraternity.
Isabella quarters are significant as the only commemorative coins of the 25-cent denomination (although it should be noted that the 1932 Washington quarter dollars were originally intended to be commemoratives, but it was decided to use the motif as a general issue to replace the Standing Liberty quarters which had been in circulation since 1916).
GRADING SUMMARY: Lower grade Mint State coins often display friction or marks on Isabella's cheek and lower part of the crown on the obverse, and on the reverse on the curved strand of fiber crossing the woman's thigh. In addition, contact marks are evident in the fields, particularly the left obverse field. Isabella quarters were handled with care at the time of issue, and most are relatively problem free today.