Q. David Bowers
"But, ah! the reverse-can it really be the devil himself? Be still, my troubled heart, 'tis only the captain of the great Half Moon jauntily sporting his workaday clothes! Caught, too, in the very act of administering the coup-de-grace to the poor sucker that was snared in his trap. Another unsuspecting sucker may be seen nearby awaiting his turn and blowing his trumpet in anticipation of what he believes to be his great moment. Above may be seen the motto we all hope may come to pass. May the distributors of the coin reap both the honor and the reward (et decus et pretium) demanded by their righteous action (recti)."
Collectors finished last in the Hudson half dollar folly, a harbinger of other things to come within the next half year, particularly the phony distribution toward the end of the year of the 1935 with "small 1934" Boone half dollars by C. Frank Dunn in Lexington, Kentucky. No set of commemorative half dollars was complete without a Hudson, so collectors gritted their teeth and paid the going price, resolving to order future issues of other series as early as possible, so as to avoid disappointment and the possibility of higher prices.
It is probably the case that most speculative holdings of Hudson half dollars were dispersed before the market for commemorative coins crashed in the summer of 1936, for only a few scattered groups-not amounting to many coins-are known to have come on the market in later years.
Collecting Hudson Half Dollars
As was true of most other commemorative series at the time, Hudson half dollars were struck at high speed and with little care to preserve them, with the result that by the time they were originally distributed the majority of pieces showed nicks, contact marks, and other evidences of handling. Today most known pieces are in the lower Mint State levels, with MS-60 to MS-63 being typical. MS-65 coins are rare. The popularity of Hudson half dollars continues unabated, as they remain a necessity for the completion of a commemorative set. The controversy surrounding the circumstances of distribution of the coins in 1935 has long since been forgotten.
It should benoted that there are three commemorative half dollar issues which each have a mintage of 10,008 coins and which were produced in only a single variety (without mintmarks or other variations). These are the 1928 Hawaiian, the 1935 Hudson, and the1935 Old Spanish Trail. Most of the Hawaiian pieces were distributed on the islands of Hawaii and did not reach numismatic circles, with the result that today pieces of the Hawaiian coinage, particularly examples in Mint State, are far rarer than the Hudson and Old Spanish Trail issues of 1935, the latter two of which were sold nearly in their entirety to collectors. Of the two 1935 issues the Hudsons are the scarcer and are apt to be found in lower average condition than the Old Spanish Trail coins.
GRADING SUMMARY: On the ship side on the center sail and on the whale/mermaid side on the figure of Neptune you will usually see evidence of contact and/or light striking. In addition, the typical specimen will show scattered contact marks overall. This issue was neither struck with nor handled with care at the Mint. Most coins are lustrous and frosty except on the central devices.
Commemorating: 150th anniversary of the founding of Hudson, New York
Obverse motif: Half Moon ship
Reverse motif: Neptune on whale (from city seal)
Authorization date: May 2, 1935
Dates on coins: 1935 (also 1785)
Date when coins were actually minted: 1935
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: Hudson Sesquicentennial Committee (Tristram Coffin, general chairman) through the First National Bank & Trust Company of Hudson, New York (John R. Evans represented the Committee in correspondence)
Standard original packaging: Mailed in kraft paper First National Bank & Trust Company envelope. Coin(s) mounted in a plain cardboard six-coin holder (5 1/2" x 3 3/8") with plain blue paper backing.
Official sale price: $1
Designer of obverse and reverse: Chester Beach
Interesting facts: Few coins were available to the public at the issue price of $1; the distribution of the issue was widely criticized.
(average market prices)
1935 MS-63 $6
1936 (summer) MS-63 $9
1940 MS-63 $5.50
1945 MS-63 $15
1950 MS-63 $15
1955 MS-63 $55
1960 MS-60 to 63 $100
1965 MS-60 to 63 $275
1970 MS-60 to 63 $250
1975 MS-60 to 63 $500
1980 MS-60 to 63 $1,700
1985 MS-60 to 63 $1,050
1986 MS-60 $580, MS-63 $920, MS-64 $1,600, MS-65 $3,100
1990 (spring) MS-60 $480, MS-63 $720, MS-64 $1,500, MS-65 $4,500
1990 (December) MS-60 $410, MS-63 $440, MS-64 $800, MS-65 $2,300
Notes: The general unavailability of this coin at the $1 issue price-and the need to pay dealers $5, $6, or even more to obtain a specimen-sowed the seeds for the commemorative boom that was to begin in earnest in the autumn when the 1935-D and S Boone coins with "small 1934" were offered for sale but were "sold out" before many could buy them (see earlier commentary in the present text). For several decades the market priced 1935 Hudson half dollars higher than the 1935 Old Spanish Trail half dollars of similar mintage, but in recent times the price positions of the two coins have been reversed.