Q.David Bowers
In the latter year Theodore Roosevelt commissioned Saint-Gaudens to do his inauguration medal. Pleased with the result, Roosevelt began a correspondence with the sculptor with the view in mind of improving the designs of the national coinage. A letter from Roosevelt dated November 6, 1905, notes:
How is the gold coinage design coming along? I want to make a suggestion. It seems to me to be worthwhile to try for really good coinage; though I suppose there will be a revolt about it. I was looking up some gold coins of Alexander the Great today, and I was struck by their high relief. Would it be well to have our coins in high relief, and also to have the rims raised? The point of having the rim raised would be, of course, to protect the figure of the coins; and if we have the figures in high relief, like the figures on the old Greek coins, they will surely last longer. What do you think of this?
Saint-Gaudens reply is quoted in part:
You have hit the nail on the head with regard to the coinage. Of course the great coins (and you might say the only coins) are the Greek ones you speak of, just as the great medals are those of the fifteenth century by Pisani and Sperandie, Nothing would please me more than to make the attempt in the direction of the heads of Alexander, but the authorities on modern monetary requirements would I fear "throw fits" to speak emphatically if the thing were done now. It would be great if it could be accomplished and I do not see what the objection would be if the edges were high enough to prevent the rubbing. Perhaps an inquiry from you would not receive the antagonistic reply from those who have the say in such matters that would certainly be made to me.
Up to the present I have done no work on the actual models for the coins, but I have made sketches, and the matter is constantly in my mind. I have about determined on the composition of one side, which would contain an eagle very much like the one I placed on your medal with a modification that would be advantageous; on the other side some kind of a (possibly winged) figure of Liberty striding forward as if on a mountain top, holding aloft on one arm a shield bearing the stars and stripes with the word Liberty marked across the field; in the other hand perhaps a flaming torch, the drapery would be flowing in the breeze. My idea would be to make it a living thing and typical of progress.
Tell me frankly what you think of this and what your ideas may be. I remember you spoke of the head of an Indian; of course that is always a superb thing to do, but would it be a sufficiently clear emblem of Liberty as required by the law?
Correspondence continued, and Saint-Gaudens developed models for the $10 and $20 coins, working with his assistant Henry Hering, because of his own failing health.
Subsequently the Saint-Gaudens design, bearing on the obverse the walking figure of Liberty holding a torch, and on the reverse a £lying eagle, made its appearance. The relief was very high, almost sculptured in appearance. The date 1907 appeared in Roman numerals as MCMVII. Immediately great problems occurred with striking. It was found that three blows of the press were necessary in order to bring the relief up to the required sharpness. Realizing that the design was unacceptable for high speed coinage production, Mint officials decided to strike a limited number and then modify the design.
Accordingly, 11,250 of the high relief, Roman numerals design were made. The Saint-Gaudens design was then changed to a shallow relief. The Roman numeral date, which caused confusion with the public, was dropped. As was the case with the first Saint-Gaudens eagles, IN GOD WE TRUST was omitted in reference to President Roosevelt's personal preferences. In 1908 Congress restored the motto.
Coinage of Saint-Gaudens double eagles continued through 1933. Most issues of the 1920s and 1930s did not circulate but were kept in Treasury vaults or were shipped overseas in payment for international transactions. Following the recall of gold coins in 1933 and their subsequent melting, it was learned that many issues of the 1920s and 1930s, despite high mintages, were rare. After World War II, Switzerland, Argentina, and other countries released large quantities of double eagles and other American gold coins from their vaults, thereby providing a supply for collectors.
Many numismatists today consider Saint-Gaudens' MCMVII design to be the most beautiful ever used on a regularly circulated American coinage.
United States Commemorative Coins
In 1824, when Lafayette, French hero of the American Revolution, returned to America for a visit, numerous United States coins (particularly cents and half dollars) were counters tamped in the center by small medal dies depicting on one side Washington and on the other Lafayette. While not of official origin, these commemorative issues did mark a special occasion and circulated to a wide extent.
In 1848, when the first official deposits of gold from the California discoveries at Sutter's Mill was brought to the Mint, an estimated 1,389 quarter eagles, being the smallest gold denomination in use at that time, were struck as commemorative pieces with the distinguishing countermark CAL. on the reverse of each to distinguish them. These became the first commemorative coins to be officially issued by a United States Mint.
While many countries in Europe and other parts of the globe issued commemorative coins centuries earlier, the first United States pieces of this nature to be specifically distributed in quantity to the public were those made in 1892 and 1893 in connection with the World's Columbian Exposition. From 1892 until 1954, 48 different design types of commemorative half dollars were issued. Including mintmark varieties and minor variations, 142 different types were made. In addition, the 1893 Isabella quarter dollar, 1900 Lafayette silver dollar, and over a dozen varieties of commemorative gold coins were produced.
For the World's Columbian Exposition held in Chicago in 1893, several different commemorative issues were made. The first was the 1892 half dollar, the obverse of which was designed by Charles E. Barber, and the reverse by George T. Morgan. Although the pieces were offered to the public for $1 each, many remained in Treasury vaults and were subsequently released into circulation at face value. As a publicity stunt the Remington Typewriter Co. paid $10,000 for the first 1892 Columbian half dollar struck.
At the Exposition itself a large model of the United States Treasury Building composed of Columbian commemorative half dollars was placed in the entrance to the Administration Building for the public to see. In the Liberal Arts Building nearby was another model made from Columbian half dollars, a 20-foot high shaft.
Vast quantities of Columbian half dollars were coined. In 1895 the Treasury Department announced that 3,600,000 pieces dated 1892 and 1893 were still remaining in its hands. Many of these were subsequently melted. The total released into circulation or sold to visitors at the Exposition comprised 950,000 of the 1892 issue and 1,548,300 of the 1893.