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Commemorative half dollars, in particular, became very popular. Commemoratives first started in 1892 with the minting of the Columbus half dollar to honor the 400th anniversary of Columbus’s voyage to the New World and the opening of Chicago’s World’s Fair. The 1920s and 1930s saw the issuance of a variety of commemoratives such as Long Island, Daniel Boone and Pilgrim coinage. No coins were struck during 1940-1945, mainly as a result of World War II. From 1946 through 1954, however, the 1946 Iowa Centennial; 1946–1951 Booker T. Washington, and the 1951–1954 Washington/Carver were issued.
After a long hiatus, the commemorative series began anew in 1982 with the Washington Silver Half Dollar, minted to celebrate the 250th anniversary of Washington's birth. They were issued for collectors only. Understandably, this coin did not circulate since its issuance price and silver content substantially exceeded its face value. Indeed, after 1964, all silver was removed from dimes, quarters and half dollars issued for general circulation. The lone exception was the 1965–1970 Kennedy halves, which contained a mere fraction of the silver previously used. Today, commemorative half dollars have essentially been replaced by larger denominations, many struck in gold. A popular series now underway is the “First Spouse” $10 gold coins that began in 2007 with Martha Washington’s portrait. Containing one-half ounce of gold, it obviously was not intended to circulate as a medium of monetary exchange.
These two sentences don't make sense together. The second half of the twentieth century showed great interest for the fifty-cent piece because of the tragic death of President John Kennedy in 1963. This allowed for the easy and inexpensive assemblage of a complete set of Franklin Half Dollars, 1948–1963. It was also the introduction of the Kennedy halves in 1964, still in use today. One of the advantages of collecting either series is that there are no rarities to prevent completion. Except for about five or six $50–$100 coins in the Franklin series, most can be purchased in Choice Uncirculated condition for under $25, mainly depending on the price of silver bullion. The Kennedy series is usually valued at $5–$10. With the advent of third-party graded coins (encapsulated in tamper-proof holders), a means of putting together a “finest known” set has been established. This applies to all coins, although easily collectible series of coins such as Franklin halves, have been the ones most affected. A common date, such as 1953-S, will usually sell for $40–$50 in Choice Uncirculated condition (numerically referred to as “Mint State 63”). Yet a near-perfect specimen of the same year, and with the same San Francisco Mint mark, will bring $38,000 because it has fewer blemishes and is more sharply struck. For some people, having the second highest-graded set will not do. They must have the best known — regardless of cost.
Like the Washington Half Dollar series, the Washington Quarter series is extremely popular. It was first issued in 1932 to commemorate the 200th anniversary of George Washington’s birth. Unfortunately, this was in the middle of the worse financial crisis in American history, and demand for all coinage had dropped precipitously. With no quarters struck during 1931 and 1933, the small issue of 6,248,800 quarters was, in effect, a three-year supply. A rarity in this set is the 1932-Denver issue, which comprises only 436,800 of the above total. Even in a very worn circulated state, this coin brings over $200. Gem Uncirculated pieces can fetch $20,000 to $40,000. The post-war years proved fruitful for collectors, with the quarter undergoing several different design changes. The first occurred in 1976 for the Bicentennial Commemoration where a colonial drummer replaced the open-winged eagle. By 1977, the original eagle design was again used, but the dies were slightly modified to lower the relief. Later on, new varieties were discovered, created by Doubled-Die strikes. This occurs when the die used in striking a coin has been accidentally struck a second time during its manufacture. Each coin subsequently struck from this faulty die then appears to have two images.
As 1932 was the 200th anniversary of George Washington’s birth, 1999 was the 200th anniversary of his death. Coincidence or not, it was a fitting tribute to our first president that a major change in coinage be undertaken. The Statehood Quarter Dollar series, which began in 1999, has been a resounding success. Each year, the U.S. Mint has — or will — produce five quarters representing a different state in the order of its entrance into the Union. This will be completed by the end of 2008, when all fifty states will be represented on the reverse of the quarter. The popularity of this series has not only exceeded expectations but has also resulted in an interest in numismatics not seen in years.
Interestingly, our pocket-change of half dollars, quarters and dimes all had their beginning in 1796. The Winged Liberty (also called Mercury Head) dime in the early part of the twentieth century, is still one of the most popularly collected of this denomination. This design entered circulation in 1916 and stopped being issued in 1945 at the conclusion of World War II. It was replaced with Roosevelt’s portrait in 1946, less than one year after the much-loved president had died. After sixty-three consecutive years of issue without a single change in either obverse or reverse design, it is one of the longest lasting unchanged series of U.S. coins. It remains one of the least costly and most popular of coins to collect. There are no rarities to stumble the collector, unless a “Superb Gem” or “Finest-Known” set is desired. Then you should expect to spend $1,000-$6,000 or more for coins that can otherwise be purchased for a bit over their metallic value.
In 1938, the Jefferson Nickel replaced the Buffalo design. During World War II, a shortage of nickel (needed for war-time use) created an odd replacement — silver. This coin’s reverse shows Monticello, Jefferson’s home, and a large mint mark was placed over the dome: “P” for Philadelphia, “S” for San Francisco, and “D” for Denver. It was also the first time that Philadelphia put a mint mark on a coin. Since coins were originally made in Philadelphia in 1793, and other mint branches did not exist until decades later, there was no need for a “P” to indicate its origin. Although there are no rarities in this series, there are some slight varieties which some collectors consider necessary for the completion of a set. They include “D” over “S” (or vice-versa) mint marks, retooled lettering and other minor alterations. Some collectors actually use high magnification to count the number of steps on the Monticello house, considering “full steps” to be an essential characteristic of the coin. An important variety is the 1943/2 overdate (?). To save time and money, the mint has occasionally taken a die from a previous year and impressed a new date into it. In some cases, the previous date can be easily seen under the newly cut figure. In other cases, such as the above, a more-than-casual glance may be needed. As in the Franklin half dollar series, drastic price differences exist in the qualities of unused coins. Ranging from “Mint State 60” for uncirculated coins, which have acquired a degree of marks during the minting process, the top of the scale is “Mint State 70”. This stands for perfection of strike and color, in addition to flawless surfaces.
The Lincoln Cent has always been considered the bedrock of American numismatics. Beginning in 1909, it was issued as a centennial commemoration of Lincoln’s birth. Its obverse, with only trivial modification, has remained unchanged. No other issue even approaches this. After 1958, it was decided to change the reverse design to commemorate Lincoln’s 150th birthday. But this series had already acquired a unique niche in numismatics, for many reasons. For one, its face value made it easy for anyone to acquire. In addition, it was the first regularly issued coin to portray a president. Most importantly, the longevity of the series has produced, and continues to produce, many unusual varieties and rarities.
The bicentennial issue of the Lincoln Cent in 2009 will only add to the allure of numismatics, and not just for cents. The next 50+ years of coin collecting promises to be every bit as exciting as in the past!
The Past 50+ Years of Coin Collecting
Jay Erlichman, Consultant to R.M. Smythe and Company, Inc.
jay@erlichman.com
917.402.2367
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