There was a time in U.S. numismatic history when commemoratives were simple to identify and even more simple to collect.
Prior to the 1890s, there weren't any commemoratives to collect at all. Commemorative coins had been in existence periodically throughout world history, but U.S. coinage had remained pragmatic with production of business strike coins for commerce and a few odd Proof specimens by special request for collectors.
Commemoratives Used For Celebrations
In countries where commemorative coins were produced, the primary function of such coins was propaganda value. Celebrations of past or current events centered on what could be self-serving to the issuing authority, primarily monarchs and their families.
In 1892, the United States made its first commemorative coin by issuing a half dollar to mark the then current celebration of the Columbian Exposition in Chicago. The coin also marked the 400th anniversary of the discoveries by Christopher Columbus, but the primary thrust was the current Columbian Exposition celebration, not the anniversary event.
Our first quarter dollar commemorative followed the next year and celebrated the same exposition, while honoring the late queen of Spain, Isabella, as a kind of a backhanded political statement for Women's Rights.
The First U.S. Commemorative Silver Dollar
By 1900, a mere eight years later, the first commemorative silver dollar was struck, a coin honoring Washington and Lafayette.
Over the ensuing years, increasing numbers of half dollar denomination, non-circulating legal tender commemorative coins were struck to mark anniversary celebrations, rather than current events. These were still packaged rather neatly and are treated today as a classic set of commemorative coins spanning from 1892 to 1954.
The Second U.S. Commemorative Quarter
The picture actually began to blur between commemoratives and circulation coins much earlier than most collectors may realize. In 1932 the Washington quarter dollar became our second commemorative of this denomination, a coin issued to mark the 200th anniversary of the birth of Washington. It wasn't until production of the coin design continued into ensuing years that it became apparent this first circulating commemorative coin was here to stay as a regular issue coin as well.
This was a peculiar situation and the only such circulating commemorative in the United States to this time. Some of the 1892 to 1954 commemoratives circulated, but these were not intentionally placed into circulation until it was certain the public would not pay a premium for leftover stock.
The Third U.S. Commemorative Quarter - Circulating Bicentennial Coins
Our third quarter dollar commemorative ironically also became our second circulating commemorative coin. In 1975 the Bicentennial quarter, half dollar and silver dollar were struck dated 1776-1976. Special collector editions were produced, but so were base metal copper-nickel coins for circulation.
The lines were blurred further when in 1982 the United States decided to resume the time honored, non-circulating legal tender tradition with a George Washington half dollar. This was soon followed by a parade of half dollars, silver dollar, gold $5 half eagles and gold $10 eagles marking anniversaries of past historical events or of current athletic events, none with any propaganda value and few that appear to even reflect the feelings of our times.
Collecting Classic and Modern Coins
Collectors reacted accordingly. Some people specialize in the classic series of 1892 to 1954 while others collect this "modern" series, but everybody generally accepts that they are two separate and distinct series.
Now comes the 50-piece circulating Statehood quarter dollar coins beginning in 1999 and continuing through 2008. Once again, special collector versions are being made available, but the primary function is to produce circulating coins.
Our commemorative coin series may get more confusing yet. A proposal is currently before Congress regarding a change to the Lincoln cent to mark, what else, the anniversary of his birth. Right now, no one seems to know if the 1-cent denomination may become our next circulating commemorative, but it is beginning to look that way.
Now, if that hasn't muddied the waters enough for you, consider that during the Bicentennial celebration quarters, half dollars and silver dollars were struck alongside a Series 1976 $2 Federal Reserve bank note with a back vignette changed to show the signing of the Declaration of Independence. The note was meant to simply be a re-introduction of this bank note denomination, but because of the timing of its release, the public made it into a commemorative. It is still regarded as such today.
The strange thing about all this is the pattern of circulating commemoratives. With the exception of the 1776-1976 half dollar and dollar coins, all circulating commemoratives have been quarter dollars. It should be interesting to watch the development of the proposed change to the cent.
Richard Giedroyc is a numismatic writer, researcher, auction cataloger and coin dealer. He has been in the hobby and business most of his life, now having more than three decades’ experience in this fascinating hobby field. During this time Giedroyc has been the owner of Paris Bergman Galleries, owner of Classical Coin Newsletter, international editor of Coin World and owner of Giedroyc-Anderson Interesting World Coins. He is currently a numismatic consultant. He has written more than 2,000 byline numismatic stories and contributed to several coin catalogs.
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