Market 101: Bicentennial to Semiquincentennial

The United States Semiquincentennial celebration is a special type of occasion that comes around only once every half century. Some of us remember the U.S. Bicentennial in 1976, but for nearly two generations of Americans the Semiquincentennial will be their first major U.S. birthday celebration. In an average life span very few of us might expect to experience more than two such patriotic jubilees.

In 1976, I was 15 years old and already an avid numismatist. I was so excited about my first "Tennial" celebration. The excitement surrounding the Bicentennial coin issues was really big. Indeed, the nation's Bicentennial coinage was produced for a year prior to the Bicentennial itself in both 1975 and 1976, and all those issues carry the 1776-1976 dual-date feature.

The Bicentennial coinage was highly anticipated and the numbers of coins produced was significant. The result is that 50 years later all the business-strike and proof issues are readily available with the price dependent only on the condition. Indeed, circulated examples of the clad 1776-1976 Bicentennial Quarter and 1776-1976 Bicentennial Half Dollar are both available at their face values, while the clad 1776-1976 Bicentennial Dollar demands only a modest premium over face value five decades after their issue.

The Bicentennial issues were immensely popular - it seems just about everybody wanted a three-piece Bicentennial set in Mint State, proof, or both versions. In addition to the popular uncirculated set and proof set formats, the total business-strike production for the quarters, half dollars, and dollar coins were astronomical. Combined, the Philadelphia and Denver Mints struck about 1.67 billion Bicentennial Quarters, approximately 522 million Bicentennial Half Dollars, and 220 million Bicentennial Dollars for circulation.

Mintages provide a starting point when determining supply and demand. Clearly, the production of clad Bicentennial coins was massive. Both clad and silver Bicentennial uncirculated sets and proof sets were minted in large quantities also. Ultimately, the matters of scarcity and rarity in numismatics most often involve time and attrition. While there are modern issues that see immediate price increases, most often these profitable modern issues are few and far between. Long-term value on classic numismatic material is almost always the best bet versus speculating on modern material.

The U.S. Mint website offers 34 different Semiquincentennial products, as of this writing. While I'm excited about the Semiquincentennial U.S. Mint issues as a collector, they hold little interest to me as an investor. I'll let the market and some time determine where the market takes us.