Closely related to the regular issues are the commemorative coins. These were struck by the U.S. mint beginning in 1892 to mark the quadricentennial of Christopher Columbus’s voyage to the new world. A major exposition was held in Chicago in 1893, and both a half dollar picturing Columbus and a quarter portraying Queen Isabella of Spain were sold there.
For roughly the next sixty years, coins were struck and sold to note significant anniversaries of statehood or other important events, honor past presidents or important historical figures, mark major expositions and largely anything that could garner enough backing in Congress to authorize a coin issue.
While the early commemorative issues generally marked events of national importance, by the 1930s, many events of only local or regional interest had made their way into the commemorative program. As the coins were sold at a premium over their face value, they were viewed as a vehicle for fundraising, and everyone wanted “in” on the act. As the issues multiplied, speculators entered the market, and prices for many low-mintage commemoratives soared in the mid to late 1930s. As a result of what was viewed as abuse, the commemorative program was severely curtailed after 1938, and only three more issues were released until the series was put on hiatus in 1954.
This first period, referred to by numismatists as the “Classic” period, included 50 unique issues in silver – all but two coins being half dollars. Because some were struck in multiple years and at both the Denver and San Francisco mints as well as Philadelphia, a complete set of silver commemoratives consists of 144 different coins. Gold coins were struck in three denominations – $1.00, $2.50 and $50.00, and a total of ten different issues were released between 1903 and 1926.
After a 28-year suspension, the striking of commemorative coins resumed in 1982 with a coin marking the 250th anniversary of the birth of George Washington. This marks the beginning of the “Modern” period, and ever since then, at least one, and typically two or three different commemorative issues have been released each year.
The modern commemorative program is far broader than the earlier one, with many events or causes marked with multiple denominations. Often a half dollar, dollar and five-dollar gold piece are all made for one issue, and both uncirculated and proof strikes are offered. With all the various combinations of denominations, striking quality, metal content and packaging, a complete set of modern commemoratives is a now massive undertaking consisting of hundreds of different coins.
Collectors undertaking the commemoratives usually have several routes. In the classic series (1892-1954) one can choose to collect:
1. The basic silver coin set of 50 coins, which is essentially a type set.
2. The full silver coin set of 144 coins which includes all dates and mints.
3. The gold set of either 8 coins (excluding the $50.00 pieces) or 10 coins including the $50s.
4. All the classics, including both silver and gold.
If one is inclined to the modern issues, numerous options present themselves. One can choose to collect the uncirculated issues, proof issues, or both. One can collect by denomination (half dollars, silver dollars, $5 or $10 gold pieces) or any combination of the above. Because they are recent issues, nearly all of the coins issued have been preserved in extremely high grade, and prices for most remain either near their original purchase price or their bullion value.
Due in large part to their variety and relatively low cost (except for the $50 gold coins struck for the 1915 Panama-Pacific Exposition) the commemorative series is a popular one with collectors. Because many were sold in cardboard holders, the classic commemorative coins are often found with spectacular original toning, adding another dimension to the appeal of these pieces.
