Rhode Island Tercentenary half dollar

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Rhode Island Tercentenary half dollar
United States
Value 50 cents (0.50 US dollars)
Mass 12.5 g
Diameter 30.61 mm
Thickness 2.15 mm (0.08 in)
Edge Reeded
Composition
  • 90.0% silver
  • 10.0% copper
Silver 0.36169 troy oz
Years of minting 1936
Mintage

Philadelphia: 20,013 including 13 pieces for the Assay Commission

Denver: 15,010 including 10 assay coins

San Francisco: 15,011 including 11 assay coins
Mint marks D, S. Beneath the corn stalk on the left-hand side of the obverse. Philadelphia Mint pieces struck without mint mark
Obverse
Rhode island tercentenary half dollar commemorative reverse.jpg
Design Roger Williams meeting a Native American
Designer John Howard Benson and Arthur Graham Carey
Design date 1936
Reverse
Rhode island tercentenary half dollar commemorative obverse.jpg
Design Anchor; adaptation of the Seal of Rhode Island
Designer John Howard Benson and Arthur Graham Carey
Design date 1936

The Rhode Island Tercentenary half dollar, sometimes called the Providence, Rhode Island, Tercentenary half dollar, is a commemorative fifty-cent piece struck by the United States Bureau of the Mint in 1936. The coin was designed by John Howard Benson and Arthur Graham Carey. Its obverse depicts Roger Williams, founder of Rhode Island. Although intended to honor the 300th anniversary of the state capital, Providence, the coin bears no mention of the city.

Members of Rhode Island's congressional delegation sought a coin for the 300th anniversary of Providence, and Senator Jesse Metcalf added authorization for one to a bill for another commemorative coin that had already passed the House of Representatives. The amended bill was approved by both houses of Congress, and was signed by President Franklin D. Roosevelt. A total of 50,000 coins were struck at the three mints then in operation.

When the coins went on sale on March 5, 1936, the quantity made available to the public sold out in a matter of hours. Rhode Island insiders were holding back quantities for later sale once prices rose. That conduct incensed coin collectors, and the abuses led Congress to move toward banning commemorative coins. The coins are listed for hundreds of dollars today, depending on condition.

Background and legislation

Roger Williams was born in Britain around 1603. Ordained as a minister, he became a Puritan and moved to the Massachusetts Bay Colony, becoming the minister of the church in Salem. Some of his beliefs, which he imparted to his congregation, such as the separation of church and state and fair dealings when purchasing land from Native Americans, were disliked by the colonial authorities. He was banished from the colony in 1635, and attempts were made to send him back to Europe. Instead, he journeyed by ship to present-day Rhode Island, where he founded a new colony, Providence Plantation, later Providence, in 1636, purchasing land from the Indians. The state founded there became known as Rhode Island and Providence Plantation, or more commonly, Rhode Island.[1][2]

A committee to mark the tercentenary of Williams' founding of Providence was established in 1931.[3] According to Anthony Swiatek and Walter Breen in their volume on commemoratives, the moving forces behind the Rhode Island Tercentenary half dollar were the state's senators, Jesse H. Metcalf and Peter Gerry, and one of its members of the House of Representatives, John O'Connell, who applied political pressure to gain the coin's authorization.[4] In 1936, commemorative coins were not sold by the government. Congress, in authorizing legislation, usually designated an organization which had the exclusive right to purchase them from the Mint at face value and vend them to the public at a premium.[5] In the case of the Rhode Island half dollar, it was the Providence Tercentenary Commission, chartered to oversee the observances the anniversary.[6] [7]

A bill for a Hudson Sesquicentennial half dollar had passed the House of Representatives on April 3, 1935, and been recommended for passage in the Senate by the Committee on Banking and Currency.[8][9] When the bill was considered in the Senate on April 15, Senator Metcalf moved to amend it so that the bill would also provide for the issuance of a Providence Tercentenary half dollar. There was no objection or debate concerning either the amendment or the bill as a whole, and it passed the Senate.[10]

The bill returned to the House of Representatives as the two versions passed were not identical. There, on April 18, on motion of John J. Cochran of Missouri, acting chairman of the Committee on Coinage, Weights, and Measures, the House agreed to the Senate amendments,[11] and it was enacted on May 2 by the signature of President Franklin D. Roosevelt.[12] Swiatek and Breen suggested that the bill passed because of "probably the usual 'you vote for my bill and I'll vote for yours' arrangement".[7]

Preparation

Most of what is known regarding the design process for the Rhode Island half dollar is from a letter, dated December 12, 1935, written by one of the two artists who made the coin, John Howard Benson, to Lee Lawrie, sculptor-member of the Commission of Fine Arts, charged by a 1921 executive order of President Warren G. Harding with rendering advisory opinions regarding public artworks. Benson related that Royal B. Farnum of the Rhode Island School of Design had assigned the coin design to Benson and to Arthur Graham Carey, as they had cut dies for small medals. [13] The Tercentenary Commission's coin committee originally proposed the seven stars from an early version of Providence's seal for one side of the new coin, with the anchor from Rhode Island's seal and the state motto, "Hope" on the other.[14]

Benson told Lawrie that the committee had then changed its mind, wanting the ship landing of Roger Williams for the obverse, and deciding to award the commission by competition. Benson and Carey persevered, making the changes, and entering the competition; they were selected. The Providence artist expressed that he was anxious to receive the opinion of the Fine Arts Commission. Lawrie forwarded the letter to Commission chairman Charles Moore the same day, noting "I don't know just what his troubles are ... It won't make a great coin but the models are I think equal to some others we approved."[15] The full Commission approved the designs on December 20, and reductions from plaster models to coin-sized hubs were done by the Medallic Art Company of New York.[16]

Design

The obverse, based on the seal of Providence, shows Roger Williams, kneeling in a canoe, his hand raised in signal of friendship. The Indian who greets him has his hand extended, palm down, meant as a native sign for "good". Behind the Native American is a stalk of corn (maize), symbolizing his people's contribution to American civilization. The Bible, in Williams' other hand, symbolizes the European contribution to America. Beyond them, a rising sun is seen, symbolic of Rhode Island being the first colony where religious liberty was guaranteed. LIBERTY, the theme of the design, appears as a word over their heads. IN GOD WE TRUST, RHODE ISLAND and the tercentenary dates surround the scene.[17][18]

The reverse depicts the Anchor of Hope, taken from Rhode Island's state seal. The motto, HOPE, symbolizes the authority of the state government, while E PLURIBUS UNUM, a national motto, evokes that of the federal government. The name of the country and the coin's denomination surround the reverse design.[19]

Nowhere on the coin is the name of the city of Providence, which was left off in the final alterations required by the Coin Committee.[4] According to Swiatek, "Among commemorative coin designs produced between 1892 and 1954, this issue's obverse does not rate very high among collectors. The image of Roger Williams has the look of a robot from the old Flash Gordon serials."[20] The two designers later became partners in a stonecutting firm in Newport, which he and Breen stated accounts for the sculptural look of the coin.[4] According to Q. David Bowers, "no significant criticisms were ever mounted of the design".[21]

Art historian Cornelius Vermeule, in his volume about U.S. coins and medals, writes that the bands of lettering overwhelm the designs. "Roger Williams in his canoe looks like Elpenor amid the bulrushes on a Greek vase of about 440 B.C. with a scene of the dialogue of Orpheus in the Underworld."[22] He noted that while "the Indian and Williams are blocked out with a childlike charm of conceptualism", "the coat-of-arms is so simple as to defy analysis, or even comment."[22]

Production, distribution, and collecting

The purpose of this bill is to stop a racket in the issuance of commemorative coins that has developed in recent years ... Then in April it was announced they [the Providence coins] had sold out in 6 hours. The astonishing part of it is in the entire State of Rhode Island there were only five members of the American Numismatic Association, which is the largest organization of coin collectors in the United States. Where did all the coins go? This Providence dealer immediately raised his price to $7.50 a set, and the next month raised it to $9. He admitted securing 11,500 for orders that he had, then later offered 50 sets to trade and 25 to sell ... Here is what happened to the collectors. The commission accepted their money. Then, after all were sold, sent most collectors back their money, saying that they had sold them all to natives, but the money sent back was not the original money orders and checks sent in, but checks from the commission  ... Was the coin collectors' money used to send to the mint to get the coins?
Congressman John J. Cochran, committee report "Prohibiting Issuance and Coinage of Certain Commemorative Coins", July 28, 1937, pages 1, 8

A total of 20,000 half dollars from the Philadelphia Mint arrived in Providence not later than February 20, 1936; an additional 15,000 each from the Denver and San Francisco mints were expected but had not been received as of that date. Those coins had been struck in January (Philadelphia and Denver) and February (San Francisco) of 1936. In additions to the quantities sent to Providence, 13 pieces from Philadelphia, 10 from Denver and 11 from San Francisco were held at Philadelphia for inspection and testing at the 1937 meeting of the annual Assay Commission.[3]

Swiatek and Breen noted, "March 5[, 1936] proved to be a day of immense noise and confusion".[4] Amid considerable publicity, the new coins went on sale through various Rhode Island banks, at $1 per coin, with the Rhode Island Hospital National Bank taking the lead as depository. Out-of-staters could write to Grant's Hobby Shop in Providence, owned by Horace M. Grant, a well-known numismatist. Within hours of the coins going on sale, banks were allegedly out of them, and the issue was supposedly sold out within six hours. Yet, ample supplies proved available at higher prices from insiders, including Horace Grant. This was an era when what were sometimes low-mintage commemoratives were held back from sale by the distributor in anticipation of skyrocketing prices.[3] In Grant's advertisement in the April 1936 issue of The Numismatist (the journal of the American Numismatic Association), he announced the sellout and offered the coins for $7.50 per set of three by mint mark, or $2.75 individually.[23] By June, he was offering to exchange the Rhode Island half dollars for other coins or sell them for $9 per set of three.[24] On June 24, the Tercentenary Commission announced that it would sell the first 100 from each mint, in sets of three by matched numbers, by sealed-bid auction, but none of these sets have been identified.[25]

There was widespread anger in the coin collecting community, and lawsuits were filed against the commission. Among those who litigated was Texas coin dealer L.W. Hoffecker, but he dropped the suit in exchange for 90 sets of three coins. In the years that followed, he complained to other dealers about the ethics of Grant and the Rhode Island officials. Hoffecker was influential in Congress[a] and complained to Senator Metcalf about the situation. Metcalf suggested another act for another 50,000 coins but Hoffecker advised against, unless some neutral party handled the distribution, lest they be hoarded. Hoffecker complained, "every bank in Rhode Island is making a lot of money, instead of distributing the coins".[26]

In 1939, the year in which Congress ended the authorization for outstanding commemorative coin issues (one, the Oregon Trail Memorial half dollar, had been issued for over a decade), Hoffecker was elected president of the American Numismatic Association. He wrote to numismatist Walter P. Nichols in November of that year, that he could not consult Grant as Nichols apparently had suggested, due to his concerns about the dealer's ethics. By then, the Rhode Island and Providence Plantations Tercentenary Committee, Inc., had been dissolved, having shown a profit of $24,000 on the 50,000 coins issued. About two thirds of that went towards a memorial to Roger Williams.[27][28] The deluxe 2015 edition of R. S. Yeoman's A Guide Book of United States Coins (the Red Book) notes of the Rhode Island half dollar, "the distribution of this coin, like that of many other commemoratives of the 1930s, was wrapped in controversy—phony news releases reported that the coin was sold out when it was indeed not, and certain dealers procured large amounts at low prices only to resell for tidy profits."[29]

By 1940, the price on the secondary market had dropped back to $4.50 per set of three, but thereafter rose steadily and reached $975 during the commemorative coin boom of 1980.[30] The edition of the Red Book published in 2017 lists the coin for between $325 and $675 per set of three, depending on condition, with single coins about a third of that.[31] A near-pristine specimen from the San Francisco Mint sold at auction in 2014 for $6,463.[29]

Notes

  1. ^ Hoffecker had gotten two coin issues through Congress himself, the Old Spanish Trail half dollar (1935) and the Elgin, Illinois, Centennial half dollar (1936).

References

  1. ^ Bowers, p. 385.
  2. ^ Slabaugh, p. 109.
  3. ^ a b c Bowers, p. 386.
  4. ^ a b c d Swiatek & Breen, p. 214.
  5. ^ Slabaugh, pp. 3–5.
  6. ^ Flynn, p. 352.
  7. ^ a b Swiatek & Breen, pp. 101–102.
  8. ^ Senate report, pp. 1–2.
  9. ^ 1935 Congressional Record, Vol. 81, Page 4951–4952 (April 3, 1935) (subscription required)
  10. ^ 1935 Congressional Record, Vol. 81, Page 5643–5644 (April 15, 1935) (subscription required)
  11. ^ 1935 Congressional Record, Vol. 81, Page 5995 (April 18, 1935) (subscription required)
  12. ^ Swiatek, p. 249.
  13. ^ Taxay, pp. v–vi, 161.
  14. ^ Taxay, pp. 167–168.
  15. ^ Taxay, pp. 168–170.
  16. ^ Taxay, p. 171.
  17. ^ Slabaugh, p. 108.
  18. ^ Swiatek, p. 367.
  19. ^ Swiatek, pp. 363, 367.
  20. ^ Swiatek, p. 369.
  21. ^ Bowers, p. 391.
  22. ^ a b Vermeule, p. 192.
  23. ^ Grant, Horace M. (April 1936). "Sold Out in Six Hours (advertisement)". The Numismatist: 316. 
  24. ^ Grant, Horace M. (June 1936). "Exchange Your Duplicate Coins for Rhode Island Commemorative Half Dollars (advertisement)". The Numismatist: 481. 
  25. ^ Swiatek, p. 365.
  26. ^ Bowers, pp. 388–390.
  27. ^ Bowers, pp. 390–391.
  28. ^ Swiatek & Breen, p. xiv.
  29. ^ a b Yeoman 2015, p. 1149.
  30. ^ Bowers, p. 392.
  31. ^ Yeoman 2017, p. 306.

Sources

External links

  • Media related to Rhode Island Tercentenary half dollar at Wikimedia Commons
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