1936 – The Crest of the Commemorative Coin Wave
Filed Under: Commemoratives, General Collecting, History and Numismatics, US Coins
By Dan Duncan – Pinnacle-Rarities.com
Historically, 1936 was not a great year for most Americans. The United States was deep into the Great Depression. There was an unemployment rate of 16.9%, banks remained unstable, and the dust bowl continued to devastate the plains states. But with the U. S. economy floundering, a pass time known as “the hobby of kings” was flourishing. Coin collecting in the 1930’s was heated by a willing U.S. Mint, fueled by the interest in the classic commemorative series, and railroaded by a new breed of numismatist – the marketers.
These promoters took full advantage of the new urbanization of America. There was an increasing ease, functionality and reliability of the U.S. Postal Service combined with improved printing and advertising mediums. Uncertain times had opened the public’s eyes to alternative investments, and these early dealers took full advantage. Commissions were established and pushed for approval from Congress for the production of commemorative halves. The commission would purchase quantities from the U.S. Mint to resell at a profit, presumably using the proceeds to further the objectives of their respective commission. The scruples of many of these organizations came into question early on.
Mintages for particular issues were purposely lowered to add sale points to push prices for the particular issue. Some committees, honorable in their goals and intentions, gave in to dealers wishing to purchase the entire mintage up front for the privilege to handle distribution. These dealers fabricated stories of sell outs, and “resold” issues at higher aftermarket prices.
The story of the classic commemoratives begins in the late nineteenth century, but the series didn’t start picking up steam until the 1920’s. The early issues had shown collectors fabulous returns. And by the mid–30’s speculators and collectors alike were clambering for the new issues. The promoters and their commissions were willing to oblige. In Feb. 1936 Lee Hewitt, of Numismatic Scrapbook pointed out, “Commemoratives continue to advance in price along the whole front. This advance has been in progress for several months and at this writing is still going strong.”
The demand had grown to such proportions that famed numismatist B. Max Mehl produced a short book, The Commemorative Coins of the United States. In this he professes to the bourgeoning series’ place in the landscape of American numismatics stating, “The fact remains that the coins, or at least a majority of them, are of historical interest, and to a great extent represent and are of much numismatic and historical value. In fact of greater numismatic value than the majority of our regular issues.” Ironically, in the same tome, Mehl admits guilt to his part in the formulating schemes by which instant rarities were made by reducing the mintage figures. (more…)

The design is the same as the regular-issue 1915-S Panama-Pacific commemorative half, but lacking the normal S mintmark. Struck in gold with a reeded edge. Other S-less Panama-Pacific half dollar patterns are also known in silver and copper. These extremely rare patterns were clearly clandestine strikes, produced at the Philadelphia Mint before mintmark punches were applied to the working dies. There are two known examples of the gold half dollar, both struck on cut-down, struck Saint-Gaudens double eagle coins. Similar examples are known of the 1915 Panama-Pacific gold dollar and of the round and octagonal fifty dollar pieces, all lacking the S mintmark. The website
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