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User:Fowler&fowler/FAC review of Albany Charter half dollar

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Albany Charter half dollar
United States
Value50 cents (0.50 US dollars)
Mass12.5 g
Diameter30.61 mm
Thickness2.15 mm (0.08 in)
EdgeReeded
Composition
  • 90.0% silver
  • 10.0% copper
Silver0.36169 troy oz
Years of minting1936
Mintage25,013 including 13 pieces for the Assay Commission (7,342 melted)
Mint marksNone, all pieces struck at Philadelphia Mint without mint mark.
Obverse
DesignBeaver
DesignerGertrude K. Lathrop
Design date1936
Reverse
DesignThomas Dongan, Pieter Schuyler, and Robert Livingston
DesignerGertrude K. Lathrop
Design date1936

The Albany Charter half dollar, also known as the Albany-Dongan half dollar or Albany half dollar, is a commemorative half dollar struck by the United States Bureau of the Mint in 1936. It was designed by sculptor Gertrude K. Lathrop, who lived in Albany, New York's state capital.

In 1936, Congress approved many commemorative coins for issuance, including some of mostly local significance. These included the Albany piece, wanted by city officials to mark the 250th anniversary of the 1686 grant of its municipal charter by Thomas Dongan, governor of colonial New York. The authorizing bill passed through Congress without opposition, though amendments added protections for coin collectors against abuses seen in earlier commemorative issues. Lathrop's designs have generally been praised: she placed a beaver on one side of the coin, modeled from life (one appears on Albany's city seal) and depicted the persons involved in the grant of the charter on the other. After approval of the designs by the Commission of Fine Arts, the Philadelphia Mint coined 25,013 Albany half dollars in October 1936, including 13 pieces for testing by the Assay Commission.

By the time of issuance, the demand for commemorative coins was falling, and the issue price of $2 was considered high. More than 7,000 were returned to the Mint in 1943, and a hoard of over 2,000 was sold by a local bank in 1954 at the original issue price. The Albany half dollar prices in the low hundreds of dollars, but the original packaging, if undamaged, may sell for more.

Background edit

Further information: Dongan Charter

Note: The numbered sentences are those of the text; the bulleted ones are those of my comments.

1)The first European to visit the site of Albany, New York was the Englishman Henry Hudson in 1609; (See 2))

2) the Dutch established Fort Orange as a permanent settlement there in 1624. The English took control of the colony in 1664, but there were remaining Dutch property claims.

  • The semi-colon is typically used to link sentences that have more semantic similarity to each other than to those to either side of them.
  • Better?: The first European to visit the site of Albany, New York was the Englishman Henry Hudson in 1609. In 1624, the Dutch established a permanent settlement at the site; the English took control of the colony in 1664, but there were remaining Dutch property claims.

3) In 1685, Fort Orange's name was changed to Albany, after James, Duke of Albany, the future James II. The following year, Pieter Schuyler and Robert Livingston went to New York City, the colonial capital of New York, to obtain a municipal charter for Albany from Governor Thomas Dongan. (Nice)  Y

4) Schuyler became the first mayor of Albany; Livingston the clerk of the city and county of Albany and thus entitled to fees.

  • Semi-colons can separate independent clauses or clause-fragments in a list. These seem to be neither. What does "entitled to fees" mean? Is Livingstone entitled to collect fees for the city or county? If it is a well-worn legal or financial term, would it still be
  • Better?: Schuyler became the first mayor of Albany; Livingston became the clerk of the city and county of Albany and thus entitled to fees.

5) The city became the capital of New York State in 1797.[1][2]  Y

6) Until 1954, the entire mintage of commemorative coin issues was sold by the government at face value to a group authorized by Congress, which then tried to sell the coins at a profit to the public.

  • First passive voice, then active.
  • Better?: Until 1954, the government sold the entire mintage of commemorative coin issues at face value to a Congress-designated group with authority to resell the coins at a profit to the public.

7) The new pieces then entered the secondary market; in early 1936 all earlier commemoratives sold at a premium to their issue prices.

  • Better? The new pieces then entered the secondary market; in early 1936 all earlier commemoratives were selling at a premium to their issue prices.

8) The apparent easy profits to be made by purchasing and holding commemoratives attracted many to the coin collecting hobby, where they sought to purchase the new issues.

  • Better?: The potentially easy profits to be made by purchasing and holding commemoratives attracted many to coin collecting and to purchasing new issues.

9) This led to many commemorative coin proposals in Congress, including some of purely local significance,[3] such as the Albany half dollar.[4]

  • This led to many commemorative coin proposals in Congress; some such as the Albany half-dollar proposal were of primarily local significance.[4][3]

10) The group designated to purchase the Albany half dollar from the government was a committee to be established by Albany's mayor, consisting of not fewer than three people.[5]

  • Better?: A committee, to be established by Albany's mayor and consisting of not fewer than three people, was designated to purchase the Albany half dollar from the government.[5]
Old version

The first European to visit the site of Albany, New York was the Englishman Henry Hudson in 1609; the Dutch established Fort Orange as a permanent settlement there in 1624. The English took control of the colony in 1664, but there were remaining Dutch property claims. In 1685, Fort Orange's name was changed to Albany, after James, Duke of Albany, the future James II. The following year, Pieter Schuyler and Robert Livingston went to New York City, the colonial capital of New York, to obtain a municipal charter for Albany from Governor Thomas Dongan. Schuyler became the first mayor of Albany; Livingston the clerk of the city and county of Albany and thus entitled to fees. The city became the capital of New York State in 1797.[1][2]

Until 1954, the entire mintage of commemorative coin issues was sold by the government at face value to a group authorized by Congress, which then tried to sell the coins at a profit to the public. The new pieces then entered the secondary market; in early 1936 all earlier commemoratives sold at a premium to their issue prices. The apparent easy profits to be made by purchasing and holding commemoratives attracted many to the coin collecting hobby, where they sought to purchase the new issues. This led to many commemorative coin proposals in Congress, including some of purely local significance,[3] such as the Albany half dollar.[4] The group designated to purchase the Albany half dollar from the government was a committee to be established by Albany's mayor, consisting of not fewer than three people.[5]

Revised version

The first European to visit the site of Albany, New York was the Englishman Henry Hudson in 1609. In 1624, the Dutch established a permanent settlement at the site; the English took control of the colony in 1664, but there were remaining Dutch property claims. In 1685, Fort Orange's name was changed to Albany, after James, Duke of Albany, the future James II. The following year, Pieter Schuyler and Robert Livingston went to New York City, the colonial capital of New York, to obtain a municipal charter for Albany from Governor Thomas Dongan. Schuyler became the first mayor of Albany; Livingston became the clerk of the city and county of Albany and thus entitled to fees. The city became the capital of New York State in 1797.[1][2]

Until 1954, the government sold the entire mintage of commemorative coin issues at face value to a Congress-designated group with authority to resell the coins at a profit to the public. The new pieces then entered the secondary market; in early 1936 all earlier commemoratives were selling at a premium to their issue prices. The potentially easy profits to be made by purchasing and holding commemoratives attracted many to coin collecting and to purchasing new issues. This led to many commemorative coin proposals in Congress; some such as the Albany half-dollar proposal were of primarily local significance.[4][3] A committee, to be established by Albany's mayor and consisting of not fewer than three people, was designated to purchase the Albany half dollar from the government.[5]

Legislation edit

1) Legislation for a commemorative half dollar in honor of the 250th anniversary of the founding of Albany[a] was introduced into the House of Representatives on April 23, 1935 by Parker Corning of New York.  Y

2) It was referred to the Committee on Coinage, Weights, and Measures.[7]  Y

3) On February 17, 1936 it was reported back to the House, with a recommendation that it pass after being amended.[8] (nice)  Y

4) The amendment increased the authorized mintage from 10,000 half dollars to 25,000, and required that a committee of at least three people appointed by Albany's mayor be empowered to order the coins from the Mint (the original bill permitted an individual to have that power). (Nice)  Y

5) Congressman Corning brought the bill to the House floor on March 25, and it passed without debate or opposition.[9]  Y

6) In the Senate, the bill was referred to the Committee on Banking and Currency on March 26, 1936.[10]  Y

7) Only two weeks earlier, on March 11, a subcommittee of the Banking Committee led by Colorado's Alva B. Adams had examined abuses of commemorative coin issuers.[11] (Nice)  Y

8) The subcommittee had heard of the commemorative coin abuses of the mid-1930s, with issuers increasing the number of coins needed for a complete set by having them issued at different mints with different mint marks; authorizing legislation placed no prohibition on this.[12] (Should it be: the authorizing legislation of that period had placed no prohibition on this?

9) Lyman W. Hoffecker, a Texas coin dealer and official of the American Numismatic Association, testified that some coins like the Oregon Trail Memorial half dollar, first struck in 1926, had been issued over the course of years with different dates and mint marks. (Nice)  Y

10) Other issues had been entirely bought up by single dealers, and some low-mintage varieties of commemorative coins were selling at high prices.  Y

11) The many varieties and inflated prices for some issues that resulted from these practices angered coin collectors trying to keep their collections current.[13] (This is a nice sentence, but "that resulted" is ambiguous. It's not clear if it is applying to the issues or the prices; also, it probably needs to be in the past perfect. How about changing it to: For some issues, the many varieties and inflated prices that had resulted from these practices angered coin collectors trying to keep their collections current.

12) Adams reported the Albany bill back to the Senate on May 21, 1936, with a proposed amendment.[14]  Y

13) The amendment entirely rewrote the bill, imposing limitations such as a one-year limit for issuance of the coins from the Mint after enactment of the bill, and that they be struck at only one of the mints. (Here one limitation is a simple noun phrase, the other a subjunctive: Would it be better to rewrite it as: The amendment entirely rewrote the bill, limiting the striking of the coins to one mint, and after being struck their issuance to no earlier than one year." (I don't know if "striking" is the correct word, but please replace if not)

14) The bill was considered by the Senate on June 1, and the bill was amended and passed without discussion or dissent.[15] (Is it needed?)

15) As the two houses had not passed identical versions, the bill returned to the House of Representatives, where, on June 3, James M. Mead of New York moved that the House accept the Senate amendment; it did so without recorded discussion or dissent.[16] (A beauty!)  Y

16) The bill became law on June 16, 1936 with the signature of President Franklin D. Roosevelt, authorizing the minting of 25,000 half dollars.[17][18] (Nice. I'm a fan of FDR)  Y

The revised version would read

Legislation for a commemorative half dollar in honor of the 250th anniversary of the founding of Albany[b] was introduced into the House of Representatives on April 23, 1935 by Parker Corning of New York. It was referred to the Committee on Coinage, Weights, and Measures.[19] On February 17, 1936 it was reported back to the House, with a recommendation that it pass after being amended.[20] The amendment increased the authorized mintage from 10,000 half dollars to 25,000, and required that a committee of at least three people appointed by Albany's mayor be empowered to order the coins from the Mint (the original bill permitted an individual to have that power). Congressman Corning brought the bill to the House floor on March 25, and it passed without debate or opposition.[21]

In the Senate, the bill was referred to the Committee on Banking and Currency on March 26, 1936.[22] Only two weeks earlier, on March 11, a subcommittee of the Banking Committee led by Colorado's Alva B. Adams had examined abuses of commemorative coin issuers.[11] The subcommittee had heard of the commemorative coin abuses of the mid-1930s, with issuers increasing the number of coins needed for a complete set by having them issued at different mints with different mint marks; the authorizing legislation of that period had placed no prohibition on this. Lyman W. Hoffecker, a Texas coin dealer and official of the American Numismatic Association, testified that some coins like the Oregon Trail Memorial half dollar, first struck in 1926, had been issued over the course of years with different dates and mint marks. Other issues had been entirely bought up by single dealers, and some low-mintage varieties of commemorative coins were selling at high prices. For some issues, the many varieties and inflated prices that had resulted from these practices angered coin collectors trying to keep their collections current.

Adams reported the Albany bill back to the Senate on May 21, 1936, with a proposed amendment.[23] The amendment entirely rewrote the bill, limiting the striking of the coins to one mint and after being struck their issuance to no earlier than one year. The bill was considered by the Senate on June 1, and amended and passed without discussion or dissent.[24] As the two houses had not passed identical versions, the bill returned to the House of Representatives, where, on June 3, James M. Mead of New York moved that the House accept the Senate amendment; it did so without recorded discussion or dissent.[25] The bill became law on June 16, 1936 with the signature of President Franklin D. Roosevelt, authorizing the minting of 25,000 half dollars.[17][26]

Preparation edit

On July 2, 1936, Albany's mayor, John B. Thacher, wrote to Director of the Mint Nellie Tayloe Ross advising her that he had appointed the legislatively-mandated three member committee (the Albany Dongan Charter Coin Committee), led by William L. Gillespie, the president of the National Commercial Bank and Trust Company. (three-member)

He stated that the city had commissioned Gertrude K. Lathrop, sculptor, to design the coin. (nice)  Y

Thacher indicated that Lathrop had come highly recommended by Buffalo nickel designer James Earle Fraser and others. He noted that Albany's 250th anniversary celebrations would take place July 19 to 22 and wanted the new coins as soon thereafter as possible.[17][27] (250th-anniversary)

On September 2, Lathrop went to the offices of the Commission of Fine Arts (CFA), bringing the completed plaster models for the coin and a letter from its sculptor-member, Lee Lawrie, with her.[28] (nice; I like the delayed preposition.)  Y

The CFA was by a 1921 executive order by President Warren G. Harding charged with rendering advisory opinions regarding public artworks, including coins.[29]  Y

Lawrie favored the designs in his letter, but was concerned that the letters in the word LIBERTY were too small, and would be lost when the models were reduced.  Y

Lathrop went to see Chief Engraver John R. Sinnock at the Philadelphia Mint, who said the word would still be visible, and thought that the models would yield a "splendid coin".[30]  Y

She also gained the support of Assistant Director of the Mint Mary M. O'Reilly.  Y

Lawrie reconsidered, and the models were approved by the CFA on September 9, 1936;[30] the dies were completed later that month or in October.[31] (Very nice)  Y

The revised version would read

On July 2, 1936, Albany's mayor, John B. Thacher, wrote to Director of the Mint Nellie Tayloe Ross advising her that he had appointed the legislatively-mandated three-member committee (the Albany Dongan Charter Coin Committee), led by William L. Gillespie, the president of the National Commercial Bank and Trust Company. He stated that the city had commissioned Gertrude K. Lathrop, sculptor, to design the coin. Thacher indicated that Lathrop had come highly recommended by Buffalo nickel designer James Earle Fraser and others. He noted that Albany's 250th-anniversary celebrations would take place July 19 to 22 and wanted the new coins as soon thereafter as possible.[17][27]

On September 2, Lathrop went to the offices of the Commission of Fine Arts (CFA), bringing the completed plaster models for the coin and a letter from its sculptor-member, Lee Lawrie, with her.[28] The CFA was by a 1921 executive order by President Warren G. Harding charged with rendering advisory opinions regarding public artworks, including coins.[29] Lawrie favored the designs in his letter, but was concerned that the letters in the word LIBERTY were too small, and would be lost when the models were reduced. Lathrop went to see Chief Engraver John R. Sinnock at the Philadelphia Mint, who said the word would still be visible, and thought that the models would yield a "splendid coin".[30] She also gained the support of Assistant Director of the Mint Mary M. O'Reilly. Lawrie reconsidered, and the models were approved by the CFA on September 9, 1936;[30] the dies were completed later that month or in October.[31]

Design edit

The obverse of the half dollar depicts a beaver. Many of Albany's early settlers earned a living through the trade in beaver pelts, and the animal appears on the city's seal.  Y

  • Lathrop modeled the coin from a live beaver; one was lent to her for a few days at her studio by the New York State Department of Conservation. "[I]t is occasional contact with the interesting and friendly citizens of the wild that adds spice to one's work," Lathrop wrote.[32]
    • From my POV, since the NY Conservation is being mentioned, something probably needs to be said here that the beaver had become nearly extinct in New York by the early 20th-century, its numbers dropping precipitously from in the millions to a few thousand. The Department of Conservations had played a role in bringing their numbers back up a little. Lathrop mentions it in her long quote in Bowers:

      "Beavers were plentiful in the vicinity of Albany at that time. The community's wealth and prosperity can be traced to this fact, as trade in beaver pelts was the main industry of the settlers. The beaver was used on the early seals of the city and is also on the present seal, Although the beavers were nearly exterminated in New York State a short time ago, the Conservation Department managed, by protection and careful transplanting of communities of the animals, to increase their number. It was through the kindness of this department that I was able to have a live beaver at my studio for a few days to pose for the model on the obverse. It is occasional contact with such interesting and friendly citizens of the wild that adds spice to one’s work. The maple branch is used with the beaver because the maple is the New York State tree, and the introduction of maple leaves on this side and pine cones on the reverse is symbolic of the growth and fertility of the community.” (See here in Bowers)

        • Would the following be useful: Lathrop modeled the coin from a live beaver.[32] She wrote,

          "Although the beavers were nearly exterminated in New York State a short time ago, the Conservation Department managed, by protection and careful transplanting of communities of the animals, to increase their number. It was through the kindness of this department that I was able to have a live beaver at my studio for a few days to pose for the model on the obverse.[33]

  • "[I]t is occasional contact with the interesting and friendly citizens of the wild that adds spice to one's work," Lathrop wrote.
    • I would get rid of this. It is fairly generic, but your call.

The beaver in Lathrop's design gnaws on a branch of maple, the New York state tree.  Y

Two maple keys, containing the seeds, are used to divide the name of the issuing country from the coin's denomination: they, as well as the pine cones that fulfill a similar function on the reverse, are meant by the sculptor to symbolize the growth and fertility of the community.[32]  Y

The lumber industry was for many years a mainstay of Albany's economy.[34] E PLURIBUS UNUM is to the beaver's left; IN GOD WE TRUST to its right.[35] The reverse depicts Schuyler and Livingston taking leave of Governor Dongan. Schuyler, soon to be mayor, holds his city's charter.[35] Lathrop studied portraits of Schuyler and Livingston, though both paintings were made some 30 years after their trip from Albany to New York City.  Y

For Dongan, there is no known portrait, and Lathrop relied on the brief extant descriptions of the colonial governor. Lathrop was allowed access to the charter to measure and study it.[36] She visited the Smithsonian and the Metropolitan Museum of Art while researching the men's clothing.[4] A small pine tree is visible behind Governor Dongan;[6] an eagle overspreads the group, with the small word LIBERTY above the bird. The designer's initials GKL are in small letters beside Dongan's foot.[35]  Y

David Bullowa, in his 1938 work on commemoratives, wrote, "every symbol and device on this issue has significance as connected with the early Colonial history of New York. The inscriptions have been reduced to a size that makes them almost unreadable. The word "Liberty" on this coin, above the eagle, is microscopic."[37] Numismatic author Q. David Bowers wrote that the design "has always been considered pleasing by numismatists".[38] Art historian Cornelius Vermeule, in his volume on American coins and medals, deemed the Albany half dollar "an important contribution to American numismatics".[39] He suggested that the beaver, a symbol of Albany, gnawing the maple branch, a symbol of New York State, "would then seem to become an allegory of municipal government feeding on the rule of the state!"[39] Given the complexity of the reverse, he stated, "that the coin as a whole has considerable appeal can be counted as a credit to the good training and innate taste of the artist, who was able to work in all these allusions to local aspirations and a bygone event with modest, positive precision."[39]  Y

Revised version

The obverse of the half dollar depicts a beaver. Many of Albany's early settlers earned a living through the trade in beaver pelts, and the animal appears on the city's seal. Lathrop modeled the coin from a live beaver.[32] She wrote,

"Although the beavers were nearly exterminated in New York State a short time ago, the Conservation Department managed, by protection and careful transplanting of communities of the animals, to increase their number. It was through the kindness of this department that I was able to have a live beaver at my studio for a few days to pose for the model on the obverse.[33]

The beaver in Lathrop's design gnaws on a branch of maple, the New York state tree. Two maple keys, containing the seeds, are used to divide the name of the issuing country from the coin's denomination: they, as well as the pine cones that fulfill a similar function on the reverse, are meant by the sculptor to symbolize the growth and fertility of the community.[32] The lumber industry was for many years a mainstay of Albany's economy.[34] E PLURIBUS UNUM is to the beaver's left; IN GOD WE TRUST to its right.[35]

The reverse depicts Schuyler and Livingston taking leave of Governor Dongan. Schuyler, soon to be mayor, holds his city's charter.[35] Lathrop studied portraits of Schuyler and Livingston, though both paintings were made some 30 years after their trip from Albany to New York City. For Dongan, there is no known portrait, and Lathrop relied on the brief extant descriptions of the colonial governor. Lathrop was allowed access to the charter to measure and study it.[36] She visited the Smithsonian and the Metropolitan Museum of Art while researching the men's clothing.[4] A small pine tree is visible behind Governor Dongan;[6] an eagle overspreads the group, with the small word LIBERTY above the bird. The designer's initials GKL are in small letters beside Dongan's foot.[35]

David Bullowa, in his 1938 work on commemoratives, wrote, "every symbol and device on this issue has significance as connected with the early Colonial history of New York. The inscriptions have been reduced to a size that makes them almost unreadable. The word "Liberty" on this coin, above the eagle, is microscopic."[37] Numismatic author Q. David Bowers wrote that the design "has always been considered pleasing by numismatists".[38] Art historian Cornelius Vermeule, in his volume on American coins and medals, deemed the Albany half dollar "an important contribution to American numismatics".[39] He suggested that the beaver, a symbol of Albany, gnawing the maple branch, a symbol of New York State, "would then seem to become an allegory of municipal government feeding on the rule of the state!"[39] Given the complexity of the reverse, he stated, "that the coin as a whole has considerable appeal can be counted as a credit to the good training and innate taste of the artist, who was able to work in all these allusions to local aspirations and a bygone event with modest, positive precision."[39]

Minting, distribution and collecting edit

A total of 25,013 Albany half dollars were struck at the Philadelphia Mint during October 1936, including 13 pieces set aside to be available for inspection and testing at the 1937 meeting of the annual Assay Commission.[33] They were sold by the Albany Dongan Charter Coin Committee for $2 each.[40] The price was considered high for the time (a more usual price for a new issue then would be $1 or $1.50).  Y

  • Additionally, the commemorative coin mania that had been sweeping the country in the spring and summer of 1936 had already seen close to twenty other commemorative coins issued that same year, and had abated by the time the Albany piece was available.[17]
    • Nice sentence, but mania, or excessive enthusiasm, doesn't really see or witness. "Additionally," is probably not needed, as "thus" is being used in the next sentence.
      • Would the following be better: The commemorative coin mania that had been sweeping the country in the spring and summer of 1936, when some 20 commemorative coins had been were issued, had abated by the time the Albany piece was available.[17] (Sorry, I made an error which I have corrected) Fowler&fowler«Talk» 21:22, 1 February 2020 (UTC)

Sales were thus unexpectedly low. The Albany Dongan Committee continued to sell the coins until 1943, refusing to lower the public price,[4] though the entire remaining stock was offered to New York City coin dealer Abe Kosoff at face value plus $50.  Y

He declined,[38] unwilling to buy them all himself and unable to find backers for a syndicate to purchase them.[17] (Nice. Reminding us that despite the New Deal, the Great Depression was around.)

The committee wrote to O'Reilly in February 1937, wanting to know the procedure for returning unsold coins,[41] and in 1943, with sales at a standstill, it returned 7,342 pieces for redemption and melting, leaving 17,658 specimens extant.[31] (Another beauty!)  Y

In spite of this return, in 1954 it became known that the State Bank of Albany had some 2,000 Albany half dollars in its vaults and was willing to sell them for the original issue price. They sold to a number of local collectors and dealers.[38] At the time, the market price was $8.[35] By 1940, the Albany half dollar sold for $1.50, and reached $4 by 1950. By 1970, the market price was $80 and by 1985, $400.[42]

As of 2009, the coin could fetch $330 for an uncirculated coin rated as MS-60, and $470 for an MS-65.[43]  Y

The deluxe edition of R. S. Yeoman's A Guide Book of United States Coins, published in 2018, lists the piece for between $220 and $425, depending on condition.[44] An exceptional specimen sold for $20,125 in 2004.[45] The original packaging, which is rarer than the half dollar itself, included a four-page booklet containing an illustration of the coin, a history of Albany, and slots for one to five coins. Both the booklet and the envelope it came in are highly collectible today. Even scarcer today are boxes designed to hold single coins and inscribed with "The National Commercial Bank and Trust Company of Albany".[17] Numismatic author Anthony Swiatek, in his 2012 volume on commemoratives, values the holder at between $75 and $125, increased with the original envelope to between $125 and $175. The boxes have sold for between $350 and $3,000, depending on condition.[46]  Y

Revised version

A total of 25,013 Albany half dollars were struck at the Philadelphia Mint during October 1936, including 13 pieces set aside to be available for inspection and testing at the 1937 meeting of the annual Assay Commission.[33] They were sold by the Albany Dongan Charter Coin Committee for $2 each.[40] The price was considered high for the time (a more usual price for a new issue then would be $1 or $1.50). The commemorative coin mania that had been sweeping the country in the spring and summer of 1936, when some 20 commemorative coins were issued, had abated by the time the Albany piece was available.[17] Sales were thus unexpectedly low. The Albany Dongan Committee continued to sell the coins until 1943, refusing to lower the public price,[4] though the entire remaining stock was offered to New York City coin dealer Abe Kosoff at face value plus $50. He declined,[38] unwilling to buy them all himself and unable to find backers for a syndicate to purchase them.[17]

The committee wrote to O'Reilly in February 1937, wanting to know the procedure for returning unsold coins,[41] and in 1943, with sales at a standstill, it returned 7,342 pieces for redemption and melting, leaving 17,658 specimens extant.[31] In spite of this return, in 1954 it became known that the State Bank of Albany had some 2,000 Albany half dollars in its vaults and was willing to sell them for the original issue price. They sold to a number of local collectors and dealers.[38] At the time, the market price was $8.[35]

By 1940, the Albany half dollar sold for $1.50, and reached $4 by 1950. By 1970, the market price was $80 and by 1985, $400.[42] As of 2009, the coin could fetch $330 for an uncirculated coin rated as MS-60, and $470 for an MS-65.[47] The deluxe edition of R. S. Yeoman's A Guide Book of United States Coins, published in 2018, lists the piece for between $220 and $425, depending on condition.[44] An exceptional specimen sold for $20,125 in 2004.[45]

The original packaging, which is rarer than the half dollar itself, included a four-page booklet containing an illustration of the coin, a history of Albany, and slots for one to five coins. Both the booklet and the envelope it came in are highly collectible today. Even scarcer today are boxes designed to hold single coins and inscribed with "The National Commercial Bank and Trust Company of Albany".[17] Numismatic author Anthony Swiatek, in his 2012 volume on commemoratives, values the holder at between $75 and $125, increased with the original envelope to between $125 and $175. The boxes have sold for between $350 and $3,000, depending on condition.[46]

References edit

  1. ^ a b c Slabaugh, pp. 128–129.
  2. ^ a b c Bielinski, Stefan (April 25, 2015). "Robert Livingston: the founder". New York State Museum. Retrieved January 5, 2020.
  3. ^ a b c d Bowers, pp. 62–63.
  4. ^ a b c d e f g h Flynn, p. 43.
  5. ^ a b c d Flynn, p. 355.
  6. ^ a b c d Slabaugh, p. 128.
  7. ^ 1936 Congressional Record, Vol. 82, Page 6257–6258 (April 23, 1935)
  8. ^ 1936 Congressional Record, Vol. 82, Page 2275 (February 17, 1936)
  9. ^ 1936 Congressional Record, Vol. 82, Page 4324 (March 25, 1936)
  10. ^ 1936 Congressional Record, Vol. 82, Page 4365 (March 26, 1936)
  11. ^ a b Senate hearings, pp. title page, 1–2.
  12. ^ Senate hearings, pp. 11–12.
  13. ^ Senate hearings, pp. 18–23.
  14. ^ 1936 Congressional Record, Vol. 82, Page 7659 (May 21, 1936)
  15. ^ 1936 Congressional Record, Vol. 82, Page 8440 (June 1, 1936)
  16. ^ 1936 Congressional Record, Vol. 82, Page 8825 (June 3, 1936)
  17. ^ a b c d e f g h i j k "1936 Albany Charter Half Dollar". Numismatic Guaranty Corporation. Archived from the original on July 14, 2011. Retrieved November 6, 2010.
  18. ^ "PUBLIC—NO. 687—74TH CONGRESS H.R. 7690". United States Congress. June 16, 1936. Archived from the original on May 7, 2009. Retrieved May 31, 2010.
  19. ^ 1936 Congressional Record, Vol. 82, Page 6257–6258 (April 23, 1935)
  20. ^ 1936 Congressional Record, Vol. 82, Page 2275 (February 17, 1936)
  21. ^ 1936 Congressional Record, Vol. 82, Page 4324 (March 25, 1936)
  22. ^ 1936 Congressional Record, Vol. 82, Page 4365 (March 26, 1936)
  23. ^ 1936 Congressional Record, Vol. 82, Page 7659 (May 21, 1936)
  24. ^ 1936 Congressional Record, Vol. 82, Page 8440 (June 1, 1936)
  25. ^ 1936 Congressional Record, Vol. 82, Page 8825 (June 3, 1936)
  26. ^ "PUBLIC—NO. 687—74TH CONGRESS H.R. 7690". United States Congress. June 16, 1936. Archived from the original on May 7, 2009. Retrieved May 31, 2010.
  27. ^ a b Flynn, p. 254.
  28. ^ a b Flynn, pp. 254–255.
  29. ^ a b Taxay, pp. v–vi.
  30. ^ a b c d Taxay, p. 222.
  31. ^ a b c d Swiatek & Breen, p. 6.
  32. ^ a b c d e Duffield, pp. 909–910.
  33. ^ a b c d Bowers, p. 320.
  34. ^ a b Slabaugh, p. 129.
  35. ^ a b c d e f g h Swiatek, p. 280.
  36. ^ a b Taxay, pp. 220–222.
  37. ^ a b Bullowa, p. 155.
  38. ^ a b c d e f Bowers, p. 321.
  39. ^ a b c d e f Vermeule, p. 199.
  40. ^ a b Swiatek, p. 279.
  41. ^ a b Flynn, p. 255.
  42. ^ a b Bowers, p. 322.
  43. ^ Paul M. Green (March 30, 2009). "Albany Half Dollar One of Many 1936 Issues". Numismatic News. Archived from the original on July 14, 2011. Retrieved May 31, 2010.
  44. ^ a b Yeoman, pp. 1087–1088.
  45. ^ a b Flynn, p. 44.
  46. ^ a b Swiatek, p. 282.
  47. ^ Paul M. Green (March 30, 2009). "Albany Half Dollar One of Many 1936 Issues". Numismatic News. Archived from the original on July 14, 2011. Retrieved May 31, 2010.

Sources edit


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