Featured 1925 Noted Numismatist thoughts on the Stone Mountain Half Dollar

Coinage executed at the Philadelphia Mint was 2,314,709 pieces. Total coins reserved for annual assay by the Philadelphia Mint is shown as 1,179 pieces. Designed and modeled by Gutzon Borglum, issued by the Stone Mountain Confederate Monumental Association; Hollins N. Randolph, President. Coin image courtesy of the Louis Bassano Collection.

“Early in June the editor of The Numismatist (Frank G. Duffield) invited some 25 or 30 prominent members of the A. N. A., including a number of dealers, to express for publication, their opinions, from any angle, on the Stone Mountain half dollar. This issue of coins has been given greater publicity and has aroused more criticism in the daily press than any of the commemorative coins which have preceded it, and it was thought that the views of some of the members of the A. N. A. regarding the coin would be interesting to our readers.

A few have replied and their comments are given below. Several others have expressed their opinion, but not for publication, and one which was sent for publication we felt justified in declining to print. Others have courteously declined to either command or criticize the issue, and a number have not been heard from.

It was to be expected that there would be a wide difference of opinion, because more was involved than the mere issue of the coin. Only one conclusion can be reached after all the replies received have been considered, and that is, the issue is not popular with collectors. Its unpopularity lies not so much with the designs of the coins as with the purpose of the issue and the cause it commemorates.

The replies are as follows:

Farran Zerbe, Tyrone, Pa. – That ‘reconstruction days’ are long passed is epitomized in the Stone Mountain half dollars, which are advertised as ‘Confederate Memorial Coins.’ In 1869 the 15-cent fractional currency issue bearing portraits of Grant and Sherman was abandoned, after plates had been completed and numerous essays produced, for the reason that it would be displeasing to the South to have the portraits of these Northern generals on our money, but in this fortunately constructed time-1925-portraits of the generals of the South, Lee and Stonewall Jackson, and the valor of those they led, is memorialized by a national coinage authorized by a special act of Congress. This coinage is particularly notable, if not unique, in coinage history in that it memorializes by the Government of a reharmonized nation the valor of those which, some sixty years before, was given to the utmost in the effort to permanently divide that nation, and also that the purpose of the profits from the sale of the coin throughout the nation at a premium is to memorialize it in the most manifest and enduring form.

This coinage, which some have classed as ‘a premium on secession, tells the world that he nation does not know that there are yet a few to be ‘reconstructed. A circular advertising the coins states: ‘They are the final seal of reconciliation that the North and South, the East and West go forward henceforth, unitedly as one people, serving the same high ideals, the same great destiny.’ If confidence is established that the proposed colossal Confederate memorial will be carved on the face of that wonder of Nature-Stone Mountain, in Georgia-for the production of which it has been announced the profits will be devoted, the number of coins sold will be extraordinary. But the entire authorized number-5,000,000 pieces-or any great portion of that number, will not be sold at a premium unless a few million of the sons and daughters of the Confederacy prove loyal in support of the monument to the ‘valor’ of their ancestors.

Howland Wood, New York City – My individual opinion is that it is indeed lucky that the Stone Mountain half dollar has in large letters upon it the words, ‘Half Dollar;’ otherwise I would place it as a souvenir. The general design lends itself to a souvenir medal rather than to a piece of United States currency. In other words, it has none of the characteristics of a coin. From some standpoints this may be correct, because these souvenir half dollars can hardly be termed coins, although labeled as such. A coin should be issued for face value and have some excuse for general circulation, whereas these souvenir coins are issued at least a 100 percent premium and virtually never get into circulation, which is a lucky thing for the public. If this piece were struck in brass with a nice coat of gilt, I would say that it was a rather good souvenir.

F. D. Langenheim, Philadelphia, Pa. – My opinion of the appearance and execution of the coin is that it is a poor piece; not so much as to the design, but the manner in which it was struck. The figures of Lee and Jackson are very indistinct, as is also the lettering. The design of the reverse is better than the obverse. Nothing is brought up as it should be. Compared with the memorial or commemorative coins made in Europe, ours are far behind those, both in design and execution.

Malcolm Storer, M. D., Boston, Mass. – I like the Stone Mountain half dollar pretty well. The composition of the obverse is pleasing, except that, lamentably, the horsemen are nameless, and I fear that a thousand years hence most numismatists will have forgotten just who they were. As to the reverse, I do not care especially for the eagle, being, to my mind, too suggestive of a condor. The rock upon which the bird stands is rather too stiff. The improvement upon the ugly reverse of the Lexington half dollar is, however, so that that all is forgiven.

Moritz Wormser, New York City – Not being a professional artist or art critic, I hardly feel qualified to give a worth-while opinion on the subject of the Stone Mountain half dollar. Being merely an artistic layman, I must say that the coin is very attractive, although I am quite sure that some of our fault-finding critics will be able to pull the design to pieces.

My chief regret in regard to the design is that, as usual, the bill authorizing the coin requires a half dollar, as undoubtedly the design would appear much more attracted if treated on a larger sized coin, where the details of the figures on the obverse, as well as the lettering and other decorative features, could be brought out more clearly.

From the general point of view of numismatics, I am very much in favor of the issue of commemorative coins by our government in connection with important historical events; as such issues are bound to increase a popular interest in numismatics. However, the quantity should be considerably restricted, and I consider it particularly unfortunate that the present issue has been authorized to the extent of 5,000,000. As an investment, the coin will undoubtedly prove a dismal failure; but patriotism and admiration for the gallantry of the Lost Cause will have to compensate us for the bad investment.

Thomas L. Elder, New York City – I don’t think I want to voice any opinion either pro or con as to the Confederate half dollar, the Stone Mountain type. But I would like to reiterate my former opinion in regard to all these commemorative coins, which is, that they are first offered at too high prices, which always causes them to slump heavily in price afterward, so that commemorative half dollars at $1 are a very bad- investment, while gold dollars at $3.00 are a still worse one. All efforts to market such coins at such prices, without attendant reaction, should be discouraged. Collectors all know my stand about this. I have written about it for The Numismatist until I am tired harping on the subject. My plea is: ‘Commemorative half dollars at 75 cents; gold dollars at $1.50. No more.”1

1. The Numismatist, Comment on the Stone Mountain Coin, July, 1925, p. 364-366.

 

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Thank you for posting these contemporary comments on one of America's most shameful coins.

 

"and one which was sent for publication we felt justified in declining to print"

I would like to see that one.

 

It is really interesting to read what is essentially a forum post from 1925. Students of numismatics probably recognize most of those names, and hearing their thoughts on contemporary issues is fascinating.

Just think what future historians will think when reading our archived threads

 

Beautiful example in your picture of a very historically important subject of this countries history

 

I'm related to General Jackson, and I'm proud to say that.


You find it shameful. What is your opinion of how past presidents and the military treated the native American Indians? What about the "Trail of Tears"? Wounded Knee? The Seminoles have yet to sign a peace treaty with the US, and I don't blame them. ~ Chris

 

Fascinating opinions - thanks for sharing! I recently put together a 1925 type set (the birth year of my recently deceased father), and included the Stone Mountain coin in it.

 

I have this horrible habit of trying to put myself in other people's shoes. Right now I am trying to imagine what an African-American would think of that coin. Anybody out there who can give me some insight into that?

 

They'd probably think of that coin the same way they thought about the blood-soaked glove in the O.J. Simpson trial. ~ Chris

 

...and what did they think of that. I can't even start to imagine.

 

I am not quite sure what the OJ trial has to do with a coin that celebrates men who fought to preserve slavery; OK, fought to preserve a state's right to have slavery [a distinction without a difference.]

 

Careful y'all....

This thread is intended to discuss famous numismatists responses to a contemporary issue.

The responses to this thread are toeing the line on discussing current political issues.

This coin will always be a sensitive topic, but please make sure we're focusing on the intended discussion, and not veering off into other areas. I don't want to see this thread shut down.

 

Advice accepted! ~ Chris

 

William Gibbs McAdoo, ca. 1917, Secretary of the Treasury and U.S. Senator from California. Courtesy of the LOC.

“The campaign for the distribution of the Confederate Memorial Half-Dollar, minted under special Act of Congress of the United States as souvenir of Stone Mountain Confederate Memorial deserves the support of all who love to honor the great deeds of the South and the heroes who performed them,’ says William G. McAdoo, and continues: ‘The proceeds of the sale of these coins are to be used for the completion of the Stone Mountain Confederate Memorial. Each purchaser of one of these Historic coins secures a badge of honor and helps to commemorate the valor of the men of the South who sacrificed and died for what they believed to be right.

‘The issues which led to the Civil War have been settled happily in favor of a permanent union of the states, guaranteeing liberty, equality and security to all the people under the protection of Democratic institutions and the valor of men on both sides who made this possible is the common heritage of all.

‘Let the people of the South in particular accept the present opportunity to buy these coins and thereby assure the completion of this great Stone Mountain Memorial as a tribute to their heroic sons.’

 

I like how the commentary is similar to what you’d see today for a commemorative coin- some people like it, some don’t, some think it had the potential to be good but the mint failed to strike it up in a satisfactory manner, and some are upset about the price. Very insightful, and thank you for sharing!

 

When I was a boy, I used to collect US coins before switching to ancients in grad school. I sold most of my US collection, but I kept a few. This is one of them.

 

Truly, a beautiful coin. Hard to part with.

Here's mine.

 

They are pretty coins. Does anyone remember a thread where the OP claimed many were counterstamped and strewn over the countryside? They claimed to have found some in streams in the area...

 

Don't remember that exact thread, but if anybody is interested in the counterstamped "Great Harvest Stone Mountain" commemoratives, here's a good post explaining what they are: https://www.cointalk.com/threads/grade-this-great-harvest-campaign-cherrypick.315451/#post-3065803

 

If he had historical insight, he'd probably think nothing's amiss.......