The first traditional United States commemorative coin, it was issued both to raise funds for the 1893 World's Columbian Exposition and to mark the quadricentennial of the first voyage to the Americas of Christopher Columbus, whose portrait it bears.

Congress granted an appropriation, and allowed it to be in the form of commemorative half dollars, which legislators and organizers believed could be sold at a premium.

Fair official James Ellsworth wanted the new coin to be based on a 16th-century painting he owned by Lorenzo Lotto, reputedly of Columbus, and pushed for this through the design process.

The pieces can be purchased in circulated condition for less than $20; coins in near-pristine state sell for about $1,000, far less than the $10,000 the makers of the Remington Typewriter paid as a publicity stunt in 1892 for the first specimen struck.

The buildings were in the classical style, reflecting Greek and Roman influences, and were composed of a combination of plaster of Paris and hemp called "staff" which resembled marble.

They were strongly advocated by the head of the company's Committee on Liberal Arts, James Ellsworth, who was particularly interested as he had recently purchased a 16th-century painting by Lorenzo Lotto of a learned man, said to be Columbus.

In April 1892, partisans had gained the support of the Director of the Bureau of the Mint, Edward O. Leech, who envisioned a coin carrying a visage of Columbus on one side, and a suitable inscription on the other.

When a direct appropriation met congressional opposition, supporters proposed that the $5 million be in the form of special half dollars which could be sold as souvenirs.

Barber prepared sketches based on the bust on August 15, and presented them to Acting Mint Director Robert E. Preston (Leech was on vacation), who forwarded them to fair authorities in Chicago.

His reverse showed a caravel ship, symbolizing the Santa María, Columbus's flagship, above two globes representing the hemispheres, though they lacked the continental outlines.

Leech also weighed in once he returned from vacation on August 26, sending fair organizers a wood-engraving based on the official Spanish medal for the 400th anniversary of Columbus' first voyage, and arranging with the State Department for the American Embassy in Madrid to get one.

The chief engraver had discerned Ellsworth's desire to have the Lotto portrait used, and several times in October wrote warmly to him, apprising him of progress.

The Mint Director had micromanaged the fine-tuning of the designs for the Barber coinage the previous year; this time he did not intervene, and departed on November 9 for a monetary conference in Brussels.

The chief engraver made final adjustments directly to the master die, rather than modifying a larger model to be placed in a reducing lathe.

[22][23] The Company immediately put the pieces on sale for $1 each, and the first shipment was soon all sold to those who lined up to buy them, had ordered them by mail, or had purchased them at local banks that were given allocations.

The Colorado Sun commented, "The World's Fair people count upon making a good thing by selling their five million souvenir half dollars at premium.

"[26] The Philadelphia Call concurred, "Perhaps the proposition to sell the 50¢ souvenirs at the World's Fair for $1 is an evidence of what visitors to Chicago may expect in the general increase in prices.

The Philadelphia Ledger suggested, "If it were not known in advance whose vignette adorns the Columbian souvenir half dollar, the average observer would be undecided as to whether it is intended to represent Daniel Webster or Henry Ward Beecher.

"[26] The Boston Globe noted, "The first view of the new Columbian souvenir coin inevitably leads to expression of regret that Columbus wasn't a better looking man.

"[26] The Galveston Daily News opined of the new half dollars: The front side of the coin has an elegant likeness of the late Sitting Bull.

The coin is of the same size and weight as the old run of half dollars, and for all they are sold at a heavy premium, the purchasing power is but ten [nickel] beers.

Barber responded angrily with a five-page rebuttal, and suggesting that the Chicago newspapers not print "the opinions of people who display a deplorable amount of ignorance and likewise seem inclined to say 'Stinking Fish' ".

[33] A total of 5,002,105 Columbian half dollars were struck, with the excess over the authorized mintage designated for inspection by the annual Assay Commission.

In March, Congress impounded an additional 1,141,700 half dollars to cover costs advanced by the government, such as the expense of judging exhibits and providing medals to the exhibitors.

The company could redeem the half dollars if it agreed to fund that expense, which it refused to do, calling the government's action a breach of faith.

[26][33] When the fair closed in October, large quantities of the half dollar remained in the hands of exposition organizers, the Treasury, and the Chicago banks—only 358,645 were sold to the public at the $1 price.