United States Bicentennial coinage
Beginning in 1971, members of Congress introduced bills to authorize coins to honor the United States Bicentennial, which would occur in 1976.
[1] Organizations would get Congress to authorize a coin and would be allowed to buy up the issue, selling it to the public at a premium.
The negative publicity caused the Department of the Treasury, of which the Mint is a part, to oppose subsequent commemorative coin proposals, and until the 1970s, Congress passed none.
[3] The committee's initial report, in July 1970, called for the production of a commemorative half dollar for the Bicentennial.
[4] In December 1970, the committee called for special designs for all denominations of US coinage for the Bicentennial; the ARBC endorsed this position the following month.
However, in a newspaper interview she termed the idea of changing the six circulating coins (cent through dollar) "a disaster".
[4] During 1972, however, she retreated from that position, and by the end of the year had persuaded Treasury Secretary George Shultz to support a Bicentennial coin bill.
Separately from the Bicentennial matter, she asked for authority to strike US coins at the West Point Bullion Depository, where space was available to install older coinage presses.
Brooks testified again, and responding to criticism that only the two least popular denominations were to be changed, indicated her support for a Bicentennial quarter as well.
On June 13, a bill, S. 1141 which provided for a circulating Bicentennial quarter, half dollar and dollar, gave permission for coins to be struck at West Point and allowed for 40% silver clad versions of the new coins for collectors was reported favorably by the Senate Banking Committee.
[7][a] Members of the two houses met in a conference committee on September 19 in a session described by onlookers as "fairly hot and heavy".
By the terms of the statute, all coins minted to be issued after July 4, 1975 and before January 1, 1977 would bear the Bicentennial dates and designs.
[9] The extra production at West Point was key to overcoming a shortage of cents in 1974, and permitted the Mint greater flexibility as it geared up to strike the Bicentennial pieces.
The judges were society President Robert Weinman (son of Adolph Weinman, who had designed the Mercury dime and Walking Liberty half dollar), Connecticut sculptor Adlai S. Hardin, former Mint Chief Engraver Gilroy Roberts, Julius Lauth of the Medallic Art Company, and Elvira Clain-Stefanelli, curator in the Division of Numismatics, Smithsonian Institution.
[15] According to numismatist Michael Marotta in his 2001 article on the Bicentennial coins, "the numismatic community's reaction to the entries was predictable: everyone complained by writing letters to the editor".
[16] From the twelve, the judges selected six finalists for review by the National Bicentennial Coin Design Competition Committee, consisting of Brooks, Representative Wright Patman, Senator John Sparkman, Commission of Fine Arts Secretary Charles H. Atherton and Eric P. Newman, chairman of the ARBC's coins and medals advisory committee.
[14] After receiving the committee's recommendations, Secretary Shultz selected the winners and on March 6, 1974, Brooks went on the Today show to announce them.
Jack L. Ahr's design featuring a colonial drummer, with a torch of victory surrounded by thirteen stars (representing the original states) was selected for the quarter.
[20] Brooks, in a letter to Smith, stated that the design for the quarter was "sufficiently original" to impress the National Sculpture Society.
[21] On April 24, 1974, the three winning designers were brought to Washington, D.C. After a tour of the White House and meetings with the congressional committees which considered the coin bills, they went to the Treasury Building and received their $5,000 checks from the new Treasury Secretary, William E. Simon, who jokingly asked them if they wanted to invest their awards in savings bonds.
Gasparro simplified the quarter design, altered the drum for the sake of authenticity, changed the lettering and modified the expression on the drummer's face.
[21] On January 19, 1975, Brooks announced that the silver proof set price was cut to $12, and the order limit was waived.
The Mint modified the dies; the most noticeable change is that the revised issue, or Type II as it came to be known, have narrower, sharper lettering on the reverse.
[39] The new coins first entered circulation on July 7, 1975, when the half dollar was released in conjunction with ceremonies in Minneapolis, Huntington's hometown.
[35] The pieces were struck in numbers exceeding those needed for circulation; a Mint spokesman stated, "The theory in striking them was to have enough available so as many Americans as possible would have an opportunity to have a coinage commemoration of the Bicentennial year.
[21] On September 17, 1979, faced with a spike in silver prices, Mint Director Stella B. Hackel announced that the sets were being removed from sale.
[38] Reagan administration Mint Director Donna Pope later stated, "Sales of 1776–1976 regular-issue Bicentennial coins went on and on, seemingly forever.
[45] Coin dealer Marcel Sassola suggested in 1977 of the silver sets, "There were just too many sold, and I think it will take a long time before they have any real value.
