California Pacific International Exposition half dollar

The California Pacific International Exposition Half Dollar: A Coin with a Complicated Past

Imagine stepping back in time to the early 1930s, when San Diego hosted an event that would change the face of commemorative coins forever. The California Pacific International Exposition half dollar, struck by the United States Bureau of the Mint in 1935 and 1936, is a fascinating piece of history with a story as complex as its design.

A Coin Born Out of Necessity

Back then, legislation for the half dollar passed Congress without opposition in early 1935. The idea was simple: create a coin to commemorate an event that would showcase California’s progress and innovation. But as with many well-intentioned plans, things didn’t quite go according to script.

The Unforeseen Challenges of Coin Production

With a maximum of 250,000 coins to be produced, the California Pacific half dollar coin was designed by sculptor Robert Aitken and minted in San Francisco and Philadelphia in 1935. The obverse features a seated Minerva with elements of the California State Seal, while the reverse shows two buildings constructed for the Exposition. However, due to expected sales not materializing, over 180,000 unsold pieces were returned to the Mint.

Legislative Maneuvers and Coin Production

The Exposition Commission successfully obtained further legislation to return the remaining pieces and produce new coins for the 1936 fair. This time, a total of 180,092 of the 1936-D were produced, and they were sold for $1.50 each. Despite considerable publicity, only 68,000 coins sold, leading to a surplus that made investors indifferent to the issue.

Post-Exposition Challenges

After the Exposition ended in 1936, the remaining pieces were placed on sale at $3 each. However, this did not work to create future rarity. In 1938, Emil Klicka offered the 1936-D for sale at $1 each with a limit of ten, and the 1935-S coins were available at $2. Large hoards of both dates were held by insiders, which were gradually dispersed from the 1960s to the 1980s.

Valuing the California Pacific Half Dollar

In uncirculated condition, the 1935-S was worth $9 in 1962, and the 1936-D was worth $11. The edition of the Red Book published in 2018 lists the 1935-S for $100-$160 and the 1936-D for $100-$225. A near-pristine 1935-S sold at auction in 2014 for $4,994.

Conclusion: The California Pacific International Exposition Half Dollar

The California Pacific International Exposition half dollar is a testament to the complexities of commemorative coin production. From its initial design and minting to the legislative maneuvers that followed, this coin has a story as rich and varied as any historical event it commemorates. It serves not only as a piece of numismatic history but also as a reminder of the challenges faced by those who seek to preserve our nation’s heritage through coinage.