Gadsden Purchase half dollar

The Gadsden Purchase Half Dollar: A Failed Bid for Commemoration

Imagine a time when the United States was on the brink of commemorating an important historical event, only to face unexpected setbacks. That’s exactly what happened with the proposed Gadsden Purchase half dollar in 1930.

The Proposal and Its Background

In the late 1920s, Lyman W. Hoffecker had a vision to honor the 75th anniversary of the Gadsden Purchase, a significant treaty that opened up land for a southern route of a transcontinental railroad. He founded the Gadsden Purchase Commission and presented his design, which included a portrait of Thomas J. Gadsden and a map of New Mexico and Arizona.

Support and Opposition

The proposal gained support from Texas Congressman Claude Benton Hudspeth, who agreed to introduce legislation. However, Treasury Secretary Andrew W. Mellon opposed the bill, citing concerns about the waste of funds and the burden on the Mint. Hearings were held by the committee, with supporters including Guinn Williams and Albert Gallatin Simms, who presented resolutions from state legislatures and assurances of senatorial support.

The Final Vote

Despite these efforts, the Gadsden Purchase commemorative half dollar bill was passed by Congress in March and April 1930. The bill was endorsed by the Coinage Committee after a hearing where officials warned of counterfeiting risks and sales not meeting expectations.

The Veto and Its Aftermath

President Herbert Hoover vetoed the bill on April 21, citing concerns about counterfeiting and wastefulness. The House attempted to override the veto but failed with only 96 votes in favor, falling short of the two-thirds needed.

The Legacy of the Veto

Five Republicans voted to override Hoover’s veto: New Mexico Congressman Simms and four from the East and Midwest. The New York Sun applauded Hoover’s ‘sound common sense,’ while Hoffecker’s hometown paper, the El Paso Herald, criticized him. An editorial in The Washington Post supported Hoover’s action on April 26.

A Shift Away from Commemorative Coins

After the veto, there was a shift away from commemorative coins; medals were seen as an alternative to avoid confusion with coinage. Roosevelt warned Congress against large numbers of commemoratives and instead urged the issuance of medals. Citing Hoover’s veto, he vetoed a bill for a commemorative half dollar for the centennial of Wisconsin statehood on July 31, 1947.

The Long-Term Impact

Similar arguments were made by the Treasury under the presidency of Dwight D. Eisenhower, who vetoed three commemorative coin bills in 1954. No commemoratives were issued thereafter until the department changed its position in 1981, as the Washington 250th Anniversary half dollar was being considered; it was issued in 1982.

Lessons Learned

The government sold the new commemoratives to collectors and dealers, rather than having sales conducted by a designated group. Hoffecker was unsuccessful with the Gadsden Purchase piece but tried again in 1935. He was the designer and distributor of the Old Spanish Trail half dollar and also the distributor of the Elgin, Illinois, Centennial half dollar (1936).

Conclusion

The Gadsden Purchase half dollar remains a fascinating case study in the politics and economics of commemorative coinage. It serves as a reminder that even well-intentioned proposals can face significant hurdles, especially when they touch on issues like waste and counterfeiting. The lessons learned from this episode continue to shape the way commemorative coins are handled today.