1926 United States Sesquicentennial Half Dollar : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

Also known as the “Sesqui”, the 1926 United States Sesquicentennial Commemorative Half Dollar was one of the two commemorative coins created by the Act of March 3, 1925, which established a National Sesquicentennial Commission and authorized mintage of commemorative half dollars and quarter eagles.

According to authors Anthony Swiatek and Walter Breen, the commission also sought approval to strike a $1.50 gold piece, which, if struck, would have been an entirely new denomination, and a commemorative $1 bill. The commemorative $1.50 gold coin and $1 bill ideas were rejected by Treasury Secretary Andrew Mellon.

Celebrating the Nation’s 150th Birthday

The American Sesquicentennial, or one-hundred-fiftieth anniversary of the War of Independence, was celebrated in 1926 and was one of the last major national celebrations witnessed by Americans who lived through the Civil War.

While commemorative fairs and events were held in towns across the country, the centerpiece of America’s birthday celebration was the Sesquicentennial Exposition in Philadelphia. To help offset the event’s costs, commemorative coins were sold as official show souvenirs (the half dollar for $1 apiece, and the quarter eagle for $4). Congress authorized the minting of up to one million half dollars and 200,000 quarter eagles, but sales fell far short of expectations. The quarter eagle found nearly 46,000 takers, while the half dollar performed worse, selling slightly more than 14% of its mintage.

All one million 1926 Sesquicentennial Half Dollars were struck at the Philadelphia Mint during the months of May and June 1926. That year, the Philadelphia Mint also struck the 1926 Oregon Trail Memorial Half Dollar, and no United States Mint facility struck Walking Liberty Halves between 1924 and 1926.

Chief Engraver John Ray Sinnock’s original half dollar design was rejected by the National Sesquicentennial Exhibition Association, which engaged outside artist John Frederick Lewis. Lewis’ design featured a right-facing jugate portrait of Presidents George Washington and Calvin Coolidge. Coolidge, the sitting president at the time, was the first living person to be featured on a United States coin.

Both coins were modeled in extremely shallow relief, making the design elements sometimes difficult to discern. For the larger half dollar coin, this shallow relief created a condition rarity.

As would be the case with the Bicentennial coinage of 1976, the Sesquicentennial Half Dollar features a dual date (1776 – 1926), which appears on the coin’s reverse.

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Market Data and Noteworthy Specimens

Coin dealer Harry Laibstain, in his book Investing, Collecting & Trading in Certified Commemoratives (1995), ranked the 1926 Sesquicentennial Half Dollar as the toughest classic commemorative coin type issue to find in both MS65 and MS66. At the time, the combined NGC and PCGS population of the issue stood at 121 coins in 65 and five coins in 66. This tally came at a time when the two leading certifications companies were approaching 10 years in the business and the vast majority of collector holdings of classic U.S. commemoratives were still held by collectors in uncertified condition.

The MS66 population at NGC and PCGS rose to 11 by June 1999 and the PCGS MS66 population was just six coins with none finer as of May 2002. Pop eight as of 2012.

Through August 1, 2024, the combined CAC, NGC, and PCGS population of the 1926 Sesquicentennial Half Dollar has risen to 827 in MS65 and 80 in MS66. A single example is reported at MS67 in the NGC census. To date, we have been unable to locate this coin.

Many spectacularly toned classic commemorative coins in ultra-high grades are known for many issues, but the 1926 Sesquicentennial Half Dollar stands out for the clear lack of them. We have not located a single example of this issue above the grade of MS65+ that we would describe as having PQ rainbow toning. Most of the MS66 coins in our data table have poor eye appeal thanks to latte-cream color and toning patterns that more resemble staining than embellishment.

The price performance of top-end 1926 Sesquicentennial Half Dollars has been down dramatically since its peak in 2009. In hindsight, it appears that commemorative coins were overpriced at that time based on the number of Gem coins that would later turn up. Those with a long memory for the losses incurred in the classic commemorative market are likely still bearish about the series today, though we’d argue that a world-beater set of top-pop or finest-eye-appeal coins would still top a million dollars today.

For the everyday collector, based on the coins we’ve seen, a great-eye-appeal MS65 is more than enough coin for your set.

Trivial observation: NGC MS66+ CAC #5743589-017 (if it still exists in this holder) is one of the most re-certified condition census coins that we have ever tracked.

Top Population: PCGS MS66+ (5, 7/2024), NGC MS67 (1, 8/2024), and CAC MS66 (9:0 stickered:graded, 8/2024).

• PCGS MS66+ CAC #38522063: Heritage Auctions, August 4, 2020, Lot 4119 – $21,600; Heritage Auctions, May 9, 2024, Lot 4641 – $21,600. Wispy blue and pale yellow toning.
• PCGS MS66+ #39820260: GreatCollections, December 25, 2022, Lot 1288249 – View.
• NGC MS66+ CAC #5743589-017: As NGC MS66 #1578118-002. Heritage Auctions, November 30, 2007, Lot 61362 – $9,775. As NGC MS66 #3214037-003. Heritage Auctions, March 29, 2009, Lot 1750 – $15,525. As NGC MS66 CAC #3217015-003. Heritage Auctions, June 4, 2010, Lot 1330 – $13,800. Dusting of heather and pale blue color. As NGC MS66+* CAC #3222296-002. Heritage Auctions, January 7, 2015, Lot 4451 – $25,850. Upgraded by 1/2 point; Heritage Auctions, April 27, 2017, Lot 4379 – $32,900; “Five Generations of Eby Collection,” Heritage Auctions, January 10, 2019, Lot 4769 – $19,200; Heritage Auctions, August 14, 2019, Lot 3970 – $18,000. Regraded. Star designation removed. As NGC MS66+ CAC #5743589-017. Heritage Auctions, August 4, 2020, Lot 4118 – $14,400. Wispy lilac and yellow toning. Scuffs on Washington’s face. Tiny copper toning spots behind Washington’s head.
• NGC MS66 #448233-010: Heritage Auctions, August 1, 2009, Lot 2158 – $8,625; “The Auriah Rayne Collection,” Heritage Auctions, July 14, 2024, Lot 92233 – $4,560. Wispy gold and brown color.
• PCGS MS66 #47741816: Heritage Auctions, May 10, 2024, Lot 4953 – $10,800. Creamy color with bright gold splotch at D STATES. Nice coin.
• NGC MS66 #6823642-008: Heritage Auctions, March 29, 2024, Lot 3641 – $3,720.
• NGC MS66 #6823646-007: Heritage Auctions, February 9, 2024, Lot 3501 – $4,080. All over pale yellow and blue hue.
• PCGS MS66 CAC #34468535: Heritage Auctions, January 12, 2023, Lot 3570 – $20,400. Copper spot at the edge of Washington’s hair. Thin band of vivid red, orange, and gold toning around DOLLAR.
• NGC MS66 #4487421-004: Heritage Auctions, February 25, 2022, Lot 4009 – $6,300. Latte color. Scattered chuff on Washington’s face. Copper spots at the base of T of UNITED, M of AMERICA, and on Washington’s jowls.
• PCGS MS66 #44251083: Heritage Auctions, January 14, 2022, Lot 4251 – $19,200; GreatCollections, December 25, 2022, Lot 1276467 – View. Attractive coin with wispy colorful toning on both sides.
• PCGS MS66 #06808402: Heritage Auctions, April 24, 2014, Lot 5863 – $19.975; Heritage Auctions, May 15, 2021, Lot 93192 – $10,200. Unattractive, splotchy rust and gold toning on both sides.
• PCGS MS66 #41630683: Heritage Auctions, April 24, 2021, Lot 5211 – $9,300.
• NGC MS66 #5742557-013: Heritage Auctions, January 15, 2021, Lot 93801 – $3,840.
• NGC MS66 #4882317-004: Heritage Auctions, July 12, 2019, Lot 3983 – $3,600.
• NGC MS66 #4631641-003: Heritage Auctions, January 11, 2019, Lot 6204 – $3,840. Thin band of rainbow toning around the rim.
• NGC MS66 #4630870-004: Heritage Auctions, September 6, 2018, Lot 3282 – $4,592.40. Scattered brown toning.
• NGC MS66 #4203257-002: Heritage Auctions, October 29, 2015, Lot 3668 – $4,465. Wispy latte hue.
• NGC MS66 #3177315-001: Heritage Auctions, January 9, 2015, Lot 6521 – $4,230; Heritage Auctions, October 29, 2015, Lot 3667 – $4,465. Awash in pale blue, and peach toning.
• NGC MS66 #116415-007: Stack’s Bowers, November 2012, Lot 3199 – $12,337.50; Heritage Auctions, June 6, 2013, Lot 4906 – $8,225; Heritage Auctions, October 20, 2013, Lot 28197 – $8,225; Heritage Auctions, July 10, 2014, Lot 4067 – $7,637.50; Heritage Auctions, November 6, 2014, Lot 4194 – $6,462.50; Heritage Auctions, July 9, 2015, Lot 3412 – $5,287.50. Reholdered; Heritage Auctions, December 3, 2015, Lot 3461 – $3,760. Mottled toning with a band of gold, green, and orange around the bottom of the obverse. Scattered ticks below Y of LIBERTY.
• PCGS MS66 #6558168: Heritage Auctions, January 11, 2013, Lot 6574 – $18,212.50.
• PCGS MS66 #25548433: As PCGS MS66 #21765045. “The Bruce Scher #1 All-Time PCGS Registry Set,” Heritage Auctions, February 24, 2005, Lot 4179 – $34,500; “The Cary & Cheryl Porter Collection, Part Three,” Heritage Auctions, August 9, 2007, Lot 2095 – $29,900. Bruce Scher on insert. As PCGS MS66 #25548433. Heritage Auctions, January 10, 2013, Lot 5978 – $30,550. Re-graded. Bruce Scher on insert. Awash in cream and golenrod color. Areas of blue/green discoloration at LIB and on Washington’s coat.
• NGC MS66* #3472061-009: Heritage Auctions, September 7, 2012, Lot 4382 – $13,675. Streaky blue-green, gold, and rose color. >-shaped hit on Washington’s chin.
• PCGS MS66 CAC #42780729: Larry Shepherd. As PCGS MS66 #21403791. Heritage Auctions, March 27, 2004, Lot 6973 – $36,800; “The Cary & Cheryl Porter Collection,” Heritage Auctions, May 10, 2007, Lot 2607 – $37,375; “The Louis Bassano Collection of U.S. Commemoratives,” Heritage Auctions, July 31, 2009, Lot 1482 – $43,125. Shepherd on insert. CAC added. Red and orange toning all over with a thin band of gold and green toning along the obverse periphery. Fingerprints on the obverse. After this sale, the coin has been regraded.
• PCGS MS66 #21627226: As PCGS MS66 #5291481. Heritage Auctions, July 27, 2002, Lot 5103 – $18,400. Old Green Holder. Pop six when offered. As PCGS MS66 #21627226. Heritage Auctions, August 18, 2004, Lot 4318 – $21,275; “The JFS Collection, the #1 All-Time PCGS Registry Set,” Heritage Auctions, September 23, 2005, Lot 4056 – $25,300. JFS Collection on insert.
• NGC MS66 #920217-001: Heritage Auctions, October 8, 1999, Lot 5743 – $8,625; “The Tyler Dillon of Wellesley Collection,” Heritage Auctions, February 22, 2001, Lot 6146 – $6,325; Heritage Auctions, July 27, 2002, Lot 5492 – $7,475.

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Design

Obverse:

The obverse features conjoined or jugate busts of first President George Washington and then-current President Calvin Coolidge facing right. The word LIBERTY runs clockwise along the top of the coin and the legend UNITED STATES OF AMERICA (with dots separating each word) runs counterclockwise along the bottom. An ornamental rosette separates the two inscriptions on both sides, for a total of two. The motto IN GOD WE TRUST is to the right of the presidents, divided into two lines of two words each below Coolidge’s chin.

Reverse:

An excellent rendition of the Liberty Bell–including the famed crack, and not dissimilar to that portrayed more stiffly on the Bicentennial Eisenhower Dollar reverse 50 years later–is surrounded by a thin, solid circular border. The year 1776 is to the viewer’s left of the bell, and 1926 is to the right. Arcing above the yoke of the bell in smaller lettering is the motto E PLURIBUS UNUM. Running clockwise along the top half of the coin between the rim and the inner circle is the inscription SESQUICENTENNIAL OF AMERICAN INDEPENDENCE with dots dividing each word. The denomination HALF DOLLAR runs counterclockwise along the bottom of the same space, with dashes on either side separating it from the previous inscription.

Edge:

The edge of the 1926 Sesquicentennial Half Dollar is reeded.

Designer

John R. Sinnock became the eighth Chief Engraver of the United States Mint upon George T. Morgan’s death in 1925, holding the position until his death on May 14, 1947. In addition to being chosen by Mint Director Nellie Tayloe Ross to design both the Roosevelt Dime and Franklin Half Dollar in 1946, Sinnock is responsible for engraving the 1926 Sesquicentennial American Independence Half Dollar and $2.50 Quarter Eagle gold coin for the 150th anniversary of the United States of America. Sinnock also helped sculpt the United States Army’s modern Purple Heart Medal for Military Merit by soldiers wounded or killed in combat.

Coin Specifications

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Read CoinWeek’s Exclusive 1926 American Sesquicentennial Quarter Eagle Collector’s Guide