United States bicentennial coinage
Encyclopedia
Coin
A coin is a piece of hard material that is standardized in weight, is produced in large quantities in order to facilitate trade, and primarily can be used as a legal tender token for commerce in the designated country, region, or territory....
s, consisting of a quarter
Quarter (United States coin)
A quarter dollar, commonly shortened to quarter, is a coin worth ¼ of a United States dollar, or 25 cents. The quarter has been produced since 1796. The choice of 25¢ as a denomination, as opposed to 20¢ which is more common in other parts of the world, originated with the practice of dividing...
, half dollar
Half dollar
Half dollar may refer to a half-unit of several currencies that are named "dollar". Normally, $1 is divided into 100 cents, so a half dollar is equal to 50 cents...
and dollar struck by the United States Mint
United States Mint
The United States Mint primarily produces circulating coinage for the United States to conduct its trade and commerce. The Mint was created by Congress with the Coinage Act of 1792, and placed within the Department of State...
in 1975 and 1976. Regardless of when struck, each coin bears the double date 1776–1976, with the dates appearing on the normal obverses
Obverse and reverse
Obverse and its opposite, reverse, refer to the two flat faces of coins and some other two-sided objects, including paper money, flags , seals, medals, drawings, old master prints and other works of art, and printed fabrics. In this usage, obverse means the front face of the object and reverse...
for the Washington quarter, Kennedy half dollar
Kennedy half dollar
Within hours of the assassination of John F. Kennedy on November 22, 1963, Mint Director Eva Adams called Chief Engraver Gilroy Roberts, informing him that serious consideration was being given to depicting Kennedy on one of the larger silver coins: either the silver dollar, half dollar, or...
and Eisenhower dollar
Eisenhower Dollar
The Eisenhower dollar is a $1 coin issued by the United States government from 1971–1978...
.
Given past abuses in the system, the Mint advocated against the issuance of commemorative coins
United States commemorative coin
Commemorative coinage of the United States consists of coins that have been minted to commemorate a particular person, place, event, or institution. They are legal tender but are not intended for general circulation....
starting in the 1950s. Beginning in 1971, members of Congress introduced bills which would authorize coins to honor the United States Bicentennial
United States Bicentennial
The United States Bicentennial was a series of celebrations and observances during the mid-1970s that paid tribute to the historical events leading up to the creation of the United States as an independent republic...
, which would occur in 1976. The Mint, through its director, Mary Brooks
Mary Brooks
Mary Elizabeth Thomas Peavey Brooks directed the United States Mint from September 1969 to February 1977.Brooks was appointed by President Richard M. Nixon, the third woman named to the post...
, initially opposed the issuance of such coins, but later supported it, and Congress passed legislation authorizing the temporary redesign of the reverse
Obverse and reverse
Obverse and its opposite, reverse, refer to the two flat faces of coins and some other two-sided objects, including paper money, flags , seals, medals, drawings, old master prints and other works of art, and printed fabrics. In this usage, obverse means the front face of the object and reverse...
of the quarter, half dollar and dollar.
A nationwide competition resulted in designs of a Colonial drummer for the quarter, Independence Hall for the half dollar and the Liberty Bell
Liberty Bell
The Liberty Bell is an iconic symbol of American Independence, located in Philadelphia, Pennsylvania. Formerly placed in the steeple of the Pennsylvania State House , the bell was commissioned from the London firm of Lester and Pack in 1752, and was cast with the lettering "Proclaim LIBERTY...
superimposed against the moon for the dollar. All three coins remain common today, due to the quantity struck. Circulation pieces were in copper nickel; Congress also mandated 45,000,000 part-silver pieces be struck for collectors, and the Mint sold them for over a decade before melting the remainder after withdrawing them from sale in 1986.
Background
Commemorative coinCommemorative coin
Commemorative coins are coins that were issued to commemorate some particular event or issue. Most world commemorative coins were issued from the 1960s onward, although there are numerous examples of commemorative coins of earlier date. Such coins have a distinct design with reference to the...
s had been struck for a number of events and anniversaries by the United States Mint since 1892. 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 final issue among these commemoratives
Early United States commemorative coins
The Early United States commemorative coins traditionally begins with the 1892 Colombian Half dollar and extends through the 1954 Booker T. Washington issue. The profits from the sale of commemorative coins was often used to fund a specific project...
, half dollars honoring Booker T. Washington
Booker T. Washington
Booker Taliaferro Washington was an American educator, author, orator, and political leader. He was the dominant figure in the African-American community in the United States from 1890 to 1915...
and George Washington Carver
George Washington Carver
George Washington Carver , was an American scientist, botanist, educator, and inventor. The exact day and year of his birth are unknown; he is believed to have been born into slavery in Missouri in January 1864....
were struck over a number of years, ending in 1954. Originally priced at $3.50, they were repeatedly discounted and many were melted or spent. The promoter of these issues, S.J. Phillips, mishandled the distribution and lost $140,000. The negative publicity caused the Department of the Treasury
United States Department of the Treasury
The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue...
, of which the Mint is a part, to oppose subsequent commemorative coin proposals, and until the 1970s, Congress passed none.
In 1966, Congress established the American Revolutionary Bicentennial Commission (ARBC) to plan and coordinate activities connected with the 1976 bicentennial of American Independence. In February 1970, the ARBC established a Coins and Medals Advisory Committee. The committee's initial report, in July 1970, called for the production of a commemorative half dollar for the Bicentennial. 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, the Treasury, following its longstanding position against commemorative coins, opposed the change. Several proposals for Bicentennial coins were introduced in Congress in 1971 and 1972, but did not pass.
Mint Director Mary Brooks
Mary Brooks
Mary Elizabeth Thomas Peavey Brooks directed the United States Mint from September 1969 to February 1977.Brooks was appointed by President Richard M. Nixon, the third woman named to the post...
had attended the Advisory Committee meetings. At one meeting, she supported having a 1776–1976 double date on circulating coins to mark the anniversary in 1976, although accommodating two dates in the obverse would involve production difficulties. However, in a newspaper interview she termed the idea of changing the six circulating coins (cent through dollar) "a disaster". She felt if any Bicentennial coin was issued, it should be non-circulating, perhaps a half cent
Half cent (United States coin)
First authorized on April 2, 1792 , the half cent coin was produced in the United States from 1793-1857. The half-cent piece was made of 100% copper. It was slightly smaller than a modern U.S. quarter. Diameters are: 22 mm , 23.5 mm and 23 mm ., Coinage was discontinued by the Act...
or a gold piece. Brooks believed that such a coin would not disrupt the Mint in the production of coins for circulation. During 1972, however, she retreated from that position, and by the end of the year had persuaded Treasury Secretary
United States Secretary of the Treasury
The Secretary of the Treasury of the United States is the head of the United States Department of the Treasury, which is concerned with financial and monetary matters, and, until 2003, also with some issues of national security and defense. This position in the Federal Government of the United...
George Shultz to support a Bicentennial coin bill.
Authorization
In January 1973, Representative Richard C. White introduced legislation for commemorative dollars and half dollars. Senator Mark HatfieldMark Hatfield
Mark Odom Hatfield was an American politician and educator from the state of Oregon. A Republican, he served for 30 years as a United States Senator from Oregon, and also as chairman of the Senate Appropriations Committee...
also introduced legislation, calling for a $25 gold piece
Gold coin
A gold coin is a coin made mostly or entirely of gold. Gold has been used for coins practically since the invention of coinage, originally because of gold's intrinsic value...
. On March 2, 1973, the Treasury announced its support for Bicentennial coin legislation for design changes to the reverses of the circulating dollars and half dollars, and sent proposed legislation to Congress three days later. Hearings before a subcommittee in the House of Representatives were held on May 2, 1973. Brooks testified, supporting the limited redesign in the bill, but opposing a more extensive coin redesign. Separately from the Bicentennial matter, she asked for authority to strike US coins at the West Point Bullion Depository
West Point Mint
The West Point Mint Facility was erected in 1937 near the U.S. Military Academy in West Point, New York. Originally it was called the West Point Bullion Depository. At one point it had the highest concentration of silver of any U.S. mint facility, and for 35 years produced circulating pennies...
, where space was available to install older coinage presses. Brooks deprecated the Hatfield proposal, stating that the coin would have to be .667 pure or less to avoid hoarding.
As a result of the hearings, several additional bills were introduced, and additional hearings were held before a Senate subcommittee on June 6. 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
United States Senate Committee on Banking, Housing, and Urban Affairs
The United States Senate Committee on Banking, Housing, and Urban Affairs has jurisdiction over matters related to: banks and banking, price controls, deposit insurance, export promotion and controls, federal monetary policy, financial aid to commerce and industry, issuance of redemption of notes,...
. It passed the Senate on July 13. However, amendments authorizing US citizens to own gold, and to implement the Hatfield proposal were attached to the bill. A similar bill passed the House of Representatives on September 12, differing from the Senate bill in lacking any provision relating to gold, and in not authorizing silver versions of the new coins.
Members of the two houses met in a conference committee on September 19 in a session described by onlookers as "fairly hot and heavy". The resulting bill had no gold provisions, but authorized changes to the reverses of the quarter, half dollar and dollar for the Bicentennial. The obverses of the three coins would not change, but would bear the double date 1776–1976. 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. Congress directed the Mint to strike 45,000,000 silver clad coins (that is, 15,000,000 sets), and the Mint received the requested authority to strike coins at West Point. Circulation quarters, half dollars and dollars would continue to be of copper nickel bonded to an internal layer of copper, that is, copper nickel clad. The modified bill passed both houses of Congress on October 4, 1973, and the bill was signed into law by President Richard Nixon
Richard Nixon
Richard Milhous Nixon was the 37th President of the United States, serving from 1969 to 1974. The only president to resign the office, Nixon had previously served as a US representative and senator from California and as the 36th Vice President of the United States from 1953 to 1961 under...
on October 18. Hatfield's measure, along with similar legislation from other senators, was reintroduced in 1975, but died in committee, as did legislation seeking a Bicentennial two-cent piece and a bill seeking a coin honoring Abigail Adams
Abigail Adams
Abigail Adams was the wife of John Adams, who was the second President of the United States, and the mother of John Quincy Adams, the sixth...
and Susan B. Anthony
Susan B. Anthony
Susan Brownell Anthony was a prominent American civil rights leader who played a pivotal role in the 19th century women's rights movement to introduce women's suffrage into the United States. She was co-founder of the first Women's Temperance Movement with Elizabeth Cady Stanton as President...
. 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.
Competition
On October 23, 1973, the Department of the Treasury announced a competition for the three reverse designs. Any US citizen could submit one drawing, or photograph of a plaster model, 10 inches (25.4 cm) in diameter. Entries were to bear the legend "QUARTER DOLLAR". Treasury Secretary Shultz, advised by a panel of judges, would decide which design would be used for which denomination—the inscription would be changed to HALF DOLLAR and ONE DOLLAR for the higher denominations. Additionally, the reverses were to bear the name of the country and the motto "E PLURIBUS UNUME pluribus unum
E pluribus unum , Latin for "Out of many, one", is a phrase on the Seal of the United States, along with Annuit cœptis and Novus ordo seclorum, and adopted by an Act of Congress in 1782...
", as required by law.
At Director Brooks' request, the National Sculpture Society
National Sculpture Society
Founded in 1893, the National Sculpture Society was the first organization of professional sculptors formed in the United States. The purpose of the organization was to promote the welfare of American sculptors, although its founding members included several renowned architects. The founding...
selected the five judges for the competition. The judges were society President Robert Weinman (son of Adolph Weinman, who had designed the Mercury dime
Mercury dime
The Mercury dime is a ten-cent coin struck by the United States Mint from 1916 to 1945. Designed by Adolph Weinman and also known as the Winged Liberty dime, it gained its common name as the obverse depiction of a young Liberty, identifiable by her winged Phrygian cap, was confused with the Roman...
and Walking Liberty half dollar
Walking Liberty Half Dollar
The Walking Liberty half dollar was a silver 50-cent piece or half dollar coin issued by the United States Mint from 1916 to 1947; it was designed by Adolph A. Weinman....
), Connecticut sculptor Adlai S. Hardin, former Mint Chief Engraver Gilroy Roberts
Gilroy Roberts
Gilroy Roberts was a sculptor, gemstone carver, and the ninth Chief Engraver of the United States Mint between 1948 and 1964. He designed the obverse of the United States Kennedy half dollar, which was first issued in 1964. After he retired from the U.S...
, Julius Lauth of the Medallic Art Company
Medallic Art Company
Medallic Art Company, Ltd. based in Dayton, Nevada is "America’s oldest and largest private mint" and specializes in the design and manufacture of medals...
, and Elvira Clain-Stefanelli, curator in the Division of Numismatics
Numismatics
Numismatics is the study or collection of currency, including coins, tokens, paper money, and related objects. While numismatists are often characterized as students or collectors of coins, the discipline also includes the broader study of money and other payment media used to resolve debts and the...
, Smithsonian Institution
Smithsonian Institution
The Smithsonian Institution is an educational and research institute and associated museum complex, administered and funded by the government of the United States and by funds from its endowment, contributions, and profits from its retail operations, concessions, licensing activities, and magazines...
.
The deadline was originally December 14, 1973, but was extended to January 9, 1974 because of the energy crisis
1973 oil crisis
The 1973 oil crisis started in October 1973, when the members of Organization of Arab Petroleum Exporting Countries or the OAPEC proclaimed an oil embargo. This was "in response to the U.S. decision to re-supply the Israeli military" during the Yom Kippur war. It lasted until March 1974. With the...
and Christmas mail delays. Brooks traveled more than 7000 miles (11,265.4 km) to publicize the competition. By the deadline, the Mint had received 15,000 inquires and 884 entries. Members of the panel, and any person employed by the US government as a sculptor were ineligible to enter. The prize for each of the three winners was $5,000. The judging was originally supposed to take place at West Point; with the delay, it took place instead at the Philadelphia Mint
Philadelphia Mint
The Philadelphia Mint was created from the need to establish a national identity and the needs of commerce in the United States. This led the Founding Fathers of the United States to make an establishment of a continental national mint a main priority after the ratification of the Constitution of...
.
From the entries, the judges selected twelve semifinalists; the sculptor submitting each received a prize of $750. The twelve were to place their work on plaster models, if that had not already been done, and were offered assistance in making the models.
Preparation
United States Declaration of Independence
The Declaration of Independence was a statement adopted by the Continental Congress on July 4, 1776, which announced that the thirteen American colonies then at war with Great Britain regarded themselves as independent states, and no longer a part of the British Empire. John Adams put forth a...
was signed, and three depicted the moon or lunar spacecraft. Another depicted the Liberty Bell
Liberty Bell
The Liberty Bell is an iconic symbol of American Independence, located in Philadelphia, Pennsylvania. Formerly placed in the steeple of the Pennsylvania State House , the bell was commissioned from the London firm of Lester and Pack in 1752, and was cast with the lettering "Proclaim LIBERTY...
superimposed on an atomic symbol. 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".
From the twelve, the judges selected six finalists for review by the National Bicentennial Coin Design Competition Committee, consisting of Brooks, Representative Wright Patman
Wright Patman
John William Wright Patman was a U.S. Congressman from Texas in Texas's 1st congressional district and chair of the United States House Committee on Banking and Currency .-Early life:...
, Senator John Sparkman
John Sparkman
John Jackson Sparkman was an American politician from the state of Alabama. A conservative Southern Democrat, Sparkman served in the U.S. House of Representatives and the U.S. Senate from 1937 until 1979. He was the Democratic Party's nominee for Vice President as Adlai Stevenson's running mate in...
, Commission of Fine Arts Secretary Charles H. Atherton, and Eric P. Newman, chairman of the ARBC's coins and medals advisory committee. 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. Seth Huntington's image of Independence Hall was selected for the half dollar while Dennis R. Williams' superimposition of the Liberty Bell against the moon was successful for the dollar. Ahr owned a commercial art firm and Huntington was head artist for Brown and Bigelow, a Minneapolis publishing firm. Williams, at age 22 the youngest person to design a US coin, was an art student who had originally created his design for a class assignment. No change would be made to the obverses of the coins, except for the double dating.
Ahr was accused of copying his drummer from a 1973 stamp by the stamp's designer, William A. Smith; he denied it. According to numismatic historian Walter Breen, "both obviously derive from Archibald Willard's 1876 painting Spirit of '76." Brooks, in a letter to Smith, stated that the design for the quarter was "sufficiently original" to impress the National Sculpture Society. Weinman later deprecated the winning designs:
I really don't think what we got was a great bargain. Nothing we selected was a real winner that I'd fight to the death for. In terms of what we had to work with, though, I think we did the best we could.
On April 24, 1974, the three winning designers were brought to Washington, D.C. After a tour of the White House
White House
The White House is the official residence and principal workplace of the president of the United States. Located at 1600 Pennsylvania Avenue NW in Washington, D.C., the house was designed by Irish-born James Hoban, and built between 1792 and 1800 of white-painted Aquia sandstone in the Neoclassical...
and meetings with the congressional committees which considered the coin bills, they went to the Treasury Building
Treasury Building (Washington, D.C.)
The Treasury Building in Washington, D.C. is a National Historic Landmark building which is the headquarters of the United States Department of the Treasury....
and received their $5,000 checks from the new Treasury Secretary, William E. Simon
William E. Simon
William Edward Simon was a businessman, a Secretary of Treasury of the U.S. for three years, and a philanthropist. He became the 63rd Secretary of the Treasury on May 8, 1974, during the Nixon administration. He was reappointed by President Ford and served until 1977. Outside of government, he was...
, who jokingly asked them if they wanted to invest their awards in savings bonds.
Mint Chief Engraver Frank Gasparro
Frank Gasparro
Frank Gasparro was the tenth Chief Engraver of the United States Mint, holding this position from February 23, 1965 to January 16, 1981. Before that, he was Assistant Engraver. He designed both sides of the Susan B...
made minor changes to all three reverse designs. 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. He made slight changes to Independence Hall on the half dollar and altered the shape of the Liberty Bell and of the lettering on the dollar, simplifying the features visible on the moon. Ahr later stated that he would have liked more time to finalize his design, wishing to clarify the features of the drummer's face. The initials of the designer were added to the design by the Mint. All three designers agreed that Gasparro's changes improved their designs.
Production
On August 12, 1974, the three designers were at the Philadelphia MintPhiladelphia Mint
The Philadelphia Mint was created from the need to establish a national identity and the needs of commerce in the United States. This led the Founding Fathers of the United States to make an establishment of a continental national mint a main priority after the ratification of the Constitution of...
, where they ceremonially operated the presses to strike the first coins bearing their designs. These prototypes were exhibited under armed guard at the American Numismatic Association
American Numismatic Association
The American Numismatic Association was founded in 1891 by Dr. George F. Heath in Chicago, Illinois. The ANA was formed to advance the knowledge of numismatics along educational, historical and scientific lines, as well as enhance interest in the hobby.The ANA national headquarters and museum is...
convention in Florida the following week. They differ from all other Bicentennial coins in that they were struck in silver proof without mint mark
Mint mark
A mint mark is an inscription on a coin indicating the mint where the coin was produced.-History:Mint marks were first developed to locate a problem. If a coin was underweight, or overweight, the mint mark would immediately tell where the coin was minted, and the problem could be located and fixed...
(normal silver proof coins bear an "S" mint mark as struck at the San Francisco Assay Office
San Francisco Mint
The San Francisco Mint is a branch of the United States Mint, and was opened in 1854 to serve the gold mines of the California Gold Rush. It quickly outgrew its first building and moved into a new one in 1874. This building, the Old United States Mint, also known affectionately as The Granite Lady,...
). Sets of these prototypes were presented to President Gerald Ford
Gerald Ford
Gerald Rudolph "Jerry" Ford, Jr. was the 38th President of the United States, serving from 1974 to 1977, and the 40th Vice President of the United States serving from 1973 to 1974...
, Counselor to the President
Counselor to the President
The Counselor to the President is the highest-ranking assistant to the President of the United States for communications, and a member of the Executive Office of the President of the United States. In the administration of George W. Bush, the Counselor oversaw the Communications, Media Affairs,...
Anne Armstrong
Anne Armstrong
Anne Legendre Armstrong was a United States diplomat and politician, and the first female Counselor to the President; she served in that capacity under both the Ford and Nixon administrations. She was also the recipient of the Presidential Medal of Freedom.- Biography :She was born in New Orleans,...
, and Director John Warner
John Warner
John William Warner, KBE is an American Republican politician who served as Secretary of the Navy from 1972 to 1974 and as a five-term United States Senator from Virginia from January 2, 1979, to January 3, 2009...
of the American Revolutionary Bicentennial Administration (the successor to the ARBC). All other first strikes were melted, with copies not even kept for the National Numismatic Collection
National Numismatic Collection
The National Numismatic Collection is the national coin cabinet of the United States. The collection is part of the Smithsonian Institution's National Museum of American History.-Overview:...
.
The Mint believed that if it was required to strike 1975 quarters, half dollars and dollars, not enough could be struck before it had to begin the Bicentennial issues to prevent the 1975 pieces from becoming collector's items. This risked coin shortages at a time when the Mint was seeking to build a surplus of quarters. Mint officials returned to Congress to seek amending legislation. President Ford signed a bill on December 26, 1974 which made several noncontroversial changes to law, including provisions to allow the Mint to keep striking 1974-dated pieces until it began striking the Bicentennial coins. By terms of the amending legislation, the commemorative coins could not be issued until after July 4, 1975.
On November 15, 1974, the Mint began taking orders for the silver clad pieces, at a price of $15 for proof sets and $9 for uncirculated, with a deadline for orders of January 31, 1975. Uncirculated coins are like those newly released into circulation; proof coins have a mirror finish. Buyers were initially limited to five sets per person. On January 19, however, Brooks announced that the silver proof set price was cut to $12, and the order limit was waived. The deadline was extended to July 4, 1976. Buyers who had paid the higher price were sent refunds by check. On August 20, 1975, the price for the uncirculated silver sets was reduced to $7 when bulk purchases of 50 or more were made. A bank in Taiwan ordered 250,000 sets at this price. The Bicentennial pieces, in base metal, were included in 1975 proof sets and mint sets together with 1975-dated cents, nickels, and dimes.
The first Bicentennial coins to be produced which were intended for the public were dollars, struck during February 1975. The first for collectors were struck at San Francisco on April 23, 1975. The San Francisco Mint struck the 45,000,000 silver coins first, striking eleven million sets in uncirculated and four million in proof, then began striking the base metal pieces. Once striking began, the Mint found that the dollar was striking indistinctly, a problem not seen with the silver pieces. 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. There are no Type II pieces in silver; but all three mints struck both Type I and Type II pieces. All dollars included in 1975 proof sets are Type I; all those included in 1976 proof sets are Type II. Bicentennial coins for collectors were not delivered until after July 4, 1975.
The new coins first entered circulation on July 7, 1975, as the half dollar was released in conjunction with ceremonies in Minneapolis, Huntington's hometown. The quarter followed in September and the dollar in October, each also with ceremonies marking the issuance. The pieces were struck in numbers exceeding those needed for circulation; a Mint spokesman stated, "The theory in striking them was was to have enough available so as many Americans as possible would have an opportunity to have a coinage commemoration of the Bicentennial year. They're momentos."
In 1977, the Mint returned to the old reverse designs for the quarter, half dollar and dollar. By 1979, the Mint anticipated an eventual sellout for the silver proof set, but admitted that with massive quantities unsold, there was no realistic possibility of selling all uncirculated silver sets. On September 17, 1979, faced with a spike in silver prices
Silver Thursday
Silver Thursday was an event that occurred in the silver commodity markets on Thursday, 27 March 1980. A steep fall in silver prices led to panic on commodity and futures exchanges.-Background:...
, Mint Director Stella B. Hackel
Stella Hackel Sims
-Biography:Stella Hackel Sims was born in 1926 in Burlington, Vermont. She was educated at the University of Vermont, graduating in 1945, and at the Boston University School of Law, receiving her J.D. in 1948....
announced that the sets were being removed from sale. They were returned to sale in August 1980, at increased prices of $20 in proof and $15 in uncirculated. In September 1981, the Mint, citing a decline in the price of silver, reduced the price of the sets to $15 in proof and $12 in uncirculated. A limit of 100 sets per person was set on proof sales, with none on uncirculated. A large number of sets were melted by the government in 1982. On December 31, 1986, the remaining Bicentennial uncirculated silver sets were removed from sale. Proof sets had by then sold out.
Due to the large quantities struck, Bicentennial coins remain inexpensive. A set of three silver coins contains .5381 troy ounces of the precious metal. In a 1996 statistical study, T.V. Buttrey found that about 750,000,000 of the circulation quarters, more than a third, had been hoarded and did not circulate.
The total coinage by striking mint are shown below:
| Circulation coins | Philadelphia | Denver |
|---|---|---|
| Quarters | 809,784,016 | 860,118,839 |
| Half dollars | 234,308,000 | 287,565,248 |
| Dollars (Type I) | 4,019,000 | 21,048,710 |
| Dollars (Type II) | 113,318,000 | 82,179,164 |
| San Francisco (sets) | Copper nickel | Silver clad |
|---|---|---|
| In 1975 proof sets (six coins, cent through dollar) | 2,845,450 | 0 |
| In 1976 proof sets (six coins, as above) | 4,149,730 | 0 |
| Actual number of silver uncirculated sets issued | 0 | 4,908,319 |
| Actual number of silver proof sets issued | 0 | 3,998,621 |