Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1895-01-26
AN UNFORTUNATE COIN.
The Sorrowful History of tile Souvenir
Half Dollars.


Half Dollars.
Tho order of Secretary Carlisle to
use the Columbian souvenir silver coins
as cash is the closing chapter il the his
tory Of an unsuccessful venture. In spite
of the efforts of the promoters of the
exposition TO sell these half dollars at
double their face value, with the gen
eral cooperation of the hanks, the news
papers and number of leading stores
in Chicago, New York, Boston, Phila-
delphia and elsewhere, about 3, coo, 900
remain unsold and in the hands of the
treasury authorities
At first the Chicago people pleaded
with Secretary Carlisle to held the coins
till they could raise fund to redeem
them at their double price i'll the hope
of saving the value of those already
sold, which would be bound to decline
as soon as the remaining coins were
thrown into the ordinary channels of
trade This was done, but the attempt
was fruitless, and a few days ago the
projectors of the scheme notified the
secretary that they coald not do any
thing, and that they would not ask him
any longer to carry the load of unavail
able silver
Mr.. Carlisle shrewdly decided to do
something which would make the coins
pay for part Of the trouble and delay
they had caused So he ordered them
paid out at par, but i'll exchange for
gold coin This would have the effect,
he believed, of stimulating few enter
prising retail shoplioepers TO buy up the
lot and advertise that they would use
them in making change for their custom
ers. The treasury would by this means
add little gold to its balance, while at
the same time the coins would probably
be held as souvenirs by the customers
attracted by the advertisements, and
thus would be prevented from passing
into general circulation.
The collapse Of the souvenir coin fad
recalls the fact that a syndicate was
formed during the summer CT 1893 for
the taking and disposing of 100, 900 of
the half dollars. Some large jewelry
houses were interested in the enterprise,
which might have grown to larger pro-
portions if any encouragement had been
received.
It seems that leading American
jeweler, while on q journey abroad, saw
some of the British souvenir coins struck
in honor of Queen Vietoria's jubilee
beautifully decorated with enamel and
mounted as watch charms, brooches,
etc. He took q number Of Columbian
half dollars to London with him last
year and had them treated in the same
way.
One device was to cover all tho body
of the diverse of the coin with trans
lucent enamel, leaving the head of Co
lumbus and the inscription uncovered.
In another the reverse side was treated,
the caravel being colored Oh the field
against which it was projected. No two
designs were alike, and the coins were
eagerly snapped up at s., IS and even
$40 apiece by curiosity seekers.
But no sooner was the formal propo-
sition made to take the 100, 600 coins
out of the custody of the treasury for
the purpose mentioned than the secret
service people pounced upon the inter
ested parties and warned them that CIV
cry coin thus treated and exposed for
sale would be seized.
No law against the mutilation of
coins appeared to stand in the way, but
the argument of Chief Drummond, as
well as it could be understood was that
some evil minded person might scTape
off the enamel from the decorated coins
and pass them upon unsuspecting poor
persons, who would then find themselves
with a coin i'll their possession bearing
on its face the value Of so cents, but on
account Of its mutilation commanding
in the market only its bullion value,
which, with silver at its present depre
citation, would be only quarter of a
dollar. The opposition of Chief Drum
mond, supported by Secretary Carlisle,
broke up the plan. Washington Star