1936-S Cincinnati Half Dollar : A Collector’s Guide

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

Legislation to authorize the creation of the Cincinnati Half Dollar was introduced in the United States Senate on January 22, 1936 as Senate Bill 3699. It quickly passed and the House version, H.R. 10264, was introduced on February 17. It passed on March 25. Six days later, President Franklin Delano Roosevelt signed the bill into law.

The Cincinnati Half Dollar coin bill was one of many commemorative coin bills brought to Congress in 1936, mostly by Democrats and often to the dismay of Republicans who argued that there were better things to do. The Cincinnati commemorative was also the final half dollar design to be passed with language specifying that coins would be made “at the mints”. Five thousand P-D-S sets were minted with six additional coins struck for assay at San Francisco and five each at Denver and Philadelphia.

To many local organizers, commemorative coins were low-risk and a potentially profitable way to fund public events and celebrations. Americans were into mementos, and circulating coins offered something that trinkets and gewgaws didn’t: they were legal tender money. To unlock this revenue, all one needed was a sympathetic Congressman and a viable concept for commemoration. For a new wave of collectors eager to ride their hobby horse, the commemorative coin boom was in full effect.

But not every commemorative concept was proposed with the purest of intentions. For some, promoting such coins was a selfish endeavor, if not one of vanity. Eventually, greedy promoters would turn Congress against the idea and bring about the end of one of the great periods of American coin production. One such villain of the classic commemorative coin era was Cincinnati and Cleveland Half Dollar promoter Thomas Gatch Melish.

Melish was an affluent businessman who operated the Bromwell Wire Goods Company. A Cincinnati native, Melish conceived of the Cincinnati Half Dollar as a way to gain advantage by issuing low-mintage coins at a steep premium. Originally, he sought even lower mintages for the Denver and San Francisco issues, but that request was denied by the United States Mint. Instead, Melish was granted a three-coin release with 5,000 coins per mint.

Cincinnati’s Musical Legacy

Cincinnati is a river city built on the shores of the Licking and Ohio Rivers. Incorporated in 1819, Cincinnati grew to be one of the 10 largest cities in America for most of the 19th century thanks to a massive influx of German immigrants that began to arrive in the 1830s. By the 1880s, Germans and people of German descent consituted more than half the city’s population.

As the city’s prosperity grew, so did its institutions of culture. In 1876, the city turned over a plot of land previously used as a potter’s field, infirmary, hospital, and asylum to the Music Hall Association, which intended to convert the land into a grand Music Hall and convention space. With public funding and major contributions from the city’s elite, a grand Venetian Gothic performance center was built.

Yet the Cincinnati Half Dollar did not celebrate this as a foundational influence on the city’s musical contributions to American culture.

The Commission of Fine Arts Hated the Design

Melish’s machinations concerning the creation of a coin to commemorate the 50th anniversary of Cincinnati, Ohio as a musical center were not met with skepticism in Congress. But this was not the case when the Commission of Fine Arts (CFA) reviewed artist Constance Ortmayer’s models. On the obverse, she depicted Stephen Foster, a prolific 19th-century songwriter who composed hundreds of songs like “Camptown Races”, “My Old Kentucky Home”, and “Oh! Suzanna”. Foster, who was born in Lawrenceville, Pennsylvania, on July 4, 1826, had no material connection to Cincinnati and was a curious choice for the coin’s main subject.

On the reverse, Ortmayer depicted a woman playing a lyre. The stylized depiction has been criticized by some, but in our opinion, it redeems the coin’s design. Charles Moore, longtime Chairman of the CFA, felt differently, writing Mint Director Nellie Tayloe Ross on May 13 that:

“The Commission of Fine Arts are retuning without approval the designs for the fifty-cent piece… The design of the obverse of the coin is directly contrary to the expressed purpose of the Act.”

Moore picked apart Melish’s ridiculous grift, pointing out that Foster wasn’t from Cincinnati, the date of his death was 13 years before the stated 1886 commemoration date, and Cincinnati’s music community was unaware of the commemoration. The CFA was not opposed to the reverse design but criticized its weak lettering.

The Cincinnati Musical Center Commemorative Coin Association (Melish) didn’t budge and pushed back against Moore’s criticism. Treasury Secretary Henry Morgenthau, Jr. relented and accepted the design as submitted.

The Cincinnati Half Dollar Three-Coin Set

While today it is not unusual to see Cincinnati Half Dollars sold individually in certified holders, the coins were originally offered in a three-coin set containing one example each of the Philadelphia, Denver, and San Francisco Mint issues. The coins were seated in a black cardboard holder with a faux alligator skin texture. Above the coins in gilded letters are the words “Cincinnati Musical Center Golden Anniversary Commemorative Half Dollars”. Below each coin is a letter denoting the place of manufacture. Additionally, the Denver and San Francisco coins are identifiable by a small “D” or “S” mintmark below the 1936 date. Since 5,000 of each coin were delivered to Melish and the Mint struck a few for assay, the total mintage of the San Francisco issue was 5,006.

Melish advertised the sets for $7.75 each, the highest price for any commemorative silver coin set up to that point. But Melish and his friends did not honor this price for most buyers. Instead, they claimed that the set was oversold and offered buyers the chance to purchase coins earmarked for other collectors or that had been “returned” – for an inflated fee.

The first 200 coins struck from each mint were more carefully handled, at Melish’s request. These were placed in special three-coin holders with documentation stating the set number. Distribution began in August and the sets quickly sold out, many going to Melish’s dealer friends who made even greater profits as fear of missing out gripped the collecting public.

Melish tried to have additional Cincinnati Half Dollars minted in 1937 but Congress, tired of being criticized for such abuses, declined.

For decades, most collectors kept the sets intact, and because of this, it is not possible to source a fully brilliant coin that has not been dipped. Most Cincinnati Halves exhibit some degree of creamy toning, with many developing rust coloration around the rim due to contact with chemicals emitted from the storage materials. Even the Red Book listed the Cincinnati’s value in its three-coin set form. In the 1951 edition, the PDS Set was listed for $30; by the end of that decade, the price increased to almost $100. By 1980, sets were selling for over $1,600.

With the popularity of third-party grading, it is unusual to find 1936 Cincinnati PDS Sets intact, especially fully original ones. The coins sell for various prices, depending on grade and eye appeal. Given the overall cost to complete a classic silver commemorative set, most collectors are satisfied with owning just one example.

The 1936-S Cincinnati Half Dollar Characteristics and Value

The 1936-S Cincinnati Half Dollar tends to be the poorest quality of the three issues. Most do not come nice and even higher-grade examples lack the splash and eye appeal of the 1936-D, the nicest of the three.

The three leading grading services (CAC, NGC, and PCGS) report a total certified population of 2,607 coins, which amounts to 52% of the original mintage. Of course, crossovers, upgrades, and crack-outs compromise their data sets, but we can see a clear picture of the grade distribution of the 1936-S Cincinnati Half Dollar.

Most Cincinnati Halves were lightly struck and many feature marks on Foster’s cheek. These characteristics are a major reason the typical example grades MS64. About 10% of the original mintage survives in MS65. Coins in MS66 and above are conditionally scarce. In Gem or above, the 1936-S Cincinnati is between two and four times scarcer than the 1936 and 1936-D. For some reason, more 1936-D coins survive than any other Cincinnati issue.

About $200 in value separates the typical MS64 coin from the typical MS65. The issue is more affordable now than it has been in years, and $450 can buy a certified “Gem”. In MS66, the issue’s scarcity causes the price to exceed $1,000. Recent MS67 sales are discussed below.

Counterfeits Exist, Beware!

Counterfeit strikings of this coin exist and buyers should avoid “raw” coins unless they are familiar with the issue or are buying the coin from a reputable source. In the August 1993 issue of The Numismatist, J.P. Martin discusses “old style” and “new style” counterfeits. Both styles are fairly deceptive in appearance, but both are underweight. With the increasingly deceptive style of counterfeits coming from China, we imagine that today’s fakes may prove even more deceptive. If our friend Jack Young discovers any, we will be sure to update this article accordingly.

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1936-S Cincinnati Half Dollar Market Data and Noteworthy Specimens

In a December 1974 Numismatic Scrapbook Magazine ad, dealers Frank and Laurene Karen of Silver Spring, Maryland, offered brilliant uncirculated examples of P-D-S Cincinnati Half Dollar sets for $695 each.

PCGS was the first service to grade a 1936-S Cincinnati Half Dollar as MS67 (The JFS coin). NGC graded its first MS67 example in either 2004 or 2005.

Top Population: PCGS MS67+ (1, 9/2024). NGC MS67 (10, 9/2024). CAC MS67 (5:0 stickered:graded, 9/2024).

• PCGS MS67 #48785525: Heritage Auctions, August 16, 2024, Lot 5338 – $4,320. Wispy dark reddish brown toning along the left of the obverse. Hit on Foster’s eyebrow. Hit on bust truncation. Scattered dark toning on the reverse. Diagonal rim hit in the right obverse field. On the reverse. Rim hit on the woman’s back thigh, elbow. Mark on knee.
• NGC MS67 #8208179-006: Heritage Auctions, August 16, 2024, Lot 5337 – $3,720. Apricot hue with scattered speckled red toning. Thin diagonal hairline scratch across cheek. Band of rainbow toning along the lower reverse periphery.
• NGC MS67 #3093893-003: Heritage Auctions, December 5, 2008, Lot 1584 – $10,925; “The Auriah Rayne Collection,” Heritage Auctions, July 15, 2024, Lot 92161 – $5,280. Dark red, orange, and green toning covering the obverse. Scattered blobs of untoned areas scattered around the obverse. Reverse is mostly brilliant with streaks of steel-grey toning.
• PCGS MS67 #48989762: Heritage Auctions, March 28, 2024, Lot 3167 – $7,200. Wispy gold and blue toning.With dark rust toning along the lower obverse rightward periphery and rainbow toning along the lower reverse leftward periphery.
• PCGS MS67 #44324743: Heritage Auctions, February 24, 2022, Lot 3384 – $8,400. Obverse is awash in gold, orange, and green toning. Two untoned spots in a diagonal formation – one on cheek and one to the right of Foster’s chin.
• NGC MS67 #4631505-002: Heritage Auctions, November 20, 2020, Lot 3808 – $4,920; Heritage Auctions, July 14, 2021, Lot 3426 – $4,920. Dark brown and green toning on the obverse. Reverse is mostly brilliant with scattered toning. Thin diagonal scratch through first N of CINCINNATI. Diagonal tick below it.
• NGC MS67 #4631505-003: Heritage Auctions, April 24, 2021, Lot 4816 – $8,700. Allover pastel toning. Faint ticks on Foster’s lapel. Thin diagonal scratch in hair. Series of small diagonal ticks on the female figure’s back leg. Copper spot below NC.
• NGC MS67 #4631505-002: Stack’s Bowers, February 28, 2019, Lot 1202 – $6,000.
• PCGS MS67 CAC #36816347: Heritage Auctions, January 11, 2019, Lot 6141 – $11,700. Bisque color with dark rim toning on the obverse. Wispy toning on the reverse with a hint of color along the bottom left periphery.
• PCGS MS67 CAC #81735500: Stack’s Bowers, November 3, 2016, Lot 2181 – $11,162.50.
• PCGS MS67 #25633511: Heritage Auctions, March 4, 2016, Lot 5130 – $11,162.50. Faint gold, blue, and violet toning throughout. Band of rainbow rim toning along the right obverse and upper reverse periphery.
• PCGS MS67 #27919982: Heritage Auctions, January 9, 2014, Lot 5608 – $14,100.
• PCGS MS67 #21627300: “The JFS Collection, The #1 All-Time PCGS Registry Set,” Heritage Auctions, August 18, 2004, Lot 4252 – $25,875. JFS Collection on insert. Top pop, pop one when offered; “The Cary & Cheryl Porter Collection,” Heritage Auctions, May 10, 2007, Lot 2505 – $18,400. Spotted brown, green, and gold toning along rim, concentrated along the upper obverse rim and all around the reverse rim.
• NGC MS67 #399106-004: Heritage Auctions, April 7, 2006, Lot 1293 – $12,650. Top pop, pop one at NGC when offered. Second overall MS67 graded by either service. Scattered pastel toning. Hit on the back of Foster’s head, extending into the field. Clean cheek.

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Design

Obverse:

Right-facing bust of Stephen Foster. Wrapping around the inside of the top of the rim is the legend UNITED · STATES · OF · AMERICA. Wrapping around the bottom of the design is the inscription STEPHEN FOSTER · AMERICA’S TROUBADOUR and below that is the denomination HALF DOLLAR. The coin has a thin raised rim.

Reverse:

A stylized figure of a woman plays a lyre. She is framed inside a circle. Outside of the circle, wrapping around the design is the inscription CINCINNATI · A · MUSIC · CENTER · OF · AMERICA. To the left and the right of the figure is the dual date 1886 1936; the mintmark appears below 1936. Under the figure are the mottos IN GOD WE TRUST, E PLURIBUS UNUM, and LIBERTY. The coin has a thin raised rim.

Edge:

The edge of the 1936-S Cincinnati Half Dollar is reeded.

Coin Specifications

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