Commemorative Coins: Celebrating America's Rich Heritage

Commemorative coins are made to honor a person, place, event, or organization with a unique design emblematic of what’s being celebrated. They’re often minted for a limited time, and part of their profits help the causes they’re commemorating.

The US Mint has created hundreds of commemorative coins since the late 1800s. Official commemorative US coins are divided into two eras: early (AKA classic or historical) commemorative coins from 1892 to 1954 and the modern commemorative coins from 1982 on.

We here at Coins Auctioned are excited to share our expertise on the time-honored tradition and vast diversity of commemorative US coins.

Today, we’ll explore the fascinating history, designs, and value of commemorative US coins, along with some notable series and valuable commemorative coin lists.

Pictured above: 1892 Columbian half dollar proof | Image credit: Professional Coin Grading Service (PCGS), Public domain

Historical Background

The official United States Modern Commemorative Coin program began in 1982, kicking off the ongoing annual release of new commemorative coins.

But American commemorative coins technically began over a century earlier.

The first unofficial commemorative US coin was the gold 1848 Liberty Head quarter eagle ($2.50 face value). Made from newly found gold sent from California, the coins were struck with “CAL.” on the reverse.

However, the first official commemorative US coin was the 1892 Columbian half dollar. It commemorated the 400th anniversary of Christopher Columbus first sailing to America and helped fund the 1893 World’s Columbian Exposition (AKA Chicago World’s Fair).

The half dollar was followed by the similar 1893 Columbian Exposition quarter (“Isabella Quarter”) featuring Spanish Queen Isabella I, the first US coin to depict a real woman.

The first commemorative coin with a non-circulated face value ($50) was the 1915 Panama-Pacific half union for the Panama-Pacific International Exposition, itself a celebration of the Panama Canal being completed.

The first circulated commemorative coin was the 1921 Peace dollar, which celebrated WWI’s end.

Another record-setter was the 1926 US Sesquicentennial half dollar. Featuring George Washington and Calvin Coolidge, it was the second American coin to depict a living person and the only coin featuring a president alive when it was minted.

End of Early “Classic” Commemoratives

By the 1930s, the US Mint had released dozens of commemorative coins, many of which were minted over multiple years or focused on overly localized (not national) commemorations.

This led to public criticism and eventually disinterest. By the 1950s, President Eisenhower canceled three commemorative 50-cent coins and effectively ended the program.

The last “early commemorative” coin was the 1954 George Washington Carver-Booker T. Washington silver half dollar.

The one exception: circulated 1975-1976 Bicentennial coins — quarter, half, dollar, and dollars with unique reverse designs — celebrating America’s 200th anniversary.

Pictured above: Obverse and reverse of 1982 uncirculated George Washington half dollar | Image credit: US Mint, Public domain

Beginning of Modern Commemoratives

Besides Bicentennial coins, no new commemorative coins were issued until Congress authorized the 1982 silver George Washington 250th Anniversary half dollar in uncirculated and proof varieties.

Since then, Congress has passed legislation for each year’s commemorative coins, typically only one to three designs per year.

Some annual series have multiple coin denominations for the same commemoration — like the sixteen 1995-1996 Centennial Olympics coins — but most years only have two commemorations with two coin options each.

The more limited, focused nature of the new program has made modern US commemorative coins more successful and popular again among collectors.

Pictured above: Obverse and reverse of popular commemorative coin, the 1986 Statue of Liberty Proof half dollar | Image credit: US Mint, Public domain

Minting and Production

Four mints strike commemorative coins, denoted by the coin’s mint mark:

1. “P” — Philadelphia Mint

2. “D” — Denver Mint

3. “S” — San Francisco Mint

4. “W” — West Point Mint

In the US, commemorative coin lists include different varieties:

• Circulated: Made for everyday transactions

• Uncirculated: Struck similarly to circulated coins but have a satin or matte finish and aren’t circulated

• Proof: Limited number struck twice on special planchets with special dies, creating an intricately detailed design with frosted foreground and mirror-like background; Limited mintage

• Reverse Proof: Like proof but background is frosted while foreground is mirror-like

A number of modern commemoratives have been struck as circulation coins, but most are struck as collectible uncirculated or proof varieties.

The US Mint has released modern commemorative coins annually since 1982, with the exception of 1985 and 2023.

Four denominations have appeared on official modern US Mint commemorative coins:

1. Half Dollar ($0.50; silver)

2. Dollar ($1; gold, silver, silver-clad, or base metal)

3. Half Eagle ($5; gold)

4. Eagle ($10; in gold or bi-metallic)

Most modern commemoratives have quarter, half-dollar, or dollar denominations. Eighty percent of early commemorative coins were half dollars.

Pictured above: Obverse and reverse of 1915-S $50 Panama-Pacific 50 Dollar Octagonal commemorative coin | Image courtesy of Heritage Auctions

Design and Themes

Every commemorative coin is unique, from honoring an old coin design to celebrating a new event or memorial.

Popular Early Commemorative Coins

Early commemoratives have added historical value, but some stand out in terms of demand and market value:

• 1892 Columbian Exposition Half Dollar: First official commemorative coin; High mintage but rarely good condition today

• 1915-S Gold $50 Panama-Pacific Octagonal: Only non-round US coin; Only 512 coins estimated to still be around

• 1921 Missouri Centennial Half Dollar (“Missouris”): 100th anniversary of Missouri’s admission to US plus Missouri Exposition & State Fair; Struck in plain design and rarer, sought-after design with “24” on obverse

• 1900 Lafayette Silver Dollar: Erection of General Lafayette monument in Paris, France; First & only early commemorative silver dollar; Multiple varieties because various, non-identical dies were used

Pictured above: NASA astronaut Christina Koch holds a Apollo 11 50th anniversary commemorative half dollar aboard the International Space Station | Image credit: NASA, Public domain

Popular Modern Commemorative Coins

Some of the most beloved modern commemorative coins include:

• 1986 Statue of Liberty Coins: Gold Half Eagle, Silver Dollar, and Half Dollar; 100th anniversary of Statue of Liberty; Top-selling modern commemorative

• 1995-1996 Centennial Olympics Coins: Last commemorative to sell over 1 million (over 2.4 million sold); Most designs (16) in a commemorative series

• 2000 $10 Library of Congress Bi-Metallic Coin: Gold outer ring & platinum inner ring; 200th anniversary of Library of Congress; First bi-metallic US coin

• 2014 Baseball Hall of Fame Coins: Gold Half Eagle, $1 Silver, Half Dollar Clad; 75th anniversary of National Baseball Hall of Fame; First curved coin ever, with converse baseball on obverse and concave glove on reverse; Highest sold (884,892) since 1995-96 Olympics series

• 2014 Kennedy Half Dollar: Gold or silver; Not technically in commemorative coin series, but honors 50th anniversary of 1964 Kennedy half dollar; Only 3⁄4-oz gold coin ever

• 2016 Gold Centennial Coins: 1/10-oz Gold Mercury Dime, 1/4-oz Gold Standing Liberty Quarter, 1/2-oz Gold Walking Liberty Half Dollar; All struck in 99.99 percent (24K) gold; 100th anniversary of the classic coins’ releases; Mercury dime most popular and valuable

• 2019 Apollo 11 Coins: Gold Half Eagle, Silver Dollar, Clad Half Dollar, 5-oz Silver Dollar; 50th anniversary of first manned moon landing; Only 5-oz official commemorative coin; Most sold (621,583) since 2014 commemoratives

On average, 1 million commemorative coins are sold in each theme.

Key Issues & Notable Series

Some commemorative coins are issued in multi-year series, each design honoring a specific part of the overall theme. These are popular for commemorative coin sets.

Some significant examples are:

Pictured above: Obverse and reverse of 1976 commemorative Kennedy half dollar | Image credit: Chi Ho Chan from Hong Kong, Flickr, CC-BY-SA-2.0

Bicentennial Series

The 1975-1976 Bicentennial coins were a revolutionary series (pun intended) commemorating the ratification of the Declaration of Independence amidst the Revolutionary War in 1776.

Unlike most commemoratives, the Bicentennial series featured new designs on only the reverses of circulated coins — specifically, the dollar, half dollar & quarter — along with silver-clad proof and uncirculated varieties.

The only obverse change was the mintage year, inscribed as “1776-1976” on every coin.

The Department of Treasury held an open competition for the designs. From 800+ entries, a committee helped Treasury Secretary George Shultz choose the three winning designs:

1. Eisenhower Dollar: Jack L. Ahr design; Colonial drummer holding torch of victory, encircled by 13 stars

2. Kennedy Half Dollar: Seth Huntington design; Independence Hall

3. Washington Quarter: Design by Dennis R. Williams, youngest US coin designer at 21; Moon behind Liberty Bell

The circulated copper-nickel Bicentennial dollar dies were slightly adjusted after striking began, leading to a Type I with wider, less distinct reverse lettering and a Type II with sharper, narrower reverse lettering.

Pictured above: Obverse and reverse of 1992 Barcelona Olympics gold half eagle proof coin featuring sprinter | Image credit: US Mint, Public domain

Olympics Series

The US Mint has released commemorative coins for six olympic events from 1983 to 2002:

1. 1984 Los Angeles Summer Olympics (1983-1984): Two silver dollars featuring coliseum or discus thrower, one gold eagle featuring runners

2. 1988 Seoul Summer Olympics: Gold half eagle & silver dollar

3. 1992 Barcelona Summer Olympics: Clad half dollar, silver dollar & gold half eagle featuring gymnast, baseball pitcher, and sprinter, respectively

4. 1995 Special Olympics World Summer Games: Silver dollar featuring founder Eunice Kennedy Shriver

5. 1996 Atlanta Centennial Summer Olympics (1995-1996): 16 coins in gold half eagle, silver dollar & half dollar denominations featuring various events

6. 2002 Salt Lake City Winter Olympics: Silver dollar & gold half eagle featuring crystal emblem

All surcharges benefited the US Olympic Committee, except the 1995 silver dollar which benefited the Special Olympics World Games Organizing Committee.

Pictured above: Obverse of 2003 Alabama state quarter proof | Image credit: United States Mint, Public Domain

50 State Quarters

The 50 State Quarters program was a series of circulated commemorative 25-cent coins from 1999 to 2008, with six territory & federal district quarters released in 2009.

The quarters had typical Washington quarter obverse designs with unique reverse designs representing each state.

Each year, five state quarters were released, the order following which states ratified the Constitution or were admitted to the US first, from Delaware to Hawaii.

US Mint Director Ed Moy called it the most successful coin program in US history, achieving its goal of creating a new generation of coin collectors and making over $3 billion from collectors.

Pictured above: Reverse of 2023 Uncirculated Mississippi American Innovation dollar coin | Image credit: US Mint, Public domain

American Innovation $1 Coins

The American Innovation program is a current series of circulated commemorative coins established in 2018 to run through 2032. The series honors innovators or innovations from each state and territory.

The first and only 2018 coin — only available in uncirculated, reverse proof, and proof varieties — featured George Washington signing the first American patent into law.

Four quarters are released annually, following the same order as the 50 State Quarters program. All coins have the same obverse featuring the Statue of Liberty but different themed reverse designs.

Themes range from the Underground Railroad (Ohio) to the first home video game console (New Hampshire) to the first human lung transplant (Mississippi).

Collecting and Grading

Generally, a commemorative coin’s value depends on rarity (how many were made), demand (how popular it is), variety (e.g. circulated vs uncirculated), and condition (graded by an expert).

These factors influence each other, but each is important to know.

Variety & Precious Metal Content

Circulated commemorative coins tend to be least valuable because they’re the most worn, aren’t sold with protective packaging or certificates of authenticity, and aren’t struck to the highest quality.

Uncirculated coins are more valuable if graded highly.

Proof and reverse proof varieties are even more valuable, but their condition/grade affects their total value.

Certain coins are also minted in precious metal, adding the current spot price of that metal to their overall value. The amount, purity, and type of precious metal varies, though.

For instance, the spot price of gold is always higher than silver’s spot price, making a 1 oz gold commemorative coin more valuable than a 1 oz silver commemorative.

But a 24K (99.99 percent pure) 1 oz gold commemorative is more valuable than a 22K (91.67 percent pure) 1 oz gold commemorative.

Pictured above: Obverse and reverse of 1893 Isabella Quarter graded MS68+ by PCGS | Image credit: PCGS Coin Facts, Free use

Grading

Having your commemorative coin graded by a third-party grading company — like PCGS or NGC — is important for knowing its true value.

The general grades for commemorative coins are:

• Uncirculated: Struck for circulation but never circulated; Looks like it did the day it was minted

• Mint State (MS): Like Uncirculated but with sub-grades from 60 to 70 for many visible marks to flawless, respectively

• Proof (PR): Struck as a proof coin; Sub-grades from 60 to 70 just like Mint State

• About Uncirculated-55 (AU-55): Very minor wear on high points of design from circulation, well-preserved surfaces, near-complete mint luster

• Extremely Fine (XF or EF): Probably never used; Close to Uncirculated but with minor flaws usually not visible to the naked eye

• Very Fine-20 (VF-20): Minor to moderate wear on highest points of design (beginning to flatten), still attractive condition

• Fine: Circulated briefly but still in good condition; Some flaws visible to the naked eye but design isn’t damaged much

• Very Good-8 (VG-8): Well worn, major design elements flat but defined

• Good: Circulated heavily but in decent condition; Many flaws visible to the naked eye but design isn’t worn away

• About Good-3 (AG-3): Heavily worn, inscriptions not easily readable, partial rim blending, dates possibly worn away

Higher grades mean higher value, especially for early commemoratives.

Pictured above: Obverse and reverse of 2000 bimetallic Library of Congress ten dollar proof coin | Image credit: US Mint, Public domain

Rarity & Demand

Generally, commemorative coins with a low mintage (few were made) are rarer and more sought-after, especially in high grades.

For instance, gold 1848 “CAL” Liberty Head quarter eagles had an extremely low mintage of 1,389. They can be worth $50,000 to over $175,000, depending on the condition.

But low mintage isn’t everything. Some coins are simply more popular than others.

For example, the 2000 Library of Congress silver dollar had an average mintage (500,000), but top-quality specimens have sold for $3,000 each.

Popularity can also change. The 1936 Cincinnati Music Center commemorative half dollars were unpopular at the time but have gained modern popularity, selling for $2,000 to $10,000 when high-quality.

Older commemorative coins in good condition tend to be the most valuable and sought-after:

• 1892 Columbian Exposition Half Dollar: $50 to $32,500

• 1915 Panama-Pacific Half Union: $140 to $52,500

• 1900 Lafayette Dollar: $225 to $90,000

• 1903 Louisiana Purchase Gold Dollar: $400 to $15,000

• 1904 Lewis and Clark Exposition Gold Dollar: $600 to $55,000

Pictured above: Reverse of 2024 Harriet Tubman commemorative silver dollar proof coin | Image credit: US Mint, Public domain

Contemporary Commemorative Coins

The most recent coins in the modern commemorative program are being released this year in 2024:

• Greatest Generation: Gold Half Eagle, Silver Dollar, Clad Half Dollar; 20th anniversary of National World War II Memorial; Designs representing parts of the memorial or its symbolism

• Harriet Tubman: Gold Half Eagle, Silver Dollar, Clad Half Dollar (each representing different periods of Tubman’s life); 200th anniversary of abolitionist & activist Harriet Tubman’s birth; Profits benefit Ohio Underground Railroad Freedom Center & New York Harriet Tubman Home, Inc.

Following the America the Beautiful program commemorating national parks and sites, the current circulating commemorative quarter coinage is the American Women series, featuring various diverse, historical women.

Five quarters released each year from 2022 to 2025 honor 20 significant American women. It commemorates the 100th anniversary of the Nineteenth Amendment to the US Constitution, which gave women voting rights.

While the circulating quarters allow for more representation and gives everyone a chance to start collecting, collectors have been critical of the commemorative quarters series in recent years.

Many numismatists prefer limited series and commemorative reissues of historical US coins.

The latter is more of an investment, but the range of options makes collecting commemorative coins accessible to anyone!

Pictured above: Converse reverse sides of 2014 National Baseball Hall of Fame commemorative coins | Image credit: US Mint, Public domain

Celebrate A Worthy Cause & Expand Your Collection with a Commemorative US Coin!

Commemorative coins are beautiful mementos with unique, artistic designs celebrating a diverse range of topics. Plus, their profits go to worthy causes! Since 1982, the US Mint has raised over $506,301,189 for dozens of important programs from commemorative coin sales.

With plenty of designs, themes, and price points to choose from, you’re sure to find the perfect commemorative coin for your collection.

Find your favorite commemorative US coin today!