If you remove yourself from the numismatic world and just focus on life in general, it is not often that something considered a “dud” comes out on top. By definition alone, a dud is a failure, a bust, a lemon in a world where lemonade is preferred. However, if you put yourself back in the coin hobby and remove all outside influences of the woulda/coulda/shoulda narrative, sometimes a dud becomes a rarity and well, we do know that rarities are not generally dud-like.
In the next entry featuring Whitman Publishing’s fourth edition of the 100 Greatest United States Modern Coins, we take a look at one of the biggest duds of them all when it comes to commemorative coinage. With help from authors Scott Schechter and Jeff Garrett in addition to some of the most influential coin dealers across the country, we take a trip back to the mid-1990s for this middle of the road pick.
#67 - 1996-W Smithsonian $5 Commemorative
In the years 1995 and 1996, between both Mint and Proof issues, commemorative coins reached an incredible 46 different total issues. In just two years, that was unheard of. However with the 1996 Atlanta Olympic Games in tow, 32 of those 46 were Olympic issues which overshadowed any chance of any other commemorative being released in those consecutive years to gain any sort of traction among collectors. People were overwhelmed and the last commemorative coins to be issued in 1996 did not sell very well. This included the 1996 Smithsonian $5 gold coins that were released in August of 1996. But remember our philosophy on duds in the numismatic hobby? It was precisely because it was considered a letdown that the coin is now recognized as one of the most sought after commemorative issues to date.
Originally authorized for a total of 100,000 coins between both the Proof and Uncirculated versions, there only ended up being less than 30,000 struck between the both of them. More specifically, the Uncirculated version ended up with just 9,068 pieces total and at the time was the worst selling commemorative coin to have ever come from the United States Mint. Featuring the bust of James Smithson on the obverse, “a little-known figure and foreigner” according to authors Schechter and Garrett, the coin was never meant to be a sure seller.
While the coin celebrates the 150th Anniversary of the Smithsonian Institution, the world’s largest museum and the national museum of the United States, it has now become one of the most important coins to collect when considering commemoratives and coin collecting as a whole. After 25 years, it is more sought after and finally gained the respect it deserved.