There have been several modern commemoratives on Whitman Publishing’s 100 Greatest United States Modern Coins list and most of them stem from the 1990s. Turns out, there is a reason for that, and authors Scott Schechter and Jeff Garrett are going to help us understand why with this next entry in our blog series covering the fourth edition compilation.
#79 – 1996-S National Community Service Dollar Commemorative
Between the years of 1995 and 1997, the United States Mint sold 28 different commemorative coins spread across nine different commemorative coin programs. With coins issued in both Proof and Mint State finishes, that means that 56 coins were offered in a three-year period. With that many coins to purchase in such a short period, the outcome was that the lowest mintage commemorative coinages came from those years as collectors were overwhelmed and the market was oversaturated.
Many were aware of the problem, including Deputy Directory of the United States Mint, Philip N. Diehl. He issued a warning to lawmakers in May of 1994, stating: “As demonstrated by an overall, steep decline in Mint commemorative sales over the last seven years, there is growing collector resistance to a glutted coin market, where Mint products seldom hold their initial value.” Diehl furthered his argument, telling Congress that collectors were buying between three to four million coins from the Mint each year with further decline expected. However, even while having spoken to the committee, over eight million coins had already been authorized for 1996. Even more important, and “ironically” as authors Schechter and Garrett put it, the National Community Service commemorative dollar was introduced to Congress in May of 1994 for authorization.
A maximum mintage limit for both Proof and Uncirculated versions in the program were set at 500,000 with a $10 surcharge per coin. The surcharge was to benefit the National Community Service Trust to help fund community service programs and education at universities across the country. With that in mind, the coin’s design features Liberty holding a lamp of knowledge, representing an allegorical view of service. It was inspired by a 1905 medal created by famous designer Augustus Saint-Gaudens for the Women’s Auxiliary of the Massachusetts Civil Service Reform Association.
While Saint-Gaudens had a way of drawing collectors, it did not help play a larger role in the interest of the National Community Service coin program. Diehl’s warnings proved true, and the coins did not sell well. Only 125,043 of the authorized maximum mintages of 500,000 were sold. Only 23,500 of that were Uncirculated versions, making it one of the lowest minted of all modern commemorative silver dollars.