Jim Bisognani: A Pioneer in Commemorative Coinage

Today marks 531 years since Christopher Columbus came ashore on Guanahani — an island in the present-day Bahamas — on October 12, 1492. The discovery of this new land has been recognized as Columbus Day in the US since the virtual founding of our Republic. The holiday is also known as Indigenous Peoples Day, Discovery Day and other names.

We began the observance of Columbus Day in the US on the 300th anniversary of the event, in 1792, but the day only became an official federal holiday in 1971. Interestingly, based on my personal heritage and ancestry, my ancestors may have either been Columbus’ greeters or greetees.

Our first US commemorative coin: World’s Columbian Exposition

The Columbian Exposition in Chicago was a dream destination for all Americans. This mammoth event was heavily promoted to commemorate the 400th anniversary of the founding and discovery of the New World. Also known as the Chicago World’s Fair, the event resonated throughout the world.

While dedications and opening ceremonies were held during October of 1892, the enormous 690-acre fairgrounds wasn’t officially opened to the public until May 1, 1893. In total, 46 nations were represented at the event. The entire thing was a spectacle, truly a modern marvel, with massive pavilions, hundreds of buildings and modern technology on display. The total attendance during the six-month-long event was around 27,300,000, which by my calculations, represented nearly 45% of the US population at that time!

Amazingly, on October 9, 1893 — designated as Chicago Day — the Exposition set a world record for the largest attendance at an outdoor event, drawing over 750,000 in one day!

Numismatically speaking, authorization by Congress for a US commemorative half dollar during the same time was equally exciting to coindexters of the day.

An 1892 Columbian Half Dollar from NGC Coin Explorer Click images to enlarge.

This 131-year-old silver coin is historic in several ways. The 1892 Half Dollar is the first US commemorative coin, and the Columbian Expo version was certainly one of the most historic entries within the entire 144-piece series. The series itself was populated by numerous less-than-worthy “historic” issues, which were authorized and appeared in the mid-to-late 1930s.

The 1892 Half Dollar commemorated the 400th anniversary of Columbus’ first voyage. Charles Barber’s stately obverse design, featuring the profiled bust of Columbus, is, in my opinion, one of his greater works. The coin also marks the first instance of a “foreigner” being featured on US coinage!

Meanwhile, George T. Morgan’s reverse design prominently displays Columbus’ flagship, the Santa Maria, with the date 1492 divided by two globes depicting the Western and Eastern hemispheres. Although the coins were originally proposed as a funding tool to help offset the soaring cost of the 1892 Columbian Exposition in Chicago, the $1 price tag for coins was considered "too steep" and left many of the original 950,000 coins unsold, and they later entered circulation.

These century-plus-old coins are quite the bargain, especially for young coindexters on a budget or advanced coindexters still looking to fill their collections. Quite amazingly, I have seen many of these coins offered up in nice VF/XF condition for little more than melt at shows, so be on the lookout. Mint State examples are also highly affordable. Consider this: MS 60 coins are listed in the NGC Price Guide at a mere $35. Meanwhile, MS 63 are listed at $100 and MS 64 at $175, and full Gem MS 65 are just $350!

These coins appear quite frequently, with various degrees of toning. Some can be a dark steely gray, while many others exhibit magnificent peripheral rainbow toning. Others, meanwhile, may be a satiny blast white. The coin and surface attributes you may target, my fellow coindexters, is entirely up to your own palate. For comparison, below is a quartet of 1892 Columbians, each graded NGC MS 65. Each of these coins have sold at public auction during the last few years, and each displays a strikingly different appearance. Which coin do you prefer?

Four 1892 Columbian Half Dollars, each graded NGC MS 65 Click images to enlarge.

To both veteran and new collectors: Don’t overlook this issue. From a collector’s standpoint and value, you can’t go wrong! A second issue of the Half Dollar was authorized in 1893, ostensibly to coincide with the official opening of the Chicago Exposition. These coins are also certainly worth acquiring, but for me, the 1892 is the more significant “Date” of the two issues.

Columbus homeland tribute

Perhaps inspired as a late tribute to its world-renowned son, the Italian 500 Lire coin, minted in Rome starting in 1958, features Christopher Columbus’ three ships from his first voyage. Yes, the Nina, the Pinta and the Santa Maria are boldly engraved on the coin’s reverse by Guido Veroi, setting sail on a modernized sea. The obverse features “a Renaissance female figure” (as described by Pietro Giampaoli, Chief Engraver of the Rome Mint), surrounded by a chain of 19 coats of arms of Italy. This design, referred to as “The Caravel,” is truly timeless in its execution with the coin date struck on the coin’s edge.

An Italian 1964 500 Lire from Jim's personal collection. Click images to enlarge.

This approximately half-dollar-sized coin (.835 fine silver) was struck for general circulation from 1958 to 1967. They were produced only in Mint and Proof sets from 1968-1970, then again from 1980-2001. While none of the general circulation issues are rare, they were not saved in large quantity and coins that surpass Choice or Gem Uncirculated grades are difficult to acquire.

Until next time, be safe and happy collecting!

Want to see more articles like this? Subscribe to the free NGC Weekly Market Report.