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Monday, February 25, 2019

Example of 1938 U.S. Commemorative Half Dollar that Honors Pelham History Sells at Auction for $3,600.00


In April 1937, the Philadelphia Mint minted a small quantity of legal tender United States silver half dollar coins.  These coins, dated 1938, commemorated the 250th anniversary of Jacob Leisler's purchase from John Pell of the Manor of Pelham the lands that became New Rochelle and the subsequent settlement of those lands by Huguenot refugees, many fleeing persecution in La Rochelle, France.  Although Congress authorized the minting of 25,000 of the half dollar coins, only 15,266 were struck by the Philadelphia mint.  

 The obverse of the coin depicts John Pell of the Manor of Pelham holding a rope tethered to the neck of the famed "fatt calfe" with which he is standing.  The image depicts Pell as he received the calf from Jacob Leisler in connection with the purchase of New Rochelle.  The September 20, 1689 contract of sale for those lands required Jacob Leisler, his heirs and assigns to deliver to John Pell, his heirs and assigns, every June 24 "forever (if demanded)" such a "fatt calfe.  Periodically, members of the Pell family make a ceremonial "demand" for delivery of such a fatt calfe from the City of New Rochelle in connection with family reunions and special celebrations.

 The reverse of the coin depicts a conventional "fleur-de-lis," flower of France, that also appears on the coat-of-arms of old La Rochelle, in France, from which many of the early refugee settlers who settled New Rochelle fled.  It also appears on the seal of modern New Rochelle.  The sculptor who designed the coin was Gertrude K. Lathrop of Albany, New York who also designed the Albany Charter Half Dollar minted the same year.

 I have written before about the 1938 commemorative silver half dollar that depicts John Pell of the Manor of Pelham receiving the famed "fatt calfe" from Jacob Leisler.  See:

 Bell, Blake A., John Pell and the New Rochelle Commemorative Coin Dated 1938, The Pelham Weekly, Vol. XIII, No. 7, Feb. 13, 2004, p. 10, col. 1.

 Fri., Mar. 23, 2018:  United States Commemorative Half Dollar Minted in 1937 Honored Pelham History.

 Today's Historic Pelham article reports on an interesting auction of a fine example of one of these 1938 commemorative silver half dollars.  

 December 13-14, 2018, Heritage Auctions held its last coin auction of the year.  On the first day of that auction, it offered one of the top known graded examples of the 1938 New Rochelle commemorative coin.  The example was in a sealed case reflecting a grading of MS68 by the Numismatic Guaranty Corporation.  Minimal oxidation had created a lovely rainbow of colors on portions of the coin, an effect often referenced as "toning" -- an effect for which many collectors of such coins are willing to pay a premium when the light patina of rainbow colors is considered to add beauty to the item.

 Heritage Auctions described the coin as follows:

 "1938 New Rochelle Half Dollar, MS68 Lively Luster, Spectacular Color 

 1938 50C New Rochelle MS68 NGC. The New Rochelle half dollars of 1938 were actually struck in 1937, championed by the Westchester County Coin Club of New Rochelle to celebrate the town's 250th anniversary. The coins were handled with care, but few can match the quality of this spectacular MS68 representative. Lavender-toned centers merge with accents of blue, gold, and russet around the border areas. Lively luster percolates through the layers of color. Essentially pristine. Census: 20 in 68 (1 in 68+, 4 in 68 ★ , 1 in 68+★ ), 0 finer (10/18).(Registry values: N2998) (NGC ID# BYDX, PCGS# 9335) 

 Weight: 12.50 grams 

 Metal: 90% Silver, 10% Copper"

 Source:  Lot # 3995:  1938 50C New Rochelle MS68 NGC, Heritage Auctions (visited Feb. 22, 2019).  

Heritage Auctions Image of the MS68 1938 New Rochelle
Commemorative Half Dollar.  NOTE:  Click on Image to Enlarge.

 The coin is one of only 20 graded by Numismatic Guaranty Corporation that has received the high grade of MS68 (although there is a small handful of such coins that NGC has graded slightly higher).  

 On the first day of the two-day Heritage Auctions event (December 13, 2018), the coin sold for $3,600.00.  According to an article later released by Coin World:  "Most of the original mintage of 15,266 survivors remain in higher Mint State grades and even ones graded MS-66 or MS-67 are frequently seen. The population thins in MS-68, but Heritage Auctions offered one in this grade certified by Numismatic Guaranty Corp. — one of twenty like-graded coins at NGC — at a December auction."  See Roach, Steve, "1938 New Rochelle Half Dollar is of Infrequently Seen Quality" in Coin World (Feb. 21, 2019) (online version visited Feb. 22, 2019).  
Uncirculated versions of this coin today graded as high as MS66 or MS67 can sell for up to $450.


Obverse of the Half-Dollar Commemorative Coin Depicting John
Pell Receiving the "Fatt Calfe"  NOTE:  Click on Image to Enlarge.


Reverse of the Half-Dollar Commemorative Coin Depicting
Fleur De Lis Representing La Rochelle and New Rochelle
NOTE:  Click on Image to Enlarge.


John Pell Who Is Depicted Receiving the Fatt Calfe on
the Obverse of the Commemorative Coin.  NOTE:
Click on Image to Enlarge.

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I have written before about the United States half-dollar commemorative coin minted to commemorate the 250th anniversary of New Rochelle celebrated in 1938.  I also have written extensively about the delivery of the "fatt calfe" to John Pell known as the "Fatt Calfe Ceremony."  For examples, see, e.g.:

 Bell, Blake A., John Pell and the New Rochelle Commemorative Coin Dated 1938, The Pelham Weekly, Vol. XIII, No. 7, Feb. 13, 2004, p. 10, col. 1.

 Fri., Mar. 23, 2018:  United States Commemorative Half Dollar Minted in 1937 Honored Pelham History.


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