Harvey Stack submitted this follow-up to last week's except from an article by Mike Castle on the creation of the 50 States Quarter series.
I read to day the story and letter from Michael Castle, former chairman of the Finance and Monetary Committee of Congress. He, as you know,
is no longer active in the House.
I wish to bring to reader attention that 2019 is an important Anniversary year for the STATEHOOD QUARTER PROGRAM. 25 years ago, I, with others,
were witnesses at a hearing relative the the Mint's over charging for late issue commemoratives, especially with the HUGE EXTRA PREMIUMS THEY
CHARGED, and at the same time promote many as an "INVESTMENT IN THE fUTURE." The series of commemorative issues, from 1982 to the period of
1995, (when a group of numismatists testified before the House Committee on Banking and Finance, when the birth of the 'STATEHOOD QUARTER WAS
What brought this Congressional hearing to be called? The Coin Market had during the 1982-1995 period, listened and followed the promotional
language by the U.S. Mint, but found after a decade of systematic assembling these coins, NO SECONDARY MARKET DEVELOPED, and those who tried to sell
what they acquired could not find buyers at 50% of what their original cost was. Dealers were called "rip off" artists, and the public
expressed no great shame of having followed the MINT'S ideas what was scarce and rare, and will grow in value. The industry sent complaints to
Congress, and a special hearing was called.
The commemorative issue was approved thereafter, and l999 was the first issue of these commemorative Quarters (THAT WAS 20 YEARS AGO, and
therefore a notable anniversary). In addition in 2009, a decade ago (making this the 10th Anniversary of this special series) the last of the
STATEHOOD QUARTERS WERE ISSUED. So the acknowledged success of the program, by the Mint and the Public has much to celebrate.
EVENTS THAT OCCURRED AT THE CONGRESSIONAL HEARING TO HELP COLLECTORS
At that hearing in 1995, I, who represented Stack's, the collectors in toto, the PNG dealers who wanted to limit or stop the excessive
premiums, that during my testimony I suggest to the HOUSE COMMITTEE, that a commemorative quarter, HONORING EACH STATE ENTERING THE UNION, be struck,
and distributed each issue, (50 in all) at FACE VALUE , so the Entry Fee to start a collection of STATEHOOD QUARTERS could be gathered from change
each year, with NO PREMIUM ATTACHED. The idea was accepted in full by Congressman Castle, and his committee and became a "SPARKPLUG TO INDUCE
NEW COLLECTORS TO COLLECT"
When Congressman Michael Castle, interrupted me as I made my presentation, exclaiming " That is a wonderful idea , Mr. Stack, and since I
represent the State of Delaware, which was the first State to sign the confederation, (indicating that his State would be the first to be
commemorated) we all smiled and I continued my presentation.
The entire hearing, with full transcripts is in the Congressional Record, and I was fully acknowledged about being the "First to make the
At the meeting representatives of the ANA and ANS were present and made some suggestions and commented on a "change of policy by the
To correct the statement made by Representative Castle in the last issue of The E-Sylum, he credited Beth Deischer with the initial
suggestion, and did not acknowledge my idea. Beth did endorse the idea extensively in Coin World, David Ganz. representing the legal aspects
of the idea, and Philip Diehl,, (then Director of the MInt) , felt it was a wonderful idea, however, the costs and distribution would have to be
explored (a typical response from a government official). To be acknowledged as the one who made the first and initial suggestion is an HONOR I will
So I write to you so all your reporting is exact, it can be found in the Congressional Record of the day, it can be confirmed in The
E-Sylum, Volume 21, Number 26, Sept. 9, 2018 where I wrote a simplified story about the STATEHOOD QUARTER.
Longtime E-Sylum readers are well aware of Harvey's effort to kickstart a circulating commemorative with the 50 States Quarters idea,
as the earlier articles attest. As for Mike Castle's short article, he said "coin collecting advocates" suggested the 50 States Quarter
series idea, with Beth Deisher of Coin World being among that group. See the earlier articles for more background. -Editor
To read the earlier E-Sylum articles, see:
COINWEEK INTERVIEWS MIKE CASTLE (https://www.coinbooks.org/esylum_v17n39a14.html)
HARVEY STACK ON THE 50 STATE QUARTER SERIES
MIKE CASTLE ON THE 50 STATE QUARTERS PROGRAM
Wayne Homren, Editor
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