The 250th anniversary of the granting of a charter to the city of Albany was the occasion for a commemorative half dollar. There has been dispute as to which side of this coin was intended for obverse. Fortunately, we have the testimony of Gertrude K. Lathrop, the designer, who referred to the side with the beaver as obverse. This is an American beaver (Castor canadensis), common enough in the Albany area in the 17th century that trapping them for their pelts was the main industry of the settles; a fact indicated by the beaver's appearance on the city seal. Use of maple keys for punctuation, and a maple branch in the beaver's mouth and paws, alludes to the maple being the New York state tree. Mrs. Lathrop intended a symbolic reference to the growth and fertility of the community.
On reverse, Governor Thomas Dongan bids farewell to Robert Livingston and Peter Schuyler, the latter holding the newly acquired Albany city charter of July 22, 1686. All are dressed in garments of the period and near Governor Dongan's foot are the designer's minute initials. Behind Dongan is a pine tree, echoed in the twin pine cones used for punctuation. These also were intended as symbolic of growth and fertility. They also commemorate the plentiful pine trees in the Albany area. Airborne above the three gentlemen is an eagle, with minute letters LIBERTY, balancing the plaque underfoot with 1936.
The Conservation Department of the State of New York, which graciously furnished a live beaver (earlier in this century an endangered species, but increasing in numbers thanks to the Department's efforts) as Mrs. Lathrop's life model. The Albany Dongan Charter Committee appears to have suggested the motifs, but allowed her great latitude in developing her designs.
After the mild objection by Lee Lawrie, of the Federal Commission of Fine Arts, who feared that the minuscule word LIBERTY would not be legible when plaster models were reduced to half dollar size, Mrs. Lathrop took the models to the Philadelphia Mint, where Engraver John R. Sinnock said that this would be no problem. Now that this problem was disposed of, the Commission, on September 9, 1936, enthusiastically approved the models, which went to the Philadelphia Mint for reduction. We do not have the exact dates, but it is clear enough that the dies must have been completed in late September or October, and the 25,000 coins struck probably in October or November, with 13 reserved for assay. The Committee continued selling them for almost seven years, refusing to go below the original issue price.
In 1943, after sales had come to a standstill, rather than lower the price, the Committee returned its remaining stock of 7,342 specimens to the Mint for remelting, leaving a low net mintage of 17,658.
No proofs are reported, but several may have been made for John R. Sinnock. One blatantly phony proof recently seen was not double struck.
The Albany Dongan Charter Committee distributed the coins by mail order in holders large enough to hold five pieces. One of them is illustrated, the verso of the front page has a brief historical sketch of Albany. About 85 of these original holders are now traced.
This low mintage issue in an excellent investment, especially since it is not as available as many believe. In that past, the demand for this coin was never great. It would always appear at coin shows sometimes in roll quantity. However, with more and more collectors and investors buying up commemorative coins, the existing present day supply is rapidly drying up. There exists a combined hoard of 720 pieces. Even were all these coins dumped, present price levels would probably remain unaffected.
After the mild objection by Lee Lawrie, of the Federal Commission of Fine Arts, who feared that the minuscule word LIBERTY would not be legible when plaster models were reduced to half dollar size, Mrs. Lathrop took the models to the Philadelphia Mint, where Engraver John R. Sinnock said that this would be no problem. Now that this problem was disposed of, the Commission, on September 9, 1936, enthusiastically approved the models, which went to the Philadelphia Mint for reduction. We do not have the exact dates, but it is clear enough that the dies must have been completed in late September or October, and the 25,000 coins struck probably in October or November, with 13 reserved for assay. The Committee continued selling them for almost seven years, refusing to go below the original issue price.