As most know, in less than a year we will be hip-deep in our once-in-a-lifetime semiquincentennial – 250 years of being a country. Though it is the only time this will happen, historic figures from Winston Churchill to George Santayana are credited with variations of the phrase, “Those who fail to learn from history are doomed to repeat it.” It’s best we take heed. Here’s why....
A mere 50 years ago, in 1975, we were going crazy about our upcoming bi-centennial. Thanks to OPEC, we were then suffering from a financial recession characterized by high inflation, high unemployment, and a decline in economic output. As of last week, the prospects of another recession grew exponentially. A number of major financial institutions are warning of it.
As the stock market gyrates, jumps and plunges in value, so do gold prices. Two weeks ago, the price per ounce jumped $100 in one day. Last Monday, it climbed another $100 to land just under $3,500. A day later, it fell $135.
Governments around the world, from China to Germany, are acting. Many are signaling for supplies of physical gold they own held outside their borders by banks or whomever be returned to their homeland. That too happened in the mid-1970s when the precious metal was barely $170 an ounce. More price swings may shake out in the next few months.
Another similarity between our pending anniversary and the bi-centennial a half century ago is the looming change in our coinage and commemorative postage stamps. As we’ve seen from other nations, such anniversaries are often memorialized by harkening back to their armed might and successes.
In 1976, the US showcased its legacy of winning independence from England with stamps and coins featuring military scenes. Case in point, the famed bi-centennial quarter of 1976. That was the first year the design on the US quarter had seen a change since its inception in 1932. Out was the familiar eagle on the reverse. In was a colonial military drummer. To this day, collectors and regular users of coins seek out and save bi-centennial quarters as mementos.
WARNING: Absurd as it seems (and is) there have been numerous online stories and links touting some of those 1976 bicentennial quarters being worth millions or even billions of dollars. NOT TRUE! Those clicking on the link are taken to a page trying to foist off something else. For the record, a bicentennial quarter even in extreme prime condition is, at best, only worth $10 or $20. Most are simply worth just their face value.
Equally prevalent were patriotic postage stamps. In March 1975, the first four out of the postal chute showed figures known as “Contributors To The Cause” including a colonial woman rallying support; a “gallant soldier”; and two financial heroes who participated by arranging monetary support. Those were followed by other stamps featuring famous battles and military figures of the colonial Army, Navy, Marines and Militia. The theme was clear.
That same year, three more stamps combined to show the famous Archibald Willard painting “Spirit Of ‘76” with a young and old drummer and a patriot playing the fife in front of US troops and the unfurled American flag. Those stamps were followed by the four famous and sought-after large souvenir sheets. The sheets replicated the immortal paintings of Washington crossing the Delaware River; Washington in front of ragged troops at Valley Forge; and Washington accepting the surrender of Lord Cornwallis at Yorktown. A fourth sheet featured the signing of the Declaration. Each sheet included five stamps in different denominations. As I said, collectors flocked to them making prices for them rise.
There were many more bi-centennial stamps. Even the two-dollar bill saw its reverse design change to the Declaration signing.
Though three of the newest US stamps may not exactly be overtly attributable to our national semiquincentennial, they could be. The new “Forever” issues individually honor the US Army, Navy and Marine Corps. – all of which were established in 1775, a year before our independence. Each stamp features the circular insignias of the military branch. The stamps will be available in post offices next month or in First Day of Issue formats from the Postal Service at: www.USPS.gov.
Given that the US is the world’s oldest and longest surviving democracy, it’s sure that collectibles aplenty for the 250th will continue to appear and be hawked. That’s fine. Just be sure to consult with a stamp or coin dealer as to which are legitimate and which to avoid.
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