About a week ago, the United States turned 250. That’s based on when we officially declared our independence from Great Britain. Some 25 years prior, in 1751, the Pennsylvania Provincial Assembly, then under British authority, decided they needed a large bell in their State House. One was commissioned, cast in London and shipped to Philadelphia. It didn’t work. It sounded tinny. People were unhappy. So, it was twice recast. Finally, they thought they got it right. For a while....
The bell rang throughout the revolution calling Congress to session and announcing city events to the Philadelphia public. It was not referred to as the “Liberty Bell” initially. That name wasn’t applied until 1830 when an anti-slavery movement gave it that moniker.
Then came a crack. First noticed in the 1840s, frequent attempts to mend it failed. In 1846, it rang for the last time celebrating George Washington’s birthday. By then, the crack had become so pronounced and irreparable it was silenced. Eventually it was put on display as a symbol of America’s founding, trials, and enduring legacy. The bell still is there in Philadelphia.
The Liberty Bell has long been iconic for America. Those who remember the Franklin half dollar circulating from 1948 to 1963 surely recall the bell on the coin’s reverse. For our bi-centennial in 1976, the bell appeared on the reverse of seldom-seen Eisenhower dollar coins. For this year’s Semiquincentennial, special issue coins include a small Liberty Bell privy mark.
On current $100 bills, look to the right of the portrait of Ben Franklin on the front. There is a lenticular image of the Liberty Bell inside an inkwell. That’s nice but, in just days, collectors will need a large stack of those $100 bills to acquire any of the latest Liberty Bell numismatic items.
Technically, two of the new item are classified as a “coins.” That’s due to their having a denomination making them legal tender. The twist is, unlike any other previously issued US coins, these are not round. Each is literally in the shape of the Liberty Bell itself. While other countries have issued square coins, coins with holes in the center or scalloped edged coins, this new US issue represents the first other-than-round coin from the US Mint, if one really wants to call it a “coin.”
The new items come in three sizes and types. One version is struck from silver and weighs one-half ounce. Another is made of pure gold also with a weight of one-half ounce. The third version is minted from pure gold and weighs a full one-ounce.
Each of the three features a detailed image of the Liberty Bell on the front with the word “Liberty” in script. On the reverse is a rendering of Independence Hall in Philadelphia with several fireworks above. At the top are the words “UNITED STATES OF AMERICA” and “E PLURIBUS UNUM.”
At the bottom of the half-ounce gold is the weight; the denomination of “$125”; and “.9999 FINE GOLD.” The one-ounce gold is the same except with a denomination of “$250.” The silver has no such designation as it is not a coin but, rather, a medal. At the bottom on the silver’s reverse is “1776 – 2026.”
As interesting and/or amusing as these may be, there are, in my opinion, several significant catches that cast a pall over the release.
First, while familiar to most, the shape of the bell for a use on a coin is contrived. Even, kitschy. Clearly, these are not intended for use. Merely putting a denomination on a piece of curious metal shouldn’t qualify it to be a “collector” coin.
Second, availability is almost non-existent. Only 250 of each is being produced. For collectors, that’s absurd. It’s the creation of an instant rarity for items way outside the norm. Because they were created and struck by the US Mint, that will put them in the “numismatic” category. Those few who are fast enough to get on the Mint website when they go on sale, win. The other million or so hopefuls automatically lose.
Or do they? That brings up the third issue with the “coins” – the price. For the half-ounce silver medal, the Mint’s price is $750. That’s at a time that a half-ounce of silver is valued at roughly $30. Of course, gold is far more valuable. The half-ounce gold Liberty Bell coin costs $10,050, almost five times the value of the gold in it. The prize goes to the one-ounce coin. It sells for a whopping $19,600. That’s for just over $4,000 in actual gold value.
So, will they sell out? Absolutely. In less than a minute all will go to deep-pocket profiteers. Then, they will be graded and put up for sale in the aftermarket for quick profits.
Will they be worth it? Maybe we’ll know when our Tri-centennial rolls around.
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