The Maryland Tercentenary half dollar was a commemorative fifty-cent piece issued by the United States Bureau of the Mint in 1934. It depicts Cecil Calvert, 2nd Baron Baltimore on the obverse and the Coat of Arms of Maryland on the reverse.
The Maryland Tercentenary Commission sought a coin in honor of the 300th anniversary of the arrival of English settlers in Maryland. The state's two senators introduced legislation for such a piece, and it passed both houses of Congress with no opposition. A design had already been prepared by Professor Hans Schuler; it passed review by the Commission of Fine Arts, though there was controversy then and since over whether Lord Baltimore, a Cavalier and Catholic, would have worn a collar typical of Puritans.
The Commission sold about 15,000 of the full issue of 25,000 for $1 each (), and thereafter discounted the price for large sales to dealers and speculators, getting as little as sixty-five cents per coin. They increased in value over time, and are now valued in the low hundreds of dollars.
Background
The Maryland Tercentenary Commission, responsible for organizing observances of the 300th anniversary of the 1634 arrival of English settlers in what is now the state of Maryland, desired a commemorative half dollar to mark the occasion. Maryland's early settlers had founded St. Mary's City on land granted by King Charles I to Cecil Calvert, 2nd Baron Baltimore. The Tercentenary Commission wanted to use profits from the coin to defray the expenses of the anniversary celebrations. As well as seeking the coin, the commission requested that a commemorative postage stamp be issued.
In 1934, commemorative coins were not sold by the government—Congress, in authorizing legislation, usually designated an organization which had the exclusive right to purchase them at face value and vend them to the public at a premium. In the case of the Maryland half dollar, the responsible group was the Tercentenary Commission, acting through its president or secretary.
Legislation
On March 6, 1934, Maryland's two senators, Millard E. Tydings and Phillips Lee Goldsborough, introduced a bill for a half dollar in commemoration of the 300th anniversary of the founding of Maryland; it was referred to the Committee on Banking and Currency. That committee issued a report on March 13, through Senator Goldsborough, recommending the bill pass without amendment. The bill was brought to the Senate floor on March 20, and passed without any recorded discussion.
The bill was transmitted to the House of Representatives and referred to the Committee on Coinage, Weights, and Measures. That committee issued a report on April 25, 1934, through New York Representative Andrew Somers, recommending the bill pass, but with several amendments, including increasing the authorized mintage from 10,000 to 25,000 and requiring that the federal government would not pay for the coinage dies and other preparations for the coinage. Somers brought the bill to the House floor on May 2, and when he asked the House to consider it, Sam Rayburn of Texas stated that if there was to be debate, he would object. Somers stated that to his knowledge, there would be no debate. Thomas L. Blanton, also of Texas, proposed an amendment to increase the mintage further to 100,000, but this was merely pro forma, to be able to ask Somers questions. Somers stated that the figure of 25,000 had been arrived at in consultation with the Treasury Department. Blanton felt there was a need for more silver coins in circulation, but he and Somers agreed that commemorative coins, which rarely entered circulation and were generally picked out quickly, were not the answer. He withdrew his amendment, and the bill passed without further discussion.
As the two houses of Congress had passed versions of the bill that were not identical, it returned to the Senate. On May 3, Goldsborough moved that the Senate accept the House's amendments, and the bill passed without debate. The bill, authorizing 25,000 half dollars, passed into law on May 9, 1934 with the signature of President Franklin D. Roosevelt.