1928 US Silver Commemorative 50C Hawaiian - PCGS MS66 CAC

About Hawaiian Sesquicentennial Silver Half Dollars
The low mintage and circumstances of the original distribution make the 1928 Hawaii Sesquicentennial Half Dollar one of the scarcest and most valuable of the early silver commemorative coins. The issue was produced to mark the 150th anniversary of Captain James Cook arriving at the Hawaiian Islands.

On the obverse of the coin is a portrait of Captain James Cook. Along the bottom edge of the design are representations of the eight largest islands. Inscriptions include UNITED STATES OF AMERICA, IN GOD WE TRUST, CAPT. JAMES COOK DISCOVERER OF HAWAII and HALF DOLLAR. The reverse of the coin portrays a native chief of Hawaii with his hand extended in welcome. Behind him are a coconut tree and grass huts in the distance along the Waikiki Beach. The reverse inscriptions include E PLURIBUS UNUM and 1778-1923.

The Hawaiian Sesquicentennial Half Dollar was authorized with a maximum mintage of just 10,000 pieces, a mere fraction of the level typical for commemorative coins of this era. Distribution was performed by the Captain Cook Sesquicentennial Commission through the Bank of Hawaii at an issue price of $2 per coin. Despite the fact that the issue price was double the usual level, sales were swift and the issue sold out.

Originally, it was intended that half the mintage would be sold to Hawaiian residents and half to the mainland, but the majority of sales occurred to Hawaiians. A combination of the low mintage and distribution primarily to non-collectors helped this issue achieve an instant premium over the issue price. Today the coin is one of the most expensive within a complete set of early commemorative silver dollars.

About Early Commemorative Coins
Early Commemorative Coins were issued between the years 1892 and 1954 and have included primarily silver half dollars and gold dollars. Over the years additional denominations have been used including the silver quarter, silver dollar, several gold quarter eagles and one $50 gold piece. In total there were 50 different Silver Commemorative coin designs and 9 different Gold Commemorative coin designs. Each issue was typically authorized by an act of Congress which provided a specific maximum or minimum mintage requirement. Because legislation often did not specify otherwise, some Commemorative coin issues were produced in multiple years or struck at multiple mints.