Statement by the President Concerning the Coinage of Commemorative Half-Dollars.

I HAVE APPROVED the bill, H.R. 2377, "To authorize the coinage of 50-cent pieces in commemoration of the one-hundredth anniversary of the admission of Iowa into the Union as a State," and the bill, H.R. 6528, "To authorize the coinage of 50-cent pieces to commemorate the life and perpetuate the ideals and teachings of Booker T. Washington." I thoroughly approve of the commemorative aim of these enactments and of the participation by the Federal Government in the proposed commemorations.

I should have much preferred, however, to approve legislation that would have provided for commemorative medals rather than for standard coins having currency value as a medium of exchange.

The Treasury Department advises me that during the period from 1934 to 1936, there were twenty-six coinage enactments of a commemorative character, with the result that legislation was enacted in 1939 prohibiting such coinage, or the issuance of such coins, authorized prior to March 1, 1939. I am further advised that no new commemorative coins have been issued from 1937 to the present time.

The Treasury Department takes the position that the multiplicity of designs on United States coins resulting from the coinage of commemorative coins tends to create confusion, to increase the possibility of counterfeiting, to encourage traffic in commemorative coins for private profit, and, in general, to detract from the fundamental purpose for which money is issued, namely, to provide a medium of exchange.

I concur with this position of the Treasury Department, and I shall look with disfavor upon any future proposals for the enactment of legislation of this character.