Courtesy of Dr. Louis Hodges 

Coins and Currency in 1938 When the City of College Station incorporated in 1938, typical pocket change included copper cents, nickels (composed of copper and nickel), and silver dimes, quarters, half dollars and dollars. If you spotted a cent on the sidewalk, chances are you picked it up—you could get a handful of candy for it, and nine of them would buy you a loaf of bread. With a nickel you could buy a first class postage stamp and have two cents change. A dime would get you a gallon of gasoline. The Lincoln cent with a “wheat” reverse was typical for this year, but older

Indian Head cents were still in circulation, including dates from the 1880s and 1890s.

There were two nickels or five cent coins minted in 1938—the last of the old Indian Head or Buffalo nickels ended and the new Jefferson nickels made their appearance. As with the cents, the Liberty Head or “V” nickels (for the Roman numeral 5 on the reverse) could be found with ease. All higher denomination coins minted and in circulation were of silver in 1938. These included the Winged Liberty head (“Mercury”) dime, the Washington quarter, and the Liberty Walking half dollar.

Older designs of these denominations were common in pocket change of 1938. Some of these included “Barber” (the name of the designer ) Liberty Head dimes, quarters and half dollars from the turn of the century and the more recent Standing Liberty Quarter.

1938--300th anniversary of the ratification of the constitution

 

Courtesy of Dr. Louis Hodges 

Gold coins had been demonetized during the currency reforms of the Great Depression, and therefore did not circulate. However, silver dollars were plentiful and were available at face value at any local bank. Because of their size and weight, which wore out pockets and purses; they were being replaced by the dollar bill. Both Morgan (named after the designer) and Peace dollars circulated in 1938 and into the 1960s. By 1938, most of the old style currency (known as “saddle blankets”) had been replaced by the smaller bills such as the ones in use today. In 1934, the reverse design, however, resembled the old large notes.

Other denominations included the two, five, ten, twenty, fifty, one hundred, five hundred and one thousand dollar notes. The two highest denominations were only printed in 1934, and, while still legal tender, are seldom seen today. The $500 note depicted below circulated in the Brazos Valley.

 

Courtesy of Dr. Louis Hodges 

One final category of “pocket change” includes commemorative half dollars issued in 1938. Most of these, purchased above face value, were maintained as keepsakes although some probably did see circulation as “pocket pieces” or jewelry. Three of the 1938 commemoratives are likely to have found their way to College Station that year. The first is the Texas Sesquicentennial half dollar. This was minted in 1936 (the actual sesquicentennial ) and again in 1937 and 1938. Because of ties between Bryan and the Boone family, some may have acquired the Daniel Boone commemorative half dollar. The Oregon Trail commemorative half dollar, because of its beauty and western theme, was popular in all parts of the United States. All of the coins circulating seventy-five years ago have undergone design changes—some more than once. Silver coins have disappeared from circulation, and coins from fifty years ago are rarely found. They remain an enduring link to our past.