The Confederate Memorial Coin
Commemorative coins have gotten complicated with all the debates about what history we choose to honor. As someone who’s studied American numismatics for years, I learned everything there is to know about one of the most controversial commemoratives ever minted: the 1925 Stone Mountain Half Dollar. Today, I will share it all with you.
This coin exists because people in the 1920s wanted to carve Confederate generals into a Georgia mountainside. The coin funded that project. Understanding it requires grappling with what it represented then and what it means now.
The Memorial Project
Stone Mountain, Georgia, is a massive granite outcropping visible for miles. In the early 20th century, supporters of the “Lost Cause” narrative decided it would make the perfect canvas for Confederate commemoration. The planned carving would dwarf anything similar ever attempted.
Probably should have led with this section, honestly. Gutzon Borglum — who would later carve Mount Rushmore — took the initial commission. The scale of his vision exceeded available funding. Hence the coin.
Congressional Authorization
Congress authorized the commemorative half dollar in March 1924. The explicit purpose was raising money for the memorial project. Coins would sell for $1 each (double face value), with the premium supporting construction costs.
That’s what makes this coin historically significant beyond typical commemoratives — it was explicitly propaganda funding. The government authorized using its minting power to support a project glorifying Confederate leadership.
Borglum’s Design
Borglum designed both sides. The obverse shows Robert E. Lee and Stonewall Jackson on horseback, rendered in the same heroic style he’d later use at Rushmore. The reverse features an eagle on a mountain crag surrounded by thirteen stars representing the original colonies.
The artistic quality is undeniable. Borglum knew how to create compelling imagery, and these are among the most technically accomplished commemorative designs of the era. That craftsmanship exists alongside the problematic subject matter.
Production Numbers
The Philadelphia Mint struck 2,310,000 coins — a massive mintage for commemoratives. Organizers expected strong demand. Reality disappointed them; nearly a million coins were eventually melted because they couldn’t sell at premium prices.
The survivors are relatively common compared to other commemoratives from the 1920s. High mintage combined with significant melt creates an interesting supply situation: plenty of circulated examples exist, but pristine specimens are scarcer than the original numbers suggest.
The Collecting Angle
Numismatically, the Stone Mountain Half Dollar matters for several reasons. It’s a Borglum design, connecting it to his more famous work. It represents the peak of early commemorative production. It’s affordable enough for beginning collectors yet scarce enough in high grades to interest advanced collectors.
Strike quality varies considerably. Well-struck examples show crisp detail in the horses’ legs and the generals’ features. Weak strikes — common given the high relief design — appear mushy. Collectors pay premiums for sharp examples.
The Controversy
You can’t discuss this coin without acknowledging what it commemorates. The Stone Mountain project was explicitly associated with the Ku Klux Klan during its early phases. The memorial itself wasn’t completed until decades later, using a different sculptor after Borglum departed over disputes.
Modern collectors approach this coin with varying perspectives. Some see it purely as a numismatic artifact. Others refuse to include it in their collections. Most land somewhere in between — acknowledging both its historical significance and its troubling context.
Market Reality
Current prices reflect the coin’s common status in low grades and relative scarcity in high grades. Circulated examples trade for $30-60. Choice uncirculated pieces bring $150-300. Gem examples with strong strikes command higher premiums.
The coin’s controversial nature doesn’t seem to significantly impact market value. Demand remains steady among type collectors who want complete commemorative sets and among specialists interested in 1920s issues regardless of subject matter.
Recommended Collecting Resources
The Red Book – Guide to US Coins
The essential reference for American coin collectors.
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