Just as the UDC and Gutzon Borglum were getting started, World War I intervened and halted all progress.  Perhaps an even more difficult issue was a loss of momentum and wasted cost from starting and stopping the project.  Management of a project of this size was in all likelihood beyond the local UDC chapter because of lack of experience, not enthusiasm or commitment.  The end of the war and the return to a more normal economic environment served as a catalyst to restart the project.

There was a vigorous campaign launched to raise money but it became obvious that much more would be needed as most efforts were failing.  From these struggles the idea to create and sell the commemorative half dollars was born.  Conceptually, corporations would purchase large quantities of the coins as a promotion.  The Baltimore and Ohio Railroad, Coca-Cola, the Southern Fireman's Fund Insurance Company, and several banks were among the sponsors.  But the fundraising goals of the UDC were totally unreasonable given the economic times sandwiched between World War I and the Great Depression.

But it was the very public disagreement between the SMCMA and Gutzon Borglum that helped doom the first project and sales of the coins lagged expectations.  Other contributions faded as the very public fight tarnished the project and reputations of all involved.  Mixed in with all this, and a catalyst for the Borglum conflicts, was the discovery that the association's president had spent lavishly on his personal needs and less on the intended carving.  While these revelations vindicated Borglum and explained his concerns, they did not come in time to avoid the very public battle that so damaged the project.

The Great Depression halted many activities in the 1930s, but there was a World's Fair in Chicago in 1933.  The State of Georgia was still offering the coins in its exhibit for the customary $1.00 fee.  But selling coins at this exhibit would not fund the massive effort in the face of disastrous economic times.

Augustus Lukeman who took over once Borglum departed did much to move the carving along, but in 1928 the land and unfinished carving reverted to the original owners.  Nothing could have saved the project in the face of the Great Depression.  In Georgia there were bank failures, of course the stock market decline, and job losses.  Georgia had a large agrarian population and there was little if any money for projects of this nature.

So all work went dormant for decades.  The failure of the SMCMA and return of the land to the original owners seemed to spell the end of a well intended but poorly conceived project.

In a strange twist of fate many wanted Borglum to return to finish the carving after his success at Mount Rushmore, and he agreed to do so.  But little work was done and when he passed away in 1941 before any serious work could be done.  The Reconstruction Finance Corporation actually volunteered to loan $1,250,000 toward the project, but again no progress was made.

From the Great Depression through the early 1960s many residents of Georgia passed by the partial carving on the mountain and probably thought it would never be restarted or finished.  It just looked to be too big, too difficult, and too expensive.  It became an unintended monument to failure.

One of the monument's intended selling points also became an Achilles heel.  The monument faced U. S. Highway 78, a major thoroughfare to Atlanta from many destinations east of the city.  So all commuters had a view of the failed effort twice a day.  The carving became somewhat of an eyesore and the State was probably faced with a decision to either finish it or destroy it.  Given the expenditure of effort and money, destroying the monument would have seemed impractical.

If there is any practical lesson from the Stone Mountain Memorial project it is that vision and enthusiasm are great, but it also takes cooperation, management expertise, and serious funding.  We only know of one project of this type ever attempted with private funds, the Crazy Horse Memorial, and it has become a multi-generational project that could last from 75 to 100 years.

But with the Stone Mountain Memorial there was no continuity from stage to stage.  Without the State of Georgia stepping in to take over the project it might still be incomplete.  In 1958 the State of Georgia purchased the mountain and 3,200 acres of surrounding land for the purpose of building a State park.  In 1960 a contest was held to pick a new sculptor for the project and Walker Hancock was chosen for the job in 1963.  Ultimately Hancock paired up with welder Roy Faulkner and the two finished the sculpture.  A dedication ceremony was held on May 9, 1970 and the sculpture was declared complete.

Looking back Borglum receives a lot of credit for his vision and believing a sculpture of this magnitude could even be attempted.  Even though scaled back from his original design, it is still the largest relief in the world.  What we see today is the work done by Lukeman, Hancock, and Faulkner.  In our eyes Roy Faulkner is the hero in the carving story.  Visions are always needed for inspiration, but ultimately it is execution that is needed.  His innovations with the carving torch and ability to see what others could not see was the ultimate success story.  Perhaps this is fitting since he was more of a "foot soldier" than a general.

There is no shortage of opinion on the coin and the surrounding story.  By far the best study of the events we have read was by David B. Freeman in his book "Carved in Stone, The History of Stone Mountain."  We would recommend this study to anyone interested in the coin and surrounding events.  But for a full understanding it is necessary to read whatever you can find and perhaps piece your own story together.