1915-S $50 Panama-Pacific 50 Dollar Octagonal MS62 PCGS....

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Sold on Jan 7, 2010 for:

$63,250.00 Bid Source: Internet bidder

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The Ever-Popular Octagonal 1915-S Panama-Pacific Fifty Dollar, MS62

1915-S $50 Panama-Pacific 50 Dollar Octagonal MS62 PCGS. The recent auction of the Louis Bassano collection (Heritage, July 2009) highlighted the continuing popularity of United States commemoratives. While there are a number of interesting and desirable classic commemoratives, none match the appeal of the 1915 Panama-Pacific $50 gold pieces. Their unique denomination and large size, coupled with the artistic mastery of Robert Aitken, made them greatly anticipated by collectors of the day. Much like today, few could afford an example, although virtually all wanted one.
An interesting article titled "Panama-Pacific Commemorative Coins" in the June 1915 issue of The Numismatist not only indicates the public's excitement ahead of their issue, but also provides some useful information about the manufacture and distribution of the fifty dollar gold pieces:

"A special hydraulic press used for medal stamping at the Philadelphia mint was received at the San Francisco mint during the month. This press, which weighs fourteen tons and has a striking power of 450 tons, is for use in striking the three thousand $50 gold pieces, and is to be returned to the Philadelphia mint just as soon as the coinage has been completed.

"It is expected that the striking of the first $50 piece ever authorized by our Government will be an occasion of some special event at the San Francisco mint. This will be the first special issue to be struck at a branch mint, and the mint mark, 'S', is to appear on all the coins ...

"Designs for the $50 gold pieces are by Mr. Robert Aitken of New York and San Francisco. We understand the same designs with modifications to correspond to shape, round, and octagonal, have been adopted for this denomination. Governed by Mr. Aitken's sculpture and medallic work of the past, and that they will be struck in a medal press with attending slow and careful process, it is a fair speculation that 'high art' and high relief will be notable ...

Considering that the limited issue of the fifty dollar gold pieces would not produce more than 750 complete double sets, mounted to display obverse and reverse, as they are being purchased by banks, a successful distribution is anticipated ...

Each complete set and each fifty-dollar gold piece will be delivered in a leather case without additional cost."

The distribution was not as successful as expected, and all of the unsold examples were eventually melted. Consequently, although the original mintage comprised 1,509 Octagonal and 1,510 Round pieces, the actual distribution was significantly smaller with just 645 and 483 examples issued, respectively. While these coins can still be located with patience, the astute collector will note their ever-increasing demand and value. This piece displays rich, even orange-gold color and has a well-balanced appearance from side to side. Only minimal marks are seen on each side with the aid of a loupe, the sole exception a diagonal abrasion in the area of the owl's neck.(Registry values: P7)

Coin Index Numbers: (NGC ID# BYLX, PCGS# 7452, GSID# 10216)

Metal: 90% Gold, 10% Copper
Weight: 83.59 grams
AGW: 2.65oz
Mintage: 645

View Certification Details from PCGS