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1915-S $50 Panama-Pacific 50 Dollar Round MS66 NGC....
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Sold on Jan 4, 2018 for:
$186,000.00
Bid Source: HA.com/Live bidder
Description
1915-S Pan-Pac Round Fifty, MS66
'Numismatists Will Seek These Coins With Zeal'
1915-S $50 Panama-Pacific 50 Dollar Round MS66 NGC. "The
design submitted by Mr. Robert Aitken for the $50 piece ... [was]
accepted by the Director of the Mint and approved by the Secretary
of the Treasury." -- Annual Report of the Director of the
Mint, June 1915. For the design, Robert Ingersoll Aitken
crafted depictions of Minerva and her owl, mythological figures of
wisdom. The official description called Minerva "the goddess of
wisdom, skill, contemplation, spinning, weaving, and of agriculture
and horticulture," and the owl her "sacred" companion.Among the other Pan-Pac commemoratives, the act of January 16, 1915, provided for the coinage of 3,000 fifty dollar gold pieces and stipulated that half of them "shall be similar in shape to the octagonal $50 gold pieces issued in California in 1851." The octagonal gold pieces referenced were none other than the U.S. Assay Office ingots issued in San Francisco during the Gold Rush, prior to the establishment of the federal branch mint that in 1915 would strike the Pan-Pan commemoratives. The designs for the two types of Aitken's commemorative were largely the same, save for the addition of dolphins on the Octagonal piece, in the peripheral voids created by the angular shape. Per the official description, the dolphins suggested, "as they encircle the central field, the uninterrupted water route made possible by the Panama Canal ..."
Although famous among numismatists, Aitken's fifty dollar gold pieces were arguably one of his lesser contributions to the Panama-Pacific Exposition. The sculptor provided the fair grounds with the majestic sculpture Fountain of the Earth, according to Q. David Bowers (1992), "a monumental production set in the Court of Abundance, involving many figures, plus a colossal sculpture of Hermes..." Several of Aitken's other sculptures were also displayed, including among others a bust of William Howard Taft and a statue of Michelangelo. But today, the most widely admired of his works from the Panama-Pacific Exposition are the fifty dollar commemoratives -- tiny tokens in the sculptor's lifetime of works but two of the largest and most important of all United States coins.
Coinage and Distribution
The dies for the Pan-Pac commemoratives were prepared in Philadelphia and shipped to San Francisco for coinage. Production of the lesser commemorative denominations began on May 28, but the fifty dollar pieces were first struck on June 15, 1915, in a special ceremony at the mint, utilizing an old medal press that had been relocated from the Philadelphia Mint for this very purpose. In attendance were about 80 individuals who came by invitation from Mint Superintendent Hon. T.W.H. Shanahan to witness the first coinage of a fifty dollar gold coin -- and the first octagonal coin -- by the U.S. Mint. (The Assay Office "slugs" of the Gold Rush era were classified as ingots.) Among those in attendance were President of the Panama-Pacific Exposition Charles C. Moore, who was presented with the first coin struck, and noted numismatist Farran Zerbe, who was given the honor of operating the press to strike the 19th coin. According to the August 1915 issue of The Numismatist, Moore, upon being presented with the first specimen from the press, stated, "Numismatists will seek these coins with zeal."
The initial coinage was of the Octagonal type, with 609 pieces being produced before the end of the month. The first examples of the Round type were delivered on July 12th. In total, 1,510 Round and 1,509 Octagonal fifty dollar gold pieces were struck, with 10 of the former and nine of the latter intended for assay.
Distribution of these landmark commemorates was handled by Farran Zerbe on Exposition grounds at his Money of the World exhibit. The fifties were offered individually and as part of various sets. Framed sets containing an example of each fifty dollar type plus the three lesser denominations could be purchased for $200, and a double set, containing two of each denomination to show both sides of the coins was priced at $400. Likely, only a few of the double sets were ever sold, as $400 was a substantial amount of money in 1915 to spend on what was essentially a novelty item to many attendees of the Exposition. A more economical set contained a half dollar, dollar, quarter eagle, and the buyer's choice of one of the two fifty dollar types, housed in a leather case. It is believed that most of the latter sets were sold with the Octagonal fifty and not the Round, due to the novelty of the octagonal shape at the time of issue and the greater availability of that type today.
Although the Panama-Pacific commemoratives were largely a success, the high purchase price of the coins -- particularly of the fifty dollar pieces -- stunted sales. At the end of the Pan-Pac Exposition, Zerbe had sold only 645 Octagonal fifties and 483 Round, even after fairly effectively pitching the sale of framed sets to bankers. The remainder of the 3,000 coins struck were later melted.
Modern Rarity and the Present Coin
Most of the 483 Round Pan-Pac fifties sold in 1915 survive today, although most are below Gem quality. The certified population reports for this issue are heavily warped by resubmissions. Examining auction data, the Round variety is slightly scarcer than the Octagonal in rough proportion to the 1915 distribution figures. However, in Gem and finer condition, the two issues are about on par, and the Round variant is actually the slightly easier acquisition in MS66, if only by an insignificant margin in the context of how rare Premium Gems are of both types.
This Premium Gem Round coin is near the Condition Census. In the past few years, we have had the opportunity to offer a few high-end Octagonal coins, but this is the first Round piece in MS66 or better condition that we have handled since our February 2013 Long Beach Signature sale, where a similarly graded coin realized $146,875. More recently, an MS66 PCGS Octagonal piece realized just shy of $200,000 (Heritage, 1/2017). Luminous satin luster casts the unmarked surfaces and bold design elements in rich straw-gold hues, delivering eye appeal fully worthy of a Premium Gem grade. Charles C. Moore was correct -- numismatists covet the Pan-Pac fifties more than any other classic commemorative, and the present coin is among the finer-known examples. Census: 19 in 66 (1 in 66 ★ ), 4 finer (11/17).(Registry values: N14284)
Coin Index Numbers: (NGC ID# BYLU, PCGS# 7451, Greysheet# 10215)
Weight: 83.59 grams
Metal: 90% Gold, 10% Copper
Auction Info
2018 January 3 - 8 FUN US Coins Signature Auction - Tampa #1271 (go to Auction Home page)
Auction Dates
January, 2018
3rd-8th
Wednesday-Monday
Bids + Registered Phone Bidders: 11
Lot Tracking Activity: N/A
Page Views: 742
Buyer's Premium per Lot:
20% of the successful bid per lot.
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