1915-S $50 Panama-Pacific 50 Dollar Round MS66 PCGS. CAC....

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Sold on Aug 24, 2022 for:

$432,000.00 Bid Source: HA.com/Live bidder

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1915-S Panama-Pacific Fifty Dollar, MS66
Stunning CAC-Approved PCGS Registry Coin
Among the Finest Examples Known

1915-S $50 Panama-Pacific 50 Dollar Round MS66 PCGS. CAC. The concept of a U.S. fifty dollar gold coin had been proposed on several occasions throughout the 19th century, but such a coin was never produced, as it was deemed impractical for general circulation. When legislation was passed on January 16, 1915, authorizing a fifty dollar gold piece in conjunction with the Panama-Pacific International Exposition held in San Francisco, it was a thing of great anticipation. And yet, it also produced a number of practical challenges for the Mint, which was given to produce the coins at the San Francisco branch. One of the chief concerns with the coin was that machinery in place at San Francisco was inadequate to strike such a large coin, even in small quantities. In a February 4, 1915 letter to Superintendent Adam Joyce, reproduced in Roger Burdette's Renaissance of American Coinage, Coiner Robert Clark detailed the limits of what could be produced at the Western branch mint:

"Primarily, let the size of the coin be no greater than one and a half inches across the center, with the modern coinage relief, otherwise the dies must be adjusted in a hydraulic press, which is not part of the San Francisco Mint's equipment. Then again have the artist hold down his relief and not strive for the intense bold effect seen on good medals. A coin of this size requires an intense blow to bring into prominence clearly the finer details, and even then the greatest care on the part of the coining department, backed by long experience and skill, must be exercised. As there are to be so few of these pieces struck, the examination on the part of the public will be close and critical. It would seem that if there is any question as to whether the San Francisco Mint could turn out perfect pieces of this denomination, the task better be turned over to the parent mint, whose facilities and equipment enable them to meet all reasonable demands."

The issue of press power was again addressed by acting Mint Director Dewey in a February 5, 1915 memorandum:

"Considering that this will be a unique coin commanding much interest and attention, it seems to me that they might approach the size of the 1851 [Humbert fifty dollar] piece, and is possible, they should be struck at the Philadelphia Mint."

Striking the coins at the Philadelphia Mint, however, was an unsatisfactory solution, considering the significance of the Panama-Pacific Expo and the Mint's desire make the coinage of the fifty dollar gold pieces as historic as the ideas they celebrated. To resolve the matter, a 14-ton hydraulic medal press was shipped from the Philadelphia Mint to San Francisco and set up in a special room in order to hold about 60 local dignitaries for a publicized first-striking ceremony. On June 15, 1915, the first Pan-Pac fifty dollar gold pieces -- representing the Octagonal variant -- were struck, at the San Francisco Mint. According to a reporter for the San Francisco Examiner, the hydraulic press exerted a force of 480,000 pounds to produce each coin. Upon being presented the first piece off the press, Pan-Pac Expo President Charles C. Moore declared:

"It means pride and profit to us. Don't forget that double 'P' -- Pride and Profit. There is pride for us in the minting of this coin by the Government in commemoration of the Panama-Pacific International Exposition and profit in the premium to be paid. Numismatists will seek these coins with zeal."

Moore's prophecy about the popularity of the Pan-Pac fifties was delayed in being fulfilled. Although 1,500 Octagonal and 1,500 Round pieces were ultimately struck, only 645 Octagonal and 483 Round coins were ever sold. The Round variant, represented by the present coin, is the lowest-mintage issue in the classic commemorative series (excepting, of course, various proof and specimen strikes of other coins), and it is a notable rarity in MS66. Today, such coins are deeply coveted by collectors.

This CAC-endorsed example is only the second PCGS-certified Premium Gem we have handled. The previous PCGS coin we sold was in our April 2018 Central States Signature, where it realized $336,000 -- the standing auction record for a single coin. This piece displays luminous sun-gold surfaces with satiny luster and boldly detailed design elements. The Mint's efforts to produce a perfect product were clearly realized with this piece, and its unsurpassed level of preservation undoubtedly ranks it among the finest examples of the issue known. Population: 4 in 66, 0 finer. CAC: 6 in 66, 2 finer (6/22).
From an original five-piece Pan-Pac set, offered in this sale as individual lots.
From The Amber Collection. (Registry values: N14284)

Coin Index Numbers: (NGC ID# BYLU, PCGS# 7451, Greysheet# 10215)

Weight: 83.59 grams

Metal: 90% Gold, 10% Copper

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