Q. David Bowers
Selling the Coins
Due to the lateness of the date in which the act of Congress was passed, it was impossible to have any of the coins produced until about three months after the opening of the Exposition, and, in order to have them even at that time, dies for the gold dollar were made on contract in New York City by the privately owned Medallic Art Company at the Exposition's expense, thus creating what may have been the first United States coin dies to be made by other than government employees since the establishment of the Philadelphia Mint in 1792. Later the Medallic Art Company was to produce many models and some dies for other commemorative issues.
Distribution of the various commemorative coins was placed in the hands of Farran Zerbe, who set up his Money of the World exhibit as part of the Coin and Medal Department under his management. The exhibit consisted of a building within a building, a white latticework structure appearing somewhat similar to a fancy grape arbor, with open top and sides, enclosing a spacious area in which numismatic specimens in frames and cases were displayed.
Advance orders for the Panama-Pacific commemorative coins amounted to $40,000. Half dollars were offered at $1 each or six for $5. Gold dollars were pegged at $2 (or $2.25 each; offering prices varied) or six for $10, whereas $2.50 pieces were offered at $4 each or six for $20, and $50 pieces, produced in both octagonal and round shapes, cost $100 each.
Most of these coins were sold singly in paper envelopes or as part of a group in velvet-lined black leatherette cases. Zerbe commissioned Shreve & Co., a local jewelry firm, to create glass-fronted copper frames suitable for displaying sets of the five different coins. Double sets containing two of each could be ordered in the same frames. A special appeal was made to bankers around the United States who, it was believed, would enjoy purchasing these for the viewing pleasure of their clients. A notice to bank officers from Zerbe stated:
"The notable series of coins that were authorized by Congress to commemorate the opening of the Panama Canal were produced at the San Francisco Mint during the latter part of the year and have had a very successful distribution during the few months they have been on sale. The novelty of designs, limited issue and denominations-particularly the $50 gold pieces, the first to be issued by our government have made the series one of curiosity and popular interest that has been appreciated by banks for the local commendation and publicity a display of a set commands.
"The limited number of sets that remain are now offered to banks in a special and rich display case (with hang-up and easel back) .... Your consideration is requested for a set of these coins for your bank, not only from the immediate advantage to come from the publicity to be commanded but as a permanent possession of the bank that should enhance in value and interest since the issue is limited to not over fifteen hundred sets. Special descriptive matter for local press will be sent. The prices as established will be maintained and any remainder will be destroyed at the Mint. The sale will be continued for the distribution of the remainder-but not later than the close of the post-Exposition period, May 1st, 1916 .... "
Although Zerbe mentioned a "very successful distribution," many thousands of coins were unsold. Zerbe, realizing that his profit would evaporate if the pieces were remelted, was grasping at a straw hoping to salvage some additional sales. The $ 50 pieces were not "the first to be issued by our government," for that distinction went to official coins produced by the U.S. Assay Office of Gold in San Francisco in 1852 and 1853, pieces which indeed furnished the model for the shape of the octagonal $50 pieces sold at the exhibition. Sales were continued after the exhibition closed, which seemed to be at variance with the original enabling legislation, but no one complained.
Five pieces in a copper frame under glass cost $ 200, while a double set, mounted to show the obverse and reverse of each, was listed for $400. The number of sets sold was about 300, mostly to banks, of which about 60 were accompanied by "certification papers" issued by Zerbe. (Per a letter from Zerbe, October 1, 1917, published in The Numismatist; January 1918.He told of the distribution of the coins, the melting of unsold remainders, and other matters, noting: "Of the number included in 'distributed' were 14 of each shape fifty-dollar pieces and a small quantity of the coins of smaller denomination purchased for my individual account. Most all have since been marketed." In the same communication Zerbe stated: "It is a satisfaction for me to append that all of the commemorative coins with which I have been associated-Louisiana Purchase gold dollars, Lewis and Clark gold dollars, and the Panama-Pacific series-had their original prices maintained .... " The commentary is misleading, for the price of the Louisiana Purchase gold dollars dropped from the issue price of $3 to $2 or less on the after market.) I estimate that perhaps fewer than a half dozen double sets were sold. A set containing a half dollar, gold dollar, $2.50, and buyer's choice of either a round or octagonal $50 was available in a leather case for $100. Smaller sets in leather presentation cases, including a half dollar, gold dollar, and quarter eagle, were available for $7.50. As a clearance Zerbe offered in late 1915 quantities of six half dollars and quarter eagles, $25 the lot, or six half dollars, gold dollars, and quarter eagles for $37.
Design of the Half Dollar
The 1915-S Panama-Pacific half dollar, the only silver coin of the Exposition, incorporated an obverse design by Charles E. Barber, chief engraver at the Mint, and a reverse motif by Barber and George T. Morgan, his principal assistant (who was to succeed Barber in the chief engravership following the former's death in 1917).
Barber's obverse depicted an allegorical representation of Columbia to the right, scattering flowers, with a naked child behind her, holding a large cornucopia to representthe abundant resources of the American West. In the background was seen the Golden Gate and the setting sun with resplendent rays. The radiant sun motif was a popular one in American coinage and had been used on regular issue $20 pieces since 1907 and would be used beginning in 1916 on regular issue Liberty Walking half dollars.
The Barber-Morgan reverse was dominated by an eagle perched on a shield, with oak and olive branches to the left and right, representing stability and peace. Opinions concerning the authorship of the reverse are divided, and some attribute it solely to the designer of the obverse, Charles E. Barber. (Barber's name is the only one appearing on the printed paper envelopes in which single specimens of the half dollar were sold, and the only name on the label under the half dollar in Zerbe's framed sets of Exposition coinage. David M. Bullowa in The Commemorative Coinage of the United States, 1938, attributes the reverse entirely to George T. Morgan. Cornelius Vermeule makes the same attribution. A comparison of the reverse to Morgan's work on pattern coins of the 19th century would seem to confirm the relationship. Neither Barber nor Morgan earned much praise from numismatists, as the designs of Barber's 1892 silver coins and Morgan's 1878 dollar were nearly universally criticized. Ironically, both of these men produced beautiful pattern coin designs which never reached circulation and were never seen by the public.) It is notable that the piece was the first commemorative to bear the inscription IN GOD WE TRUST. By this point in time the other motto, E PLURIBUS UNUM had yet to appear on a commemorative coin, and was first used on the $2.50 and $50 pieces associated with the Exposition.