Q. David Bowers
Minting the $50 Coins
Although the idea of having the $50 pieces coined at a site on the grounds of the Panama-Pacific International Exposition had been considered, this did not come to pass. On June 15, 1915, the first octagonal $50 pieces were struck in a special ceremony held at the San Francisco Mint in the venerable structure for which the cornerstone had been laid in 1870 and which was the only building in its area to survive the earthquake and fire in April 1906. Utilized was a large medal press that had been shipped for this purpose from the Philadelphia Mint.
An account was kept of the first several dozen pieces produced. T.W.H. Shanahan, superintendent of the San Francisco Mint, struck the first $50 coin, which was later put into a complete set of Panama-Pacific coins given to Charles C. Moore, president of the Exposition. Various officials and guests produced the first 29 pieces with the remainder of the first 100 being made by Mint employees. (Details of the ceremony and a list of the individuals who struck the first 29 pieces were published in The Numisrnatist; August 1915.)
1,509 octagonal $50 pieces and 1,510 round versions were subsequently minted. Sales were not up to expectations, and after November 1916 a quantity amounting to 855 octagonal pieces went to the melting pot, leaving a net issuance of 645': pieces. Additionally, 1,015 examples of the round $50 were reduced to bullion, leaving a net issuance of just 483 pieces, a number which was to remain the lowest distribution quantity figure for any United States commemorative coin.
Getting Ready to Ship the Coins
On June 28, 1915, Farran Zerbe sent out the following notice to those who had ordered coins: "On account of the breaking of the dies for the round $50 piece and the closing of the Mint for end of fiscal year settlement, delivery of complete sets of commemorative coins and quantity lots of gold dollars will be delayed until about July 15. We can make immediate delivery of silver $.50, gold $2.50, and gold $50 octagonal We regret the delay in filling your order, but the fault has not been ours, as nothing has been left undone by the Exposition to facilitate production. Your order is appreciated and we assure you it will go forward from our first supplies."
The same announcement noted that "it is being arranged to deliver complete sets of these coins in form for preservation and public display-a single set showing one side, and a double set showing both obverse and reverse-with printed description of the artists' interpretation of the designs, all arranged in a velvet-covered tray and mounted under glass in a hammered metal frame.... "
A Letter to Banks
On August 16, 1915, Farran Zerbe sent out a draft for a suggested form letter or advertisement to be reproduced and used by financial institutions in connection with Panama-Pacific coins. Banks were encouraged to order same for local display. The letter stated the following:
"In the series of commemorative coins authorized by Act of Congress for the Panama-Pacific International Exposition, there is seen for the first time a $50 gold piece authorized by the government of the United States. (This is an inaccurate statement, as the United States Assay Office of Gold issues struck in California in 1851 and 1852 were authorized government issues.) The issue of this denomination is limited to not over 3,000 pieces, and it is provided that one-half the issue shall be octagonal in shape. These are the first octagonal coins to be produced by our government. (Not true; the 1851 and 1852 $50 pieces were octagonal.)
"The coining of the first $50 gold piece was an event of considerable celebration and local interest at the San Francisco Mint. Representatives of the government, state, city, and Exposition, together with notable representatives of foreign governments, were present at the coining. In addition to the two shapes of the $50 gold pieces, there are included in this series one half dollar in silver and one dollar in gold and two-and-one-half dollars in gold. On the gold dollars appears an artist's ideal of Labor, this being the first time the sons of toil had been honored on the coinage of any nation. A complete set of these coins is now on public exhibition at the banking rooms of--[space to be filled in by the local bank]. All are invited to see this set of interesting coins .... "
Sales Efforts and Results
The octagonal $50 pieces were more popular than the round ones at the Exposition. More of these were sold singly and in boxed sets (containing the three lower denominations and the buyer's choice of one $50 variety), as it seemed to the typical buyer that the eight-sided coin was more distinctive in shape and a better reminder of the Gold Rush days than a round piece.
The reception by numismatists of the Panama-Pacific coins was uniformly favorable, and undoubtedly at least a hundred or so five-piece sets were distributed in such channels, but most of the approximately 300 sets eventually sold seem to have gone to wealthy citizens in the San Francisco area, convention officials, bankers (particularly true of the framed sets sold later), and members of the general public. Farran Zerbe kept the Coin and Medal Department open through at least November 1916, at which time he tallied sales, determined how many coins of various denominations he should retain for later wholesaling as well as his own retail trade, and returned the balance to the Treasury to be converted to bullion.
In later years the Panama-Pacific coins maintained their value, and soon thereafter began to increase. The $50 pieces in particular were highly desired, and within five years after the termination of original sales, a set containing all of the Panama-Pacific coins, originally sold at $200, was valued in the $300 to $400 range.
Collecting 1915-S Panama-Pacific $50 Gold Coins and Sets
In keeping with the small quantities originally issued, 1915-S Panama-Pacific $50 gold coins are rare in all grades today, with the round pieces being slightly more elusive than the octagonal versions. The typical grade encountered is apt to be about MS-63 or MS-64 if the coin has been kept in an Original box or frame or AU-58 to MS-63 if it has not. Many coins show rubbing on the cheek of Minerva, a telltale place to check when grading (see below).
Probably 80% of the Panama-Pacific $50 coins originally distributed still exist today. About 300 five-piece sets (containing examples of both the round and octagonal $50), most of which were in glass-fronted copper frames, are believed to have been sold, and probably 80% to 90% survive. Of the half dozen or fewer double sets (with two of each coin variety, for a total of 10 coins) made, three or four are known. I have handled two and have seen one other double set.
GRADING SUMMARY: The cheek of Minerva and her helmet are the checkpoints for friction and/or handling marks (usually just friction). The upper part of the owl is also a point to check. Avoid coins which have been cleaned or lightly polished (as evidenced by a myriad of microscopic hairlines).