Q. David Bowers
Mrs. Pope's Commentary
In an interview with the author. (February 11, 1991.) Mint Director Donna Pope replied to a question as to whether commemorative coin designs would be more artistic if mottoes were eliminated and discussed the 1988 Olympic $5 gold coin: "The use of these mottoes is a requirement that is usually specified in the legislation, and, personally, I would not do without IN GOD WE TRUST for anything under the sun! I know it is sometimes hard for the artist to work all of these in. I can remember the Nike design on the 1988 Olympic five-dollar gold coin. IN GOD WE TRUST is on the ribbon of the wreath on Nike's head. Some people complained it wasn't there, but it was on the ribbon, on the wreath. They just didn't look carefully. The 'Nike' five-dollar gold coin was very well received."
Production and Distribution
Single Uncirculated 1988-W Olympic half eagles were priced at $200 each for orders postmarked up to and including May 15, 1988, and $225 after that date. For the same time period single Proof $5 gold pieces were priced at $205, later increased to $235. 1988-W $5 gold coins were available as part of packages, offered wholesale and retail in a complex pricing and discount schedule outlined under the 1988 Olympic silver dollar entry in the present work.
The first 1988-W Olympic half eagle was struck on May 2, 1988, when Secretary of the Treasury James A. Baker III, in Denver to strike the first 1988-D Olympic dollar, signaled 1984 Olympic gold medalist (for the women's 100-meter backstroke) swimmer Theresa Andrews by telephone to strike the first gold coin at the West Point Mint. In attendance at the West Point facility were Superintendent Clifford M. Barber, Operations Chief Harry J. Edwards, and many of the 102 employees of that mint. The second coin was struck by Barber, and Andrews and Barber together pushed the button to produce the third coin. A dozen polished planchets had been prepared for the event, and a single press was used during the ceremony.
Purchase options were as follows (numbered consistently with the options for 1988 Olympic silver dollars given earlier):
(3) Proof 1988-W $5 gold. Suggested retail price $235, Schedule A price $207, Schedule B price not applicable. (This option is listed here for information only and does not relate to 1988 Olympic silver dollars.) Sales totaled 42,618 coins under this option. Each coin was in a plastic capsule on a maroon felt tray in a maroon velvet presentation case with a hinged lid with a heraldic eagle plaque on top. The case was mounted in a maroon cardboard box, the lid of which was imprinted with the Great Seal and "United States Mint 1988 Olympic Coins," all within a maroon slipcover similarly imprinted.
(4) Uncirculated 1988-W $5 gold. Suggested retail price $225, Schedule A price $203, Schedule B price not applicable. (This option is listed here for information only and does not relate to 1988 Olympic silver dollars.) 10,629 coins were sold this way. Packaged similarly to No.3.
(5) Two-coin Proof set containing the 1988-S Proof silver dollar and the 1988-W Proof $5 gold. Suggested retail price $260, Schedule A price $228, Schedule B price $230. Sales totaled 225,534. Coins in plastic capsules were housed in a maroon velvet presentation case with a hinged lid and a plaque of the Great Seal on the lid. The case and a descriptive certificate were enclosed in a maroon cardboard box imprinted on the lid with the Great Seal and "United States Mint / 1988 Olympic Coins." The box was placed within a maroon slipcover similarly imprinted.
(6) Two-coin Uncirculated set containing the 1988-D silver dollar and the 1988-W $5 gold. Suggested retail price $250, Schedule A price $224, Schedule B price not applicable. Sales totaled 38,971 sets. Packaged similarly to No. 5.
(7) Four-coin Proof and Uncirculated set containing an Uncirculated 1988-D silver dollar, a Proof 1988-S silver dollar, and Uncirculated and Proof examples of the 1988-W $5 gold, mounted in a mahogany box. Suggested retail price $550 (later cut back to $510), Schedule A price $510 (presumably later lowered), Schedule B price not applicable. Sales amounted to 13,313 sets.
As the Olympic Games were held in a foreign country, sales of the 1988 Olympic coins were significantly less than for those issued in connection with the 1984 Los Angeles Olympic Games. Final 1988-W $5 figures released by the Mint indicate that 281,465 Proofs were sold, and 62,913 Uncirculated coins were distributed, for a combined total of 344,378. (Gold planchet blanks were provided to the Mint by Leach & Garner Co. (of Attleboro Falls, MA, under a contract awarded on February 23, 1988) and Vennerbeck & Chase (of Lincoln, RI, under a March 23, 1988, contract).)
Collecting 1988-W Olympic $5 Gold Coins
Examples of the 1988-W $5 Olympic gold coins are readily available today in condition as issued.
Commemorating: American participation in the 1988 Olympic Games held in Seoul, Republic of Korea
Obverse motif: Portrait of Victory (Nike)
Reverse motif: Olympic flames
Authorization date: October 28, 1987
Date on coins: 1988
Dates when coins were actually minted: 1988-1989
Mint used: West Point
Maximum quantity authorized: 1,000,000
Total quantity minted: Information not released by the Mint
Quantity melted: Information not released by the Mint
Net number distributed: 62,913 Uncirculated; 281,465 Proof
Issued by: U.S. Mint, P.O. Box 7710, Philadelphia, PA 19162-0023
Standard original packaging: Single coins and two-coin sets were packaged in a velvet lined burgundy box; four-coin sets were packaged in a mahogany box
Official sale prices: Uncirculated $200 in advance (later, $225); Proof $205 in advance (later, $235)
Designer of obverse: Elizabeth Jones
Designer of reverse: Marcel Jovine
(average market prices)
1990 (spring) MS-65 $145
1990 (December) MS-65 $110
(average market prices)
1990 (spring) Proof-65 $145
1990 (December) Proof-65 $110