The Christopher Columbus Quincentenary Jubilee Commission ("Commission") was created by Congress in 1984 to plan and organize a national celebration for the 500th Anniversary of Columbus' first voyage to the New World. It was Congress' expectation that the Commission would raise nearly all of its operating funds privately (vs. Federal appropriations).
One of the Commission's biggest planned fundraising projects was to be the US tour of the recreated caravels
Nina, Pinta and
Santa Maria that were being built by Spain as part of its Columbus Quincentenary celebrations.
Texaco was initially a willing corporate sponsor for the US "Tour of the Caravels," pledging $15 million to the Commission. After a series of misrepresentations and falsifications (by representatives of the Commission) that could not be resolved, however, Texaco pulled out of the sponsorship negotiations and, not surprisingly, did not fulfill its early financial pledge.
The Spain '92 Foundation took over the project and the three ships sailed across the Atlantic Ocean and made stops in 21 US cities along the US East coast and Gulf coast. The tour included stops in Miami, New Orleans, Norfolk (VA), Baltimore, Philadelphia and New York. Several stops were also planned for California, but were cancelled due to funding issues. Before sailing to the United States, the caravels made multiple stops in Europe.
The medal shown here was a souvenir of, and fundraiser for, the tour.
1992 Tour of the Caravels Souvenir Medal

For more of my stories about commemorative coins and medals, see:
Commems Collection.