Commems Collection Classic: 1915 Panama-Pacific International Exposition - Tidbits / $50

Time for a few tidbits on the largest denomination of classic-era United States ("US") commemorative coins...


Tidbit #1

The San Francisco Branch Mint struck the Panama-Pacific International Exposition ("Pan-Pac") Gold Quintuple Eagles ($50); it did so on a press sent from the main Mint in Philadelphia. The press used was a 14-ton hydraulic press that was typically used in Philadelphia to strike medals.

Multiple strikes were needed to bring up the relief on the large and heavy coin. Its planchets have a diameter of 32.2 mm (Round) and 46 mm (Octagonal), and a weight of 83.59 grams (2.4187 troy ounces of gold).

The San Francisco Branch Mint received dies (obverse and reverse) for each of the Gold $50 coins on May 14, 1915.

Robert Aitken designed the coins.


Tidbit #2

The Octagonal version of the $50 gold coin was the first to be struck.

The initial batch of 100 coins was struck in San Francisco in a special ceremony at the Branch Mint on June 15, 1915. Thaddeus W H Shanahan, Superintendent of the San Francisco Mint, invited members of the Federal, State and Local governments, plus representatives of foreign governments, representatives of the Exposition Company and representatives of the American Numismatic Association (" ANA") to attend.

Ceremony attendees were given the opportunity to strike one of the first 30 coins; Branch Mint personnel struck an additional 70.

The first coin was struck by Superintendent Shanahan. Charles C. Moore, President of the Panama-Pacific International Exposition Company struck the second coin.

Other notable attendees included:

- Representative Julius Kahn (R-CA), sponsor of the Panama-Pacific International Exposition coinage in the House of Representatives; he struck the 4th coin. (Senator James Edgar Martine (D-NJ), sponsor of the Senate coin bill that ultimately led to the Public Law that authorized the coinage was not in attendance.)

- James Rolph, Jr., the then-current Mayor of San Francisco; he struck coin #7.

- William J. McGee, Assistant United States Treasurer; he struck coin #16.

- Farran Zerbe, coin dealer and promoter/agent for the Panama-Pacific International Exposition coins (and former ANA President); he struck the 19th coin.

Note: Superintendent Shanahan struck two coins vs. one. In addition to the first coin, he struck the 29th coin (by request) for General George Washington Goethals, Chief Engineer of the Panama Canal and First Governor of Panama Canal Zone.


Tidbit #3

It was reported that on Wednesday, June 23, 1915, roughly a week after production of the Octagonal version of the Gold $50 coin had started, that a die for one of the Panama-Pacific International Exposition $50 Gold coins broke and that production of its associated coins had stopped - it was soon revealed that it was a die for the Round version of the coin that broke.

Farran Zerbe notified customers that the die break would cause a delay in order fulfillment; he noted that orders would be filled in July.

US Mint records indicate that 409 Round examples of the coin were struck in July, thus allowing orders for the individual coin and multi-coin sets to be filled. The Round Gold $50 coins were ready in late July 1915.


Tidbit #4

The Act that authorized the Pan-Pac $50 gold coins specified a maximum combined mintage of 3,000 coins.

The Mint struck 1,500 of each version (plus Assay coins). The sales price of each coin was $100 (double face value) which proved to be an obstacle to sales - especially considering that the average Household Income in 1915 was ~$687. (per US Bureau of Labor Statitsics) The price of one coin was thus ~14.6% of the average family's annual income - very steep and out of range for most!

Note: The Spot Price of gold in 1915 was fixed at $20.67 per troy ounce (USD). Thus, the 2.4187 troy ounce weight of the Gold $50 coin had an intrinsic value of roughly $50 in gold (as expected). As a comparison, the intrinsic gold value of the coin today is over $9,650.

Per the Mint, 1915 production of the Gold $50 Pan-Pac coins was as follows:

June : 609 pieces*
July: 409 pieces**
August: 900 Octagonal pieces
August: 1,101 Round pieces
September: 0 pieces
October: 0 pieces

3,019 Total coins struck (includes 19 Assay coins)

* Octagonal
** Round

Of the totals struck, 1,017 Round and 855 Octagonal coins were returned to the Mint to be melted. Net mintage figures were: Round - 483 and Octagonal 645.


1915 Panama-Pacific International Exposition Gold Quintuple Eagle - Round Variety


1915 Panama-Pacific International Exposition Gold Quintuple Eagle - Octagonal Variety


(Image Credit: Images of both varieties courtesy of Heritage Auctions, https://www.ha.com. Maybe someday I will be able to post images of mine, someday...)


For more about the Gold $50 coin, see:

- 1915 Panama-Pacific International Exposition - Gold Quintuple Eagle


For other of my posts about commemorative coins and medals, see: Commems Collection