1915-S $50 Panama-Pacific, Octagonal AU55 认证号12614095, PCGS号7452

A handful of American commemorative issues have distinguished themselves among their peers. Some are known for being "firsts," such as the Columbian halves or the Louisiana Purchase gold dollars; some are famous for their innovations, such as the bimetallic Library of Congress ten dollar pieces; and still others have gained notoriety for their associations with boondoggle, such as the Cincinnati halves and Special Olympic dollars. A single issue, however, stands apart with its assortment of firsts and features. The 1915-S Panama-Pacific Octagonal fifty dollar piece is perhaps the most distinctive of the American commemoratives. The coins are impressive and imposing, and merely holding an example is an interesting experience. Their weight and substance are unlike anything else in the series, and for those who have had the privilege to handle an example outside of a holder, the flat, reeded edges and corners are a source of tactile fascination. The present piece offers a handful of unusual characteristics as well, chief of which is wear. While a number of worn or otherwise impaired examples of the Panama-Pacific fifty dollar octagonal coins are known, most such coins are ineligible for encapsulation. By contrast, the present coin, which may have worn slightly from being kept as a pocket piece, shows only light rub on the helmet, the rims, and the wing and legs of the owl. Abrasions are also present, namely one on Liberty's cheek and another on the right side of the owl, but the fields are comparatively well-preserved. Primarily yellow-gold surfaces offer occasional glints of green.

Ron Guth

In 1915, San Francisco hosted the Panama-Pacific Exposition, a massive celebration of the opening of the Panama Canal.  To record the event, the U.S. Mint produced a variety of commemorative coins, including a Half Dollar, a Gold Dollar, a Quarter Eagle, and two versions of a $50 gold piece (one round and one octagonal).  Attendees at the Exposition could purchase the coins singly or in a variety of combinations.  The most extreme combination was a double set (two of each coin) housed in a specially made copper and glass frame.  Because of the high face value of the $50 coins, sales failed to meet expectations, resulting in hundreds of unsold coins.  These were eventually melted down, resulting in a net mintage figure of only 645 pieces.

The $50 Panama-Pacific gold coins are massive, heavy coins made of a relatively soft metal.  As a result, the coins are susceptible to wear and damage, making it difficult to find exceptional examples.  The vast majority of survivors are Mint State, usually in MS63.  Gems are very rare, and the best examples top out at MS66.