1915-S $50 Panama-Pacific, Round MS(PCGS#7451)

The Regency Auction XIV October 2015

拍卖行

Legend Rare Coin Auctions

批号

315

等级

MS65+

价格

1,304,736

详细说明

Amazing quality and a fantastic condition rarity! This is one of the finest certified of this rare and highly prized issue and a coin that will be a major centerpiece in any advanced collection. It stands as one of the top five graded by PCGS of this issue, and the finest stands only half a grade point above this offering at MS66. These were issued to commemorate the opening of the Panama Canal which occurred on August 15, 1914. The commemorative coins were authorized by the Act of January 16, 1915 and these were to be sold at the proposed Panama-Pacific Exposition to be held in San Francisco in the Summer months of 1915. A total of five coin designs were authorized and struck. The coins and dies were designed Mint Engraver Charles E. Barber and others depending on the denomination. The largest of the coins were the two $50 pieces, one struck in the unusual octagonal format and this style in the traditional round format. Sales of the coins were to the general public with the funds to be used to support the Panama-Pacific Exposition. However, most of the sales were to non-collectors so many of these historic coins were mishandled long ago. Finding a gem like this is a true challenge, and this example is far and away nicer than most collectors can even imagine. These commemoratives were sold singly and in sets with the other denominations. In some instances a special copper frame could be purchased for their display, but most of these original sets have long been broken up and sold individually. The obverse and reverse of this $50 Round gold piece were designed by famed artist Robert Aitken. Aitken portrayed Miss Liberty as the goddess Athena wearing the traditional Athenian war helmet tilted back at the top of her head--as a symbolic gesture of peace. The date is placed at the top of her shield in Roman numerals, with only the upper portion of that device showing on the coins. Aitken chose to place these features within a central defined circle on the coin itself, with legends surrounding in the outer portion around the broad rim of the coin. For the reverse the central device is an owl standing on what appears to be a Jeffrey pine branch, with massive pine cones and needles depicted in stylized fashion along the branch. Again, the central device of the owl and cones are placed within an inner circle on the coin, with the outer circle reserved for additional legends about the name and place of the Exposition. These massive coins weigh nearly 2 ½ ounces of gold and were sold for $100.00, at double the stated face value of $50.00. The authorized limit on the mintage of the $50 coins (both Round and Octagonal) were to be 1,500 pieces of each style. However, sales at the Exposition were below expectations, and many remained unsold when the Exposition closed. Recall that in this period, a typical worker earned about $2 a day, so buying a single example like this for $100 was simply out of the question of all but the most well heeled Exposition attendees. When the Exposition closed, the remaining unsold pieces were melted down, leaving the net mintage to stand at a tiny 483 pieces of the Round $50 design. The Octagonal came in a little higher with a net mintage released of 645 pieces, so the Round $50 Pan-Pac ended up having the lowest number of coins released of the entire Commemorative gold series. PCGS 22, NGC 63, CAC 16. Only three of the PCGS coins have the “+” designation, with just two graded finer at MS66. The last auction price for this grade at MS65+ hit $176,250.00 (8/15) but that was for a non CAC coin. This one will undoubtedly bring more today as so few are available that offer this monumental quality. L | This coin is being sold with no reserve. Certification Number 29436347 PCGS # 7451