The 1915-S Panama-Pacific commemorative coins, minted to celebrate the Panama-Pacific International Exposition in San Francisco, have become highly sought-after collectibles. While individual coins have fetched significant sums at auctions, reports of a single coin selling for $10 million are unsubstantiated. However, the combined value of complete sets and individual high-grade coins can approach substantial figures.
Historical Context
The Panama-Pacific International Exposition of 1915 commemorated the opening of the Panama Canal and showcased San Francisco’s recovery from the 1906 earthquake. To mark this event, the U.S. Mint produced a series of commemorative coins, including:
- Half Dollar
- Gold Dollar
- Quarter Eagle ($2.50)
- $50 Gold Pieces: Both round and octagonal versions
These coins were minted at the San Francisco Mint, denoted by the ‘S’ mintmark.
Design and Mintage Details
Each coin featured unique designs symbolizing themes relevant to the exposition:
- Half Dollar: Designed by Charles E. Barber and George T. Morgan, it depicts Columbia scattering flowers on the obverse and an eagle perched on a shield on the reverse.
- Gold Dollar: Created by Charles Keck, it showcases a laborer representing workers who built the Panama Canal on the obverse, with dolphins encircling the denomination on the reverse.
- Quarter Eagle: Also by Charles E. Barber, it features Columbia riding a hippocampus on the obverse and an eagle on the reverse.
- $50 Gold Pieces: Designed by Robert Aitken, both versions display the goddess Minerva on the obverse and an owl on the reverse. The octagonal version uniquely includes dolphins in the angles, symbolizing the meeting of the Atlantic and Pacific Oceans.
The authorized and actual mintages were as follows:
| Coin Type | Authorized Mintage | Actual Mintage | Unsold Coins Melted |
|---|---|---|---|
| Half Dollar | 200,000 | 60,000 | 32,000 |
| Gold Dollar | 25,000 | 15,000 | 10,000 |
| Quarter Eagle | 10,000 | 6,749 | 3,251 |
| $50 Gold (Octagonal) | 1,500 | 645 | 855 |
| $50 Gold (Round) | 1,500 | 483 | 1,017 |
Note: The figures above represent the number of coins sold and the number melted due to unsold inventory.
Market Value and Auction Records
The rarity and historical significance of these coins have led to impressive auction results:
- $50 Gold Pieces: In December 2009, an octagonal $50 gold piece graded MS-64 by PCGS sold for $92,000 at a Heritage Auctions sale.
- Complete Five-Coin Sets: In September 2016, a complete set with the original case, including both $50 gold pieces, sold for $222,300 at a Bonhams auction.
While these figures are substantial, they are significantly below the $10 million mark.
Factors Influencing Value
Several factors contribute to the value of these coins:
- Rarity: Limited mintages and the melting of unsold coins increase scarcity.
- Condition: Coins in higher grades, such as MS-64 or MS-65, command higher prices.
- Historical Significance: Their association with the Panama-Pacific Exposition and the opening of the Panama Canal adds to their desirability.
- Completeness: Original sets with cases are particularly valuable to collectors.
Conclusion
The 1915-S Panama-Pacific commemorative coins are treasured pieces of numismatic history. While individual coins have achieved notable auction prices, the notion of a single coin selling for $10 million lacks evidence. Nonetheless, these coins remain highly valued among collectors for their artistry, rarity, and historical importance.
FAQs
What is the significance of the 1915-S Panama-Pacific coins?
These coins were minted to commemorate the Panama-Pacific International Exposition in San Francisco, celebrating the opening of the Panama Canal and the city’s recovery from the 1906 earthquake.
Why are the $50 gold pieces particularly valuable?
Their high face value, unique designs (especially the octagonal shape), and low mintages make them rare and highly sought after by collectors.
How can I determine the value of a Panama-Pacific coin I own?
Factors such as coin type, condition, and provenance influence value. Consulting a professional numismatist or reputable auction house is recommended for an accurate appraisal.
Are there counterfeit Panama-Pacific coins?
Yes, due to their value, counterfeits exist. It’s essential to have coins authenticated by reputable grading services like PCGS or NGC.
Where can I purchase authentic Panama-Pacific coins?
Authentic coins can be acquired through reputable coin dealers, auction houses, and certified numismatic organizations. Always ensure the credibility of the source before purchasing.
