An Introduction to the Panama-Pacific Commemorative Coins

In 1915 the City of San Francisco hosted the Panama-Pacific International Exposition. The official reason for holding the exposition in San Francisco was to celebrate the opening of the Panama Canal and the increased commerce that would result in the Bay Area from that event. The expo also provided San Francisco with the opportunity to announce to the world that the city had recovered from the earthquake and resulting fires that had devastated the area in April 1906.

Like the previous world’s fairs, the Panama-Pacific Expo had two faces. During the day foreign countries, U.S. states, corporations, artists and other innovators presented the latest trends in art, culture and technology. Overall 44 states, several U.S. territories and 36 foreign countries were represented at the fair. During the evening the expo looked like a carnival with bright lights, rides and sometimes naughty entertainments. The expo was held for ten months and attracted an estimated 19 million visitors. By all accounts it was a great success.

For coin collectors the most interesting souvenir from the Panama-Pacific Expo was an unusual set of five commemorative coins that has become a landmark in American numismatics. The “Pan-Pac coins” as many collectors call them have long been a source fascination and frustration for those who have collected these coins on various levels. Whether you are looking to acquire a Pan-Pac half dollar for a set of the “old commemorative” silver coins or a massive fifty dollar gold “slug” for a “dream set” of gold coins, this small group of coins provides plenty of challenges.

The Panama-Pacific coins were not available when the exposition opened because Congress had not passed the legislation to authorize them. The expo would be open for three months before the first of the commemorative coins would be available. Once the bill was passed, the mint was required to go into a hurry-up mode to design and produce them. Ultimately three of the coins would be designed by outside artists, and two of the pieces would be the work of Chief Mint Engraver, Charles Barber, and his assistant, George Morgan. Here are some brief notes about each coin:




Half Dollar The obverse design by Charles Barber features Lady Columbia spreading flowers and facing the Golden Gate with a nude cherub and a cornucopia. The design is indicative the riches found in the western United States. The reverse by George Morgan features and eagle perched on a Union shield flanked by olive branches on the right and left. Issue prices: $1.00 each or 6 for $5.00.

Collectors’ Notes: The Panama-Pacific half dollar has a satin finish that is unlike the mint bloom found on most U.S. coins. As such grading this coin is difficult. Many pieces have handling and circulation marks, and some are deeply toned. Choice and Gem Mint State examples are scarce and difficult to find. (Net mintage 27,134)
The coin above is graded MS-64.




Gold Dollar The obverse of the gold dollar, designed by private artist, Charles Keck, is a tribute to the workers who built the Panama Canal. The worker is wearing a hat that looks like a baseball cap. There are two dauphins in the reverse that symbolize the merging of the Atlantic and Pacific Oceans via the canal. Issue prices: $2.00 each (a few sold at $2.25) or 6 for $10.00.

Collectors’ Notes: The Panama-Pacific gold dollar is one of the more common small commemorative gold coins that comprise an 11 piece gold dollar and quarter eagle set. The finish is the conventional mint bloom, and lustrous coins are plentiful. The most prominent wear spot is on the worker’s cap. (Net mintage 15,000)
The coin above is graded MS-64.




$2.50 Gold Piece The obverse of the quarter eagle by Charles Barber features Lady Columbia riding a hippocampus, which is a mythical creature that has the head of a horse and the body of dragon. The design symbolizes the passage of commerce through the Panama Canal. Columbia holds the medical symbol, a caduceus, in her left hand. This symbolized the triumph doctors achieved over disease during the building of the canal. The reverse featured George Morgan’s “defiant eagle” which he introduced on some pattern coins in the 1870s. Issue prices: $4 each or 6 for $20. A three piece set with the half dollar, gold dollar and quarter eagle was also issued in a leather case for $7.50.

Collectors’ Notes: The Pan-Pac quarter eagle is a very scarce coin that is difficult to locate in high grade. It is the scarcer of the two quarter eagles that are in the 11 piece gold dollar and quarter eagle set. The surfaces have a satin finish that can sometimes appear to be grainy. Many pieces are somewhat dull, and the goal for discriminating collectors is to find a piece with deep satiny luster without significant marks or areas of friction. (Net mintage 6,749)
The coin above is graded MS-66.

The Octagonal and Round $50 Gold Pieces Both of the $50 gold pieces share a common design by private artist, Robert Aitken. The obverse features the goddess Minerva who in mythology was noted for wisdom, contemplation, spinning, weaving, agriculture and horticulture. The goddess is seen on the coat of arms of the State of California. On the octagonal pieces the design is surrounded by eight dauphins, which is symbolic of merging of the Atlantic and Pacific Oceans. The reverse features an owl, a sacred bird to Minerva, which symbolizes wisdom. The owl is perched on the branch of a western pine. These massive coins recalled the California gold rush when the United States Assay Office and the private mint, Kellogg & Co. produced $50 gold pieces or "slugs" from the native gold. The coins were struck on a medal press that was shipped for that express purpose of producing these massive coins from the Philadelphia mint.

Issue prices: $100.00 each which included a choice of one $50 gold piece and the three smaller coins. For $200.00 the buyer received both $50 gold coins and the three smaller coins mounted in a copper frame with a glass front. Double sets with two examples of each coin in a copper frame were also issued. Some authors have claimed that these sets sold for $400.00, but no invoices or other documentation to confirm that price have surfaced

Collectors’ Notes: The average annual family income in 1915 was $687.00 which met that the $100.00 price tag for the $50 gold coins were well beyond the means of most Americans even if they were interested in acquiring one of these massive and impressive coins. Most of these coins were purchased by banks or large companies. The mintage for each type was 1,500 coins. Most of these $50 gold pieces went unsold, were returned to the mint and melted.



Because of its unusual shape, octagonal $50 gold piece was the more popular. The net mintage was 645 pieces. The "Coin Facts" estimate is that 512 examples of this coin survive today.
The coin above is graded MS-64.



The less popular round Pan-Pac $5 gold piece had a net mintage of 483 pieces. Today this is the rarest of the "old gold" commemorative coins, which were issued from 1903 until 1926. The "Coin Facts" survival estimate is 362 pieces.

Needless to say, both of these $50 gold coins are expensive. They are popular as "trophy coins" among those who can afford them. Locating examples is not difficult, but certification is highly recommended. Counterfeits do exit and some pieces have been repaired.

 

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Nicely done, and just as long as it needed to be. Thank you.

 

The most famous holder for the five piece was copper frame. This device had a glass front with copper frame around the edge and velvet lined openings for the five coins. These frames have been expensive, sometimes over $5,000, but with the advent of slabbing, those prices have come down a bit.

Here is another holder, which not as expesive. For the notes inside of the box provide the most interest.




Here is an example of the copper frame.

 

Another awesome, informative read. Thanks.

 

I think you deserve more praise than my quoted post. I know the kind of time, expertise, and thought that goes into creating this type of thread. You deserve your own sub-forum for your threads of this type.
Thanks John.

 

I couldn't give you best answer for your OP, so I gave it to you for your "add on" post.

Interesting and very informative. All new to me and you have sparked an interest in acquiring some of the silver ones.

 

One tiny correction and one maybe. Replace dauphin with dolphin in both places it is used, the Dauphin if the heir to the throne of France. Hippocampus is a mythical creature with the head of a horse and the body of either a "sea monster" or a fish. I guess you could consider a dragon to be a sea monster, but I normally would consider them to be a land animal.

Copper frame holders also exist for the double sets as well. Very few original copper frame sets still exist because everytime one comes on the market the coins get pulled, slabbed and then the parts often sold off individually.

 

Maybe those dolphins were the Dauphins of King Neptune or King Poseidon ??

lolol

 

Spelling and foreign languages have always been my worst subjects. I plead guilty. Whatever the spell checker approves, I often accept.

 

Same here, but you do have to watch that autocorrect. I've had many big laughs because of it.

 

Agreed. The new Word wants to add more dashes than fourth grader.

 

Your writings would make a interesting coin book. I’d sure buy a copy!

 

A double set recently went through my LCS. This is exactly what happened. They were sad to see it broken up, but it was the consignor’s wish.

 

A local bird:



"Tell Mr. Aitken that I am ready for my closeup"

 

You can't really keep sets like together in the age of slabbing. Unless a really wealthy person is into the history, many collectors can't afford to hold the whole thing intact.

 

This makes me sad. That set is well beyond the means of most of us, but it is tragic to see something like that broken up.

I suppose the only thing worse would be for someone to break up the King of Siam set!

 

Yes, the King of Siam set came to mind as soon as I read your previous sentence. The King of Siam set is the one numismatic item I value most.