Owner Comments:
New York artist, Robert I. Aitken, designed the round and octagonal Panama Pacific $50 commemorative gold pieces. These large and impressive coins are the flagship pieces not only for the Panama Pacific set but for the entire series of United States commemorative gold coins. The $50 denomination was chosen to honor the massive $50 gold “slugs” that private minters issued during the California gold rush period.
These coins were struck at the San Francisco mint on a medal press that the Philadelphia mint shipped to the west coast especially for this coinage. The first pieces, a group of 100 octagonal coins, were struck at a special ceremony on June 15, 1915. Subsequently the entire authorized mintage of 1,500 round and 1,500 octagonal pieces were struck. In addition to the authorized mintage, nine octagonal and ten round pieces were also struck and destroyed as part of the Assay Commission process.
The obverse of both coins featured the goddess Minerva who stands for “wisdom, skill, contemplation, spinning, weaving, and agriculture and horticulture.” The reverse featured an owl, which is sacred to Minerva, and symbolic of wisdom. The owl is perched on the branch of a western pine.
The reaction to these coins was mixed. Some critics thought that the coins were attractive, but others were disappointed by the fact that both coins carried basically the same designs. Some people thought that given the space available, some scene from the Panama Canal should have been included on one of the coins.
At any rate the $100 price tag for each piece prevented the vast majority of Americans from even considering the purchase of one of these coins. In 1915 the average family income was $687. Despite that fact that the half dollar, gold dollar and quarter eagle were included in the $100 price, sales for the $50 gold pieces were disappointing. Ultimately 855 octagonal and 1,017 round $50 gold pieces were melted leaving a net mintage of 645 for the octagonal coin and 483 for the round piece.
The octagonal coin was the only U.S. coin that has ever been issued in that shape. Its shape and mass were reminiscent of the gold “slugs” produced by the United States Assay Office in 1851-2. The main design was reduced in size to accommodate the unusual shape of the coin, and eight dauphins were added on each side in the space between the central designs and the rim. The dauphins were symbolic of the mingling of the Atlantic and Pacific Oceans that resulted from the construction of the Panama Canal. The octagonal Panama Pacific $50 gold was more popular at the time of its issue which accounts for the fact that the coin has a higher net mintage than the round version.
The octagonal Panama Pacific $50 gold shown above is a very attractive example of the type. It has original surfaces and only few very minor marks which are consistent with the MS-64 grade.