Lot 2556
1915-S Panama-Pacific Gold $50 Round. Details of AU-50. Cleaned and retoned. Clear-cut devices point to it having been giving a full, clear blow by the dies using the Philadelphia Mint's monumental 450-ton pressure stamping press. Weakness never occurs on these; care was taken with each and every strike, including this handsome coin.
During preparations for the Panama-Pacific Exposition's opening, the Philadelphia Mint shipped a 14-ton hydraulic press to the fairgrounds for the specific purpose of striking the $50 gold pieces. (Information has not been forthcoming as to how they managed it: probably it went disassembled by ship.)
On June 15, 1915, the first octagonal pieces were struck. During the months of June, July and August, the remaining gold fifties were coined. According to Slabaugh, after the first 62 round fifties were coined, the dies broke in striking the 63rd -- as did the remaining pairs of dies then on hand. Coinage had to be delayed until more dies arrived from Philadelphia.
The authorizing act specified 3,000 fifties: 1,500 each of the octagonal and round types. Sales went well enough to convince the authorities to strike the entire authorization, with 9 extras reserved for assay of the octagonal type, 10 extras of the round. However, the high prices of these coins severely limited the numbers to be sold. According to Exposition price lists, a single $50 coin could be had for $100, but this price entitled the buyer to the half dollar, dollar and quarter eagle free of additional charge.
Estimated Value $30,000 - 35,000.
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| Realized $39,100 |
