1915-S Panama-Pacific Exposition $50. Octagonal. MS-65 (NGC).Boldly lustrous medium gold surfaces with lively highlights, a coin that will pass muster on any close-in inspection. Easily the ready equal of any other Gem example of the issue in numismatic hands, certainly just as lovely and just as desirable.<p>One of five issues struck in association with the Panama-Pacific International Exposition celebrating the opening of the Panama Canal, the octagonal variant of the $50 gold shares the same basic design as its round counterpart. Both were designed by Robert I. Aitken, the obverse depicting Minerva, goddess of wisdom, skill, contemplation, spinning, weaving, agriculture, and horticulture. A helmet is pushed back over the top of her head, while at her shoulder is the top of a shield inscribed with the date, MCMXV (1915), in Roman numerals. The motto IN GOD WE TRUST is in the upper left field, the legend UNITED STATES OF AMERICA lines the upper border, and the denomination FIFTY DOLLARS is below. Aitkens reverse features Minervas sacred owl perched on a branch of Western pine, complete with large cones and needles. The Latin motto E PLURIBUS UNUM is in the right field, while the inscription PANAMA-PACIFIC EXPOSITION / SAN FRANCISCO encircles the border. The octagonal variant, represented here, includes an extra outer border on both sides, each with eight dolphins that symbolize the uninterrupted waterway created by the opening of the Panama Canal.<p>The San Francisco Mint struck 1,500 examples of each variant of Panama-Pacific $50 for sale at the Exposition. Due to their different shape and the addition of the symbolic dolphin border, the octagonal pieces proved more popular with contemporary buyers, resulting in a greater distribution than the $50 round. In truth, sales for both were disappointing, the original asking price of $100/coin proving too steep for most contemporary Americans. Attempts to increase sales by discounting the price of the $50s when offered as part of sets with the smaller denomination Panama-Pacific coins did little to improve the situation, and in the end most examples of both varieties were melted as unsold. The distribution for the octagonal proved to be just 645 pieces, greater than that of 483 coins for its round counterpart, but still a small total that explains the scarcity of survivors in todays market. Eagerly sought in all grades, and understandably so, we anticipate keen interest for this remarkable condition rarity in Gem Mint State preservation.PCGS# 7452. NGC ID: BYLX.NGC Census: 46; 13 finer (MS-67 finest).
