Stretching 48 miles between the Atlantic and Pacific Oceans, the Panama Canal is a marvel of engineering that became a key factor of international trade. Built by the United States between 1904 and 1914—after the U.S. took over previous work begun by French engineers in the 1880s—the Panama Canal officially opened on August 15, 1914. The Canal greatly reduced the need to employ the hazardous Cape Horn route to travel between the Atlantic and Pacific Oceans and was seen as a brilliant development worthy of celebration in America.
As a result, the Panama-Pacific or “Pan Pac” International Exposition was held. Having recently recovered from the disastrous 1906 earthquake, San Francisco was chosen as the site of this exciting world’s fair.
With the location decided and plans beginning, a set of commemorative coins was chosen as being appropriate for such an illustrious occasion. These coins were produced and sold during the fair. Although approximately 19 million people visited the fair, the mintages of the commems were surprisingly low, with even fewer actually being sold. The San Francisco Mint produced 27,134 silver half dollars, 15,000 $1 gold coins, 6,749 $2 ½ gold coins, and meager mintages (after unsold coins were melted) of 483 and 645 Round and Octagonal $50 gold coins, respectively.
While all of these pieces are scarce and highly collectible today, the $50 Round and Octagonal pieces are most likely to capture collectors’ imagination. Their sheer size is impressive, reminiscent of $50 “slugs” produced by the United States Assay Office that circulated in the 1850s. Furthermore, numismatists and art aficionados alike are drawn to Robert Aitken’s lovely design, featuring allegorical elements that symbolize wisdom, including the goddess Athena and an owl. Finally, the low mintages of these dramatic coins make them scarce and desirable. Given their high initial sales price of $100, few collectors could actually afford to purchase the coins in 1915, causing only about 1,000 pieces to be sold of the two types combined.
Given their historical significance, rarity, and artistic appeal, the Pan Pac Commemoratives have become increasingly popular over the past 100 years. Now at their centennial, these lovely pieces are a marker of both a great world event—the opening of the Panama Canal—and the artistry that was the focus of the US Mint in the early 1900s.
Click HERE to view examples of these commemorative coins in our April 22 – 26 CSNS US Coins Signature Auction.