Early Gold $1 Commemorative Coins Make for a Unique History Lesson
Between the dawn of the 20th century and the 1933 Executive order that outlawed the “hoarding” of gold bullion, several different commemorative coins were issued. While the vast majority of the over 140 commemorative coins issued by the US Mint during this time were issued in silver, a few striking coins issued in gold are highly sought after by investors who buy gold bullion coins of historic value.
Perhaps the most famous of these coins is the 1903 gold coins commemorating the Louisiana Purchase. Issued for the centennial occasion, just a few thousand of these coins were minted with either the very recently assassinated President McKinley on the obverse or the long-deceased President Jefferson. About 15,000 of each coin in this series was released, though it is estimated that fewer than a few thousand certified gold coins from this issuance exist.
The very next year, the Lewis and Clark World's Fair and Expo that was held in Portland, Oregon, in 1905 was commemorated, also in $1 gold coins. These coins were unique for featuring a portrait of both Merriweather Lewis and Lewis Clark on either side and are still considered quite rare, with a great many of these (like other commemorative coins) being melted in the 1930s. In all, about 10,000 of each coin was released in both 1904 and 1905, commemorating the explorers long trek, making them very collectible for those who buy gold bullion coins for historical purposes, especially in Oregon.
It was nearly a decade before another $1 commemorative gold coin was released. This time, several gold coins were released in a series of innovative designs for the 1915 Panama Pacific Exposition. With all these coins minted in San Francisco, the Panama-Pacific dollar coins were also meant to commemorate the rebuilding of San Francisco after the Great Earthquake of 1906. While nearly all the 15,000 people bought these bullion gold coins, they also remain rare.
The very next year, a memorial coin to honor deceased President McKinley was issued. Originally conceived in silver, members of Congress thought it odd to issue a silver coin for a man who spent a great deal of time and energy fighting against silver interests to keep the US on a gold only (as opposed to the popular bi-metal scheme) standard. However, the real impetus behind issuing these coins was to fund the building of a memorial library and museum in the former President's birthplace in rural Ohio, depicted on the reverse of the coin. They were not very successful, with a rather large percentage of the coins melted back down again.
Lastly, the US Mint tried once again to capitalize upon the newly popular hobby of collecting coins (numismatics) in 1922 by issuing a commemorative coin to fund the construction of a library, museum and road (to get to the first two) through the issuance of $1 U.S. Grant gold coins. These also failed to be big sellers, with about 5,000 of the coins minted with and without a star on the obverse side.
All these coins are very collectible due to their initial and resultant rarity. Though there are few out there, most are in quite good shape. Those found in mint condition (MS-65) and almost uncirculated (AU-58) condition fetch between several hundred and a few thousand dollars each. There are no significant error coins in these series, though they remain high on the wish list of many history buffs who buy gold bullion coins from the early 20th century.
Sam Brown
April 12, 2009
