1915-S Panama-Pacific Exposition $50. Round. MS-62 (PCGS).

A lovely Mint State example of this fabled key date entry in the United States Mint's classic commemorative gold coin series. Orange-apricot undertones backlight dominant color in warm rose-gold. The reverse retains full mint frost and is smooth enough to support a Choice Uncirculated grade. As seen so often on survivors of this type, the obverse shows signs of minor handling, in this case faint hairlines over and before Athena's portrait that have muted the luster in those areas. There are no sizeable marks, however, and striking detail remains full. The rare and impressive Panama-Pacific $50 commemoratives are featured in the popular reference 100 Greatest U.S. Coins by Jeff Garrett and Ron Guth, where they are ranked #29 in the fifth (2019) edition. The obverse of this type depicts Liberty as Athena with her helmet pitched up upon her head in the fashion of the ancient Greeks, surrounded by the legend UNITED STATES OF AMERICA above, and the denomination FIFTY DOLLARS below. The motto IN GOD WE TRUST is located in the upper left field. For the reverse the designer, Robert Aitken, featured a large owl facing nearly forward, perched on a thick pine branch, with large pine cones below and in the background. The motto E PLURIBUS UNUM is tucked into the field behind the owl. Matching the obverse is a round band at the perimeter which notes the name and place of the Exposition. On the similar octagonal $50 pieces (but not the round), an extra border with dolphins symbolize the continuous waterway created by the opening of the Panama Canal. The round version of the Panama-Pacific Exposition $50s did not sell as well as the octagonal style at the time of issue in 1915, hence a greater percentage of this type was returned to the Mint for melting. Of the 1,500 round examples struck, only 483 were distributed, making it the rarest collectible U.S. Mint commemorative coin. A good number of those sold, perhaps the majority, went into non-numismatic hands and as a result, they are occasionally seen with quite a bit of handling or other surface problems. Very few remain in problem-free Mint State preservation, as here, making this a significant opportunity for discerning collectors.

PCGS# 7451. NGC ID: BYLU.