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Sale 7
Lot 1354
A PHENOMENAL PANAMA PACIFIC SET
OFFERED INDIVIDUALLY. NGC graded MS-66. This coin is tied for the finest graded by either service, with only 8 so graded by NGC, with none graded higher than MS-65 by PCGS. In the Goldberg's experience, it is by far the finest round $50 they have ever seen, and expect it to realize a record price for the issue. Full luster on both sides, and nearly free of contact marks, which is nothing short of amazing on a coin of this size. Furthermore, these were sold to attendees of the Panama Pacific Exposition in 1915, not to preservation crazed numismatists that would keep such a purchase and carefully preserve it. Hence very few are known in high grade, and to even locate a gem may take years, if another can be found. Only 483 were sold of the Round $50, most of which were mishandled. The strike is full and complete, with Athena sharp, and her helmet a picture of military dress. On the reverse, the proud owl stands tall on its pine branch, surrounded by a number of pine cones. We can not imagine a finer example.
The Panama Pacific coins are some of the most beautiful and important commemorative issues ever struck. The Panama Canal had just opened on August 15, 1914, which was, of course, an engineering marvel. At last ships no longer had to make the treacherous voyage around the tip of South America, known for violent storms which claimed a great many ships over the centuries. In order to avoid the dangerous southern route, a train was available in Panama for ships to off-load their cargo on from the Pacific side, then the train would carry the cargo the distance over the mountains to the Atlantic side, where the cargo would be reloaded onto a waiting ship to complete its journey. Naturally, this was a long and hazardous process, handling cargo multiple times and exposing it to foul weather sometimes waiting for the other ship to complete the voyage. Once the Panama Canal was opened, ships no longer had to be unloaded and reloaded, coordinating the ships in two oceans was no longer needed. Navies no longer needed as many ships, and shipping prices for commodities plunged.
The obverse displays Athena, in her Athenian helmet, while the reverse shows an owl sitting on a pine branch. Only 483 were sold of the round $50, the balance struck were melted.
This $50 Round is the first coin offered from this phenomenal Panama Pacific Set. Immediately following in the next lot is the $50 Octagonal, then the $2.50 gold, next the $1.00 gold, followed by the half dollar and last but not least the original Copper frame which held these coins for the last 85 years. We stress that this is certainly the finest overall set we have ever seen, and with the $50 Round tied for the finest graded, it is probably one of the finest original sets in existence. We hope that an astute numismatist will purchase all the lots offered to keep this magnificent set intact, including the copper frame.
Estimated Value $100,000-UP.
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| Realized $109,250 |
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