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Sale 7
Lot 1365
LOVELY $50 GOLD OCTAGONAL. PCGS graded MS-61. Bright and lustrous, this prestigious coin boasts clean surfaces and excellent rims (which is important, as many of these heavy coins were dropped, and now show rim bruises or similar problems). A glass notes some light hairlines, perhaps this coin was cleaned and judiciously examined on a velvet tray during its past. These lines are common, and are seen on virtually all gold coins, and probably account for the moderate grade given by PCGS. As seen only on the octagonal pieces, 8 dolphins surround Athena on the obverse, and the owl on the reverse, one at each corner. Dolphins are the friendly companions of boats as they travel the oceans.
Of course, the Panama Canal had been a project that many people attempted, but could not be completed before the devastating disease malaria was brought under control. The prior attempt in the 1850s to complete the Canal was ended after too many workers perished to the ravages of this dread disease. At last, modern medicine prevailed and the Canal was completed. Prior to this time, a ship had to sail clear around South America to get to the Atlantic from the Pacific Ocean, a delay of time, and a perilous journey to boot. It became standard practice to send a boat from the West Coast to Panama, offload the boat there, mule or train the cargo over the narrow ship of land there, reload another boat on the Atlantic side, which could then deliver the goods to the East Coast.
With the Panama Canal completed, now boats didn't have to be unloaded, navies of various countries could reduce the number of ships needed as the could speed between the oceans as needed in a fraction of the time protecting both coast lines of the Americas, and shipping prices no doubt fell dramatically, as speed and ease of shipping were greatly increased.
Here is one of the coins struck to commemorate this great event in our history, this magnificent $50 octagonal gold piece. The historical significance of this coin can scarcely be over rated.
One of just 645 produced for the Panama-Pacific Exposition in San Francisco, which commemorated the opening of the Panama Canal on August 15, 1914. Most of these coins were sold to the general public, hence a great majority have been mishandled and are rarely found choice. The obverse design shows Athena, in Athenian helmet with a Roman date (MCMXV) on shield, the reverse design employs Athena's owl (wisdom) atop a large pine branch. One of the most popular commemorative coins from its date of issue, this octagonal $50 has always found feverish demand from collectors.
Estimated Value $20,000 - 22,000.
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| Realized $25,300 |
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