Only 645 of the 1915-S $50 Panama-Pacific octagonal gold pieces ever reached collectors, and the rest of the 1,509 struck went back to the melting pot. That makes this the scarcest and most imposing denomination the United States Mint ever produced for a commemorative issue. The San Francisco Mint struck it for the exposition celebrating the opening of the Panama Canal, and the $50 price tag in 1915 kept most buyers away. Survivors have been chased by advanced collectors ever since, and the octagonal format remains one of the most distinctive shapes in American numismatics.

Robert Aitken placed a helmeted Minerva on the obverse, goddess of wisdom and a fitting emblem for California, with the date rendered in Roman numerals as MCMXV on her shield. UNITED STATES OF AMERICA and FIFTY DOLLARS wrap the wide octagonal border, and IN GOD WE TRUST sits in the field before her portrait. The reverse shows an owl perched on a pine branch among cones, with E PLURIBUS UNUM to the right and PANAMA-PACIFIC EXPOSITION SAN FRANCISCO around the rim. Dolphins fill the eight angles of the border on both sides, a detail unique to the octagonal version, and the strike here shows bold detail in the helmet crest and the owl's plumage.

NGC graded this piece MS-65, and it carries a CAC approval sticker for quality within the grade. The surfaces hold satiny luster across the broad fields, with warm orange-gold color and only the light handling marks expected on a coin of this size and weight. Gem examples of the octagonal Pan-Pac are genuinely difficult to locate, since the thick planchet and heavy relief left most survivors with scattered contact from decades of handling. This one combines strong eye appeal with the added CAC endorsement, a combination that puts it at the top end of the grade. A welcome addition to any collection of classic United States commemorative gold. The coin pictured is the exact coin you will receive.

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