Two are known to exist. The certified population is zero. We think that covers it as far as reasons it has made Whitman Publishing’s 100 Greatest United States Coins list. While we have boiled it down to those two reasons alone, let us explore this pick from author Jeff Garrett and give even more insight into these significant gold pattern coins.
#19 - 1877 Half Union $50 Gold Coins (Two Designs)
These two pattern issues were struck by the United States Mint in 1877 to test the practicality of a large denomination gold coin. This idea came from California where they were only using coins instead of paper money, which was illegal at the time. The gold $50 coins would have assisted the banks greatly. In addition, there were political pressures to increase the use of gold for minting operations. Despite all of this, the idea was ultimately abandoned and a regular issued Half Union $50 Gold Coin was never struck. However, one of each of the two designs was struck and now resides in the National Numismatic Collection at the Smithsonian Institution.
For a number of years, it was thought that the two gold patterns were melted down after they were produced. This proved to be wrong when they were found in the Mint Cabinet and traded away in the late nineteenth century. They were then spotted in the estate collection of William Idler in 1909. Idler somehow acquired the coins from the Mint. In that same year, they were sold to future Treasury secretary William Woodin of New York for $10,000 each—an incredible amount of money at the time. The sale was publicized and the government pressured Woodin to return them to the Mint Cabinet. A trade deal was reached between them in which Woodin would end up with a large number of other United States pattern coins, many of them unknown.
The half union coins were on display at the Smithsonian’s Museum of American History from the 1960s until the early 2000s. They were then moved to a numismatic exhibit at the Castle on the Mall. They are currently back at the National Numismatic Collection at the Smithsonian Institution.
Historical value for both coins (one of each design) was $50,000 was Choice Proof condition. By this fourth edition (2015), both coins are valued at $12,500,000.
