For the past couple of blog entries in our series dissecting and breaking down the evolution of denominations, we have spent our time talking about early classic silver commemoratives. Naturally, we wanted to continue the early classic commemorative theme, introducing you and reminding you of early gold commemoratives that are responsible for the beginning of a long line of coins. United States gold commemoratives got their start at the turn of the 20th century, introducing a short but serious set that includes 13 different issues.
Louisiana Purchase Exposition (1903)
The first United States gold commemoratives were issued for the Louisiana Purchase Exposition in 1903 that was to be held the following year in St. Louis. Two varieties were struck of the gold dollar---one with the head of Thomas Jefferson, who was the president at the time of the purchase of the Louisiana Territory from France, and President William McKinley, who authorized the purchase. Up to 250,000 gold dollars were authorized, but the amount sold was much lower due in large part to them being $3 per coin. Each variety had a final mintage total of 17,500, with the remaining 214,000 coins being melted down in 1914.
Lewis & Clark Exposition (1904-1905)
Held in Portland, Oregon, in 1905, the Lewis and Clark Centennial Exposition featured a gold dollar issued in 1904 and 1905. The two famous explorers were featured on either side of the coin, which was designed by Charles E. Barber. The coins were authorized to be minted at 250,000, with only around 10,000 a piece actually being struck, even less than the 1903 dollar.
Panama-Pacific International Exposition (1915)
The Panama-Pacific International Exposition was held in San Francisco in 1915 to commemorate the opening of the Panama Canal. Four different gold coins were struck for the occasion with each bearing the ‘S’ mint mark: a one-dollar gold coin, a quarter eagle, an octagonal fifty-dollar coin, and a round fifty-dollar coin.
Charles Keck was the designer for the gold dollar, featuring the head of a man representing a Canal laborer of the obverse, two dolphins encircle ONE DOLLAR on the reverse. Fifteen thousand coins were struck of the $1 gold coin.
Charles E. Barber and George T. Morgan were responsible for the design of the quarter eagle. The obverse shows Columbia seated on a hippocampus with a caduceus in her left hand, which is said to signify the use of the Panama Canal. An American eagle is depicted on the reverse with raised wings. The $2.5 gold coin has a mintage of just 6,749.
The more unique $50 gold piece was designed by Robert Aitken. It was issued in both round and octagonal form with the obverse featuring the helmeted head of Minerva. The reverse bears the owl, which is a symbol of wisdom. The octagonal $50 gold piece also features eight dolphins in all angles on both sides. Only 483 round coins were minted and just 645 octagonal coins. According to NGC, the two fifty-dollar gold pieces are the largest coins ever issued by the United States.
Source: NGC Coin; The Official 2025 Red Book
