1915-S Pan Pac (1915-S $50 Pan Pac Round) $50 NGC MS65. This magnificent 1915-S Panama-Pacific International Exposition fifty dollar round coin is a full Mint State 65 certified by NGC. The gem coin is fully struck and at the higher end of the grade range. As expected, the surfaces are delightfully clean and virtually mark free. The gleaming mint luster is unbroken and satiny. Because they were often mishandled by the general public, these coins are frequently seen with edge dents and friction marks, especially on Minervas cheek and/or the owls upper body and wing. They are also often seen with spots on the surface. Needless to say, this specimen is free of all of these distractions.The Panama Pacific Exposition was held in San Francisco in 1915. It had great economic importance for the city because of the great earthquake and fire. The expo did much to improve the spirit of the Bay Area and help San Francisco rebound. It ran from February 20th to December 4th, 1915 and was generally considered a huge success. The fair grounds are now the Marina District. The grounds were originally swamp land that was successfully pumped and filled. Piles were driven to support the buildings of the 1915 Exposition.

Robert I. Aitken designed both the Pan-Pac Round and Octagonal coins, which were two of the five coins to commemorate the Panama-Pacific International Exposition, the opening of the Panama Canal, and the rebirth of San Francisco after the 1906 earthquake and fire. Aitken, a New York artist, also designed the Missouri Centennial half dollar of 1921.

On the coins obverse, Minerva is facing left wearing a stylized helmet. Above her head is the motto IN GOD WE TRUST. The legend UNITED STATES OF AMERICA and FIFTY DOLLARS all separated by dots are around the periphery. The date, on an arc or banner, is written in Roman numerals MCMXV, following the precedent of Augustus Saint-Gaudens double eagles. The reverse shows the owl, perched on a branch of pine. Behind the owl is the motto E PLURIBUS UNUM. The legend PAMAMA-PACIFIC EXPOSITION SAN FRANCISCO encircles the reverse. The S mintmark is in the field between the inner border and the rightmost cone. A pattern of beads and reels separate the legends of both sides from the main elements of the design. The coin has a weight of 1,290 grains which is equal to 83.59 grams. It is 43.2 millimeters in diameter, is composed of 90% gold, and has a reeded edge.

The first striking was on June 15, 1915. Originally 1,500 coins were struck, but 1,017 were melted for bullion leaving a net mintage of just 483 pieces. This amount is the lowest distribution figure for any United States commemorative coin.

The coins were sold individually and in sets. A single set showed one of each Panama-Pacific coin: the silver half dollar, the gold dollar, the quarter eagle, the fifty dollar round and the fifty dollar octagonal. They were also offered as a double set showing both the obverse and reverse designs. These sets were placed in velvet covered trays that were mounted under glass in a hammered metal frame and accompanied by the artists interpretation of the designs. They were also sold in a velvet-lined leather case and in boxed sets of the three lower denominations and the buyers choice of the fifty dollar round or octagonal coin. The octagonal pieces proved more popular at the time perhaps because it was a reminder of the Gold Rush days. Numismatists of the time liked the Panama-Pacific coins. At least a hundred sets were sold to them. But most of the 300 sets went to the wealthy citizens of San Francisco, bankers, convention officials, and members of the general public.

The official sale price was one hundred dollars, which included one each of the fifty-cent, dollar, two-dollar and fifty cent, and fifty dollar coin. A full set, with both fifty-dollar coins, cost two hundred dollars, and a double set was available for four hundred dollars. Five years after the termination of the original sales, the set of five coins was valued between three and four hundred dollars.

Because of its low net mintage, all Pan-Pacific fifty dollar coins are rare and eagerly sought after by collectors and specialists. For many collectors the fifty dollar round is a trophy coin because of its lovely design, unusual qualities and low mintage of just 483 pieces. In its population report, NGC shows 47 in MS65 with 21 better. With all of the millions and millions of collectors of commemorative coins, this is a rarity that is both lovely and desirable.