Auction Wed, April 9, 2025
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Louis LeB. Webre
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Louis.Webre@Doyle.com
NEW YORK, NY -- Doyle's auction of Coins, Stamps & Collectibles on April 9, 2025 attracted bidders from coast to coast and overseas with United States and World numismatic and philatelic rarities.
United States 1915-S Panama-Pacific Five Piece Set - Sold for $223,850
Highlighting the sale was a complete 1915-S Panama-Pacific five piece set that realized $223,850 amid determined competition. This rare commemorative coinage was offered with an intact leatherette case, as the set was issued in 1915, one of a handful of such intact sets known. An offering of a complete set of Panama-Pacific International Exposition commemorative coinage is a marquee event for any auction house; a complete set with an intact, original presentation case could be a once-in-a-lifetime opportunity for any numismatist. This set was fresh to market, having resided in an old-time collection from a prominent American family for the last century.
Congress approved commemorative coinage for the Panama-Pacific International Exposition, conceived to celebrate the 1914 opening of the Panama Canal and the reconstruction of San Francisco nearly a decade after the devastating 1906 earthquake, in early 1915. The PPIE coinage was the first commemorative coinage produced outside of Philadelphia, which, per Roger Burdetter’s seminal Renaissance of American Coinage, created logistical headaches for the U.S. Mint. First strike ceremonies at the San Francisco facility in the summer of 1915 saw a number of dignitaries operate the coin presses, a practice common to Mint events to the present day.
After some bureaucratic wrangling, rights to sell the PPIE coinage went to Farran Zerbe, a colorful hustler well known in early 20th century numismatic circles for his leadership of the American Numismatic Association and relentless promotion of different numismatic products, the hobby, and his own business ventures. The coins were sold individually and in full sets for a whopping $200, quite a sum in 1915. Sales ultimately failed to materialize, a disappointing reality for the Expo organizers that had numismatic repercussions. Burdette offers this assessment: “Sales…were disappointing with every aspect under Zerbe’s control producing less than expected results.” Zerbe continued selling the commemoratives even after the gates closed in December 1915. Large quantities of all the denominations left unsold were ultimately melted, a major cause of some of the coins’ rarity.
California fauna, patriotic imagery evocative of the Canal’s construction and opening, and classical motifs alluding to the Canal’s commercial potential feature prominently on the coins, designed by some of the period’s foremost medallic artists with bold-faced names like George Morgan, Charles Barber, and Robert Aitken. Many famous numismatists have lauded the Pan-Pac coinage for its exceptional artistry, and examples are eagerly sought by collectors of U.S. Classic Commemoratives.
This set was purchased at the PPIE by the Berolzheimer family, who traveled from New York City to California in 1915 to attend the Exposition, and it remained in the family for over a century.
Consignments are currently being accepted for future auctions. We invite you to contact us for complimentary auction estimates. Our Specialists are always available to discuss the sale of a single item or an entire collection.
