Five Panama–Pacific commemorative coins were produced in connection with the 1915 Panama–Pacific International Exposition in San Francisco. Struck at that city's mint, the issue included round and octagonal $50 pieces.
Excepting modern bullion coins, these two gold pieces are the highest denomination ever issued and the largest coins ever struck by the United States Mint. The octagonal $50 piece is the only U.S. coin to be issued that is not round.
The coins were vended at the Exposition by prominent numismatist Farran Zerbe. They did not sell well, and many of each denomination were returned for melting. Only a few hundred of each of the $50 pieces were distributed, making them the lowest-mintage commemorative coins.
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