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HomeUS Coins1903 Louisiana Purchase Exposition Jefferson Gold Dollar : A Collector's Guide

1903 Louisiana Purchase Exposition Jefferson Gold Dollar : A Collector’s Guide

1903 Lousiana Purchase Exposition Jefferson Gold Dollar. Image: Heritage Auctions / CoinWeek.
1903 Lousiana Purchase Exposition Jefferson Gold Dollar. Image: Heritage Auctions / CoinWeek.

By Charles Morgan and Hubert Walker for CoinWeek Notes …..

When the United States formally took possession of the Louisiana Territory on December 20, 1803–effectively doubling the size of the country–Napoleon was busy in Europe trying to outwit the English and other Continental powers. The “Little Corporal” had envisioned a worldwide empire with French flags encircling the globe, but the year before, Napoleon’s brother-in-law and 40,000 French soldiers perished in the malarial jungles of Haiti while trying to put down a slave rebellion. With Haiti and Santo Domingo lost as a base of operations in the Americas, Louisiana’s luster faded for the ambitious French dictator, and its vast lands came to represent an asset to liquidate to wage more successful wars elsewhere.

To Americans, Louisiana was a plum catch, and unlike later land purchases (such as Alaska, or “Seward’s Folly“), there was no doubt about the land’s value at the time. Some of the richest farmland in the world was within its borders, farmland that would eventually become the “breadbasket of the world”.

One hundred years later, the Louisiana Purchase was still viewed as an event of monumental importance in the nation’s history. To commemorate the centennial of its annexation, Congress appropriated five million dollars to construct a world’s fair and its associated buildings and exhibits. As plans were made for the Louisiana Purchase Exposition to be held in St. Louis, Missouri, additional legislation was passed authorizing a commemorative gold dollar–the first commemorative gold coins produced by the United States–to mark the occasion. The coinage bill, passed on June 28, 1902, provided for a mintage of 250,000 gold dollars.

The design was left open-ended, and the United States Mint transformed Congress’ authorization into two coins with a shared reverse. The obvious first choice for an obverse design was a likeness of Founding Father Thomas Jefferson, who oversaw the purchase as president in 1803. A less obvious second choice occurred after William McKinley was assassinated by an anarchist at another world’s fair in Buffalo, New York, in September 1901. Logic should have dictated that Theodore Roosevelt be placed on the second coin, as he was president at the time of the centennial. However, it was McKinley who had signed the original appropriations bill for the exposition just six months before his death, and so it was McKinley who was immortalized by having his likeness on the second of the two gold coins.

The image of Jefferson used on the coin was twice removed from life. Chief Engraver of the United States Mint Charles E. Barber modeled his portrait after one on John Reich’s 1801 Indian Peace medal. Reich, in turn, had used the bust of Jefferson that was sculpted by Jean-Antoine Houdon.

Barber showed an equal lack of initiative when it came to reproducing a likeness of the late President McKinley. He merely copied his own presidential medal–a composition called “deadly!” by no less a figure than the famed sculptor Augustus Saint-Gaudens.

On both coins, the portrait is encircled at the periphery by the inscription UNITED STATES OF AMERICA. The reverse of the coins featured a safe and uninspired layout, with ONE DOLLAR 1803-1903 in the center, surrounded by LOUISIANA PURCHASE EXPOSITION ST. LOUIS at the edge. The only decorative device on the reverse is a single olive branch that separates the denomination from the centennial years. Presumably, it symbolizes the peaceful means by which the 828,000-square-mile territory was acquired.

The 250,000 coins authorized by Congress (plus 258 pieces for assay) were struck at the Philadelphia Mint. The first 75,080 pieces were produced in December 1902, followed by the remaining 175,178 in January 1903. Although the coins were ready, construction delays kept the exposition itself from opening until April 30 of the following year, and it remained in operation until December 1, 1904. On the fairgrounds, the dollars, priced at $3 each, were distributed by coin dealer and energetic promoter of all things numismatic, Farran Zerbe.

Zerbe avidly sought to popularize coin collecting through his traveling exhibit, Money of the World. The exhibit toured the country for decades and was a part of several world fairs, including the one in St. Louis. Zerbe was so well known and highly thought of by Mint officials that he was placed in charge of distribution and sales for the entire mintage of the Louisiana gold coins. It was his idea to increase sales by using two different portraits on the coins. Zerbe’s enthusiasm for the project never waned, even when sales fell abysmally short.

And sales certainly were a disappointment: the coins were available for less than the issue price for a decade following the celebration. Although Zerbe retained thousands of specimens and continued to promote the coins for many years after the exposition closed, in 1914, the 215,000 pieces remaining unsold were finally melted. However, Zerbe had sold thousands of pieces at a discount to B. Max Mehl, the celebrated Fort Worth, Texas coin dealer, and Mehl offered the coins for many years after. Unfortunately, as a commercial endeavor, the coins were a flop, but in the intervening decades, collectors have embraced and actively pursued these first commemorative gold dollars.

Although the majority of the coins were sold to members of the numismatic community, a substantial number were sold on the fairgrounds. Many of these pieces sold to the non-collecting public were used for jewelry and worked into broaches, stickpins, and cuff links. Such pieces will show irregularities on the edge or traces of solder on the reverse. However, since the bulk of the coins went into collectors’ hands, most surviving examples are in the MS 60-64 range, with higher-graded specimens somewhat scarcer but still available. Generally, the luster on the coins ranges from dull satiny to semi-prooflike, but occasionally, prooflike coins are encountered.

Such pieces are suggestive of the even rarer Proof strikings of each issue; the first 100 coins struck of each design were brilliant Proofs. Each Proof was inserted into a large cardboard mounting and secured with a long string and red-wax Philadelphia Mint seal attesting to the coin’s special status. Only a few of these signed originals are known today.

Although official records do not indicate how many of each design were melted, it has been generally accepted that about 17,375 examples survive from each issue. Today, with the advent of census data from third-party grading services, it appears that the coins with McKinley’s portrait are slightly scarcer than the Jefferson pieces. Generally thought of as two separate issues, most collectors of the commemorative gold series require one example of each for a complete gold-type set.

Pleasing Mint State coins are usually available for a premium, and occasionally pieces are seen with deep olive-green or golden-rose patina over the surfaces. Signs of friction are first evident on the obverse on the highpoint of the cheek. On the reverse, wear is first apparent on the olive branch and to the right of the 3 in 1803. Counterfeits are known in each issue; fakes will have a “soft” overall appearance, showing depressions and tooling marks in the fields.

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Market Data and Noteworthy Specimens

Top Population: PCGS MS68 (3, 6/2024), NGC MS68 (11, 6/2024), and CAC MS67 (2:0 stickered:graded, 6/2024).

  • NGC MS68 #6329300-008: Heritage Auctions, January 12, 2024, Lot 5224 – $11,700. Rarcoa green insert.
  • NGC MS68 #6061005-005: Heritage Auctions, December 16, 2021, Lot 3427 – $11,700.
  • NGC MS68* #3332805-003: “The Five Generations of Eby Collection,” Heritage Auctions, January 10, 2019, Lot 4774 – $14,400.
  • PCGS MS67+ CAC #50010298: Stack’s Bowers, June 18, 2024, Lot 2172 – $3,840.
  • NGC MS67+ #6331260-005: Legend Rare Coin Auctions, August 27, 2023, Lot 16171.
  • PCGS MS67+CAC #25648695: Legend Rare Coin Auctions, August-September 2021, Lot 359 – $3,525.
  • PCGS MS67+CAC #05895047: Heritage Auctions, November 2007, Lot 6182; Heritage Auctions, June 2012, Lot 4582; Heritage Auctions, December 2015, Heritage Auctions, August 12, 2016, Lot 6267 – $6,168.75; Legend Rare Coin Auctions, October 26, 2017, Lot 534 – $7,637.50; Legend Rare Coin Auctions, January 25, 2018, Lot 338 – $7,931.25; “The Five Generations of Eby Collection,” Heritage Auctions, January 11, 2019, Lot 6244 – $3,600; Heritage Auctions, June 7, 2019, Lot 4368 – $3,120; Heritage Auctions, August 3, 2020, Lot 3747 – $3,240.
  • PCGS MS67+ #38435403: Heritage Auctions, January 10, 2020, Lot 5006 – $2,640.
  • PCGS MS67+ #82619934: Heritage Auctions, August 14, 2018, Lot 4228 – $4,321.20; Heritage Auctions, December 6, 2019, Lot 4505 – $2,880.
  • NGC MS67+ #4877177-005: Heritage Auctions, October 18, 2019, Lot 4172 – $3,120. Ken Bressett signature label.
  • PCGS MS67+CAC #36773498: Legend Rare Coin Auctions, June 2019, Lot 506 – $3,642.50.
  • PCGS MS67+CAC #34781895: Stack’s Bowers, June 22, 2018, Lot 1581 – $5,280.
  • PCGS MS67+ #84254981: Heritage Auctions, September 7, 2017, Lot 4103 – $5,040.
  • PCGS MS67+CAC #82450113: Legend Rare Coin Auctions, February 2017, Lot 145.
  • PCGS MS67+ CAC #25332043: “The Paul Denby Collection of U.S. Gold Commemoratives,” Heritage Auctions, April 28, 2016, Lot 4859 – $8,226.18.

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Charles Edward Barber was born in London in 1840. He was the son of William Barber, the fifth Chief Engraver of the United States Mint, under whom he worked as an assistant engraver. Upon his father’s death in 1879, Charles Barber became the Mint’s sixth chief engraver. The circulating coins he designed during his tenure are collectively known as “Barber coinage” and include the dime, the quarter, and the half dollar. His Liberty “V” nickel is also well-known, as is his alleged feud with engraver George T. Morgan.

Coin Specifications

Country: United States
Year of Issue: 1903
Denomination: One Dollar (USD)
Mintmark: None (Philadelphia)
Distribution: 17,500 Each
Alloy: 90% Gold, 10% Copper
Weight: 1.672 g
Diameter: 15.00 mm
Edge: Reeded
OBV Designer: Charles E. Barber
REV Designer: Charles E. Barber
Quality: Uncirculated, Proof


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CoinWeek Notes
CoinWeek Notes
CoinWeek Notes presents expert analysis and insights from Charles Morgan and Hubert Walker, the award-winning editors of CoinWeek.com.

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