Several commemoratives top this list of Whitman Publishing’s 100 Greatest United States Modern Coins. However, this next feature looks at a commemorative that ranks as one of the lowest minted of any commemorative, silver or gold. Authors Scott Schechter and Jeff Garrett take us through the design and the reasons behind its low mintage.
#81 – 1996-W Centennial Olympics (Flag Bearer) $5 Commemorative
The Centennial Olympic Coin Program was wide and vast, comprised of silver and clad coins that featured individual sports. However, the gold coins were chosen to represent general subjects of the games. The $5 gold coins honored and depicted ceremonial aspects of the games in 1996, including the cauldron lighting that holds the Olympic flame and the flag bearer who carries the flag during the opening ceremony.
When it comes to the 1996 Centennial Olympic games and the commemoratives struck for it, the coins did not sell as well as hoped overall. The lowest minted of all the commemoratives across the board, whether it was silver or gold, was the Flag Bearer $5 gold coin. Just 9,174 Uncirculated coins were struck and sold versus its 32,886 Proof versions. The design depicted a United States team flag bearer carrying the American flag on the obverse with four athletes seen in line behind it, waving to the crowd.
With its strong patriotic theme, the Mint was hoping for successful sales of the coin with a goal of $180 million in surcharges to help combat not only the expenses from the games, but the $30 million they also spent on advertising and promotion. Sales were slow from the beginning, but the Mint tried to promote the coins in other ways, using the low mintage figure to entice collectors. The Mint director at the time also jetted off on a world tour to promote the coins, stopping at the Vatican to present coins to the Pope at one point. They also had a contract with the National Science Foundation Polar Programs, making the 1996 Olympic Commemorative Coins available in Antarctica. This meant that the coins were available on every continent.
All of these moves and counter moves still did not help the sales in the end. Surcharges from sales only generated $18 million instead of the hopeful $180 million the Mint was aiming for. Sales were so low that the Mint even reconsidered the commemorative coin program as a whole and whether or not to move forward with future coins.
With all this being said, today the 1996-W Centennial Olympics (Flag Bearer) $5 Commemorative Gold Coin is highly sought after for its low mintage.