Several firsts accompany this next United States coin ranked on Whitman Publishing’s 100 Greatest United States Modern Coins series. Authors Scott Schechter and Jeff Garrett take us deeper into this ranking in the fourth edition, noting its importance in the history of U.S. gold coins, but also how it hints at the future of the oversaturated commemorative issue problem experienced in the subsequent years.
#84 – 1984-W Los Angeles Olympiad $10 Commemorative
Some may not know that the $10 gold coin struck in 1984 for the Olympic Games was the first U.S. gold coin issued since 1933 when production ceased and the government forbade the hoarding of bullion, coins, and certificates. It was also the first and only commemorative to be struck at four different U.S. mints, including Philadelphia, West Point, San Francisco, and Denver. The most significant of the four: the 1984 issue from West Point. Why? It was the first U.S. coin to bear the ‘W’ mintmark.
The $10 gold coin featured a male and female athlete on the obverse with the Great Seal adapted for the reverse. It was only originally minted at West Point and offered in both Proof and Uncirculated conditions. However, demand was high as sales of both boasted a total of 381,085 Proofs and 75,886 Uncirculated. It was then that additional $10 gold coins were struck in the middle of the program in Proof finishes at San Francisco, Denver, and Philadelphia. But as we mentioned before, authors Schechter and Garrett refer to this move by the U.S. Mint as a “foreshadow of the abuses of the Olympic commemorative coinage that would come from the 1996 Atlanta Games.”
Even though demand prompted the U.S. Mint to strike additional coins, this proved to be unnecessary as only 30,000-50,0000 coins were sold. In total for the program, the 1984 Olympic gold coin created $28,668,220 in surcharges received. The entire 1984 Olympic commemorative program raised more than $73 million to fund athletes participating in the games. This included training and the cost of the Games overall.
The Uncirculated version was the only one released in the series from West Point. Despite this, Schechter and Garrett note that advanced collectors know of the two slightly different finishes of the coin. One is featured in a heavy matte, the other in a satin/semi-proof like.
Over the four editions of this publication, this coin has moved down just three spots from #81 in the first edition.