Update: Evidence Mounts for Limited Issuance Rather Than Loss
October 6, 2026
In my original 2023 treatise on why so few of MacNeil’s Pan-American medals survive, I ultimately arrived at the following conclusion: “We must question whether ‘Awarded equals Minted’. Barring discovery of a more definitive source, which we genuinely hope comes to light and for which we will continue to search, it seems probable and even likely that the number of 1901 Pan-American medals actually minted must have been smaller than the original figure of 3,193 pieces for whom diplomas were awarded.”
I further suggested “that winners might have had to pay for a physical medal” (footnote ii).
I am very pleased to share that evidence for this hypothesis has come to light in the form of notes from contemporary newspapers. Per the November 30, 1901, edition of the Herald Democrat of Leadville, CO:
“Must Pay For Medals: Buffalo, N.Y., Nov. 29–
Winners of gold, silver and bronze medals at the Pan-American exposition must pay the cost of manufacturing the medals. The executive committee today decided to issue certificates of award. Holders of these certificates may secure medals of the approved design by paying the cost.” thereof.”
The Grosvenor Room archivists at the Buffalo & Erie County Public Library provided further evidence from another contemporary article, which includes this statement: “Holders of certificates of award of gold and silver medals may obtain the medals from the Gorham Company on payment of the cost thereof” (Buffalo Courier Express, Buffalo, New York, Saturday, November 30, 1901, Page 5). These revelations underscore the importance and value of continued research. Knowing that exhibition winners had to pay for their medals suggests many simply opted out. This reinforces the likelihood that far fewer medals were created than diplomas issued.
Discovering exhibitors had to pay for their medals certainly seems to be in keeping with the chaotic end of the Exposition—a possibility hinted at by the subtitle of the aforementioned Buffalo Courier Express article: “Effort may be made to allow creditors to fight over cash instead of over buildings.” Further, the article’s publication date–Saturday, November 30, 1901–seems to indicate the decision to charge exhibitors for their medals was arrived at somewhat hastily and not until well after the conclusion of the exposition on November 2. According to the article, “This action taken at yesterday afternoon’s meeting settles the medal question.” One wonders if the “medal question” was simply who would absorb the cost of the medals or if there were additional concerns.
The decision to make exhibitors pay for their medals suggests several additional questions: What was the process for purchasing the medals? What was the cost? How long did production and delivery take? This last question may seem irrelevant, but we know Fraser’s contemporaneous medal honoring Saint-Gaudens wasn’t finished until several years after Saint-Gaudens’ death 1. It seems certain MacNeil’s medals took until 1902 and possibly well beyond to be ordered, the design finalized, the medals struck (individually with the winner’s name), and delivered. All of these factors could have contributed to a smaller number of medals being produced.
Unfortunately, we’re still left wondering the ultimate question:
How many of the medals were produced?
1 “Professional Coin Grading Service” https://www.pcgs.com/news/augustus-Saint-Gaudens-fraser-medallion-fetes-genius-pays-tribute-to