Many coin collectors are also history buffs. Besides the coins themselves, the stories behind them offer a window on the past, both recent and historic, often from a unique perspective.

For students of US history, the US Mint produces several series of commemorative medals and coins including a popular series devoted to former US presidents. Unlike coins, medals carry no monetary value and are issued as souvenirs and collectables.

Official or Not?

Inauguration medals have been produced from the time George Washington took office in 1789 and for every president since. Inaugural ceremonies were originally hosted and paid for by the government until the early 20th century when the celebrations had gotten so elaborate and expensive that the government bowed out, leaving the festivities to private organizations. And while the government footed the bill for the early ceremonies, it didn’t produce any medals or tokens to commemorate them. Nor has it since. The medals currently produced by the Mint are commemorative rather than inaugural.

Unofficially Official Medals

The first Washington medal was made by a private firm and had a crudely drawn profile of the president, prompting some to call it the “Manly Medal.” For his second term, medals known as “success tokens” were distributed.

The first “official” inaugural medal was produced by John Reich in 1802 to celebrate Thomas Jefferson’s swearing in as the nation’s third president. A silver medal went for $4.25 and a tin version sold for $1.25. The practice has continued as a means for raising funds to cover the costs of inaugural ceremonies along with buttons, badges and ribbons. Because there has been no standardized issue, several varieties have been found and some of the more popular and rare items have become quite valuable.

Official Unofficial Medals

Since William McKinley was inaugurated for a second term in 1901, inaugural ceremonies have been managed by the Joint Committee on Inaugural Ceremonies, composed of members of the House and Senate. And while the Committee approves “official” medals as fund-raisers, they continue to be produced independently by private firms, both as VIP gifts and to raise funds for the ceremonies. Typically, a few gold and silver medals are made for VIPs and collectors and larger numbers are made of bronze for sale.

Teddy Roosevelt Ups the Game

When Theodore Roosevelt became president in 1905, he wanted a medal that showed him as an appreciator of fine art. He felt the Commission design was dull, so he engaged legendary coin designer Auguste Saint-Gaudens to create a second medal worthy of his vision and renowned jeweler Tiffany & Co. to produce it. One side of the excellent high-relief Saint-Gaudens medal has a bust of Roosevelt and the other has eagle perched on a rock, the same basic design that would be used on the $10 “Indian Head” gold eagle coin two years later.

The Committee took notice and since has focused on superior artistic designs.

Modern Inauguration Medals

While designs for medals for Herbert Hoover, Franklin Roosevelt, and Dwight Eisenhower were stuck at the US Mint under private contract, all others since McKinley have been made by commercial coiners such as Franklin Mint and Medallic Art Company. The designs have varied from the relatively simple Woodrow Wilson medal to more elaborate designs like the JFK medal issued in 1961. They continue to be made in various metals and sold by private mints and other dealers, sometimes with outside sponsorship.

Collecting Presidential Inauguration Medals

Collecting inauguration medals is a fairly recent phenomenon. Numismatist Richard Ousterberg produced a catalog of official medals in 1971 that listed all the medals up to 1969 with a price guide. Since then, collecting the medals has grown in popularity and prices have risen as a result.

But many medals from McKinley forward remain affordable with many available for $30-50.

Early and rare examples can bring several hundred dollars, though, including some recent silver issues. When silver spiked at $50 an ounce in 1980, many medals were melted down for their bullion value, making silver medals for Richard Nixon, Gerald Ford, and Jimmy Carter scarce and higher-priced.

Presidential inauguration medals offer a unique glimpse into our nation’s history. When collecting them, do your research. Many unofficial medals have been issued that also commemorate presidents, and while they may be desirable as part of your collection, they’re not official inauguration medals.

You can learn more about collecting medals on the Medal Collectors of America website.