1915 Panama-Pacific Issue Complete Set
The Panama-Pacific commemorative stamps of 1915 represent one of the high-water marks of early 20th-century American philatelic production. Issued to mark the Panama-Pacific International Exposition in San Francisco and to celebrate the completion of the Panama Canal, this series of four denominations stands as one of the most beautiful and historically resonant sets of the Classic US era. Assembling a complete set in consistent high grades is a milestone achievement for serious US classic collectors.
Historical Background
The Panama-Pacific International Exposition opened in San Francisco on February 20, 1915, celebrating both the completion of the Panama Canal and the rebuilding of San Francisco after the devastating 1906 earthquake. It was one of the most spectacular World's Fairs in American history, attracting 18 million visitors over ten months.
To mark the occasion, the US Post Office issued four commemorative stamps in January 1913, available for use through December 1915. The denominations were 1 cent, 2 cents, 5 cents, and 10 cents. The stamps were produced by the Bureau of Engraving and Printing in both flat press and line perforated versions, creating multiple collectible varieties.
The Four Denominations
1 Cent (Scott #397, Panama-Pacific Exposition issue): Features the balboa in the Panama Canal zone. Green color, perf 12.
2 Cents (Scott #398): Features a steamship in Gatun Lake, Panama Canal. Red color, perf 12.
5 Cents (Scott #399): Features the Golden Gate. Blue color, perf 12.
10 Cents (Scott #400): Features the Discovery of San Francisco Bay. Orange-yellow color, perf 12.
The 10-cent denomination exists in orange-yellow (Scott #400) and an orange variety (Scott #400A), and both perforated 12 and perforated 10 versions exist for all denominations, creating a much larger complete set if all varieties are included.
The Complete Set
For most collectors, a "complete set" of the Panama-Pacific issues means the four basic denominations in mint never-hinged (NH) condition. Expanding the definition to include all perf varieties (10 and 12), all color varieties on the 10-cent, and used examples dramatically increases the scope and cost of completion.
Values and Condition Grades
Panama-Pacific stamps are quite sensitive to centering and gum condition. Perf 12 examples are more common than perf 10.
| Condition | Complete Set (4 stamps, perf 12) | Approximate Value |
|---|---|---|
| Used, VF | All four | $200 - $500 |
| Mint, hinged, VF | All four | $500 - $1,200 |
| Mint NH, VF | All four | $2,000 - $5,000 |
| Mint NH, XF | All four | $5,000 - $15,000 |
| Adding perf 10 varieties | Add $2,000 - $20,000 |
The 10-cent perf 10 (Scott #404) is the key variety and the most expensive stamp in the expanded set. In mint NH XF condition it can approach $10,000-$20,000 on its own.
Centering and Gum
Panama-Pacific stamps are notoriously difficult to find well-centered. The printing and perforating technology of 1913-1915 produced stamps with perforations that frequently cut into the design. A stamp with equal margins on all four sides is significantly rarer than the catalog population might suggest.
Gum condition is critical. NH (never hinged) examples command large premiums over hinged or regummed copies. Original gum (OG) should be bright, creamy, and uninterrupted. Any question about gum authenticity should be resolved through expert certificate.
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