The United States modern commemorative coin program was launched in 1982 with the release of the George Washington Half Dollar, that coin becoming the first such tribute coin struck since 1954. The George Washington Half Dollars duly claim the title of being the first such commemorative coins produced by the U.S. Mint in 28 years. Yet, in 1983, just as the Mint’s modern commemorative coin program was really ramping up, another coin garnered a title some may think is even more significant among modern American coinage.
The 1984 $10 Olympic commemorative became the first official, monetized gold coin struck by the United States Mint since 1933. The gold coin was authorized by Public Law 97-220, which was signed into law by President Ronald Reagan on July 22, 1982. That same law also authorized other commemorative coins that paid homage to the 1984 Summer Olympic Games held in Los Angeles, California, and included the 1983- and 1984-dated silver dollars bearing tributes to the Olympiad. Among other details. The law provided for the striking of two million 1984-dated Olympic Eagles in a 90% gold alloy.
John Mercanti designed the 1984 $10 gold coin, with the obverse depicting two runners carrying the Olympic torch (based on a sketch by James Peed); the reverse shows the Great Seal of the United States. Originally, the 1984-dated Olympic gold coin was to have been struck at only the West Point Mint, making it the first United States coin to ever boast the “W” mintmark of the West Point, New York, branch mint. However, plans were expanded to include striking of the coin at the Philadelphia, Denver, and San Francisco Mints, which resulted in five distinct 1984 gold issues – four proof coins across the four mints plus a W-minted uncirculated issue.
The price of gold combined with a large number of options meant that few people could afford to buy all of the various 1984 Olympic Eagles, resulting in relatively small mintages across the board for these gold coins. Initially, they were sold with comparatively large premiums, some of which carried into the secondary market. Today, all the 1984 Olympic Eagles can be had at small prices over melt, even in the 69 and 70 numerical grades. The 1984 Olympic gold coins, not to mention their 1983- and 1984-dated Olympic Silver Dollar counterparts, remain quite common and affordable for many collectors. However, they are nevertheless important collectibles, especially for those who embrace the modern commemorative coinage program. A multitude of opportunities exist in the PCGS Set Registry for including these coins in various types of sets.