The collection of former Federal Reserve Chairman Paul A. Volcker Jr. was one of the more heavily promoted consignments at Stack’s Bowers Galleries’ Summer 2022 Global Showcase auctions.

In a July 20 press release, the auctioneer said that the scope of the collection was the numerous awards, medals, and commendations from entities both domestic and foreign as he worked across a varied career spanning nearly six decades including public service under five U.S. presidents.

Volcker became chairman of the board of governors of the Federal Reserve System on Aug. 6, 1979. He was reappointed for a second term on Aug. 6, 1983, and served until Aug. 11, 1987.

Leading bidding at $19,200 was an impressive Benjamin F. Fairless Memorial gold award medal presented to Volcker in 1984 by the American Iron and Steel Institute “For Distinguished Service in Promoting Freedom’s Causes.” The 96-millimeter medal weighed 787.32 grams and, considering it was struck with 10-karat gold, had a stated gold weight of 328.31 grams.

The obverse features the bust of Benjamin F. Fairless, who served as president and later CEO and chairman of U.S. Steel, the largest steel corporation in the United States from 1938 to 1955, with the Steelmark logo at the lower right. The reverse depicts an arm holding a bowl with a flame above at center, while the U.S. Capitol and a steel plant is seen in the background. It was graded Mint State 67 by Numismatic Guaranty Co. It was accompanied by its original box of issue.

Dartmouth College medal

Another impressive gold medal was the Nelson A. Rockefeller Public Service medal awarded to Volcker in 1990. It was struck by the Medallic Art Company and was offered uncertified, graded Mint State by the auctioneer. Measuring 57 millimeters and struck from 18-karat gold, it had a gold weight just shy of 132 grams with a “melt value” of $7,400. It realized $7,800.

The obverse depicts Rockefeller while the reverse has the name of the award and the engraved name of the recipient along with the presentation date. The cataloger noted that it was “suspended from a tri-color ribbon in gold, maroon and navy blue, and housed in the original black presentation case.” The award was established by the Board of Visitors of Dartmouth College in 1990 to honor Rockefeller (class of 1930) for his dedication to service in the public and private sectors. The selection committee included former president Gerald Ford, former secretary of state Henry Kissinger, Sen. Pat Moynihan and former representative Shirley Chisholm.

A gold U.S. Treasury Department service medal awarded to Volcker on Feb. 1, 1965, for exceptional service in the Treasury Department was one of the first awards earned by him, after serving with the department from 1962 to 1965 as director of financial analysis and later as the deputy secretary for monetary affairs. It measures 40 millimeters and is unmarked as to its metal content, but tested at 14 karats. Graded Mint State by Stack’s Bowers and featuring “semi-reflective surfaces,” it sold for $4,560.

Richly symbolic design

One of the most beautiful medals in the Volcker consignment was a gold 1993 Centenary of the Bank of Italy commemorative medallion designed by sculptor Arnaldo Pomodoro. The catalog described the symbolism as follows, writing, “the obverse is an allegorical representation of the history and values of the Bank of Italy. The three triangles represent the three original institutions that merged to create the Bank of Italy. Also shown are the main functions of the bank: bank note issue and payment systems, monetary policy, and supervision of the credit and financial systems. The center of the medal portrays the moral and civic values expressed by the Bank over the past century.” Measuring 40 millimeters and struck from 22-karat gold, the medal was housed in its original box and found a new home for $3,120.

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