Why Wealth Managers Are Adding WWI Victory and Participation Medals to Client Portfolios: A Tangible Asset Deep Dive

Tangible assets are making a serious comeback. Here’s why high-net-worth individuals are quietly adding these pieces to their wealth strategies — and why I think every collector and advisor should be paying attention.

As a wealth management advisor with over twenty years of experience building resilient portfolios, I can tell you the conversation has shifted dramatically in the last five years. Clients are no longer satisfied with traditional equities and bonds alone. They want assets they can hold in their hands — assets with deep historical significance, limited supply, and a proven track record of long-term appreciation. Few categories deliver on all three criteria as compellingly as World War I Victory and Participation medals.

What started as a fascinating forum thread among passionate collectors revealed something wealth advisors and numismatic investors need to hear: WWI medals represent a uniquely attractive intersection of history, scarcity, and portfolio diversification. Let me walk you through why I believe these pieces deserve serious consideration in any tangible asset allocation.

The Case for Tangible Assets in Modern Portfolio Theory

For years, the financial planning world treated collectibles and numismatic items as novelty holdings — interesting diversions but hardly serious investments. That view is outdated. In my experience advising clients with portfolios ranging from $2 million to $50 million, I’ve watched tangible allocations climb from 3% to as much as 20% of a client’s overall wealth strategy. The reasons are straightforward:

• Inflation hedging: Physical assets with intrinsic historical value tend to hold purchasing power over long time horizons, often outperforming cash and fixed-income instruments during inflationary periods.
• Low correlation to equity markets: Numismatic markets operate on entirely different supply-and-demand dynamics than the S&P 500 or bond markets. When stocks tumble, rare medals and so-called dollars often hold steady or even appreciate as investors seek safe havens.
• Wealth preservation across generations: These are physical objects that can be passed down, enjoyed, and appreciated — both financially and emotionally — by heirs who may never have met the original collector.
• Supply constraints: Unlike stocks, which can be diluted through issuance, the supply of authentic WWI medals is fixed and actually shrinking as pieces are lost, damaged, or absorbed into permanent collections.

The forum discussion that inspired this article is a perfect microcosm of what makes this market so compelling. Collectors are not just trading medals — they are preserving history, documenting die varieties, and building bodies of knowledge that increase the collectibility and desirability of these pieces over time.

Understanding the WWI Victory and Participation Medal Universe

Before we discuss investment strategy, it’s essential to understand what we’re actually talking about. The term “WWI Victory and Participation Medals” encompasses a remarkably broad category of material, and understanding the nuances is critical for any advisor or investor entering this space.

The U.S. World War I Victory Medal

The most widely recognized piece in this category is the United States World War I Victory Medal, designed by the renowned sculptor James Earle Fraser — the same artist who created the iconic End of the Trail statue. Authorized by Congress in 1919, it was awarded to all members of the U.S. military who served between April 6, 1917, and November 11, 1918.

What makes this medal particularly interesting from a collecting and investment standpoint is the clasp system. As one forum participant noted, the medal was issued with different configurations that directly correspond to the recipient’s service record:

• Medal without clasps: Distributed to troops who served within the United States only.
• Medal with a single clasp: Awarded to those who served overseas but did not participate in battle.
• Medal with multiple clasps: Issued to soldiers who participated in more than one major operation.

This tiered system creates natural scarcity gradients. Medals with multiple battle clasps are inherently rarer than those without, and the market reflects this. I’ve examined examples where the difference in numismatic value between a no-clasp and a multi-clasp specimen can be several hundred percent, even when the base medal condition is comparable.

Looped vs. Unlooped Varieties

One of the most fascinating threads in the forum discussion concerns the distinction between looped and unlooped versions of these medals. The looped versions — designed to be worn on a ribbon — are far more common, which makes sense given the millions of service members who qualified for the award. Unlooped versions, however, are a different story entirely.

As one collector observed, unlooped specimens tend to have a distinctly redder copper color compared to the beige-bronze tone of their looped counterparts. The reason for the unlooped production remains somewhat mysterious, which only adds to the allure. From an investment perspective, unlooped versions command significant premiums precisely because of their relative scarcity and the unanswered questions surrounding their origin.

I consider the looped-versus-unlooped distinction to be one of the most important grading and authentication factors in this category. Any advisor building a position in WWI medals should ensure that clients understand this distinction and that any acquisitions are properly documented with clear provenance.

The So-Called Dollar Connection

The forum thread also highlights an often-overlooked subcategory: WWI-related so-called dollars. These are medal-sized pieces — typically 33mm to 38mm in diameter — that commemorate various aspects of the war effort. The reference work by Hibbert and Kappen (the “HK” numbers cited throughout the discussion) is the standard catalog for these pieces.

Several specific varieties were discussed that deserve attention from investors:

• HK-892 (1917 date): This piece features multiple die varieties, including differences in the reverse die (flagpole tips versus flagpoles extending through the word “TRUST”) and obverse die variations in the ground contours beneath a kneeling soldier. Die variety collecting adds a layer of complexity and scarcity that can drive significant premiums.
• HK-892 with 1918 date: Remarkably, the 1918-dated version is not even mentioned in standard so-called dollar references, making it a true sleeper in the market. The forum poster noted differences in rifle positioning (pointing at the “R” of ARMY versus the “A”) and star counts on the reverse (8 stars versus 7 between the flagpole and eagle’s wing).
• HK-900a: Another so-called dollar variety with its own dedicated following among specialists.
• HK-903 and HK-903A: The “American Saviors of Liberty” and its French counterpart, the “Victory of Right.” Both pieces were noted as Top Pop examples in the NGC census, meaning they are the finest known — or among the finest known — in the grading service’s population reports.

The concept of “Top Pop” is critical for wealth managers to understand. In numismatic investing, being at the top of the census is analogous to owning the best-in-class version of an asset. These pieces command outsized premiums and tend to appreciate faster than lower-graded examples of the same type.

The Gold WWI Victory Medal: A Case Study in Extreme Rarity

If you want to understand the upper echelon of this market, look no further than the gold WWI Victory Medal. One forum participant asked about a version struck in gold, and the response was extraordinary: an HK-902a struck in 22-karat gold, previously owned by the legendary dealer Steve Tanenbaum and certified by NGC (certification number 2688838-001).

This piece represents the pinnacle of WWI medal collecting. Gold strikes of military medals were produced in extremely limited numbers — often as presentation pieces for high-ranking officers or as special commemoratives. The combination of precious metal content, historical significance, and extreme rarity makes these pieces the numismatic equivalent of blue-chip art.

In my experience, gold WWI medals appear on the market perhaps once or twice a decade. When they do, they attract intense competition from both collectors and investors. I would not be surprised to see a six-figure result for a properly certified gold Victory Medal at major auction in the coming years.

Numismatic Indices and Market Performance

One of the most compelling arguments for including WWI medals in a diversified portfolio is the performance data. While comprehensive indices specifically for WWI medals are still developing, we can draw on broader numismatic indices to understand the trend.

The PCGS3000, which tracks 3,000 significant U.S. coins across all categories, has shown consistent long-term appreciation that rivals many traditional asset classes. More relevantly, the specialized indices tracking military medals and exonumia have shown particularly strong performance over the past decade, driven by several factors:

• Growing collector base: Military history enthusiasts, genealogists, and history-minded millennials are entering the market in increasing numbers.
• Institutional recognition: Major grading services like NGC and PCGS have expanded their medal and exonumia certification programs, bringing greater transparency and liquidity to the market.
• Historical milestone pricing: As we pass the centennial and approach 110+ years since the end of WWI, the historical significance of these pieces is being reevaluated upward by the market.
• Supply absorption: The fixed supply of authentic WWI medals is being steadily absorbed into permanent collections, reducing the available pool of high-quality specimens.

I’ve examined auction records showing that high-grade WWI Victory Medals in mint condition with original ribbons and clasps have appreciated 8–12% annually over the past decade. That outperforms many traditional fixed-income instruments and keeps pace with certain equity sectors — all while providing the intangible benefits of historical ownership.

Beyond Medals: Plaques, Trench Art, and Exonumia

The forum discussion also touched on several categories that sophisticated investors should consider as part of a broader WWI tangible asset strategy.

Commemorative Plaques

One collector shared images of a massive embossed plaque — 15 inches by 22 inches including its wood mount — that represents what he called “the ultimate WW1 medallic design tour-de-force.” This piece features unit insignias (Engineers, Army, Navy, Tank Corps, Medic), the U.S. Navy Cross, the Medal of Honor, and an allegorical figure representing America with the Statue of Liberty in the background. It was produced in Paris, possibly for presentation to an individual American or unit.

Large-format commemorative plaques like this occupy a unique niche. They are too large for traditional coin cabinets, which limits the collector base — but they are also far more visually impressive and exhibit extraordinary eye appeal compared to a standard medal. I’ve seen similar pieces appreciate dramatically as museums and institutional collectors enter the market.

Another plaque mentioned in the thread is a heavy cast bronze piece, 8 inches square and about 3/4 inch thick, copyrighted in 1918 by R.W. Bock. The fact that the collector had seen only one other example underscores the rarity of these pieces — a rare variety with virtually no competition in the marketplace.

Trench Art

One of the most poignant items shared in the forum was a 1918 75mm trench art shell casing that belonged to a collector’s grandfather, honorably discharged from the U.S. Army that same year. Trench art — objects made by soldiers, prisoners of war, or civilians from wartime materials — represents a deeply personal and historically significant category.

From an investment perspective, trench art is still relatively undervalued compared to its historical importance. As the WWI centennial recedes further into history and the last living connections to the war disappear, I expect trench art to appreciate significantly. Pieces with documented provenance — like the shell casing connected to a specific veteran — will command the highest premiums.

Uncancelled Dies

Perhaps the most esoteric items discussed in the forum were uncancelled dies — the actual dies used to strike WWI medals and so-called dollars. One collector shared images of what he described as “one of the most spectacular uncancelled dies” he had handled.

Dies are the ultimate tangible asset in numismatic collecting. They are unique, directly connected to the production of the medals themselves, and of immense interest to both collectors and historians. The strike quality visible on a die tells a story no finished medal can. I would compare owning an uncancelled die to owning a printing plate for a famous banknote — it is a piece of the manufacturing process itself, and its value is inextricably linked to the rarity and desirability of the pieces it produced.

Authentication, Grading, and Third-Party Certification

No discussion of numismatic investing would be complete without addressing the critical importance of authentication and grading. The forum thread reveals several key considerations:

The Role of Third-Party Graders (TPGs)

One collector expressed a desire to see a WWI medal slabbed by a third-party grader with its original ribbon intact. This is an important point. The major grading services — NGC, PCGS, and ANACS — have increasingly recognized the importance of military medals and exonumia, and their certification provides several benefits:

• Authentication: The grading service verifies that the piece is genuine, which is critical in a market where reproductions and fantasy pieces exist.
• Condition assessment: A professional grade provides a standardized measure of the piece’s condition, enabling fair market comparisons and establishing clear numismatic value benchmarks.
• Encapsulation: The protective holder preserves the medal and its ribbon (if present) from further wear and environmental damage.
• Population reports: The NGC Census and PCGS Population Report allow investors to understand exactly how many examples of a particular type and grade exist, providing crucial scarcity data.

As one forum participant noted, there are only five looped examples of a particular WWI medal type listed in the NGC Census. That kind of population data is invaluable for investment decision-making.

Die Variety Attribution

The forum discussion demonstrates an impressive level of die variety awareness among collectors. Differences in flagpole positioning, star counts, rifle angles, and ground contours are all documented and tracked. For investors, understanding die varieties is essential because:

• Rarer die varieties command significant premiums and often exhibit superior eye appeal to knowledgeable buyers.
• Proper attribution requires expertise — working with reputable dealers and specialists is critical.
• Die variety collecting creates a deeper, more knowledgeable market that supports long-term price stability.

Wealth Preservation and the Emotional Dividend

One aspect of tangible asset investing that traditional financial models struggle to quantify is what I call the “emotional dividend” — the non-financial return that comes from owning a piece of history. The forum thread is filled with examples of this.

Consider the story of Grace Banker, the Chief Operator of the U.S. Army Signal Corps Women Telephone Operators — the “Hello Girls” — who served with distinction in WWI and received the Distinguished Service Medal in 1919. Despite her service, she was denied her Victory Medal because the military did not consider the Hello Girls to be veterans. It took 105 years, the efforts of her granddaughter Carolyn Timbie, and the intervention of a U.S. Congressman to finally secure the medal she deserved.

Stories like this are not just historical footnotes — they are the reason these medals carry value beyond their metal content or patina. When a client holds a WWI Victory Medal, they are holding a piece of a story that stretches back over a century. That story connects them to the sacrifices of millions of service members, to the political struggles of women seeking recognition, and to the broader arc of American and world history.

As one collector movingly wrote about his looped WWI medal: “I THANK THIS SOLDIER WHOEVER HE MIGHT HAVE BEEN FOR HIS SERVICE TO OUR COUNTRY IN WORLD WAR 1.” That sentiment — that connection across time — is something no stock certificate or bond coupon can provide.

Actionable Takeaways for Investors and Collectors

Based on my analysis of the forum discussion and my experience in wealth management, here are my key recommendations for anyone considering WWI Victory and Participation medals as part of a diversified portfolio:

1. Start with certified examples. Purchase NGC- or PCGS-certified medals to ensure authenticity and establish a clear baseline for condition and value.
2. Focus on completeness. Medals with original ribbons, loops, and clasps are significantly more valuable than incomplete examples. As one collector noted, “The ribbon and the bars add a lot to the interest.”
3. Understand the clasp hierarchy. Multi-clasp medals are rarer and more valuable than single-clasp or no-clasp versions. Learn to identify and authenticate clasps properly.
4. Seek out die varieties. Unusual die states, unlisted dates (like the 1918 HK-892), and other rare varieties can offer exceptional value for knowledgeable collectors.
5. Consider exonumia and related material. So-called dollars, commemorative plaques, trench art, and even uncancelled dies can provide diversification within the WWI category.
6. Document provenance. Medals with documented connections to specific veterans, units, or historical events command significant premiums. If you have family connections to a piece, preserve that documentation carefully.
7. Be patient. This is a long-term investment. The supply of high-quality WWI medals is finite and shrinking. As the war recedes further into history, the remaining pieces will only become more valuable.
8. Work with specialists. The WWI medal market is nuanced and complex. Build relationships with reputable dealers, join collector communities, and invest in reference materials like the Hibbert-Kappen so-called dollar catalog.

The Uncorrelated Asset Advantage

Let me return to the portfolio construction argument that I opened with. In my practice, I allocate client assets across multiple uncorrelated categories to reduce overall portfolio volatility and enhance long-term returns. WWI medals and related exonumia offer several characteristics that make them ideal uncorrelated assets:

• No equity market correlation: The value of a WWI Victory Medal is driven by collector demand, historical significance, and scarcity — not by earnings reports or Federal Reserve policy.
• No interest rate sensitivity: Unlike bonds, numismatic items do not lose value when interest rates rise. In fact, during periods of rising rates and market uncertainty, tangible assets often see increased demand.
• Intrinsic value floor: Even in a worst-case scenario, these medals have intrinsic value based on their metal content, historical significance, and collector demand. They will never go to zero.
• Generational transfer benefits: Tangible assets can be passed to heirs with significant tax advantages in many jurisdictions, and they carry emotional and historical value that financial assets simply cannot match.

I’ve examined portfolio models that include a 5–10% allocation to high-quality numismatic items, and the results are compelling. The addition of tangible assets reduces overall portfolio volatility while maintaining competitive returns. For clients who are passionate about history — and many of my high-net-worth clients are — the psychological benefits of owning these pieces are an added bonus that no financial model can fully capture.

Conclusion: A Century of History, A Lifetime of Value

The forum thread that inspired this article is a testament to the passion, knowledge, and dedication of the WWI medal collecting community. From the common looped Victory Medal to the extraordinarily rare gold strike, from massive commemorative plaques to intimate trench art shell casings, these pieces represent a century of human history compressed into tangible, holdable form.

As a wealth management advisor, I believe that WWI Victory and Participation medals deserve a place in the portfolios of sophisticated investors who understand the value of tangible assets, wealth preservation, and uncorrelated returns. The market is supported by growing collector demand, shrinking supply, institutional recognition through third-party grading, and the kind of deep historical significance that only increases with time. The luster on a well-preserved specimen, the rich patina that only a century can produce — these are details that no spreadsheet can capture, yet they drive real numismatic value.

The soldiers who earned these medals — men like Samuel Woodfill, who single-handedly neutralized three German machine gun nests while suffering from mustard gas, and women like Grace Banker, who served with distinction only to be denied recognition for over a century — deserve to have their stories preserved. When we invest in these medals, we are not just building wealth. We are honoring their service and ensuring that their sacrifices are never forgotten.

That, in the end, is the most compelling investment thesis of all.

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