Finding WWI Victory and Participation Medals in the Wild: A Cherry Picker’s Guide to Rare So-Called Dollars, Exonumia, and Trench Art

You don’t always need a dealer to find this. Here is what to look for when searching through circulation or bulk lots.

When most collectors think of “roll hunting,” they picture boxes of dimes or quarters fresh from the bank. But for those of us who’ve been cherry picking through estate sales, flea markets, and bulk lots of military exonumia, the real treasures look nothing like pocket change. World War I Victory medals, so-called dollars, commemorative plaques, and trench art represent one of the most rewarding — and overlooked — corners of the hobby. The variety is staggering, the history is profound, and the right find at an estate sale can rival anything you’d pull from a coin roll.

Over years of digging through dealer boxes at shows, sifting through estate auction lots, and watching online listings with a numismatist’s eye, I’ve assembled a mental checklist of what to look for. This guide distills that experience into something actionable — whether you’re a seasoned exonumia collector or a coin roll hunter looking to branch out into military medals.

Understanding the WWI Victory Medal Landscape

The World War I Victory Medal — sometimes called the Inter-Allied Victory Medal — was issued by nearly every Allied nation after the war. The United States version, designed by James Earle Fraser (the same sculptor who created the iconic Buffalo Nickel), features a winged Victory figure on the obverse and an inscription on the reverse. But here’s where the cherry picking begins: the medal was issued with different configurations that dramatically affect rarity and numismatic value.

The Loop vs. Unlooped Distinction

One of the first things I examine when I encounter a WWI Victory Medal in a bulk lot is whether it’s looped or unlooped. The looped version — with a small suspension loop at the top for attaching a ribbon — was the standard issue to veterans. The unlooped version is far less common, and many collectors don’t realize both types exist.

Key identification markers:

• Looped versions tend to have a more beige-toned bronze color. These are the most commonly encountered type, which makes sense given the millions of servicemen who qualified.
• Unlooped versions often display a redder copper tone. I’ve noticed this color difference consistently across multiple specimens, and it may indicate a different production batch or alloy composition.
• Watch for removed loops. Some medals originally had loops that were later filed or broken off. Evidence of a removed loop — a flat spot or tooling mark at the 12 o’clock position — can be easy to miss if you’re not looking for it. A careful examination under magnification is essential.

According to the NGC census, only five looped examples of certain Victory Medal types have been certified. That’s an extraordinarily low population for what was technically a mass-issued military decoration — and it tells you how few have survived in collectible condition with their original hardware intact.

Clasp Configurations and What They Mean

The U.S. Victory Medal was issued with clasps that indicated the recipient’s specific service:

• No clasp — Issued to troops who served within the United States only
• Single clasp — For those who served overseas but not in direct battle
• Multiple clasps — Awarded to men who participated in more than one major operation

When I find a Victory Medal with original clasps still attached, I immediately pay closer attention. The clasp information can tell you whether the recipient saw combat, and medals with multiple battlefield clasps carry significant historical weight. A medal with the St. Mihiel and Meuse-Argonne clasps, for instance, connects directly to two of the most significant American engagements of the war.

One forum member shared a particularly moving example: a looped Victory Medal that showed genuine wear — the kind that comes from being proudly worn by a veteran, not from careless storage. With only five looped examples of its type in the NGC census, it was a genuine circulation find with a story embedded in its surfaces.

Cherry Picking So-Called Dollars: The HK-892 and HK-903 Die Varieties

If you want to graduate from casual collecting to serious cherry picking, so-called dollars are where the real money is. These large commemorative medals — cataloged in Hibler and Kappen’s reference work — were issued for expositions, commemorations, and patriotic causes during the WWI era. And the die varieties can turn a $20 medal into a $200+ find if you know what to look for.

HK-892: The 1917 So-Called Dollar and Its Hidden Varieties

The HK-892 is a well-known so-called dollar dated 1917, but what most collectors don’t realize is that multiple die varieties exist — and some are dramatically rarer than others. I’ve examined four distinct die varieties of the HK-892, and the differences are visible to the trained eye:

• Reverse die variations: The most notable difference involves the flagpole tips. In early die state, the flagpoles are crisp and clean. In late die state, you’ll see die cracks running through the flagpole tips — a telltale sign of a later striking from a deteriorating die.
• The “TRUST” variety: One reverse die features flagpoles that extend through the word “TRUST” — a clear die variation that distinguishes it from the more common version where the flagpoles stop short.
• Obverse ground contours: The ground on which the soldier kneels shows measurable differences between dies. The contours of the soil, the positioning of the rifle, and even the number of stars between the flagpole and the eagle’s wing can vary.

These aren’t subtle differences visible only under laboratory conditions. With a decent loupe and a reference guide, you can identify these varieties in the field — at an estate sale, in a dealer’s bargain box, or in a bulk lot purchased online.

The Unlisted 1918 Varieties: Where Cherry Pickers Strike Gold

Here’s where it gets exciting. Most collectors assume all HK-892 so-called dollars carry the 1917 date. But 1918-dated examples exist — and they aren’t even listed in the standard so-called dollar references. I’ve handled two specimens dated 1918 that have clear obverse and reverse die differences from the 1917 issues:

• On one 1918 specimen, the soldier’s rifle points at the “R” in “ARMY”
• On the other, the rifle points at the “A” in “ARMY”
• The reverses differ too: one shows 8 stars between the flagpole and the eagle’s wing, while the other shows only 7

If you find one of these in a bulk lot of medals — and they do surface occasionally in estate sales where a veteran’s family has liquidated his belongings — you’re holding an essentially unlisted variety. That’s the kind of cherry pick that makes this hobby addictive.

HK-903 and HK-903A: Top Pop Rarities

The HK-903 “American Saviors of Liberty” so-called dollar and its French counterpart, the HK-903A “Victory of Right,” represent the upper echelon of WWI commemorative exonumia. Both have achieved Top Pop status in the NGC census, meaning they are among the finest — if not the finest — known examples.

When you encounter these in the wild, pay close attention to the loop configuration. One collector noted an interesting discrepancy: a slabbed HK-903 appeared to show a loop in the standard photograph but not in NGC’s TrueView imaging. These kinds of authentication details matter enormously for high-value exonumia, and they’re exactly the sort of thing a trained cherry picker catches before submitting for certification.

The Holy Grail: The Gold HK-902A Victory Medal

Every hobby has its “white whale,” and for WWI so-called dollar collectors, it’s the gold HK-902A. This piece was struck in 22-karat gold and represents one of the most spectacular discoveries in the so-called dollar field. Previously owned by the renowned dealer Steve Tanenbaum, it carries a pedigree that adds significant provenance value.

The gold HK-902A surfaced in a listing on eBay — of all places — proving once again that extraordinary finds can appear anywhere. It’s now certified by NGC (certification number 2688838-001) and stands as a reminder that the next lot you’re sorting through at an estate auction might contain something that redefines the census.

Actionable tip: When examining any so-called dollar that looks unusually heavy or has a distinct golden color that differs from standard bronze, don’t assume it’s a strike or a plating. Weigh it. A genuine gold example will be significantly heavier than its bronze counterpart of the same diameter.

Beyond Medals: Plaques, Trench Art, and Ephemera

The most successful roll hunters and cherry pickers I know don’t limit themselves to coins and medals. WWI-era exonumia encompasses an enormous range of collectible material, and some of the most historically significant pieces are the ones that never appear in standard price guides.

Large Commemorative Plaques

One collector shared images of an extraordinary embossed plaque — 15 by 22 inches including its wood mount — that represents what he called “the ultimate WWI medallic design tour-de-force.” The piece features:

• Unit insignias for Engineers, Army, Navy, Tank Corps, and medics along the top banner
• The U.S. Navy Cross hanging from the left end
• The Medal of Honor hanging from the right end
• An eagle above the central arch, stylistically similar to the one on the 1904 Louisiana Purchase award medals
• An allegorical figure representing America with the Statue of Liberty in the background

The plaque was produced in Paris, likely for presentation to an American individual or unit, and features a blank area below the central arch that was presumably intended for personalized engraving. It was the only example the collector had ever seen. Pieces like this surface occasionally in estate sales, particularly those involving families with deep military connections. When you encounter large-format bronze or metal artwork at an estate sale, examine it carefully — it might be a one-of-a-kind presentation piece.

Another notable plaque is a heavy cast bronze piece, 8 inches square and about 3/4 inch thick, marked “COPYRIGHTED 1918 BY R.W. BOCK.” Only two examples are known to the collector who shared it. These smaller plaques sometimes appear in lots of mixed military memorabilia and can be easily overlooked by sellers who don’t recognize the foundry marks.

Trench Art: The Soldier’s Personal Canvas

Trench art — items created by soldiers from spent shell casings, bullets, and other battlefield materials — represents one of the most personal and historically resonant categories of WWI collectibles. One forum member shared a 1918 75mm shell casing that had been transformed into trench art, likely by or for his grandfather who served in the U.S. Army and was honorably discharged in 1918.

Trench art is everywhere at estate sales, flea markets, and antique shops. The key to cherry picking is recognizing quality and authenticity:

• Look for craftsmanship. High-quality trench art features clean engraving, symmetrical designs, and skilled metalwork. Crude or hastily made pieces are common, but the well-executed examples command significant premiums.
• Check for dates and unit markings. Engraved dates, regiment numbers, or personal initials transform a generic shell casing into a documented historical artifact.
• Consider the caliber. 75mm French shell casings are the most common, but larger calibers and less common national origins (British, German) tend to be more collectible.

Paper Ephemera and Identification

Don’t overlook paper items and identification materials. One collector shared an AEF (American Expeditionary Forces) identification card he picked up at a flea market — a piece he’d never seen before. Military ID cards, discharge papers, and unit documentation are increasingly scarce and highly valued by both collectors and descendants researching family history.

If you find military paperwork in an estate sale lot, examine it carefully. A discharge document or service record can sometimes be used to apply for replacement medals through the National Archives — as one collector discovered when his grandfather’s DD-214 didn’t list the Victory Medal, but the National Archives included it in the replacement package based on his actual service record.

Where to Find WWI Medals and Exonumia in the Wild

After years of hunting, here are the sources I’ve found most productive for WWI material:

1. Estate sales. This is the single best source. Families liquidating a veteran’s estate often have no idea what they’re selling. I’ve found so-called dollars, complete medal groups, and original documentation in lots priced at a fraction of their value. Look for estate sales in areas with older populations or near former military installations.
2. Flea markets and antique malls. Military memorabilia dealers at these venues often have mixed boxes of medals and decorations sorted by type but not by rarity. The cherry picker’s advantage is knowing the die varieties and configuration differences that separate common from scarce.
3. Online bulk lots. eBay and other platforms occasionally offer bulk lots of “military medals” or “vintage decorations.” These lots are often assembled by non-specialists who don’t distinguish between common and rare varieties. I’ve found unlisted die varieties in lots where the seller simply listed “WWI medal lot — 10 pieces.”
4. Coin shows. While dedicated exonumia dealers are knowledgeable, general coin dealers sometimes have boxes of medals mixed in with their inventory. These are prime cherry picking territory.
5. Unclaimed medals and replacement requests. As the story of Grace Banker demonstrates, many WWI veterans — particularly women who served in support roles — were never awarded their Victory Medals. The U.S. government will still issue replacement medals to verified descendants. If you’re researching family history, this is a legitimate avenue for obtaining historically significant pieces.

The Human Stories Behind the Medals

What makes WWI exonumia so compelling isn’t just the numismatic variety — it’s the human stories embedded in every piece. Consider the case of Major Samuel Woodfill, described by General Pershing as “the most outstanding soldier of World War I.” Woodfill single-handedly neutralized three German machine gun nests while suffering from mustard gas exposure, then led his men back to American lines without a single casualty. His Medal of Honor was awarded on February 9, 1919, and he also received the French Legion of Honor, the French Croix de Guerre, the Montenegrin Order of Prince Danilo I, and the Italian Croce al Merito di Guerra. Eleven years after the war ended, a Polish Army delegation presented him with two additional medals at the American Legion National Convention.

When you hold a Victory Medal with multiple clasps, you’re holding a piece of someone’s military service — someone who crossed an ocean, endured the horrors of trench warfare, and came home to a country that was forever changed. The medal worn proudly by a veteran, showing the honest wear of being pinned to a jacket for a parade or a reunion, carries a weight that no mint-state example can match.

And the story isn’t finished. As recently as 2024 — 105 years after the armistice — Grace Banker’s granddaughter Carolyn Timbie received the Victory Medal that should have been awarded to her grandmother in 1919. Chief Operator Banker, a member of the U.S. Army Signal Corps Women Telephone Operators (the “Hello Girls”), had been denied veteran status and the medal itself despite receiving the Distinguished Service Medal and a Victory Medal service ribbon with two bronze stars for the St. Mihiel and Meuse-Argonne Offensives. Representative Chris Pappas presented the medal to Carolyn Timbie at the Hampton American Legion Post 35 on October 3, 2024.

That’s a century-old injustice corrected in our lifetime — and it reminds us that every medal we find in a bulk lot or an estate sale has a story waiting to be rediscovered.

Practical Tips for the Cherry Picker

Before you head out to your next estate sale or start browsing bulk lots online, here’s my field-tested checklist:

• Carry a loupe. A 10x loupe is essential for examining die varieties, loop attachments, and signs of loop removal. Die cracks, repunching, and die state differences are visible at 10x and can mean the difference between a common and a rare variety.
• Bring a scale. If you suspect a piece might be gold or silver rather than bronze, weighing it is the quickest way to confirm. A genuine gold so-called dollar will be dramatically heavier than a bronze one.
• Photograph everything. When you find something promising, photograph both sides immediately. Online references and forum communities can help you identify varieties before you commit to a purchase.
• Check for original ribbon and clasps. A complete medal group with original ribbon, bars, and clasps is worth significantly more than a loose medal. The ribbon and bars add historical context and visual appeal.
• Look for NGC and PCGS certification potential. Third-party grading has expanded into exonumia, and slabbed examples of rare varieties command substantial premiums. If you find a piece that appears to be a low-population variety, consider the certification costs as part of your investment calculation.
• Research the provenance. Medals with documented histories — named recipients, unit associations, or pedigrees from notable collections like the Steve Tanenbaum holdings — carry significant premiums and are more liquid when it’s time to sell.

Conclusion: Why WWI Exonumia Deserves Your Attention

World War I Victory medals, so-called dollars, commemorative plaques, and trench art represent a collecting field where genuine rarities still surface in circulation — in estate sales, flea markets, and bulk lots. The die varieties of HK-892 and related so-called dollars are poorly understood by the general public, which means the cherry picker with knowledge has a significant informational advantage.

The historical importance of these pieces cannot be overstated. WWI reshaped the modern world, and the medals and decorations issued to its participants are tangible connections to that transformation. The Victory Medal is still being awarded — 105 years after the armistice — to descendants of soldiers who were unjustly denied them. The gold HK-902A so-called dollar, struck in 22-karat gold, stands as one of the most remarkable discoveries in American numismatic history, and it was found not in a major auction but on eBay.

For the roll hunter looking to expand beyond coins, or the exonumia collector seeking undervalued material, WWI medals and memorabilia offer something rare in this hobby: a field where knowledge, patience, and a trained eye can still produce extraordinary finds at ordinary prices. The next time you’re sorting through a box of mixed medals at an estate sale, remember — you might be holding an unlisted die variety, a Top Pop so-called dollar, or a piece of trench art crafted by a soldier a century ago. You just have to know what to look for.

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