Inherited a Rare Eglit-90 Columbian Exposition Medal? What You Need to Know About Estate Planning, Taxes, and Selling Before You Leave Money on the Table

If you inherited this piece, your first instinct might be to take it to a local pawn shop. Here is how to properly assess it so you don’t leave money on the table. As someone who has spent years as an estate liquidator specializing in numismatic and historical collections, I can tell you that medals from the 1893 World’s Columbian Exposition—particularly the Eglit-90 designed by Augustus Saint-Gaudens and Charles E. Barber—are among the most frequently misidentified, undervalued, and mishandled items that pass through my office. A bronze medal that looks like a simple family heirloom sitting in a velvet case could be worth anywhere from a few hundred dollars to well over ten thousand, depending on its condition, provenance, and the tiny details that separate a standard issue from a trial strike or an edge-numbered Barber Estate specimen.

This article is designed to walk you through everything you need to know if you have inherited an Eglit-90 or similar award medal. We will cover the critical questions around inheritance tax and how it applies to collectible medals, why professional appraisals are non-negotiable, how to avoid the scams that plague the medal and exonumia market, and—perhaps most importantly—how to find the right auction house to maximize your return. Along the way, I will draw on the fascinating details that collectors have pieced together about edge-numbered examples, PCGS certification practices, and the staggering production numbers that contextualize these beautiful pieces of American history.

Understanding What You Actually Inherited: The Eglit-90 in Context

Before we talk about money, let us talk about history. The medal in question is cataloged as Eglit-90, referencing Nathan N. Eglit’s authoritative work Columbiana: The Medallic History of Christopher Columbus and the Columbian Exposition of 1893. The obverse features Augustus Saint-Gaudens’ powerful design of an armored Christopher Columbus stepping ashore on San Salvador, flanked by two crew members under a flowing banner, with the Pillars of Hercules and the inscription PLVS VLTRA OCT. XII MCCCCXCII. The reverse, designed by U.S. Mint Chief Engraver Charles E. Barber, depicts flaming torches flanking Winged Fame and History, a globe atop a tablet with a six-line commemorative inscription, and the Santa Maria below. The craftsmanship here is extraordinary—this is medallic art at its finest, and even a standard-issue piece carries a weight of history you can feel in your hand.

The medal is 76mm in diameter, struck in bronze, and was issued as an award medal for the 1893 World’s Columbian Exposition in Chicago. According to research shared on collector forums, the Exposition issued more than 20,000 of these medals, which means that in the broader sense, they are not rare. But here is where estate liquidators earn their keep: not all Eglit-90 medals are created equal. The difference between a standard issued medal and a trial strike or an edge-numbered specimen can mean a difference of thousands—or even tens of thousands—of dollars. I have seen it happen firsthand. The key is knowing what to look for.

Edge Numbers and What They Mean for Value

One of the most exciting discoveries in the Eglit-90 collecting community in recent years has been the identification of edge-numbered examples. These medals bear an incuse number stamped on the edge at the 12:00 position. To date, collector discussions have documented at least four such examples:

• Edge #1 — Sold on eBay in 2020 for $10,595.00. This piece came out of an old collection in Connecticut and was reportedly passed down through the family since the early 1900s. It is suspected to have originally belonged to Barber or Saint-Gaudens themselves. The provenance alone is enough to make any collector’s pulse quicken.
• Edge #2 — Appeared in Stack’s Fixed Price List in 1991, selling for $900. This example formerly belonged to Charles E. Barber and featured an experimental olive-green patina. Even at 1991 prices, that was considered a significant find.
• Edge #6 — Sold at Stack’s Bowers New York Americana Sale on January 26, 2010, for $5,750. Also believed to be from the Barber Estate. The strong price at auction confirmed what collectors had long suspected about these numbered pieces.
• Edge #35 — A more recently discovered example, described as having a slightly mottled mahogany color and a rough, matte-like texture on the rim and body. The owner believes it to be a trial strike produced before full production commenced. The unusual surface characteristics support this theory.

What does this mean for you as an heir? If your inherited medal has an edge number, you may be holding a piece of extraordinary significance. The fact that examples #2 and #6 are confirmed to have come from the Barber Estate suggests that the numbered pieces were likely trial strikes or personal retainers kept by the engraver. The edge #35 specimen, with its rough texture and unawarded status, further supports this theory. If you have one of these, do not—I repeat, do not—take it to a pawn shop. The numismatic value of a verified edge-numbered Eglit-90 with Barber Estate provenance is in an entirely different universe from a standard issue.

Trial Strikes vs. Standard Issues: How to Tell the Difference

From an estate liquidation perspective, identifying whether your medal is a trial strike or a standard production piece is critical for accurate valuation. Here are the markers I look for:

1. Edge markings — Any incuse number, letter, or symbol on the edge is a red flag (in the best possible way) that the piece may be a trial or experimental strike.
2. Surface texture — Standard production medals typically have smooth rims and well-defined fields. Trial strikes may exhibit a rough or matte-like texture, as described by the owner of the edge #35 piece.
3. Patina and color — While patina can vary widely based on storage conditions, unusual or experimental finishes (such as the olive-green patina noted on the edge #2 Barber Estate piece) may indicate a special striking. Original luster and an undisturbed patina are always preferable to a cleaned or artificially treated surface.
4. Award status — Many edge-numbered examples are unawarded, meaning they lack the engraved recipient name that appears on medals actually issued to exhibitors. An unawarded medal with an edge number is more likely to be a trial or archival piece.
5. Provenance documentation — Any paperwork, letters, or family records linking the medal to a specific person (especially Barber, Saint-Gaudens, or someone connected to the Exposition) dramatically increases both historical significance and market value. Eye appeal matters, but provenance can transform a collectible into a museum-worthy artifact.

Inheritance Tax and Your Medal Collection: What the IRS Wants to Know

Now let us talk about the part that no one enjoys but everyone must face: taxes. When you inherit a collection of coins, medals, or other tangible collectibles, the IRS considers these assets to be property, and they are subject to federal estate tax if the total estate exceeds the applicable exemption threshold (which, as of recent tax years, stands at over $12 million for individuals, though this figure is subject to change and may sunset to a lower amount in future years). Even if the estate itself falls below the exemption, many states impose their own estate or inheritance taxes with much lower thresholds. I have seen heirs blindsided by state-level obligations they never anticipated.

Stepped-Up Basis: The Silver Lining for Heirs

Here is some good news. Under current U.S. tax law, inherited property receives a stepped-up basis to its fair market value (FMV) as of the date of the decedent’s death. This means that if your grandmother purchased an Eglit-90 medal for $50 in 1960 and it is worth $5,000 today, your cost basis for capital gains purposes is $5,000—not $50. If you sell it immediately for $5,000, you owe zero capital gains tax. If you hold it and it appreciates to $7,000 before you sell, you only pay capital gains tax on the $2,000 difference. It is one of the few genuine advantages the tax code offers to heirs, and you should make full use of it.

However, the stepped-up basis is only as good as your documentation of fair market value. This is where a professional appraisal becomes absolutely essential, and it brings us to the next critical section.

Why You Need a Qualified Appraisal for Tax Purposes

The IRS requires that valuations of tangible personal property be based on fair market value, defined as the price at which the property would change hands between a willing buyer and a willing seller, neither being under compulsion to buy or sell and both having reasonable knowledge of the relevant facts. For a medal like the Eglit-90, this means you need an appraiser who understands the nuances of the exonumia market—not just a general personal property appraiser who might look at a completed eBay sale and call it a day. The collectibility of a rare variety like an edge-numbered Eglit-90 simply cannot be captured by a casual online search.

I strongly recommend obtaining an appraisal from a qualified numismatic appraiser who is a member of a recognized professional organization such as the American Society of Appraisers (ASA), the American Numismatic Association (ANA), or the International Society of Appraisers (ISA). For high-value pieces—and an edge-numbered Eglit-90 with provenance could certainly qualify—you may also want to request a retrospective appraisal as of the date of death, which can be used to establish the stepped-up basis.

Keep in mind that if the total value of the estate’s tangible personal property exceeds $5,000, the appraisal must be attached to the estate tax return (Form 706). Even if no estate tax is owed, having a professional appraisal on file protects you if the IRS ever questions the value of the inherited assets. I always tell my clients: the cost of an appraisal is trivial compared to the cost of an IRS dispute.

Professional Appraisals: Choosing the Right Expert and Getting It Right

Not all appraisals are created equal, and in my experience as an estate liquidator, a poorly executed appraisal is one of the most common ways that families lose money on inherited collections. Let me walk you through the process of getting a proper appraisal for an Eglit-90 or similar medal.

What a Proper Appraisal Should Include

A professional numismatic appraisal for your inherited medal should contain the following elements:

• A detailed physical description of the piece, including diameter (76mm for the Eglit-90), metal composition (bronze), weight, edge characteristics (smooth, reeded, numbered, etc.), and any identifying marks or inscriptions.
• A condition assessment using standard numismatic grading terminology. While medals are not graded on the same 70-point Sheldon scale used by PCGS and NGC for coins, professional graders do assess medals on a descriptive scale (Uncirculated, Choice Uncirculated, Gem Uncirculated, etc.) and note any impairments such as corrosion, cleaning, rim damage, or environmental damage. A medal in mint condition with full original luster will always command a premium.
• A comparative market analysis that cites recent auction results for comparable pieces. For example, a standard-issue Eglit-90 in typical condition might sell for $100–$300, while an edge-numbered specimen with documented provenance could command $5,000–$10,000 or more.
• A discussion of provenance and its impact on value. If your medal came from the Barber Estate or has a family history connecting it to the 1893 Exposition, this should be explicitly addressed in the appraisal.
• A clear statement of the intended use of the appraisal (estate tax, insurance, donation, sale, etc.), as the valuation methodology may differ depending on the purpose.

PCGS Certification and the Eglit Numbering Question

One of the most frequently asked questions in the collector community is whether PCGS (Professional Coin Grading Service) certifies Eglit-cataloged medals using the Eglit reference number. Based on collector reports, the answer is nuanced. PCGS does encapsulate and grade medals, and they do list the Eglit number (Eglit-90) in their CoinFacts database. However, the Eglit reference number does not always appear on the physical PCGS label or in the PCGS tokens and medals population report in the way that, say, a VAM number appears on a Morgan dollar slab.

From an estate liquidation standpoint, here is what this means for you: PCGS certification can add value and liquidity to your medal, particularly if it is a standard production piece. A PCGS-certified Eglit-90 in a high grade will be easier to sell and may command a premium over an ungraded example. However, for an edge-numbered or trial strike specimen, the provenance and historical significance may be more important than the numerical grade. In some cases, encapsulating a trial strike in a modern slab could even detract from its appeal to sophisticated collectors who want to examine the edge and surface texture directly.

My advice? Submit standard-issue medals to PCGS or a comparable grading service for certification, but for unusual pieces—especially edge-numbered examples—consult with a specialist auction house first. They can advise you on whether slabbing the piece will enhance or diminish its value. The strike characteristics and eye appeal of a trial strike deserve to be seen, not sealed behind plastic.

Avoiding Scams: The Dark Side of Inherited Collections

As an estate liquidator, I have seen firsthand how vulnerable families are to exploitation after a loved one passes away. The death of a collector often triggers a feeding frenzy among unscrupulous buyers, and the medal and exonumia market is no exception. Here are the most common scams I encounter and how to protect yourself.

Scam #1: The “Quick Cash” Buyer

This is the most pervasive scam in the estate liquidation world. Someone—often a local coin dealer, pawn shop operator, or estate sale company—contacts the family shortly after the death and offers to “take the whole collection off your hands” for a lump sum. The offer is almost always a fraction of the collection’s true value. I have seen families accept $500 for collections worth $50,000 because they did not know any better and did not want the hassle of sorting through the items. It is heartbreaking, and it is entirely preventable.

How to protect yourself: Never accept the first offer. Get at least two or three independent appraisals before selling any inherited collection. Be wary of anyone who pressures you to sell quickly or who discourages you from seeking additional opinions.

Scam #2: The “Free Appraisal” That Isn’t

Some buyers offer to appraise your collection for free, only to provide a deliberately low valuation that they then use as the basis for a purchase offer. This is a classic bait-and-switch tactic. The “appraiser” has every incentive to undervalue your items so they can acquire them at a steep discount.

How to protect yourself: Always pay for an independent appraisal from a credentialed professional. A legitimate appraiser has no interest in purchasing your collection and will provide an unbiased valuation. The cost of a professional appraisal—typically $150–$500 per hour—is a small price to pay for the peace of mind and financial protection it provides.

Scam #3: The Online “Expert” Who Wants to Handle Everything

The rise of online marketplaces and social media has created a new breed of scam artist who poses as a knowledgeable collector or dealer. They may contact you through eBay, Facebook, or even the comment sections of collector forums, offering to “help” you sell your inherited medal for a generous commission. In many cases, these individuals will either disappear with the item or sell it and pocket the proceeds.

How to protect yourself: Never ship an item to someone you have not thoroughly vetted. Verify their credentials, check their reputation with the Better Business Bureau and collector organizations, and insist on a written contract that specifies the terms of the sale, the commission structure, and the timeline for payment.

Scam #4: Misidentification and Undervaluation

Not all scams are intentional. Some buyers simply lack the expertise to properly identify and value specialized items like Eglit-90 medals, particularly unusual variants such as edge-numbered trial strikes. A buyer who does not recognize the significance of an incuse “1” on the edge of a Saint-Gaudens/Barber medal might offer you $200 for a piece worth $10,000. The result is the same: you lose money, and a historically significant artifact ends up undervalued in someone else’s collection.

How to protect yourself: Educate yourself. Research your inherited items using reputable sources such as the PCGS CoinFacts database, the Eglit reference books, auction archives from Stack’s Bowers and Heritage Auctions, and collector forums like the one where the discussions in this article originated. Knowledge is your best defense against both intentional and accidental undervaluation.

Finding the Right Auction House: Matching Your Medal to the Right Venue

If your inherited Eglit-90 medal turns out to be a standard production piece in average condition, you may be perfectly well served by selling it through a reputable online auction platform or a local coin show. But if you have an edge-numbered specimen, a trial strike, or a medal with documented provenance connecting it to the Barber Estate or the 1893 Exposition, you need to be much more strategic about where and how you sell. The right venue can mean the difference between a modest return and a life-changing payday.

Major Auction Houses for High-Value Medals

For significant pieces, I recommend working with one of the following established auction houses that have dedicated medals, exonumia, or Americana departments:

• Stack’s Bowers Galleries — They have a long history of handling important American historical medals, including the edge #6 Eglit-90 that sold in their 2010 New York Americana Sale for $5,750. Their expertise in this area is well established, and they have access to deep-pocketed collectors who specialize in 19th-century American medallic art.
• Heritage Auctions (HA.com) — One of the largest numismatic auctioneers in the world, Heritage regularly handles World’s Fair and exposition medals and has the marketing reach to attract international bidders. Their platform gives your piece maximum visibility.
• Sotheby’s or Christie’s — For truly exceptional pieces with documented provenance (such as an edge-numbered medal confirmed to have come from the Saint-Gaudens or Barber Estate), the major art auction houses can bring your piece to the attention of collectors who view these medals as works of art rather than mere collectibles. When the provenance is right, the art market can far exceed the numismatic market in terms of realized prices.

What to Look for in an Auction House Partnership

When evaluating an auction house for your inherited medal, consider the following factors:

1. Specialization — Does the auction house have experience with World’s Columbian Exposition medals, Saint-Gaudens medallic art, or American historical medals generally? A house that specializes in ancient coins may not be the best fit for your piece.
2. Marketing and cataloging — Will the auction house provide a detailed, well-illustrated catalog entry that highlights the unique features of your medal (edge number, provenance, trial strike characteristics)? A generic listing buried in a bulk lot will not maximize your return.
3. Commission structure — Understand the seller’s commission, buyer’s premium, insurance costs, and any other fees before consigning your piece. Commission rates can vary significantly between houses, and some offer reduced rates for high-value consignments.
4. Reserve price policy — Discuss whether you want to set a reserve price (a minimum bid below which the item will not be sold). For a unique piece like an edge-numbered Eglit-90, a reserve can protect you from a lowball result in a slow auction.
5. Pre-sale estimates — A good auction house will provide a realistic pre-sale estimate based on comparable sales data. Be wary of any house that inflates estimates to win your consignment—this can lead to unsold lots and frustration.

The Case for Private Treaty Sales

In some cases, the best route for a truly exceptional medal may be a private treaty sale—a direct transaction between you and a qualified buyer, facilitated by an auction house or dealer. This approach offers several advantages:

• Privacy — The sale is not public, which may be important for estate or family reasons.
• Speed — A private sale can be completed much faster than waiting for the next appropriate auction.
• Certainty — You know exactly what you will receive, without the uncertainty of the auction room.
• Negotiation leverage — If you have a documented, edge-numbered trial strike with Barber Estate provenance, you hold an extremely strong negotiating position. Scarcity and provenance are the two most powerful drivers of value in the numismatic world.

However, private sales also require expertise to execute properly. I strongly recommend working with an estate liquidator or numismatic consultant who can identify qualified buyers and negotiate on your behalf. Going it alone in a private sale is risky—you need someone who understands the market and can ensure you get fair value.

Actionable Checklist: What to Do Right Now

If you have inherited an Eglit-90 medal or a similar piece, here is a step-by-step checklist to guide you through the process:

1. Do not clean or alter the medal in any way. Cleaning, polishing, or otherwise modifying a numismatic item can dramatically reduce its value. Leave it exactly as you found it. Original surfaces, luster, and patina are irreplaceable.
2. Photograph the medal thoroughly. Take high-resolution images of the obverse, reverse, edge, and any cases or accompanying documentation. Pay special attention to the edge—if there is a number or marking, document it clearly.
3. Gather any provenance documentation. Letters, receipts, estate inventories, family photographs, or any other records that establish the medal’s history and chain of custody. Even a handwritten note from a previous owner can be significant.
4. Research the piece. Check the PCGS CoinFacts entry for Eglit-90 (#627958), consult the Eglit reference books, and search auction archives for comparable sales. Understanding the market before you engage with buyers puts you in a position of strength.
5. Get a professional appraisal. Hire a qualified numismatic appraiser who is familiar with American historical medals and the exonumia market.
6. Consult with a tax professional. Understand the inheritance tax implications in your state and at the federal level. Determine whether an estate tax return (Form 706) is required.
7. Decide on a sales strategy. Based on the appraisal and your research, determine whether to sell at auction, through private treaty, or through another channel.
8. Choose the right venue. Match your medal to the auction house or buyer that will maximize its value, taking into account its unique characteristics and the target collector audience.

Conclusion: A Piece of American History in Your Hands

The Eglit-90 Columbian Exposition award medal is far more than a piece of bronze. It is a tangible connection to one of the most spectacular events in American history—the 1893 World’s Columbian Exposition in Chicago—and it bears the artistic fingerprints of two of the most important figures in American numismatic history: Augustus Saint-Gaudens and Charles E. Barber. When you hold one of these medals, you are holding a piece that was designed to commemorate the 400th anniversary of Columbus’s arrival in the New World, struck during an era when America was asserting itself as a global power, and distributed to the innovators and visionaries who shaped the modern world.

For the heirs who inherit these medals, the responsibility is twofold: to honor the historical significance of the piece and to ensure that it is properly valued, preserved, and passed on—whether that means selling it to a collector who will cherish it, donating it to a museum where the public can appreciate it, or keeping it in the family as an heirloom. The key is to approach the process with knowledge, patience, and the right professional guidance.

If there is one takeaway from this article, it is this: an inherited medal is not just a piece of metal—it is an asset, a historical artifact, and a legacy. Treat it accordingly, and you will be rewarded not only financially but with the satisfaction of knowing that you handled a piece of American history with the care and respect it deserves.

Whether your Eglit-90 is a standard issue worth a few hundred dollars or an edge-numbered trial strike that could fetch five figures, the principles are the same. Get educated. Get appraised. Avoid scams. Find the right venue. And never, ever take it to a pawn shop.

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