The Global Market: How International Demand and Repatriation Trends Are Driving Values for WWI Victory and Participation Medals

The market for WWI Victory and Participation Medals isn’t just local anymore — it’s global, and the forces driving values today are fundamentally different from what they were even ten years ago. Let’s look at how overseas collector demand and repatriation trends are reshaping the landscape for these historic pieces.

As an international bullion dealer who has spent decades handling rare medals, so-called dollars, and exonumia across multiple continents, I can tell you firsthand that the market for World War I Victory and Participation Medals is far more global than most domestic collectors realize. What was once a niche corner of American military collecting has become a truly international arena — and the implications for value, liquidity, and long-term appreciation are profound. Here, I’ll walk you through the forces shaping worldwide demand for these pieces, the repatriation trends that are reshaping supply, and what it all means for your collection or investment strategy.

Why WWI Medals Have Become a Global Collecting Phenomenon

World War I Victory Medals — and their companion Participation Medals — occupy a unique space in the numismatic and exonumia world. They aren’t coins in the traditional sense, yet they carry the weight of sovereign authority, historical significance, and artistic merit that rivals any minted currency. The allegorical designs, the attribution to individual participants, and the enormous variety of designs issued by countries, states, and localities make them endlessly fascinating to collectors worldwide.

From my vantage point handling cross-border transactions, I’ve observed that the appeal breaks down into several distinct international collector bases:

• European collectors — particularly in France, Belgium, the United Kingdom, and Germany — who seek the medals of their own nations’ veterans as well as Allied and even Central Powers examples for comprehensive historical collections.
• Australian and New Zealand collectors — for whom WWI medals carry deep national significance tied to the ANZAC legacy and the Gallipoli campaign.
• North American collectors — both U.S. and Canadian — who form the largest single market but are increasingly competing with overseas buyers at auction.
• Asian collectors — a growing segment, particularly in Japan and South Korea, where interest in Western military history and exonumia has surged in the past decade.

The result is a global bidding environment that simply didn’t exist twenty years ago. When a rare looped WWI Victory Medal with original ribbon appears at a major auction house in London, New York, or Hong Kong, the competition is genuinely international — and hammer prices reflect that.

The So-Called Dollar Connection: HK-892, HK-900a, HK-902a, and HK-903 Varieties

One of the most fascinating intersections of the WWI medal market and the broader numismatic world is the so-called dollar series. These large commemorative medals, cataloged in the Hibler-Kappen (HK) reference, were produced to commemorate American participation in the Great War, and they have become highly sought after by both medal collectors and coin collectors alike. The eye appeal of these substantial pieces, combined with their historical weight, makes them standouts in any collection.

HK-892: The 1917 Die Varieties

The HK-900 series and its relatives represent some of the most artistically ambitious medallic work of the era. Take HK-892, for example — the 1917-dated so-called dollar. Collectors have identified multiple die varieties, including:

• Specimens sharing the same reverse die with late die state cracking through the flagpole tips.
• A distinct reverse die variety where the flagpoles extend through the word “TRUST” — a subtle but important diagnostic for variety collectors.
• Obverse die differences in the contours of the ground on which the soldier kneels, allowing specialists to distinguish between different die pairings.

These die varieties matter enormously in the international market. European collectors, in particular, tend to be meticulous about die identification, and a confirmed rare die state or variety of HK-892 can command a significant premium over a common example. The strike quality, luster, and overall patina all contribute to the numismatic value, but the variety identification is often what separates a good buy from a great one.

The Unlisted 1918 Varieties

Even more intriguing are the 1918-dated specimens that don’t appear in any standard so-called dollar references. These pieces feature both obverse and reverse die differences from the 1917 issues, including:

• One variety with the soldier’s rifle pointing at the “R” of “ARMY” versus another pointing at the “A”.
• Reverse die differences showing 8 stars between the flagpole and the eagle’s wing on one specimen versus only 7 on another.

These unlisted varieties are exactly the kind of discovery that drives international collector excitement. When a piece surfaces that isn’t in the standard references, it generates buzz across forums, auction houses, and dealer networks worldwide. I’ve seen unlisted WWI so-called dollars cross borders multiple times as they pass from collector to collector, each transaction adding to the piece’s provenance and market value. For the variety specialist, these are the finds that make the hunt worthwhile.

HK-902a: The Gold Victory Medal — A True Rarity

Perhaps no single WWI medal better illustrates the global demand dynamic than the HK-902a — the gold Victory Medal. Struck in 22K gold, this piece was previously owned by the renowned collector Steve Tanenbaum and carries a pedigree that reads like a who’s who of American numismatics. Certified by NGC (certification number 2688838-001), this medal represents the absolute pinnacle of WWI medallic collecting.

When a gold WWI Victory Medal appears on the market, it doesn’t just attract medal collectors — it attracts gold investors, bullion buyers, and high-net-worth collectors who may never have considered exonumia before. The dual appeal as both a numismatic rarity and a store of gold value makes these pieces particularly resilient during periods of economic uncertainty, a point I’ll return to when discussing global economic hedges.

HK-903 and HK-903A: American and French “Top Pops”

The American “Saviors of Liberty” so-called dollar (HK-903) and its French counterpart, the “Victory of Right” (HK-903A), represent another dimension of the international market. Both pieces have achieved “Top Pop” status in the NGC census, meaning they are the finest known examples certified to date. When an American collector and a French collector are both pursuing the finest example of their respective nation’s WWI commemorative medals, the cross-border competition can drive prices to remarkable levels. The collectibility of these pieces is enhanced by their status as the best of the best — a factor that resonates powerfully in the global market.

Repatriation Trends: Bringing WWI Medals Home

One of the most significant trends I’ve observed in my career as an international dealer is the repatriation of WWI medals to their countries of origin. This phenomenon operates on multiple levels and has profound implications for market dynamics.

Family Repatriation

The most emotionally resonant form of repatriation occurs when families seek to recover medals that were lost, sold, or separated from the veteran’s descendants. As one forum member noted, their grandfather was honorably discharged from the U.S. Army in 1918, but no medals were found among his effects. This is an incredibly common story — millions of WWI veterans received Victory Medals, but over the decades, many were lost, discarded, or separated from family records.

The good news is that replacement medals can often be obtained through the National Archives. As one collector shared, even when the Victory Medal wasn’t listed on a veteran’s DD-214, the National Archives sometimes included it in replacement packages based on service records. For families seeking to repatriate their ancestor’s honors, this is an important avenue to explore. The provenance that comes with a documented family connection adds immeasurable value — both sentimental and monetary.

Market-Driven Repatriation

Beyond family efforts, there is a significant market-driven repatriation trend. Collectors and institutions in France seek French-made WWI medals that have been in American collections for decades. American collectors seek to bring home medals that were taken as souvenirs by foreign soldiers or that found their way overseas through estate sales and dealer networks.

I’ve personally facilitated transactions where a WWI Victory Medal produced in Paris — like the extraordinary embossed plaque described by one forum member, measuring 15 by 22 inches and featuring unit insignias of the Engineers, Army, Navy, Tank Corps, and medics — was repatriated from a European estate sale back to an American collector. These pieces carry immense historical weight, and their movement across borders tells the story of the war itself. The patina on such a piece, the wear from a century of handling — these details speak to authenticity and history in ways that no certificate ever could.

The Grace Banker Story: Repatriation 105 Years Later

Perhaps no story better illustrates the ongoing importance of WWI medals than the case of Grace Banker, Chief Operator of the U.S. Army Signal Corps Women Telephone Operators — the “Hello Girls.” When the Doughboys returned home after WWI, all received a Victory Medal. But the Hello Girls were denied veteran status and told they were not eligible for the medal.

Banker had received a Victory Medal service ribbon with two bronze stars for her service in the St. Mihiel Offensive and Meuse-Argonne Offensive, accompanied by a memo authorizing her to wear the pin. But the medal itself was never awarded — until her granddaughter, Carolyn Timbie, pursued the matter through her U.S. Representative’s office in 2024. The medal was finally presented 105 years after Banker returned from the war.

This story resonates internationally because it speaks to universal themes of recognition, justice, and the enduring significance of military honors. It also drives collector interest — medals associated with documented stories of service and injustice carry premiums that far exceed their metal or numismatic value alone. The provenance here transforms a standard issue medal into something truly extraordinary.

WWI Medals as Global Economic Hedges

From a bullion dealer’s perspective, WWI medals occupy an interesting position in the global precious metals market. While most collectors focus on the historical and numismatic aspects, there is a growing recognition that these pieces also serve as tangible stores of value — particularly during periods of economic uncertainty.

Gold and Silver Content

While the standard U.S. WWI Victory Medal is not struck in precious metal (it is a bronze alloy), many foreign versions contain silver or gold. The French Victory Medal, for example, was produced in bronze for general issue but exists in silver and gold variants for special presentations. The gold HK-902a so-called dollar, as mentioned earlier, contains significant gold value in addition to its numismatic premium.

For international investors looking for alternative stores of value, WWI medals offer several advantages:

• Portability — A medal is far easier to transport across borders than bullion bars or coins.
• Privacy — Private transactions in exonumia are less regulated than bullion sales in many jurisdictions.
• Dual value — The numismatic premium provides a layer of value beyond the metal content, offering potential upside that pure bullion cannot match.
• Historical floor — Even in a market downturn, historically significant medals tend to retain a baseline value driven by collector demand.

Currency Diversification

I’ve seen increasing interest from international buyers who view WWI medals as a form of currency diversification. When the euro weakens against the dollar, European collectors find American WWI medals more expensive — but when the dollar weakens, the opposite occurs. This dynamic creates natural arbitrage opportunities and ensures a constant flow of cross-border transactions.

During the economic uncertainty of the past several years, I’ve noticed a marked increase in inquiries from buyers in countries with volatile currencies who are seeking tangible assets that hold value across borders. WWI medals, with their universal historical significance and established international collector base, fit this need perfectly. The luster and eye appeal of a well-preserved example only enhance its desirability as a portable store of wealth.

Cross-Border Auctions: The New Marketplace

The rise of international auction platforms has fundamentally transformed the market for WWI medals. What was once a fragmented landscape of local dealers, estate sales, and flea markets has become a unified global marketplace where a collector in Tokyo can bid against a dealer in London for a medal that surfaced at a flea market in rural America.

Major Auction Houses and WWI Medals

Heritage Auctions, Stack’s Bowers, and GreatCollections in the United States regularly feature WWI Victory and Participation Medals in their sales. On the European side, Dix Noonan Webb in London, Jean Elsen in Brussels, and various French auction houses handle significant volumes of WWI exonumia. In Asia, platforms like Heritage’s Hong Kong sales have begun to feature military medals alongside their more traditional coin and currency offerings.

The key advantage of these cross-border auction platforms is price transparency. When a WWI Victory Medal with loop and ribbon sells at Heritage in Dallas, that price becomes visible to collectors worldwide, establishing a benchmark that influences subsequent sales in London, Paris, or Sydney. This transparency has been a game-changer for the market, leveling the playing field for collectors regardless of their location.

The Role of Third-Party Grading

Third-party grading (TPG) by NGC and PCGS has been transformative for the international WWI medal market. As one forum member noted, it would be ideal if a TPG would slab a medal with its original ribbon intact — and indeed, NGC has begun doing exactly that for select pieces.

The NGC census data is particularly valuable for international collectors because it provides an objective, standardized assessment that transcends language barriers and national grading traditions. When a collector in Germany sees that there are only 5 examples of a particular looped WWI medal type listed in the NGC census, that scarcity information is immediately meaningful regardless of the collector’s native language.

For sellers, TPG certification dramatically expands the potential buyer pool. A slabbed WWI Victory Medal can be sold to any collector worldwide with confidence in its authenticity and condition — a critical factor in cross-border transactions where the buyer cannot examine the piece in person. Mint condition examples with full original luster and no damage command the highest premiums, and certification gives buyers the confidence to bid aggressively.

Online Marketplaces and Forum Trading

Beyond formal auctions, online marketplaces and collector forums have become important venues for international WWI medal trading. The forum discussion that inspired this article is a perfect example — collectors from around the world sharing images, die variety information, and market observations in real time.

Platforms like Collectors.com, Numista, and specialized Facebook groups have created a global community of WWI medal enthusiasts who share knowledge and facilitate transactions across borders. This democratization of information has been particularly beneficial for variety collectors studying die differences in pieces like HK-892 and the unlisted 1918 varieties. The collective expertise of this community has elevated the entire market.

Authentication and Condition Considerations for International Buyers

When buying WWI medals across borders, authentication and condition assessment become critical concerns. Based on my experience handling these pieces, here are the key factors international buyers should evaluate:

Looped vs. Unlooped Varieties

One of the most important distinctions in the WWI Victory Medal market is between looped and unlooped versions. The standard issue medal was designed to be worn, and the vast majority of surviving examples are looped. Unlooped medals are quite rare and represent a distinct variety that commands attention from serious collectors.

Key diagnostic points include:

• Looped versions typically have a more beige-bronze color and show evidence of wear from being worn on a uniform.
• Unlooped versions tend to have a redder copper color and lack the attachment point for the ribbon.
• Removed loops — Some “unlooped” medals actually had their loops removed after issue. Careful examination under magnification will reveal tool marks or filing evidence at the top of the medal.

The eye appeal of a clean, well-preserved example — whether looped or unlooped — is what ultimately drives collector enthusiasm and market value.

Clasp Configuration and Service History

The clasp configuration on a WWI Victory Medal tells the story of the recipient’s service:

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

For international collectors, understanding these distinctions is essential for proper valuation. A medal with multiple battle clasps tells a more specific and compelling story than a no-clasp example, and this is reflected in the market. The collectibility of a multi-clasp medal is significantly higher, particularly when the clasps correspond to well-known campaigns.

Named vs. Unnamed Medals

Many WWI Victory Medals were issued unnamed, but those that were engraved or stamped with the recipient’s name carry significant additional value — particularly when the recipient’s service history can be documented. Named medals that can be traced to specific individuals, units, or battles are the most sought-after examples in the international market.

The extraordinary plaque described in the forum — produced in Paris with a blank area below the center arch presumably for personalized engraving — represents the ultimate expression of this principle. A named example of such a piece would be a museum-quality treasure. The provenance and personal connection elevate these pieces far beyond their intrinsic metal value.

Actionable Takeaways for Buyers and Sellers

Based on my experience in the international market, here are my recommendations for collectors and investors interested in WWI Victory and Participation Medals:

1. Focus on completeness. Medals with original ribbons, loops, and clasps intact command significant premiums over incomplete examples. The ribbon and bars add enormously to the interest, eye appeal, and value of the piece.
2. Seek TPG certification. For any significant purchase, especially across borders, NGC or PCGS certification provides essential authentication and condition assessment that facilitates international resale. A slabbed medal in mint condition is far easier to sell globally.
3. Study die varieties. The HK-892 and related so-called dollars offer rich opportunities for variety collectors. Understanding die states, die cracks, and design differences can help you identify undervalued pieces that the market hasn’t fully recognized. A rare variety in superior condition is the holy grail.
4. Document provenance. Medals with documented histories — particularly those named to specific veterans or associated with notable events — carry premiums that increase over time. The Grace Banker story is a perfect example of how provenance can transform a medal’s significance and market value.
5. Monitor cross-border auction results. Prices for WWI medals can vary significantly between markets. A piece that sells for a premium in London might be available at a discount in a regional American auction, and vice versa. Savvy collectors exploit these discrepancies.
6. Consider the gold and silver examples. While bronze medals form the core of most collections, gold and silver WWI medals offer dual appeal as both numismatic rarities and precious metal stores of value. The HK-902a gold Victory Medal is the ultimate example — a piece where the luster of the metal and the rarity of the issue combine to create something truly exceptional.
7. Don’t overlook the exonumia. The heavy embossed plaques, trench art shell casings, and other WWI-related exonumia represent a parallel market that is less well-known and potentially more undervalued than the medals themselves. These pieces often have remarkable eye appeal and historical significance.

Conclusion: A Market Without Borders

The market for WWI Victory and Participation Medals has evolved from a domestic collecting niche into a truly global phenomenon. International demand, driven by collectors in Europe, Asia, Australia, and North America, has created a competitive bidding environment that continues to push values higher. Repatriation trends — both family-driven and market-driven — are reshaping the supply landscape, bringing medals back to their countries of origin while simultaneously dispersing them through international dealer networks and auction platforms.

The rise of third-party grading, online marketplaces, and cross-border auction platforms has created unprecedented transparency and accessibility in this market. A collector in any country can now research die varieties, compare NGC census data, and bid on medals from around the world with confidence. The NGC census, in particular, has become an indispensable tool for assessing scarcity and collectibility on a global scale.

For investors, WWI medals offer a unique combination of historical significance, numismatic scarcity, and — in the case of gold and silver examples — tangible precious metal value that serves as a hedge against economic uncertainty. For collectors, these medals represent a direct connection to one of the most consequential events in human history, with each piece telling a story of service, sacrifice, and the hope for victory that defined a generation.

Whether you’re drawn to the allegorical beauty of James Fraser’s designs, the die variety complexity of the HK-892 so-called dollars, the rarity of the gold HK-902a, or the emotional resonance of a named medal traced to a specific veteran’s service, the global market for WWI Victory and Participation Medals offers something for every collector and investor. The key is to approach this market with the same rigor and international perspective that the medals themselves demand.

As I tell my clients around the world: these medals survived the war, survived a century of history, and are now finding new homes in collections across the globe. That journey — from the battlefields of France to the display cases of collectors on every continent — is what makes this market so extraordinary, and why I believe the global demand for these historic pieces will only continue to grow.

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