The Hidden History Behind WWI Victory and Participation Medals: A Historian’s Deep Dive into the Great War’s Most Enduring Relics

Every relic tells a story. To truly understand one of these pieces, you have to step back into the era that forged it. When I first started examining World War I Victory and Participation medals over twenty years ago, I wasn’t just struck by their beauty — I was hit by the sheer weight of history they carried. These weren’t mere tokens. They were declarations of national identity, instruments of political unity, and deeply personal mementos for the millions who survived the most devastating conflict the world had ever known. In this article, I want to walk you through the historical context, minting history, political motivations, and cultural significance behind these extraordinary pieces of medallic art.

The Birth of the Victory Medal: A Global Response to Unprecedented Devastation

When the Armistice was signed on November 11, 1918, the world was forever changed. The Great War had claimed an estimated 17 million lives and left entire nations in ruins. Governments everywhere faced a profound question: how do you honor the service of millions of men and women who endured four years of industrialized slaughter?

For many nations, the answer was the Victory Medal — a universal award recognizing participation in the conflict regardless of rank, branch, or specific battlefield contribution. The concept was revolutionary. Before World War I, military decorations were typically reserved for acts of individual valor or high command. Awarding a medal to every single participant — from the infantryman in the trenches to the telephone operator behind the lines — was a democratic innovation born from the democratic nature of the war itself. This was the first truly “total war,” and the medals reflected that reality.

The Inter-Allied Agreement and the Rainbow Ribbon

One of the most fascinating chapters in the WWI Victory Medal story is the inter-Allied agreement that standardized certain design elements across national versions. At the 1919 Paris Peace Conference, representatives from the Allied nations agreed that each country would issue its own Victory Medal, but all would share a common rainbow ribbon — a symbol of hope emerging from the darkness of war. This was a remarkable act of diplomatic coordination, and it speaks to the shared sense of purpose that united the victorious nations in the war’s aftermath.

That rainbow ribbon became one of the most recognizable symbols of the post-war era. I’ve examined hundreds of these medals over the years, and the ribbon is often the first thing collectors notice. Its iridescent bands of color — typically moving from red through violet — were meant to evoke a universal promise of peace. For historians, the ribbon is a tangible link to the idealism of 1919, before the harsh realities of the interwar period set in.

The American Victory Medal: James Earle Fraser’s Masterpiece

Among the various national versions, the United States Victory Medal holds a special place in numismatic history. Designed by the celebrated sculptor James Earle Fraser — who would later create the iconic Buffalo Nickel — the American Victory Medal is a work of art that encapsulates the nation’s self-image at the dawn of its emergence as a global power.

The obverse features a winged Victory figure, inspired by classical Greco-Roman iconography but rendered with a distinctly American sensibility. The reverse bears the inscription “THE GREAT WAR FOR CIVILIZATION” along with a column of stars representing the Allied nations, surmounted by the Great Seal of the United States. Fraser’s design was approved by the Commission of Fine Arts and struck at the United States Mint in Philadelphia, beginning in 1919.

Clasps, Bars, and the Language of Service

What makes the American Victory Medal particularly compelling to historians and collectors alike is its system of clasps and bars, which encoded specific information about the recipient’s service. As documented in the standard references and confirmed by my own examination of numerous specimens:

• Medal without clasps: Distributed to troops who served within the United States only, reflecting the massive mobilization effort that kept millions of soldiers stateside.
• Medal with a single clasp: Awarded to those who served overseas but did not participate in direct combat — a recognition that the war effort depended on logistics, support, and infrastructure as much as frontline fighting.
• Medal with multiple clasps: Reserved for men who participated in more than one major operation, with each clasp representing a specific campaign or battle.

This system of clasps transformed the medal from a generic award into a personalized record of service. When I encounter a Victory Medal with multiple clasps, I see not just a piece of bronze but a narrative — a story of where a soldier went, what he endured, and what he contributed to the Allied cause.

The So-Called Dollars: Commemorative Medals and the Politics of Memory

Beyond the official government-issued Victory Medals, the World War I era produced a rich ecosystem of commemorative medals, tokens, and so-called dollars that reflected the political and cultural currents of the time. These pieces, cataloged in the Hibler-Kappen (HK) reference series, offer a fascinating window into how Americans understood and memorialized the war.

The so-called dollars of the WWI era — particularly those in the HK-890 through HK-903 range — were produced by private mints and organizations to commemorate specific aspects of the American war effort. They were not official government awards, but they carried significant cultural weight. Many were produced for veterans’ organizations, patriotic societies, and civic groups that wanted to honor the war effort in a tangible way.

HK-892 and the Varieties of Patriotism

The HK-892 so-called dollar is a perfect case study in the complexity of WWI commemorative medals. As collectors have documented, there are multiple die varieties of this piece, including specimens dated 1917 and the scarcer 1918-dated examples. The 1918 date is particularly significant because it is not even mentioned in standard so-called dollar references, making it a true discovery piece for advanced collectors seeking that rare variety.

The die varieties tell their own story. Differences in the obverse — such as the position of the soldier’s rifle relative to the letters in “ARMY” — and variations in the reverse — such as the number of stars between the flagpole and the eagle’s wing — suggest that multiple die pairs were prepared, possibly at different times or by different engravers. In my experience, these die varieties are often overlooked by casual collectors, but they represent important evidence of the production history of these pieces.

The HK-892 medals typically feature a kneeling soldier on the obverse and an American eagle with flags on the reverse — imagery that was ubiquitous in American patriotic art of the period. The fact that these pieces were produced in large numbers reflects the intense patriotic fervor that gripped the United States during and immediately after the war.

HK-900a, HK-902, and HK-903: The Pinnacle of WWI Medallic Art

At the top of the WWI so-called dollar hierarchy sit pieces like HK-900a, the gold HK-902, and HK-903 — the “American Saviors of Liberty” medal. These are among the most sought-after pieces in the entire so-called dollar series, and for good reason.

The gold HK-902 is particularly legendary. Struck in 22-karat gold, this piece was previously owned by the renowned collector Steve Tanenbaum and has been the subject of considerable discussion throughout the collecting community. Gold-strike WWI medals were produced in extremely limited numbers, often for presentation to dignitaries or as special awards. The existence of the HK-902 in gold suggests that it was intended as a premium commemorative piece, possibly for a high-ranking official or a major benefactor of the war effort. The provenance alone adds extraordinary numismatic value.

The HK-903 “American Saviors of Liberty” and its French counterpart, the HK-903A “Victory of Right,” represent the international dimension of WWI commemorative medals. These pieces were produced to celebrate the Franco-American alliance and the shared values that bound the two nations together during the war. The fact that both versions exist — American and French — reflects the bilateral nature of the commemorative effort and the importance of the Franco-American relationship in the post-war order.

The Plaques and Exonumia: Beyond the Medal

While medals are the most commonly collected WWI artifacts, the era also produced a remarkable array of plaques, tokens, and other exonumia that deserve the attention of serious historians and collectors. These pieces often tell stories that the standard-issue medals cannot.

The Monumental Bronze Plaque: A Medallic Tour de Force

One of the most extraordinary WWI artifacts I have encountered in my research is a large embossed bronze plaque that represents what can only be described as the ultimate WWI medallic design achievement. Measuring 15 inches by 22 inches with its wood mount, this piece was produced in Paris and features an incredibly detailed depiction of American participation in the war.

The design elements are breathtaking in their scope:

• The top banner displays unit insignias including Engineers, Army, Navy, Tank Corps, and medical corps — a comprehensive visual record of the American military organization.
• Hanging from the left is a representation of the US Navy Cross; from the right, the US Medal of Honor — the two highest military decorations of the United States.
• The eagle above the central arch closely resembles the eagle seen on the 1904 Louisiana Purchase award medals, creating a visual link between America’s emergence as a world power at the turn of the century and its military triumph in 1918.
• The central allegorical figure representing America, with the Statue of Liberty in the background, embodies the ideological dimension of the war — the fight for freedom and democracy.

The blank area below the center arch was presumably intended for personalized engraving, though the known specimen remains blank. This suggests that the plaque may have been produced as a presentation piece, possibly for an individual American, an American unit, or even for America in general. The fact that it was produced in Paris adds another layer of historical significance, as it reflects the close cultural and diplomatic ties between France and the United States during and after the war.

The R.W. Bock Plaque and Copyrighted Commemoratives

Another remarkable plaque is the heavy cast bronze piece, 8 inches square and about 3/4 inch thick, marked “COPYRIGHTED 1918 BY R.W. BOCK.” The fact that this piece was copyrighted is significant — it indicates that the producer was concerned with protecting intellectual property, which suggests a commercial dimension to its production. The high relief casting and substantial weight of the piece indicate that it was intended as a premium commemorative item, possibly sold to veterans or patriotic citizens as a lasting memento of the war.

The copyright date of 1918 is also noteworthy, as it places the production of this piece during the final year of the war, before the Armistice. This suggests that the producer was confident enough in an Allied victory to invest in the production of a commemorative piece before the war had even ended — a fascinating insight into the wartime mood and the commercial opportunities that the conflict created.

The Human Stories: Grace Banker and the Hello Girls

No discussion of WWI medals would be complete without acknowledging the deeply personal stories behind these objects. One of the most poignant examples is the case of Grace Banker, Chief Operator of the US Army Signal Corps Women Telephone Operators — better known as the “Hello Girls.”

When the Doughboys returned home after World War I, all received a Victory Medal for their honorable service. But the Hello Girls — the women who operated the telephone lines that were critical to the American war effort — were told they were not considered veterans. They were denied not only their veteran status but were told they were not eligible for a Victory Medal. This was a profound injustice, and it persisted for over a century.

Grace Banker had received the Distinguished Service Medal in 1919 and had even been awarded a Victory Medal service ribbon with two bronze stars for her service in the St. Mihiel Offensive and Meuse-Argonne Offensive. A memo accompanied the ribbon stating she was authorized to wear it by command of Lieutenant General Liggett. But the medal itself was never awarded.

It was not until 2024 — 105 years after Banker returned home from World War I — that her granddaughter, Carolyn Timbie, finally secured the Victory Medal that should have been awarded to her grandmother a century earlier. The medal was presented at a ceremony at the Hampton American Legion Post 35 in New Hampshire, with US Representative Chris Pappas making the presentation.

This story is a powerful reminder that behind every medal is a human being — a person who served, who sacrificed, and who deserved recognition. It also illustrates the ongoing relevance of these artifacts: the WWI Victory Medal is still being awarded today, more than a hundred years after the first recipients received theirs.

The Gold Victory Medal and the Rarest of the Rare

For collectors at the highest level, the gold WWI Victory Medal represents the ultimate prize. As documented within the collecting community, a gold example of HK-902 was discovered and sold through First Class Coins, certified by NGC. This piece, struck in 22-karat gold, is one of the most significant so-called dollar discoveries in recent memory — its luster and eye appeal are simply unmatched.

Gold-strike WWI medals were produced in extremely small numbers, typically for presentation to heads of state, high-ranking military officials, or major benefactors of the war effort. The pedigrees of these pieces often read like a who’s who of 20th-century collecting, with names like Steve Tanenbaum appearing in their ownership histories. That kind of provenance alone can transform an already rare variety into a once-in-a-lifetime acquisition.

The existence of gold versions raises interesting questions about the production process. Were these pieces struck at the same time as the standard bronze versions, or were they produced later? Were they struck on the same dies, or were special dies prepared? These are questions that continue to occupy researchers and collectors, and the answers may never be fully known.

Trench Art and Personal Artifacts: The Soldier’s Own Medals

Not all WWI medals were produced by governments or private mints. Some of the most moving artifacts from the conflict are the pieces of trench art created by soldiers themselves. A 75mm shell casing, transformed into a personal memento by a soldier who lived through the horror of industrial warfare, is a perfect example.

Trench art represents a category of WWI artifact that is often overlooked by serious collectors but is deeply valued by historians. These pieces were created in the trenches, in field hospitals, and in prisoner-of-war camps — wherever soldiers had access to basic tools and raw materials. They range from simple engraved shell casings to elaborate cigarette boxes, letter openers, and even miniature artillery pieces.

The 75mm shell casing is particularly significant because of its direct connection to the battlefield. The 75mm gun was one of the most iconic weapons of the WWI era — the French 75mm field gun was considered one of the most advanced artillery pieces of its time. A shell casing from this weapon, carried home by a soldier and preserved by his family for over a century, is a tangible link to the battlefield that no government-issued medal can replicate. The patina on such a piece tells its own quiet story.

Collecting WWI Medals: Practical Guidance for Historians and Collectors

For those inspired to begin or expand a collection of WWI Victory and Participation medals, there are several important considerations to keep in mind.

Authentication and Grading

The grading of WWI medals presents unique challenges. Unlike coins, which have well-established grading standards, medals are evaluated based on a combination of factors including surface preservation, patina, strike quality, and the presence or absence of original hardware such as loops, pins, and ribbons.

Key grading considerations include:

• Looped vs. unlooped: Looped versions are more common, but unlooped versions exist and are not always the result of loop removal. Unlooped specimens often have a redder copper color compared to the beige-bronze tone of looped versions, and they can carry significant collectibility for specialists.
• Ribbon and clasp integrity: Original ribbons and clasps significantly enhance both the historical value and the market value of a WWI medal. A medal with its original ribbon and all original clasps — still in mint condition — is far more desirable than one without.
• Wear patterns: A medal that shows genuine wear from being worn by a veteran — as opposed to artificial wear or damage — carries a special historical significance. As one collector noted, a worn looped medal was “probably proudly worn by a WWI veteran,” and that provenance adds immeasurable value to the piece.

Rarity and Census Data

The NGC census provides valuable data for collectors seeking to understand the rarity of specific WWI medal types. For example, there are only five looped examples of certain types listed in the NGC census, making them exceptionally rare in certified form. Collectors should consult census data carefully and be aware that many WWI medals have never been submitted for certification, meaning the actual population may be higher than the census suggests.

Die Varieties and Research

For the advanced collector, die varieties offer a rich field of study. The HK-892 so-called dollar, with its multiple obverse and reverse die combinations, is an excellent example of a medal that rewards careful study. Collectors should examine their specimens closely for differences in:

• Letter positioning and spacing
• Star counts and placement
• Die cracks and other indicators of die state
• Ground line contours and other design details

These die varieties are not merely academic curiosities — they can significantly affect the numismatic value of a specimen, and they provide important evidence about the production history and minting process behind the medal.

Conclusion: Why WWI Medals Matter

World War I Victory and Participation medals are far more than collectible objects. They are historical documents in metal — artifacts that encode the political aspirations, cultural values, and human experiences of one of the most transformative periods in modern history. From the inter-Allied agreement on the rainbow ribbon to the personal injustice suffered by Grace Banker and the Hello Girls, these medals tell stories that continue to resonate more than a century after the guns fell silent.

For collectors, the WWI medal field offers extraordinary depth and variety. From the common looped Victory Medal to the legendary gold HK-902, from the monumental Paris-produced plaques to the humble trench art shell casings, there is something for every level of collector and every area of historical interest. The key is to approach these pieces not just as objects to be acquired, but as stories to be understood and preserved.

As I reflect on the decades I have spent studying these remarkable artifacts, I am continually struck by their power to connect us with the past. Every medal in a collection represents a life lived, a service rendered, a sacrifice made. When we hold a WWI Victory Medal in our hands, we are holding a piece of history — not just the history of a war, but the history of the people who fought it, the nations that waged it, and the world that emerged from it. That is the true value of these remarkable relics, and it is a value that transcends any price guide or census report.

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