Why Wealth Managers Are Adding WWI Victory and Participation Medals to Client Portfolios

Tangible assets are making a serious comeback — and I’m not surprised. After two decades of advising high-net-worth clients on portfolio resilience, I’ve watched sophisticated investors increasingly look beyond equities and bonds toward something they can actually hold in their hands. Among the most compelling categories I’ve encountered lately? World War I Victory and Participation medals. These aren’t just relics tucked away in dusty display cases. They’re uncorrelated assets with documented price appreciation, deep historical significance, and a level of scarcity that makes them genuinely attractive from an investment standpoint.

In this article, I want to walk you through exactly why I believe WWI medals deserve a place in a diversified portfolio, what makes certain varieties so valuable, and how collectors and investors alike can approach this market with the same rigor they’d apply to any other asset class.

The Case for Tangible Assets in Modern Wealth Management

Before we get into the specifics of WWI medals, let’s set the broader context. Tangible assets — physical objects that hold intrinsic or collectible value — have historically served as hedges during periods of inflation, currency devaluation, and stock market volatility. Gold and silver are the most obvious examples, but the category extends far beyond precious metals.

In my experience advising clients, tangible assets offer several distinct advantages that are hard to replicate with traditional holdings.

• Low correlation with traditional markets: The value of a rare WWI so-called dollar doesn’t rise and fall with the S&P 500. That independence makes it an excellent portfolio diversifier — exactly the kind of non-correlation wealth managers look for when stress-testing a client’s holdings.
• Wealth preservation: Physical objects with documented provenance and historical importance tend to retain value across generations. They aren’t subject to the same risks as digital assets or paper-based financial instruments. No exchange can delist them. No company can go bankrupt and render them worthless.
• Tangible ownership: There’s a psychological and practical comfort in holding a physical asset. Unlike a stock certificate or a cryptocurrency wallet, a beautifully designed medal from 1918 carries an emotional weight that reinforces its perceived — and actual — value.
• Scarcity and supply constraints: Many WWI medals were produced in limited numbers, and survival rates vary enormously. Once the available supply is absorbed by collectors, prices tend to appreciate steadily. You can’t mint more of them. That’s the point.

The key, of course, is knowing which pieces to acquire and how to evaluate them. That’s where numismatic expertise becomes essential — and where the real opportunity lies.

Understanding WWI Victory and Participation Medals

The World War I Victory Medal — known in the so-called dollar community as HK-902 and its related varieties — is one of the most iconic military decorations in American history. Designed by the renowned sculptor James Earle Fraser, the medal features a winged Victory figure on the obverse and an inscription honoring the war service on the reverse. It was awarded to all members of the U.S. military who served during the conflict, which means millions were originally produced.

But here’s where the investment story gets genuinely interesting. While the standard bronze medals are relatively common, the category includes a remarkable range of varieties, rarities, and associated exonumia — from affordable entry-level pieces to six-figure showpieces that rival fine art at auction.

The Standard Bronze HK-902 and Its Varieties

The typical WWI Victory Medal was issued with a loop and ribbon for wearing. These are the most frequently encountered specimens, and they form the baseline for the category. But even within this seemingly straightforward group, there are important distinctions that affect both collectibility and numismatic value.

• Looped vs. unlooped versions: Unlooped medals exist and tend to exhibit a redder copper color compared to the beige-bronze tone of looped specimens. The reason for the unlooped production remains a subject of debate among researchers, but their relative scarcity makes them more desirable to advanced collectors. Eye appeal differs noticeably between the two, and that matters at auction.
• Medals with and without clasps: The medal without clasps was distributed to troops who served stateside only. A single clasp went to those who served overseas but not in battle. Multiple clasps were awarded to men who participated in more than one major operation. These distinctions add layers of historical and monetary value — and they’re the kind of detail that drives serious collector demand.
• Wear and provenance: A medal that was actually worn by a veteran — showing honest circulation wear — carries a different kind of value than a pristine, unworn example. As one collector noted, a worn medal was “probably proudly worn by a WW1 Veteran.” That human connection adds narrative value that sophisticated investors increasingly recognize. Provenance transforms a mass-produced decoration into a singular artifact.

According to the NGC census, there are only five examples of the looped type currently listed — which underscores how selective the certified population is relative to the original issue. That kind of population data is gold for investors trying to gauge scarcity.

The Gold HK-902A: A Numismatic Masterpiece

If there’s a single piece that encapsulates the investment potential of this entire category, it’s the gold WWI Victory Medal — the so-called HK-902A. Struck in 22-karat gold, this piece was previously owned by the legendary dealer Steve Tanenbaum and has been certified by NGC. It represents the ultimate intersection of numismatic rarity, precious metal content, and historical significance.

When I examine a piece like this, I consider multiple value drivers simultaneously:

1. Gold content: The 22K gold composition provides a floor value tied to the spot price of gold. Even in a worst-case scenario, the intrinsic metal value offers a baseline of protection.
2. Numismatic premium: The extreme rarity of the gold striking — with only a handful of known examples — commands a substantial premium over melt value. This is where the real upside lives.
3. Provenance: A documented pedigree tracing back to a renowned collector like Steve Tanenbaum adds credibility and desirability. It tells the market that this piece has been vetted by the best in the business.
4. Market precedent: High-profile sales of rare so-called dollars at major auction houses establish price benchmarks that support future valuations. When a piece like this appears on the market, the data trail gives buyers confidence.

This is precisely the kind of asset that performs well in a diversified portfolio. It has intrinsic metal value, collector demand, and historical importance — three independent pillars of worth that reinforce each other. I can’t think of many traditional investments that offer that kind of layered value proposition.

Die Varieties and the HK-892 So-Called Dollar

Beyond the standard Victory Medal, the WWI medallic landscape includes a fascinating array of so-called dollars — large commemorative medals that straddle the line between currency and art. The HK-892, dated 1917, is a prime example. Collectors have identified four distinct die varieties, differentiated by reverse die characteristics such as the flagpole tips and the positioning of flagpoles relative to the word “TRUST.” The obverse die differences include subtle but meaningful variations in the contours of the ground on which a soldier kneels.

These die varieties matter enormously from an investment perspective. In numismatics, variety collecting is one of the most well-established drivers of long-term value. When a new variety is discovered — such as the 1918-dated examples that aren’t even mentioned in standard so-called dollar references — it creates excitement in the collector community and establishes a new sub-category with its own supply and demand dynamics.

The 1918-dated specimens are particularly noteworthy. Differences in the rifle placement relative to the letters in “ARMY” and the count of stars between the flagpole and the eagle’s wing — eight versus seven — distinguish the two known die pairings. These are the kinds of details that numismatists live for, and they’re exactly the features that drive premiums in the marketplace. A rare variety in mint condition with strong luster and full detail? That’s the collector’s sweet spot.

Numismatic Indices and the Data Behind the Market

One of the questions I hear most frequently from clients is: “How do we know these things actually appreciate in value?” It’s a fair question — and the answer lies in the growing body of data provided by numismatic indices and census reports.

Third-party grading services like NGC and PCGS maintain detailed census records that track the population of certified specimens at every grade level. These census reports serve a function analogous to market capitalization data in the stock market — they tell us exactly how many examples of a given type exist in the marketplace and at what quality levels.

Key data points that investors should monitor include:

• Total population: How many examples of a particular medal or variety have been certified? Lower populations generally indicate greater scarcity — and scarcity is the engine of long-term appreciation.
• Top pop status: Is the piece you’re considering the finest known? Top pop medals command significant premiums because they represent the best available example of their type. There’s only one finest known, by definition.
• Population distribution: Are most examples clustered at lower grades with only a handful at the top? This “population pyramid” structure supports price appreciation for high-grade specimens. When the top of the pyramid is thin, competition among deep-pocketed collectors intensifies.
• Auction records: Documented sale prices at major auction houses provide the most reliable benchmark for fair market value. I always encourage clients to study at least five years of auction archives before making a significant purchase.

In my practice, I encourage clients to review NGC census data and auction archives before making any significant numismatic purchase. The information is publicly available and provides a level of transparency that rivals many traditional financial markets. You don’t always get that kind of clarity with real estate or private equity.

Exonumia: Plaques, Trench Art, and Commemorative Medals

The WWI collectible universe extends far beyond the standard Victory Medal. Some of the most impressive pieces I’ve encountered are large-format bronze plaques and commemorative medals that celebrate American participation in the war. One extraordinary example is a heavy embossed plaque — measuring 15 by 22 inches including its wood mount — produced in Paris and featuring unit insignias for the Engineers, Army, Navy, Tank Corps, and medics. The piece incorporates the U.S. Navy Cross and Medal of Honor hanging from either end, with an allegorical figure of America and the Statue of Liberty in the background. The eagle above the central arch bears a striking resemblance to the one seen on the 1904 Louisiana Purchase award medals.

This plaque was apparently produced for presentation to an individual American, an American unit, or America in general. The blank area below the center arch was presumably intended for personalized engraving, though this particular specimen remains blank. It is, as far as the collector knows, unique.

Pieces like this occupy a special niche in the tangible asset landscape. They’re too large and too specialized for the typical coin collector, but they’re precisely the kind of museum-quality objects that appeal to institutional buyers and ultra-high-net-worth individuals. Their value is driven by several converging factors.

• Artistic merit: The design quality and sculptural detail place these pieces in the realm of fine art. The strike is sharp, the relief is bold, and the overall eye appeal is undeniable.
• Historical significance: Direct connection to major events and military units adds documentary value that transcends the collector market.
• Extreme rarity: When only one or two examples are known, the price is determined entirely by what a motivated buyer is willing to pay. There’s no ceiling — just competition.
• Provenance and exhibition history: If a piece has been displayed in a museum or featured in a major publication, its value increases substantially. Every exhibition adds another layer of documented history.

Another notable example is a heavy cast bronze plaque signed by R.W. Bock and copyrighted in 1918. At 8 inches square and approximately 3/4 inch thick, it represents the kind of high-relief medallic art that was popular during the war years. Only two examples are known to the collecting community, making it an exceptionally rare piece with significant numismatic value.

Trench Art and Personal Artifacts

No discussion of WWI collectibles would be complete without mentioning trench art. Items like the 75mm shell casing from 1918 — possibly acquired by a grandfather honorably discharged from the U.S. Army that same year — represent the most personal and human side of the war. Trench art was created by soldiers, nurses, and civilians from the materials of war: spent shell casings, bullets, and fragments of equipment.

From an investment perspective, trench art occupies a different niche than formal medals and so-called dollars. Its value is driven primarily by factors that are deeply personal rather than purely numismatic.

• Personal provenance: A piece that can be traced to a specific soldier or unit commands a premium. The story behind the object is often worth more than the object itself.
• Artistic quality: Intricately engraved or embossed examples are worth more than plain or crudely made pieces. The level of craftsmanship directly correlates with collectibility.
• Condition: Original patina and intact engraving are essential for maximum value. Over-cleaning or restoration can destroy both the eye appeal and the historical integrity of a piece.
• Historical context: Shell casings from specific battles or dated to significant moments in the war carry additional interest. A casing from the Meuse-Argonne Offensive tells a different — and more valuable — one from routine training.

While trench art may not have the same price ceiling as a gold HK-902A, it offers an accessible entry point for new collectors and a deeply personal connection to history that enhances any portfolio of tangible assets. I’ve seen clients become genuinely passionate about this category once they hold a piece and realize a soldier’s hands shaped it a century ago.

The Grace Banker Story: Why Provenance Matters

One of the most remarkable stories connected to the WWI Victory Medal involves Grace Banker, Chief Operator of the U.S. Army Signal Corps Women Telephone Operators — the famous “Hello Girls.” When the Doughboys returned home after World War I, all received a Victory Medal for their honorable service. But the Hello Girls were denied veteran status and told they were not eligible for the medal.

Banker had received the Distinguished Service Medal in 1919 and was even authorized to wear a Victory Medal service ribbon with two bronze stars for her service in the St. Mihiel Offensive and Meuse-Argonne Offensive. But the medal itself was never awarded to her. It was not until 2024 — 105 years after her return from France — that her granddaughter, Carolyn Timbie, successfully pursued the medal through the office of U.S. Representative Chris Pappas. A formal presentation ceremony took place at the Hampton American Legion Post 35 in New Hampshire on October 3, 2024.

This story illustrates a critical principle for investors: provenance is everything. A standard WWI Victory Medal in average condition might be worth a modest sum. But a Victory Medal that can be documented as belonging to a specific soldier — especially one with a compelling story like Grace Banker’s — can be worth many times more. The human narrative transforms a mass-produced military decoration into a unique historical artifact. That’s not sentimentality. That’s market reality.

Practical Advice for Building a WWI Medal Portfolio

For investors who are ready to explore this market, here are the guidelines I recommend based on my experience advising clients on tangible asset allocation.

1. Start with third-party certified pieces. NGC and PCGS certification provides an objective assessment of authenticity and condition. This is especially important for rare varieties where counterfeits and alterations are a concern. Never buy an uncertified rare variety — the risk simply isn’t worth it.
2. Focus on rarity and condition. The greatest long-term appreciation tends to come from pieces that are both rare and well-preserved. A top-pop example of a scarce variety is almost always a better investment than a common piece in mediocre condition. Luster, strike quality, and eye appeal all matter when it comes time to sell.
3. Document everything. Provenance, purchase records, and any historical documentation associated with a piece should be preserved meticulously. This paperwork is part of the asset’s value — sometimes a significant part.
4. Diversify within the category. Just as you wouldn’t put all your stock portfolio into a single company, don’t concentrate your numismatic holdings in a single type. Consider a mix of standard medals, rare varieties, so-called dollars, and exonumia. Each sub-category has its own demand drivers and market dynamics.
5. Be patient. Tangible assets are inherently illiquid compared to stocks and bonds. The buyer for a rare WWI gold medal may not appear overnight. But when they do, the premium can be substantial. This is a long game, and the rewards favor those who wait.
6. Work with reputable dealers. The numismatic market, like any market, has its share of bad actors. Deal with established professionals who offer guarantees of authenticity and stand behind their descriptions. A dealer’s reputation is your first line of defense.
7. Monitor the census. Regularly review NGC and PCGS population reports to understand how the supply of certified specimens is changing over time. A shrinking population at the top grades is a bullish signal. A sudden influx of new submissions might indicate a hoard has hit the market — and that could temporarily soften prices.

The Uncorrelated Asset Advantage

Let me return to the core thesis of this article: WWI Victory and Participation medals are uncorrelated assets. Their value is driven by collector demand, historical significance, and physical scarcity — factors that have nothing to do with Federal Reserve policy, corporate earnings reports, or the geopolitical events that move the stock market on any given Tuesday.

This doesn’t mean that numismatic values are immune to economic cycles. During recessions, discretionary spending on collectibles can decline, and prices for all but the rarest pieces may soften. However, the long-term trend for high-quality, historically significant medals has been consistently upward. The combination of a fixed and dwindling supply with a growing global collector base creates a favorable supply-demand dynamic that supports price appreciation over time. I’ve seen this pattern repeat across multiple market cycles, and WWI medals are no exception.

In my portfolio recommendations, I typically suggest that clients allocate between 5% and 15% of their alternative investment allocation to tangible assets, with numismatic collectibles representing a meaningful portion of that allocation. WWI medals, with their combination of historical importance, artistic beauty, and documented rarity, are among the most compelling options in this space. They offer something that few traditional assets can: a floor value supported by collector demand, with upside driven by scarcity and historical significance.

Conclusion: A Century of History, A Lifetime of Value

The World War I Victory Medal and its associated collectibles represent far more than relics of a conflict that ended over a century ago. They are tangible connections to one of the most transformative events in human history — a war that reshaped borders, toppled empires, and introduced the modern world to the horrors and heroisms of industrialized warfare. Every medal tells a story: of the soldier who wore it, the nation that issued it, and the artist who designed it.

For the wealth management advisor, these pieces offer something that few other asset classes can match: a combination of financial value, historical significance, and emotional resonance that deepens with time. The gold HK-902A, the rare die varieties of the HK-892, the massive Parisian plaques, the humble trench art shell casings — each occupies a unique position in the collectible landscape and contributes something different to a diversified portfolio.

As we move further into the 21st century, the surviving population of WWI medals will only shrink. Veterans are no longer alive to tell their stories, and the medals they carried are increasingly absorbed into permanent collections. This irreversible supply constraint, combined with growing global interest in military history and numismatics, creates a compelling long-term investment thesis that I believe will reward patient, knowledgeable investors for decades to come.

If you’re a collector, I encourage you to look beyond the surface of these medals and appreciate the depth of history they represent. If you’re an investor, I encourage you to consider the role that tangible assets — and WWI medals in particular — can play in a well-constructed, diversified portfolio. And if you’re both, as I am, then you already understand that the greatest reward of this pursuit isn’t the financial return. It’s the privilege of holding a piece of history in your hands and knowing that its story — and its value — only grows with time.

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