This absolutely massive medal, as rare as it is, is known to spot. With that said, this particular example does indeed exhibit spotting on both the OBV/REV; which is likely why NGC Graded it a 64. However, I don't feel it takes away from its eye-appeal. If anything, I think it gives it character.
Cataloged as SWOGER-31-Ic - A total of 3,000 struck; 2-1/4 in diameter, the Founders Medal cast in silver, features Russell, Majors, and Waddell, the men who initiated the Pony Express. The National Pony Express Centennial Association produced the Founders Medal in 1960. This medal and the 1961 Termination Medal are the only official medals that were offered to the public commemorating the Centennial.
Both are included in this collection. Olsen of Salt Lake City, UT for the National Pony Express Centennial Association. RARITY: 3,000 (Total Struck). (NGC Pop = 2; 15 Finer - NGC Total Pop = 19): [03/2024]. Rarity Level 3 = 501-2,000 Known.
NOTE: May be rarer than initially presumed. NGC Census shows a mere 18 examples have been graded as of April 2023. (Philadelphia Struck, Silver, 132g [4.24 Troy oz], 57.2mm, Round, Plain Edge). OBVERSE: Founders Owners / Russell Majors Waddell / Operators.
REVERSE: The Pony Express / United States / Commemorative Medal / (pictorial horse and rider) / Founder's Medal - 1960 National / Pony Express Centennial / Association.