Coolidge, having inherited the executive office when Warren Harding died suddenly in August 1923, was the unanimous choice of Republicans for the nomination in 1924. The convention was turned down by its first choice for VP, and party leaders were unsuccessful in promoting the nomination of Herbert Hoover. Delegates finally settled on diplomat and Chicago banker Charles Dawes, famed for his leadership in the renegotiation of German war debts (the Dawes Plan). It was a surprise choice, even to Dawes, who said his nomination was "about the most unexpected thing in my life."

The Republican ticket won handily over a divided opposition (the Democrats ran John W. Davis, an obscure Congressman from West Virginia, and a minor Republican schism produced a resurgent Progressive movement led by maverick Winconsin senator Robert LaFollette). Jugate pinbacks from 1924 are especially scarce and desirable.