Armstrong was one of the three astronauts on the Apollo 11 mission and one of the two who landed on the moon on July 20, 1969.
NASA and the Soviets stepped up the missions in the months and decade that followed the moon walk. Armstrong also unveiled a plaque on the leg of the Lunar Module which read, "Here men from the planet Earth first set foot upon the Moon, July 1969 A.D. We came in peace for all mankind". He also took pieces of wing and propeller from the 1903 Wright Brothers Flyer with him to the moon.
And now, in a series of auctions starting November 1 and 2, his collection will be offered for sale. The sterling silver medallions were paid for by the crews of Apollo missions and were available for purchase only by NASA astronauts.
There are some personal items of him to be auctioned, including his boy scout cap and a Purdue University centennial flag from Armstrong's alma mater, which traveled on Apollo 11.
Featured in the auction are items which were taken to the moon including a series of flags - representing not only the USA but also the United Nations and a number of individual American states.
"I think he would be pleased to be remembered as being part of a program that demonstrated fantastic things can be achieved when people come together to dedicate themselves towards a common goal", his son Rick Armstrong said.
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"He did save all the items, so he obviously felt they were worth saving", he pointed out.
Some of the speakers at the groundbreaking ceremony included astronaut Robert Springer and Neil Armstrong's son Mark, who says that the new additions that are coming to the museum are something special.
Faced with the responsibility of conserving, preserving and insuring irreplaceable items and honoring their father's legacy, Armstrong and his brother, Rick, found that some things needed restoration, and that some required research to be properly identified.
Dallas-based Heritage Auctions will handle the auctions.
Bids can be taken online, by phone or in person.