Gold Dollar Coin
The Coinage Act of 1792 established the dollar as the unit of money in the United States and authorized the production of a one dollar coin, but one of silver and not of gold. The three denominations of gold coins authorized by the Act was the $10 Eagle, the $5 dollar Half Eagle and the $2.50 quarter eagle.
The California Gold Rush in the 1830’s created a large supply of gold. An enterprising North Carolina jeweler by the name of A.C. Bechtler saw the need for a smaller denomination of gold coin, so in the early 1830’s he began producing $1 gold coins. This was perfectly legal and he continued to create and produce gold coins until 1842.
Coinage Act of 1849 Authorizes the Gold Dollar Coin
Following Bechtler’s success, many members of Congress wanted to create this type of mintage. The idea was resisted by Mint Director Robert Patterson but with the later gold rush in California and the increase in demand, Congress passed the Coinage Act of 1849 over his objections. This act authorized the minting of the Gold Dollar Coin as well as the $50 Gold Double Eagle.
The Gold dollar coin was produced from 1849-1889. It was designed by James B. Longacre, who designed hundreds of different coins during his tenure as chief engraver at the US Mint, including the $20 Liberty, the 1854 $1 and $3 Indian Princess and the famous Indian Head cent.
LIBERTY HEAD TYPE (1849-1854)
The Gold dollar Coin, known as the “Liberty Head” or “Type I” was composed of 90% pure gold and 10% copper, weighing 1.672 grams – 0.04837 oz. of gold. The obverse has Liberty’s head facing left wearing a coronet inscribed “Liberty” encircled by 13 stars. The reverse depicts a wreath circling the date and the coins’ value with the inscription “UNITED STATES OF AMERICA”
This coin had a diameter of only 13 mm, making it the smallest U.S. Coin in history – less than ¾ the size of today’s dime. It was easily lost and because it had a high value, it was not very popular with the general populace.
INDIAN HEAD TYPE
In 1854 the US Mint decided to increase the diameter of the coin and minted the redesigned the gold dollar – known as the Indian head, or Indian Princess. The weight stayed the same but the diameter was increased to 15 mm. Longacre designed this as well, and in spite of the name it was thought to be a depiction of a roman bust with an added Indian headdress. The inscription “UNITED STATES OF AMERICA” was removed.
LARGE HEAD (1856-1889)
In 1856 the last of the gold dollar coin design was released by the Mint. The overall size remained the same, but the size of the bust increased, giving its name – the Large Head type. The headdress location was moved and some details on the face were modified. The dollar gold coin was discontinued in 1889.
Call For Free Appraisal
Eagle Numismatics specializes in this type of coin and would be happy to provide you with a free appraisal of the current bid value of your gold dollar coins. With our 25 years of experience we can offer you the best prices and selection if you are considering buying gold dollar coins.
