November 4, 2009

November 4, 2009 – The US Mint first produced $1 gold coins in 1849, and three types of the $1 gold coin were produced from 1849-1889. Although these coins were not produced until 52 years after the Coinage Act of 1792, the US Mint managed to produce over 13 million $1 gold pieces. Unfortunately, most of these dime-sized pieces were later melted down by our government. In 1860 our government melted down many coins in order to produce more of the larger denominations, and in 1933, a great many gold coins were confiscated and melted by our government to back up our weakening dollar.

After gold was discovered in California in 1849, our government assigned Master Ingraver James Longacre to design the $1 gold piece, and Longacre developed all three varieties of this particular coin. The Type 1 variety was minted between 1849-1854, and it features Lady Liberty on the front of the coin. The reverse side shows a symbolic wreath, and rare versions of this coin show a wreath that is open at the top.

The Type 2 gold dollar was introduced in 1854, and this variety was minted for only two years. The so-called “Indian Head” dollar was actually meant to be Lady Liberty with a headdress, but the “Indian head” designation has lasted throughout the generations. The Type 2 gold dollar is slightly smaller than its’ successor, the Type 3 $1 gold coin. The Type 2 coin is the rarest of the three $1 coins minted between 1849, and1889, because it was produced in very low numbers, and even fewer coins exist today.

Struck between 1856 and 1889, the Type 3 $1 gold piece also features a larger head on the coin’s obverse (front). The portrait on Type 2 and Type 3 coins is very similar, but the coin was enlarged and flattened to make it easier to strike, stack, and handle.

Investors who would like to buy, sell, and/or trade $1 gold coins should contact a reputable third-party grading service such as the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Corporation (NGC). If your coins have been certified by one of these two industry-recognized entities, contact the Certified Gold Exchange directly for historical data, live quotes, and current projections. 

Kevin Johnson

Senior Staff Writer – GoldCoin.net