How to Evaluate U.S. $1 Gold Coins Dated 1849-1889
Collecting pre-1933 Collecting United States $1 gold coins can provide a tangible connection to American history while also serving as a way to build wealth. Putting a collection together can be enjoyable and satisfying as well. Before beginning, it is helpful to learn as much as possible about the series. Greater familiarity makes it easier to identify appropriate times to buy or sell your gold coins. This overview explains the $1 gold coins produced from 1849 through 1889.
Background on U.S. $1 Gold Coins Before 1933At publication,
During 1791, Alexander Hamilton proposed that the U.S. Mint issue legal-tender one-dollar pieces in gold as well as silver. Congress acted only on the silver portion of that proposal. Privately issued coins began appearing in 1831, while the U.S. Mint had still not adopted the idea.
Proposals for $1 gold coins surfaced more than once, but each effort encountered an obstacle that kept gold dollars from entering circulation. That changed rapidly after the California Gold Rush brought a large supply of gold, beginning January 24, 1848. Although the United States had minted other gold coins earlier, its first regular-issue one-dollar gold coins were struck in 1849.
At publication, The U.S. $1 gold coin series was not meant to extend into the 1890s. Their very small size made the coins inconvenient in ordinary use. Many were also turned into ornaments or given as gifts. The substantial number of $1 gold coins that were drilled or “holed.” reflects that practice. By 1890, Congress had enacted legislation ending the gold dollar. In 1889, shortly before that Act became law, the Mint ceased making gold coins in the $1 denomination.
Later, in 1933, after the Great Depression began, President Roosevelt signed executive order 6102, requiring citizens to surrender gold coins for melting. Collectors could retain numismatic, or collectible, pre-1933 gold coins. Without that exception, these pieces would likely have been melted as well.
Gold Dollar Types Produced From 1849 Through 1854
Before 1933, the U.S. Mint issued only three circulation types of U.S. $1 coins. All three designs came from James B. Longacre, who served as the Mint’s Chief Engraver. The earliest examples were struck in 1933. Between 1849 and 1889, the Mint made these legal-tender $1 gold coins, revising the design along the way until three distinct types existed.
Liberty Head $1 Gold Coin: Type 1
Within the early classic gold issues dated before 1933, Liberty Head $1 gold coins were the first $1 gold dollars struck by the U.S. Mint for circulation. They were the smallest coins ever made in U.S. history, but they saw considerable everyday use. The following details help collectors identify these coins and better understand how their value is assessed.
Key Facts
Dates of issue: 1849 through 1854
Face value: $1
Diameter: 13 mm
Weight: 1.672 grams
Gold content: 0.04837 troy ounces
Edge: Reeded
Fineness: .90 fine gold
Mint locations: Philadelphia, New Orleans, San Francisco, Charlotte, and Dahlonega
Description
On the Type 1 $1 gold-dollar design, Liberty’s head is turned to the left. She wears a coronet inscribed “Liberty”. Her portrait is ringed by thirteen stars, representing the original 13 states. The reverse places the date and denomination inside a wreath of holly and berries. Surrounding that central design is the country name, “United States of America.”
Varieties
Among Liberty Head Type 1 gold dollars, the key varieties are the open-wreath and closed-wreath issues. The original 1849 design used an open wreath; on these coins, substantial space may appear between the top of the wreath and the numeral “1.”
By comparison, the wreath tops on 1849 closed-wreath $1 gold coins nearly meet the number. The 1849-C open-wreath issue is particularly sought after, and open-wreath examples are distinguished by their shorter wreath sprigs.
Some 1849 coins also lack the small initial “L,” that served as Longacre’s signature. This distinction produced two additional varieties: the “With L” and the “No L.” Because With L Liberty Head coins are more frequently encountered, No L pieces tend to draw greater collector interest.
Value
Like other coins, Liberty Head $1 gold coins can have different values for several reasons. An altered, damaged, or heavily worn example may be valued only for its gold content. At the time of publication, that calculation meant multiplying its troy-ounce weight by the current gold price.
An intact, more common coin in this series was described as likely trading in the $200 range at the article’s original publication. A high-quality, fully uncirculated example could bring substantially more, and scarce varieties could also command higher amounts. Since non-experts may find grading difficult to judge, the article recommended consulting a coin professional. It also noted that a coin not already graded could be authenticated and graded by a coin-grading company for additional value information.
When this article was originally published, readers interested in selling gold coins were invited to review Atlanta Gold & Coin’s article about How to Sell Your Rare Coins or give us a call.
$1 Indian Princess Head Gold Coin, Type 2
In 1855, Longacre introduced a revised design for $1 gold coins. Known as type 2, the coin displayed an Indian Princess portrait. It was also slightly larger than type 1 coins. Since its princess portrait was smaller than the one on type 3, collectors often refer to it as the Indian Princess Small Head gold coin.
Key Facts
Years: 1854 through 1856
Denomination: $1
Size: 15 mm in diameter
Weight: 1.627 grams
Gold content: 0.04837 troy ounces
Edge: Reeded
Purity: .90 fine gold
Mints: Philadelphia, Charlotte, Dahlonega, New Orleans, and San Francisco
Description
The $1 gold coins known as the type 2 Indian Princess Head portray Lady Liberty as a Native American princess. She faces left and wears a feathered headdress. The inscription encircling the portrait reads “United States of America.”
The reverse shows an agricultural wreath containing corn, cotton, wheat, and tobacco. Within the wreath are the date and denomination, while “United States of America” appears around its outer edge.
Varieties
Type 2 Indian Princess “Small Head” $1 gold coins were struck for only three years. Their high-relief design often resulted in weak strikes. In particular, the high areas of the date and the center of the word “Dollar” were frequently soft. Even so, collectors value this issue when seeking for pre-1933 coins for sale because the type is rare overall.
Value
At the time of publication, type 2 Indian Princess coins were described as the scarcest $1 gold coins. Only about 2 million type-two coins were ever struck. The 1855-D Dahlonega issue is the rarest. Based on condition, the original article reported values from several thousand dollars into five figures for certified uncirculated examples. Philadelphia’s 1854 and 1854 issues held the status of most common dates. Any type 2 coin in this series was considered rare and valuable above MS-64.
$1 Indian Princess Head Gold Coin, Type 3
Type 3 pre-1933 $1 gold coins are called the “Large Head” Indian Princess because the head on this type is larger than the portrait used on type 2.
Key Facts
Years: 1856-1889
Denomination: $1
Size: 15mm diameter
Weight: 1.627 grams
Gold content: 0.0538 troy ounces
Edge: Reeded
Purity: .90 fine gold
Mints: Philadelphia, Dahlonega, Charlotte, San Francisco
Description
For the second version of the Type 2 Indian Princess coin, Longacre modified the original design. This issue became known as Type 3, also called the Large Head Indian Princess. The overall image remained broadly similar, but the design relief was made lower and the portrait head was moved to a different position. Its reverse continued to show the agricultural wreath along with the date and the country name.
Varieties
The Indian Princess Type 3 coins have four recognized varieties, distinguished by how numerals were punched into the dies. In the date, some examples show a closed 3, while others show an open 3. Two additional varieties concern the numeral “5.”: one is upright, or standard, and the other is slanted. The variety, together with a coin’s condition, can affect its value.
Value
Rarity has an important effect on price. Many Type 3 Indian Princess U.S. $1 gold coins were more sharply struck than Type 2 coins. At the Dahlonega Mint, however, quality-control problems produced coins with weaker strikes.
The two most frequently encountered years were 1856 and 1862, while production in many other years was very limited. For instance, 1875 had the lowest mintage, with just 400 gold dollars struck. Collectors regarded the 1856-D and 1861-D as exceptionally scarce coins with high values.
For a more specific valuation, the original article suggested consulting a coin dealer. A coin without collector appeal might be worth only its melt value, whereas a scarce example in outstanding condition could bring hundreds or even thousands of dollars. As one historical illustration, Coinweek cites the price at auction of an 1884 Indian Princess Type 2 in MS-69 condition as $25,850 in 2015. Very few $1 coins reach that level of preservation, but such pieces do exist and can be quite valuable.
At publication, did coin dealers buy and sell Pre-1933 Gold $1 Coins?
For readers at the time who were asking where they could purchase or sell pre-1933 gold coins, a trusted precious-metals dealer was a practical place to begin. At Atlanta Gold & Coin Buyers, the available inventory then included many $1 gold coins, and the company might have been able to locate a specific coin. The company also frequently purchased $1 gold coins in raw and certified condition, including many obtained from estate coin collections.
At publication, In 2022, Talk to us today to learn more about what your coins were worth. Whether you were buying or selling, Atlanta Gold & Coin Buyers was pleased to help with all of your precious-metal needs. At that time, customers could reach out by email or phone to arrange an appointment with Atlanta Gold & Coin Buyers.
