$1 Gold Dollars (Type 1, 2 & 3) (1849-1889)

$1 Liberty Head Gold Dollars

The Gold dollar, or one dollar Gold coin, was a Gold coin minted by the United States Bureau of the Mint from 1849 to 1889. Over its lifetime, the coin went through three different types, all designed by Mint Chief Engraver James B. Longacre. The Type 1 issue is the smallest diameter (0.5 inch =12.7mm) out of any United States minted coins.

Several times in the 1830s and 1840s, congress seriously considered minting a $1 gold coin. However, it took them until 1849 to do this, thanks to the increased bullion supply from the California Gold Rush. Since Silver coins were being hoarded or exported in its early years, the Gold dollar became a popular currency for commerce. After Congress mandated that new coins be made from lighter Silver in 1853, the Gold dollar became scarce in commerce. This was before federal coins vanished from circulation due to the economic consequences of the American Civil War.

The Gold dollar, also known as the Liberty Head Gold dollar, was not circulated again in most parts of the nation until 1879. Once it regained circulation, it did not replace other currencies. In its final years, it was struck in small numbers, which resulted in some people hoarding the coin. 1889 was the last year that the regular issue Gold dollar was struck; after that, Congress ended the series.

Throughout its minting, the Gold Dollar coin was produced in three types, with small differences between the three. The obverse of all three features a crowned image of Lady Liberty surrounded by 13 small stars, representing the original 13 colonies. The reverse shows a wreath encircling the coin's denomination and date. Type 1 coins, minted from 1849 to 1853, are 13 mm across while Type 2, minted from 1854 to 1855, were thinner and slightly larger at 15 mm across, and Type 3 coins, also 15 mm across, minted from 1856 to 1889 are the most common Gold dollar. All three types are composed of .900 fine Gold and weigh 1.672 grams.

The Type 2 and 3 Gold dollars feature a new portrait of Liberty, facing right this time and wearing a Native American headdress. However, the feathered headdress did not resemble any worn by any Indian tribe. On the reverse is an agricultural wreath with corn, cotton, wheat, and tobacco. The denomination and year are inside the wreath with “United States of America” written around the outside edge. These designs are often referred to as Indian Princess Head coins.