$1 Gold Coin: Liberty Head, Indian Head, Large Head Types
The gold dollar was a United States dollar gold coin produced from 1849 to 1889. Composed
of 90% pure gold, it was the smallest denomination of
gold currency ever produced in the United States. When the US system of coinage
was originally designed there had been no plans fora gold dollar coin, but in the
late 1840s, two gold rushes later, Congress was looking to expand the use of gold
in the country’s currency. The gold dollar coin was authorized by the Act of March
3, 1849, and the Gold Liberty Head type began circulating soon afterward. Because
of the high value of gold, the gold dollar coin is the smallest coin in the history
of US coinage.
HISTORY $1 Gold Coins
The gold dollar coin had its origins more than a decade before the Act of March3,
1849, in the Carolina gold rush of the 1830s. The sudden availability of gold caused
the US government to make several changes to its coinage system. Gold coins were
minted in considerably larger quantities, and new mints were opened at Charlotteand
Dahlonega solely for the production of
gold coins. It was around this time that the first gold dollar coins were minted
in the United States, but not by the government. A North Carolina jeweler by the
name of Alt Christoph Bechtler capitalized on the gold rush, by offering to turn
prospectors’ raw gold into coins. He began offering this service in theearly 1830s,
and by 1840 he had produced over $2.2 million in
gold coinage. Nearly half of this was in the formof gold dollar coins.
Bechtler’s actions were perfectly legal at the time, but his success attracted the attention
of the US government. It was suggested by members of the government that the US Mint
take part in this new, profitable, venture and begin minting gold dollar coins of
their own. In 1836, Congress authorized the US Mint to do just that, but Mint Director
Robert Patterson opposed the idea, and nothing came of the matter for the time being.
In 1849 however, things changed. A new gold rush in California had sparked demand
yet again for more gold coinage. Director Patterson still objected,but was unable
to dissuade Congress. The Act of March 3, 1849 authorized production not only of
gold dollar coins, but another new coin, the
gold double eagle. Production of both denominations would soon begin in U.S.
Mints.
LIBERTY HEAD TYPE (1849-1854)
Designed by James B. Longacre, the first type of gold dollar coin is known as the “Liberty
Head” type or the “Type I” gold dollar. The obverse of the coins depicts Liberty's
head circled by thirteen stars. She faces to the left and wears a coronet inscribed
with the word "LIBERTY". The reverse depicts a simple wreath encirclingthe date
and value of the coin, and the inscription “UNITED STATES OF AMERICA”. Weighing 1.672
grams, the coin had a composition of .900 gold and .100 copper. It therefore contained
.04837 ounces of pure gold. Starting in 1849, a quantity ofthe Liberty Head gold
dollar coin was minted each year at Philadelphia and Dahlonega. The coin was also
minted at Charlotte, New Orleans, and San Francisco.
The quantity minted in total
each year ranges from 511,301 in 1850 to 4,384,149 in 1853. However, a problem soon
arose with this type. The Liberty Head gold dollar coin had a diameter of only 13
mm. At less than three-quarters the size of the present-day dime, itwas the smallest
coin in U.S. history. Because it was so small, it could be easily lost despite its
high value. As a result of this issue, many people were highly critical of the new
coin. In response to their objections, the US Mint began experimenting with new designs.
It was important that the weight of the coin remain the same because of gold values,
so they soon began experimenting with putting a hole in the middle of a larger coin.
These plans were scrapped when James Snowden became Mint Director in 1853. His idea
was that the coin simply be made wider but thinner, and that James Longacre redesign
its faces.
INDIAN HEAD TYPE
Small Head (1854-1856): In 1854 the US Mint issued the redesigned gold dollar coin with
an increased diameter of 15 mm. As planned, neither its weight not its composition was
changed. James Longacre designed a new obverse for the coin based on his work with
the three-dollar piece. The head depicted on the obverse has commonly been described
as an "Indian princess," and gave this type its name. However, historians have suggested
that the design is actually based on a Roman marble figure, to which a head dress
was added by Longacre. More specifically, it has been suggested that the based
design on “Crouching Venus” is a statue on display in the Philadelphia museum. In addition
to the obverse, the reverse of the gold dollar coin was also modified somewhat, and
the inscription “UNITED STATES OF AMERICA” was moved to the obverse.
The overall
wreath design remained unchanged however. In the few years of this type's production,
only six date mint mark combinations were created: 1854, 1855, 1855C, 1855D, 1855O,
and 1856S. The quantities minted in total each year were 783,943 in 1854, 824,883
in 1855, and 24,600 in 1856. Although the diameter of the gold dollar coin had been
considerably improved, the new Indian Head type was not free from problems. The height
of the relief was such that very few of the coins produced were fully struck, and
as a result the design was not sturdy enough for circulation. The Mint would have
to redesign the gold dollar coin once again.
LARGE HEAD (1856-1889)
In 1856, a newly durable gold dollar coin was released by the Mint. Dubbed “theLarge
Head type,” Longacre's new design was very similar to that of the Small Headtype,
but the size of the Indian head on the obverse increased, while at the sametime
it became more flat. The headdress changed location as well, and the details of the
face were slightly altered. The new type was minted continuously at Philadelphia, but in certain years quantities were
also produced at Charlotte, Dahlonega, and
San Francisco. In addition, proofs were minted at Philadelphia from 1859
on. The quantity of proofs minted each year ranges from 20 in 1874, 1875, 1877, and
1878 to 1,779 in 1889. In total, the quantity of dollar gold coins minted each year
ranges from 420 in1875 to 1,764,396 in 1856. Production of the gold dollar coin
was discontinued in1889.
Information taken from Wikipedia,
the free encyclopedia