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The So-called Restrike Proof Gold Dollar of 1865
By John Dannreuther - June 22, 2005

Walter Breen speculated that some of the Proof gold dollars of 18651 were restrikes, although he noted that they might have been struck in late 1865, which, of course, would mean that they are not restrikes at all. He was right about them being struck in 1865, so they are not restrikes! In fact, they are the earliest struck Proofs of 1865 gold dollars! This can now be proven by die state data, as the obverse die used for 1865 gold dollars in Proof was the same in each case.

However, the proof (pun intended) of this theory produced another startling result! There were three reverse dies used for Proof gold dollars in 1865! This new information was discovered when the example in the Smithsonian Institution turned out to be an example from a different reverse die than the two previously known dies used. It, too, was labeled a "restrike," as the date slants up to the right, as on the so-called restrike. In fact, Andy Lustig was the sharp-eyed numismatist who noted that the Bass example (thought to be one of the examples cited by Breen as a "restrike") had a date position similar, but distinctly different than the Smithsonian Institution example (also possibly one of the examples cited by Breen). The coin in the Smithsonian is the Mint Cabinet coin and, undoubtedly, has been in the collection since it was issued in 1865.

Now, why would there be three different varieties of Proof 1865 gold dollars? One of these coins sheds some light as to why a coin with a reported mintage of 25 would have multiple varieties. The reverse used with the first pairing (Example 1) was defective.

There are a couple of theories that have been proposed to explain the "defective" die. The first theory involves the making of the die, as improper hardening of this reverse may have caused the "rippling" effect seen on this example. Another theory is the basining of the die in preparation for its use was not properly done. If the workman who prepared this die did not follow the proper procedures, the resulting die would have struck coins with the "rippling" effect seen. Whatever the cause of the defective die, it appears that it was immediately replaced with the die used for the Smithsonian Institution example (Example 2, photo by Tom Mulvaney, courtesy of the Smithsonian Institution).

This die pairing, of course, is also rare and the only example currently known is the Smithsonian coin illustrated here. Why this die was replaced with the one most often seen on Proof 1865 gold dollars (Example 3) is not known. What we can do, though, is determine the striking order of these three die pairings, as each reverse was paired with the same obverse (that of 1862, used on nearly every Proof gold dollar from1862-1873, as well as all those of 1875 and some of 1876), albeit in slightly varying states, as it was lapped on several occasions.

When looking at the Proofs of 1862-1873 (also 1875 and some of 1876), one finds almost all of them2 share this common obverse die. This so-called Obverse of 1862 was specially kept by Mint workman and only brought out each year to strike Proof gold dollars. Sometimes it was lapped to prepare for striking, other times it was not deemed necessary to polish this die for Proof strikes. As the years went by, the first and then the second feathers were nearly obliterated by this repeated lapping to prepare this obverse die. In fact, in 1874, this obverse was replaced, only to resurface for the Proof strikings of 1875 and some of those of 1876. The Proof gold dollars of 1876 appear to be the swan song for this oft-used obverse die - although the number of strikings from this obverse was limited to a few hundred coins, as Proof gold dollars from 1862 through 1875 all are rare.

How do we now know that the so-called restrike 1865 gold dollars (they are the easiest 1865 gold dollars to recognize, as the date slants up to the right on both dies) were actually struck first? Die information is the strongest clue the researcher has to identifying striking order. The state of a particular die is the truth machine for the emission sequence. Detail cannot "reappear" on a die, so if a die has detail missing from lapping, then it is a later state of that die and the coins struck from that state were struck after coins with that detail intact. Such is the case with the so-called restrike 1865 gold dollar Proofs.

The gold dollars of 1865 are found with 2 different obverses and 4 different reverses! It appears that the circulation strikes of January 27TH are from a unique die pair with the reverse date minutely slanting up to the right and about twice as far from DOLLAR as from the bow tip. The three reverses used for Proofs are easily distinguished from this circulation-strike reverse. The so-called restrikes3 have the dates low and strongly slanting up to the right (Examples 1 & 2). The third Proof reverse (Example 3) has the date level and three times as far from DOLLAR as from the bow tip.

The position of the date on Example 3 is similar to that of the circulation strike, but it is closer to the bow tip and level (the date minutely slants up on the circulation strike). Since these dies were dated with a 4-digit logotype, the dates are identical except for placement. Even the little "dot" to the right of the 6 is found on all these dies - the "defect" was on the punch!

So, how do we know the so-called restrike 1865 dollars were struck first? The obverse die is in an earlier state for both these dies - the so-called restrike 1865 gold dollars have less polishing noted in the first feathers, as well as other "earlier" characteristics4.

One constant on this oft-used obverse is the straight die line found from the curl above the ear. This die line is in the recessed area of the head, so it remains constant throughout the life of this die.

So, the so-called restrike gold dollars of 1865 (Examples 1 & 2) were both probably struck on March 8. The Bass example of the so-called restrike 1865 was thought to be one of only two known with this reverse! Harry Bass correctly noted that the obverse was the same as the ANS example with the "normal" Proof reverse5. Why is this coin so rare? We may never know, but as mentioned in the footnote, the unusual surface noted on the so-called restrike coin (Example 1) is the likely reason this die was discarded. This, no doubt, was the reason Breen thought they were restrikes, as the surfaces are like the 1873 "dished" Closed 3 "restrike" three-dollar coins! Also, some 1865 three-dollar Proofs have this unusual surface and have the obverse of 1872, leading to the probably correct conclusion that they were restruck around that time! Breen likely extrapolated the gold dollar restrike theory from the 1865 restrike three-dollar coins.

The fact that the strange surface of this rare die is found on other known restrikes is strong evidence that the 1865 gold dollars were restruck. Die evidence contradicts this supposition - of course, it is the final arbiter in such cases. So, it appears that circulation strikes were made first, followed by the two so-called restrikes, and finally the "normal" Proofs.

We may never know all the reasons behind the striking of Proof 1865 gold dollars with three different reverses, but we know that between the strikings, the obverse die was removed from the press and lapped each time. Comparison of the die states of the common obverse is the tool used to prove this theory - why three different dated dies were used likely will forever elude us.

______________________
1 He noted that he had seen 2 examples of the coins he called "restrikes" and a third example was rumored.
2 At least some 1866 Proof gold dollars (c.f. Bass III, lot 43) were struck with a different obverse. Other coins from these years may yield Proofs from different obverses, but currently only 1866 issues are known with a different obverse. Those other coins that have been labeled Proofs of these years with a different obverse usually do not meet today's standards for Proof coinage. This obverse was replaced in 1874, but was resurrected for all the 1875 Proofs and some of the 1876 ones.
3 Of course, one can immediately see that these two reverses are different. The Smithsonian example (#2) has the 1 centered under the left edge of the first L of DOLLAR, while the other die (#1) has the 1 centered under the upright of the first L.
4The area to examine is the next to the last feather, about in the middle, near the feather shaft. These feathers are separated by the shaft and, in front of the shaft, the area in the middle is not polished on Example 1, while on Example 2 it is polished, but there is a strong "dot" connected to the feather. On Example 3, this "dot" is faint and is disconnected - it is an "island" in this polished area. The other significant area is below the third from the last plume. On Example 1 this area is filled, while on Example 2 there is a small polished area. Example 3 has a very large polished area indicating further lapping has taken place.
5 Of course, this Bass coin may be unique, as the "rippling" effect probably was noticed and another die was prepared. There would be few collectors even then who would accept such a "defective" coin for their collection.
6 New scholarship indicates that these unusual coins are probably the originals of 1873, not restrikes as previously believed; the Open 3 coins of 1873 are now thought to be the restrike three-dollar coins. This is logical, as all the other original 1873 Proof coinage (copper, nickel, silver, and gold) employ the closed 3 numeral - none of the other denominations have open 3 digits for original Proofs.

John Dannreuther grew up in the rare coin business. His father ran trade paper ads in the 1950s as V.J. Dannreuther and Sons. After graduating from the University of Mississippi with a degree in chemistry, John went back into the coin business, becoming a full-time dealer in 1973. Today he is considered one of the top rare coin experts of all time. In 1986, John was one of the co-founders of Professional Coin Grading Service. In 1997, he was the principal text author of "The Official Guide To Coin Grading And Counterfeit Detection," the Numismatic Literary Guild's "Book Of The Year" award winner for 1998.

PCGS


The So-called Restrike Proof Gold Dollar of 1865


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