1861 Gold Dollar.
With a mintage of 527,150 pieces struck for circulation,
the first Civil War gold dollar can hardly be considered
to be scarce. As all Gold and Silver coinage, this issue
stopped circulating as well, and as a result examples are
plentiful in all grades. In gem and higher, this remains
to be a very scarce issue that is not easily found. Only
four pieces have been certified by the two major grading
companies (NGC and PCGS), bringing 5 figure prices when
they come up at auction.
Given its high mintage and general availability,
this issue is often included in type sets to represent the
third gold dollar type. Prices however have remained relatively
low for all grades up to MS-63. In higher grades, as previously
mentioned this issue becomes very scarce, bringing higher
prices. However, even with the rarity of truly premium quality
pieces these do not bring the strong prices other type coins
do. This can mostly be blamed on the unpopularity of collecting
this series by date/mintmark, which is scarcely done by
any collector.
Two commonly encountered features of gold
dollars are abundant on this high issue mintage. First,
there is die clashing. Although this occurs with every denomination,
the die clashing found on this issue is seen on the majority
of the high grade pieces. Apparently, the thin, small planchets
were often not between the dies when they struck, creating
features of the opposite die on coins that were later struck.
This, regarded as varieties by some collectors, is easily
found on this issue, although it does not detract anything
from the value of the coin.
The other feature that is often found on
these tiny pieces are weak strikes. The small planchets
and corresponding small dies often did not struck all the
details in full. As a result, several design features will
often be weakly impressed. On the type 3 gold dollar, such
as the 1861 issue minted at the Philadelphia Mint, this
is often visible at the peripheries and the wreath on the
reverse. Fully struck pieces are very scarce, and require
many years of searching to find a high grade piece.
As with other gold issues from the early
1860’s the natural coloration range from a very attracting
orange-gold color to a darker green-gold. Luster should
be abundant and blazing, and is very attractive as well.
Although not commonly found, high grade pieces of this issue
are very attractive. Walter Breen notes that many gold dollars
from this and the following year were made from melted Double
Eagles.
As other gold issues from the Philadelphia
Mint, this issue was produced in proof format for collectors
as well. The correct mintage has never been found, but the
commonly found number is 349. This is however considered
to be very high, and it is likely that at least 150 pieces
remained unsold and were later melted. Examples are scarce
in all grades, but relatively affordable compared to other
gold denominations. An estimated 25 to 30 proofs still exist
in all grades. Most are very lustrous, but do not have enough
frost to warrant a Cameo designation. Overpolished dies/planchets
are frequently encountered as well, but due to their rarity
are usually priced normally compared to other examples struck
in proof format.
