The 1865 gold dollar was the last of the gold dollars produced during the American Civil War. After four years of severe fighting between the Union Army and the Confederate Army, the latter finally all surrendered in May of the year. By that time, all 1865 gold dollars had been struck in Philadelphia, and no more would be produced afterwards.

The total mintage of a mere 3,700 pieces, the smallest for any of the Civil War gold dollars, was struck on January 27. Later in the year, another 25 proof pieces were produced for collectors. As the previous gold and silver issues struck in the Civil War, all were hoarded and circulation was virtually non-existent. Although this issue remains rare, uncirculated pieces are the majority of the select number of offerings.

The total number of surviving specimens is similar than the previous years, despite the lower mintage. Approximately 75 to 85 pieces are known in all grades, the majority being between high AU or in low uncirculated grades. The population reports, which show ca. 80 pieces graded by both NGC and PCGS, are influenced by many resubmissions in hope of a higher grade. As with the other gold dollars struck after the early 1860’s, circulation was very limited and the majority of the pieces were hoarded and later melted. During their hoarding and afterwards, however, pieces were not much cared for and many show heavy bagmarks and signs of cleaning. Original, high grade mint-state examples of this date are very rare.

The single highest graded piece is a PCGS MS-68 which sold at auction for $34,500 in March 2008. That piece, as the other pieces of this date, was struck from carefully prepared dies, not much used because of the small mintage. As a result, the fields show moderate cameo contrast and notable die striations, common on gold dollars from this era. In later die states, the dies are clashed, a feature common as well on these tiny gold coins.

In recent times, a limited number of pieces have been graded MS-67, although the populations most likely include at least one or two resubmissions. In MS-65 and MS-66 this date is seldom available as well, and still attracts a lot of attention. MS-64 pieces are scarcely available as well, and the majority of the Mint State pieces are graded MS-61 or MS-62. To sum up the above, one can take as a guideline, including resubmissions that approximately 5 pieces are known for each grade between MS-64 and MS-67, and all these grades appear seldom at auction.

According to Breen, the 1865 proof gold dollar comes as both originals and restrikes. The originals, which are distinguished by a low and level date, have a total mintage of 25 pieces. Of this mintage, as with the previous date, approximately 50% of the total mintage is still extant. All these proof coins were minted on a single day, which was March 8. As can be expected, proofs are rare in any grade and seldom come on the market. For a complete set of proof gold dollars, this date is one of the definite keys although other issues are hard to find as well. Deep Cameo pieces are extremely rare, with most proof coins having Cameo surfaces, if they have enough frost at all. As can be expected for proof coins, most are of excellent quality.

In a 2005 The So-called Restrike Proof Gold Dollar of 1865 article, John Dannreuther disputed the restrike theory by Breen. Breen had stated in his Encyclopedia that restrikes could have been made as late as 1872, although he also stated that 1865 was a possible year of striking, which would make them originals. In his article, John Dannreuther has examined the majority of the known 1865 proof gold dollars, and comes to the conclusion that restrikes don’t exist had all, according to die state date. He notes that a single obverse die was used, combined with three different reverse dies. The first (Breen’s “restrikes”) was defective, and was soon replaced with a second reverse. Of the 2nd die, only a single example is known which is in the Smithsonian institution. The 3rd reverse die, introduced for unknown reasons was used for the majority of the pieces (these are the ones that Breen called originals).

Although this die state and originals vs restrikes information is very interesting, the rarity of proof gold has led that virtually no one has collected these by die varieties. However, as for historical aspects and order of striking, this information is very useful. The obverse die was introduced in 1862, and was used to produce the majority of proof gold dollars until 1874, when it was finally replaced. In all grades this date is rare but examples can be located with intensive searching. High grade piece with less bag marks than average are extremely rare and always in demand.