1868 G$1 (1868 Gold Dollar) NGC PF63. Proof One Dollar Gold. This proof cameo 1868 Gold Dollar is fully struck and shows complete details, as expected for a proof coin. The coin has frosted devices against dark, mirrored fields, which creates the cameo effect. Of course, not a trace of wear is found on the piece. In 1854 Indian Princess gold dollars were made. James Longacre, the designer, increased the diameter from the previous Liberty Head type by two millimeters.

The design consisted of a truncated portrait of Liberty facing left wearing a stylized headdress inscribed LIBERTY. She is surrounded by the words UNITED STATES OF AMERICA. The reverse shows an open, elaborate wreath of corn, cotton, maple, and tobacco with the numeral 1 in the top center. Below it is DOLLAR followed by the date. Unfortunately these pieces did not strike well because the obverse portrait was in high relief and there wasnt enough of a metal flow to fill the dies on both sides. Longacre had underestimated the power of the coining presses in use at the time. This problem was much more evident on the branch mint presses, which were much older than those in use at Philadelphia. Since the proofs that were made in Philadelphia did not show this weakness, Longacre was unable to anticipate this situation. As a result of the central weakness, the hair or the date was blurry or illegible. Most coins wore down quickly and were sent back to the mint to be recoined.

Two years later Type 3 was coined in the hopes that these striking problems could be alleviated with a design change. The new coin retained the same diameter, but the obverse relief was lowered. In addition, the portrait was modified so the relief areas were not opposite. The solution that Longacre chose was to adapt the design of the three dollar gold piece. The words of the legend were placed nearer the border. The head was placed farther from the letters, and the feathers shapes, sizes, and locations also changed. The new design modifications were successful and the coin remained in use until 1889.

James Barton Longacre was born in Pennsylvania in 1794. He became an apprentice to a bookseller and then a banknote engraver in Philadelphia. In 1819 he worked on his own as an engraver and made metal plates for bank notes and book illustrations. His works included one on stage personalities and another on the signers of the Declaration of Independence. In 1844, through the influence of John C. Calhoun, Longacre was made Chief Engraver at the Mint, where he succeeded the late Christian Gobrecht. Longacres experience was limited, but he was a talented artist. By 1849 he was able to create the gold dollar and double eagle, the design of which lasted until well into the twentieth century. One of Longacres associates, Chief Coiner Franklin Peale, opposed Longacres appointment and became an obstructionist. Peale ran a private medal-making business using Mint facilities, and he felt that Longacres presence would jeopardize it. In 1854 Peale was fired by President Franklin Pearce, and Longacres life became easier. He remained Chief Engraver until his death in 1869. Coins from Longacres estate were auctioned in 1870. They included patterns, coins of Chile, and regularly issued coins.

The 1868 dollar had a proof mintage of only 25 coins, one of the lowest mintages for the entire series. In its population report, NGC has 1 coin from 1868 at PF63 with 7 better.