Proof 1869 Gold Dollar - 1869 G$1 PCGS PR64 CAC. Here is an extremely rare, low mintage Proof 1869 Gold Dollar that comes in an OGH (old green holder). The coin is tied for the finest known at PCGS and is the finest known at CAC. As expected for a proof coin, every detail is apparent because of the fullness of the strike. The tips of the feathers, the hair below the headband, the elements of the wreath, the central numerals of the date, and the bow know all have full details. The surfaces are original and clean for the grade with no hairlines visible without the aid of magnification. The CAC sticker indicates that the coin is a premium quality piece that fully deserves the assigned grade.

The dollar coin was part of Alexander Hamiltons original plan for the nations coinage; however, there was none until 1830s, when Christopher Bechtler, a private minter, began to coin dollar and other denomination in gold. However, the coins were variable in fineness and frequently counterfeited. In 1844 a bill was introduced in congress to make gold dollars. Mint Director Robert Patterson was opposed. He falsely claimed that there was no public demand for these coins. He did not want Longacre, the Mint Engraver, making new dies because that would interfere with Franklin Peales medal-making business. He thought that Longacres job might be abolished if new coinage was not needed. However, five years later Congress recognized the need to coin the new California gold that was coming into the Mint. The public need a replacement for the paper currency that was frequently only acceptable at a discount and for the silver that had vanished during the Hard Times of 1837 to 1844. Notwithstanding Pattersons objection, Longacre made the dies for the gold dollar and production began on May 8th of both business strikes and proofs.

In 1854 Type 2 gold dollars were made to replace the previously issued Liberty head issue. Their diameters were increased from 13 millimeters to 15 millimeters to make handling easier. For this type, Engraver James Longacre created a new design called the Indian Princess. It 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, and 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.

The 1869 proof gold dollar had an original mintage of 25 pieces, the second lowest known mintage of the series. Only 14 to 16 of this date are known today in all grades. The present specimen is tied with 2 others in PR64 for the finest known at PCGS. At CAC, as of December 2012, it is the only PR64 with none finer.