1862 marked the final year that gold dollars were produced in quantity, and it was the final year that more than 200,000 pieces were struck for circulation. Throughout the year, the Philadelphia Mint’s output totaled to an immense 1,361,355 pieces. This was not only the highest mintage since 1856, it is also the 5th largest of the series, and the 2nd for the type introduced in 1856.

As a result of the very high mintage of circulation strikes, this is one of the most common issues of this type. The majority of these pieces did not circulate, or only saw short circulation following the Civil War. After specie payments had been suspended, circulation of both gold and silver coinage completely ceased, and all pieces were either hoarded by banks and the general public until years after the Civil War.

The gold dollar denomination was naturally included as well. Created following the gold rush in California, which had commenced in the late 1840’s, they never proved popular in general commerce. The earliest types were very small, and later types were slightly larger, but much thinner. As a result, they were easily lost and saw little circulation after the mid 1850’s. The Civil War further added to the very limited gold dollars in circulation, except in the western state where the Civil War only had a small influence on normal life.

Breen reports that a total of 53 obverse dies and 47 reverse dies were used for coinage. These are of varying quality, and as usual weak strikes and coins struck from worn dies come on the market with regularity. For the collector seeking a nice example of this Civil War date, these coins are better avoided.

This issue is available in all grades up to MS-64 without much problem. Circulated pieces are scarce, and the majority of the pieces that are available are either in AU or low Mint state grades. At the gem level, this issue becomes scarce, but pieces are available after searching. About 5 dozen MS-66 pieces are graded by the two major grading companies, and approximately 10 pieces have been graded MS-67. In recent times, a single MS-68 1862 gold dollar has been graded by NGC, which is one of the finest known for the whole series and a true trophy coin.

Proofs were also made by collectors, according to Breen on February 16. These are identified by heavy die polish, especially so on the feather’s on the obverse, and a heavy, low placed date on the reverse. A total of 35 proofs were struck, of which a small number presumably has been melted. An estimated 20 proofs of this date still survive in all grades. Due to the high mintage of the business strike, this issue is sometimes considered to be underrated in proof format. However, this can be the case with all gold dollars, due do their small size and relative unpopularity.

The small number of surviving pieces is usually seen in either PR-63 or PR-64. The finest pieces are a small number of PR-65DCAM pieces, although even Cameo pieces are in the minority. In whatever grade a proof of this issue is found, all are very scarce and much harder to find than an average uncirculated example of the 1862 gold dollar.