J-438 - 1865 Gold Dollar Pattern, NGC PF65 BN. R-7-. This lustrous copper, Gem Proof 1865 Gold Dollar Pattern comes with the provenance of the Exemplar Collection and is the second finest known at NGC and the finest known at PCGS. Struck from regular dies, the coin is toned light and dark brown with red highlights. The colors attest to the coins originality. In addition, it is clean for the grade with no visible hairlines or other notable distractions. The coin has an above average strike with full details on the ends of the feathers, the elements of the wreath, the central numerals of the date, and the bow knot.

The J-438 pattern dollar is one of the denominations for 1865 that was struck in copper. While some of the other denominations were struck in other metals that year, all were also struck in copper. Some show the IN GOD WE TRUST motto and some do not. The dollar was deemed too small to carry the new motto.

The so called Indian Princess Head gold dollar was designed by James Longacre and minted from 1854 to 1889. The first, which is actually Type 2 because there was a prior Liberty Head gold dollar, was issued until 1856. The second Indian Princess gold dollar, Type 3, was minted from 1856 to 1889.

The Type 2 gold dollar showed a head of Liberty facing left wearing a stylized feathered headdress. It is inscribed LIBERTY on the headband. She is surrounded by the legend UNITED STATES OF AMERICA. The reverse shows an open wreath of corn, cotton, maple, and tobacco tied below with a bow. The wreath encircles the denomination, 1 DOLLAR, and the date. The problem with the coin was that it did not strike up well. In fact mint state examples looked worn and, in some cases, so circulated that the date could not be read on the coin. This problem most affected the branch mint issues, which Longacre did not get to see until afterwards. The proofs that he saw did not have this as a problem. To remedy this situation, Longacre designed the Type 3 gold dollar. While the design was similar to the previous issue, Longacre lowered the relief and moved the obverse head so as not to be opposite a reverse relief area. This coin is called the Large Size or Large Head.

In 1844 Longacre was appointed Mint Engraver through the influence of Senator John C. Calhoun of South Carolina. After overcoming opposition by the Chief Coiner, Franklin Peale, who was fearful that the new Engraver would interfere with his illegal medal manufacturing business using the Mint facilities, Longacre did well. He was responsible for creating many new designs including the Indian Head cent, the two-cent piece, the Shield nickel, the Liberty Head gold dollar, the Indian Princess gold dollar, the three-dollar gold piece, and the Liberty Head double eagle. 

The J-438 1865 gold dollar pattern has an R7 rarity rating. Only 7 pieces are known in all grades. In its population report NGC shows 1 in PF65BN with 1 better. At PCGS the finest are 2 in PF64BN with none reaching the PF65BN level.