Newsletter 77: Coin of the Week: 1888 Gold $1 NGC PFOOF 67 CAM

Proof 1888 Gold Dollar - 1888 Gold $1 NGC PF67 CAM. Only 4 other specimens share this lofty grade for this fantastic 1888 Proof Gold Dollar with 3 better not including duplicate submissions. A great rare gold dollar.

This rare 1888 Superb Gem Cameo proof gold dollar is tied for the second finest known at NGC and is the finest known at PCGS. The coin shows flawless deep mirrored fields on which frosty devices float. As expected at this lofty grade level, the surfaces are completely original and clean with no visible hairlines or other distractions. The strike is full and sharp, which is also as expected for a proof coin of this distinction.

The dollar coin was part of Alexander Hamilton’s original plan for the nation’s coinage; however, there was none until 1830’s, 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 Peale’s medal-making business. He thought that Longacre’s 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 Patterson’s objection, Longacre made the dies for the gold dollar and production began on May 8th of both business strikes and proofs.

The first gold dollars were the Liberty Head type, similar to Longacre’s double eagle in design. It was minted from 1849 to 1854. In 1854, Longacre introduced the Indian Princess motif. However, these pieces did not strike well because the obverse portrait was in high relief and there wasn’t 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. The Type 2 coin was issued from 1854 to 1856.

In 1856 the 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.

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, 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.