Let us Welcome Octavia to the Gold Dollar Collection, the Last New Orleans Mint Gold Dollar ***1855
ambro51
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By 1855 the Gold Dollar was an accepted coin of commerce. The earlier, smaller gold dollar, known as the "thick" gold dollar, was in active circulation, as were many of the new, larger Type 2 coins. 1854 saw a large mintage at Philadelpia, and by 1855 all the working mints except San Francisco were producing the new Type 2 design. The main mint at Philadelphia, with its superior capacity. struck over 3/4 million, while the smaller branch mints at Dahlonega and Charlotte coined their own in much smaller numbers. One of the great rarities of the Gold Dollar series is the 1855 D, with only 1811 struck (and about 70 surviving), while the Charlotte Mint coin had a low mintage also, about ten thousand coined, with perhaps 150 specimens remaining today. Both are keys to the Gold Dollar series...and though neither will win any beauty contests...they are very expensive and sought after when offered for sale today.
The New Orleans Mint had a higher capacity, and for the most part turned out coins that nearly rivaled Philadelphia examples in quality. Frequently they were a brighter, more yellow gold, due to a higher quantity of silver, making up the remaining 10 percent of the alloy. The Gold Dollar had been struck at New Orleans for every year since its inception in 1849, except for 1854. By 1855, they were ready to go with the new Type 2 design, and their steam presses turned out 55,000 coins. Most were well struck, but the chronic problem of metal flow the Type 2 suffered from caused the 8 in the date to usually be weak. It was a problem that had no remedy....other than a complete redesign of the coin.
During the early days of numismatic auctions, poetic prose flowed from the minds of the catalog writers, no doubt to make up for the lack of vivid high quality images. Some described the quality and appearance of some high grade specimens as Prooflike, and commenting on the occasional coin that had a fully struck up 8 in the date. No doubt, some coins when struck with fresh dies, calibrated to the right degree...were capable of perfection. That was the exception rather than the rule, but for the most part, the overall quality of the New Orleans Type 2 Gold Dollars was superior to all the other branch mint coins. Six pairs of dies were shipped from the Philadelphia mint, but not all were used. Even so, it is easy to see that given the mintage of only 55,000...dies could be refreshed a few times to keep quality up to snuff.
Today the 1855 O Gold Dollar is eagerly sought on a few fronts. It is the only example of that type struck at New Orleans, and it is also the last gold dollar coined there. Since no US Type set is complete without a Type 2 gold dollar, the demand is strong. Some collectors even attempt to complete type sets by mint, so the coin is eagerly sought by them also. Thankfully, the supply is good, since the type 2 and type 3 avoided the wholesale melting by the Government...which decimated the numbers of the earlier smaller gold dollar by at least fifty percent, by the early date of 1861. The 1855 O was a coin of commerce though, and in his 1975 study of Gold Dollars, using compilied Auction Catalogs dating back to the late 19th century, David Akers assigned the 'average survivor' grade at VF 37, which means that very few Mint State coins are in the population, most being well circulated. Indeed today QDB estimates that there are only 60 to 80 surviving Mint State examples...and only 30 grading higher than MS63. In circulated grades, perhaps 900 to 1200 survive, most in EF to AU grades. Again, as with all type 2 coins, the weakness of the strike generally makes grading difficult, as the high details on the portrait, the hair, and feathers, can strike up weakly due to metal flow problems.
Though this coin has seen circulation, there is no evidence of the die clashing that usually mars the appearance of the Type 2 design. Of average strike, with some luster remaining, she has been graded at AU50 by NGC. She is more than welcome to join the Gold Dollar Collection, and I have named her Octavia.
So, Let us Welcome Octavia, 1855 O Gold Dollar NGC AU50 to the Collection...
The New Orleans Mint had a higher capacity, and for the most part turned out coins that nearly rivaled Philadelphia examples in quality. Frequently they were a brighter, more yellow gold, due to a higher quantity of silver, making up the remaining 10 percent of the alloy. The Gold Dollar had been struck at New Orleans for every year since its inception in 1849, except for 1854. By 1855, they were ready to go with the new Type 2 design, and their steam presses turned out 55,000 coins. Most were well struck, but the chronic problem of metal flow the Type 2 suffered from caused the 8 in the date to usually be weak. It was a problem that had no remedy....other than a complete redesign of the coin.
During the early days of numismatic auctions, poetic prose flowed from the minds of the catalog writers, no doubt to make up for the lack of vivid high quality images. Some described the quality and appearance of some high grade specimens as Prooflike, and commenting on the occasional coin that had a fully struck up 8 in the date. No doubt, some coins when struck with fresh dies, calibrated to the right degree...were capable of perfection. That was the exception rather than the rule, but for the most part, the overall quality of the New Orleans Type 2 Gold Dollars was superior to all the other branch mint coins. Six pairs of dies were shipped from the Philadelphia mint, but not all were used. Even so, it is easy to see that given the mintage of only 55,000...dies could be refreshed a few times to keep quality up to snuff.
Today the 1855 O Gold Dollar is eagerly sought on a few fronts. It is the only example of that type struck at New Orleans, and it is also the last gold dollar coined there. Since no US Type set is complete without a Type 2 gold dollar, the demand is strong. Some collectors even attempt to complete type sets by mint, so the coin is eagerly sought by them also. Thankfully, the supply is good, since the type 2 and type 3 avoided the wholesale melting by the Government...which decimated the numbers of the earlier smaller gold dollar by at least fifty percent, by the early date of 1861. The 1855 O was a coin of commerce though, and in his 1975 study of Gold Dollars, using compilied Auction Catalogs dating back to the late 19th century, David Akers assigned the 'average survivor' grade at VF 37, which means that very few Mint State coins are in the population, most being well circulated. Indeed today QDB estimates that there are only 60 to 80 surviving Mint State examples...and only 30 grading higher than MS63. In circulated grades, perhaps 900 to 1200 survive, most in EF to AU grades. Again, as with all type 2 coins, the weakness of the strike generally makes grading difficult, as the high details on the portrait, the hair, and feathers, can strike up weakly due to metal flow problems.
Though this coin has seen circulation, there is no evidence of the die clashing that usually mars the appearance of the Type 2 design. Of average strike, with some luster remaining, she has been graded at AU50 by NGC. She is more than welcome to join the Gold Dollar Collection, and I have named her Octavia.
So, Let us Welcome Octavia, 1855 O Gold Dollar NGC AU50 to the Collection...
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Comments
You are doing a fine job with the set.
Enjoy!
"Bongo hurtles along the rain soaked highway of life on underinflated bald retread tires."
~Wayne
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
(Is that an O under your wreath, or are you just happy to see me?)
I give away money. I collect money.
I don’t love money . I do love the Lord God.
Congrats on the NEWP.
Its a beauty for sure and a killer!
'dude