Gold Liberty Head Dollars

oneor11

What are y'alls opinion on gold Liberty Head dollars (1849-1854)? I haven't studied them much until yesterday. But what engrossed me was the history behind them and what was going on in the untamed United States at that time. But what really surprised me was the value of these coins. When I checked them out they seem highly reasonable in lower mint state condition ($1000 or so) even though....say....only 400 or so are believed to exist per year in many year/mint marks. To me, only 400 in existence is incredibly rare.

Now some quick calculations tell me that the melt value is probably around $55.

So my question to you experts....why aren't these values sky high? Is it not popular with collectors? If not, is it because the coin is so small? Is it because the set can't really be fully completed because of the ultra-rarity of the 1849-C open wreath?

Don't get me wrong, a grand+ a pop in MS is a lot of money for a person like me. But it seems like pocket change considering the estimates of how many are still in existence.

RYK

I own a few, and the one thing that I can say about them with absolute certainty is that they are very small.

bosco5041

They are just to small for me. I'm getting older and don't like coins much smaller than a quarter. Thats just me. I could be wrong but I think tiny coins have a smaller following.

Priller

G$1 are my core collection. Primarily Pre Civil War, when they circulated widely. I like them due to the rarity and history, espically southern mints. I think people tend to like big shinny objects and dismiss G$1 because they are so small. They may also feel that the intrinsic value doesn't warrant the high price of the rare dates/mints. I've tried other series an have always come back to the G$1.

The 1849-C OW is so rare I doubt anybody considers it a componet of completing the set.

My registry set: G$1

OPA

Not much demand for a limited supplied coin. Also to small for my taste.

ambro51

Type 1 Gold Dollars were a primary circulating coin and struck in large numbers. By 1854, the opinion of the public was that they were too small and easily lost. No one can dispute that. The design was reworked and the planchet enlarged and made thinner. The type 2 was a failed design...high relief and a thin planchet...well, not too good an idea. They type 3, this hit the nail on the head and was very popular..for a few years, then soldiered on as collector pieces and jewelers playthings until 1889.

Two factors here, the denomination, as a whole, was discontinued very long ago. Type 1 dollars were called in by the federal government and melted in a few organized melts, one in 1861 took most of them out of circulation. They were allowed to remain in use in the south, and the far west. The melts, and the time that has passed...along with the scores of damaged coins, has left only ONE percent of those struck available to us today in numismatic condition.

So, they are ARE indeed rare as you have came to realize. The design is a work of art, the product of the Janvier reducing lathe and the basic design of the $20 double eagle. The coin is made much larger if you have a good loupe, work a lot with photographs on the monitor, or have them slabbed. They are a nightmare as loose coins...indeed, too small ;-) but that in itself need not be any reason NOT to collect them. If you dont have Bowers Gold Dollar book, thats a MUST. several good references exist, Akers, Breen, etc etc.

Gold dollars are the only gold series that an average collector can take on, but on all turns there is at least ONE real stopper out there.

heres a few of mine...

1849-O saw a lot of circulation.


1851 C Bright yellow charlotte gold




1854 MS62

oneor11

<< <i>Not much demand for a limited supplied coin. Also to small for my taste. >>



Yeah...scarcity. I can't find any at all online. I guess it would be something I would need to visit coin shows for. They had a coin show in Houston a couple of months ago. But I didn't really know what I was looking for and always stayed away from the gold tables since I figured it would be astronomically priced. Just getting back into coin collecting, and not having a network of numismatists that I could leverage for a supply, will probably cause me to stay away from them. I'm feeling like I would really like to have these though.

oneor11

Beautiful coins Ambro! Thanks for posting the pics as well as the social sentiments at the time. That was enlightening. It's great to see these coins up close in your pics. Part of the attraction to me too is owning coins from the 'other' mints, like Charlotte and Dahlonega.

ambro51

ebay is great source, search gold dollar, use PCGS as a filter and you have a nice choice. I like AU coins personally, I feel you get the best value for the dollar. some of the MS65 common date pieces, yes there is always a type set demand..but Id much rather have a lower grade scarcer branch mint piece. Just the 1849, that could keep a collector busy all his life!~ seven varieties, plus the big stopper in the series the open wreath charlotte coin....

The "size" thing is easily countered if you collect slabbed coins..all the slabs are the same size!

smaller coin shows can be a bad place to buy raw coins, lots of counterfeits, cleaned, damaged, repaired, yukko coins. I rather thought on line was a GOOD source, ebay, search PCGS gold dollar,...usually a nice run to pick over. NFC coins in Florida, they have a great selection and Ive bought and sold with them many times.

DONT LET anyone discourage you from collecting a coin you find interesting 'cause its too small. bah humbug. Tell them to go suck on an ASE.

liefgold

Gold dollars are also my core collection. I think they provide great history and stories from a very interesting stretch of history. Here are a few of mine. They are small but that is why they make loops!

Priller

A few from the south.

XF45


AU58 CAC


AU53 CAC


AU50

VMRCC

Unless you absolutely must have PCGS plastic, also consider NGC. Many people prefer gold in their holders. Collect what you like regardless of the number on a slab. The right circ coin can have more "character" and cost substantially less. It also may be worth considering a more common issue before taking the plunge into a branch mint example. JMHO.

nutmeg

I like them. I have a few type one and a 1862 type 3. Have not yet pulled the trigger for a type 2.
My first was a raw type one with a reverse scratch. It was on e-bay some years ago advertised as "The ugliest gold dollar on e-bay" I paid a total of $68 for it. The obverse is nice.

mkman123

Piece of history but I like $5 and $10 libs/Indians

topstuf

PerryHall

This series has been heavily counterfeited so be careful buying raw gold dollars. Also, these were popular for jewelry use and I've seen many with solder or tooling at 12:00 on the edge where the loop had been removed. Your best bet is to buy these coins in an NGC or PCGS slab to avoid buying a problem coin.