An Internet Based Gold Dollar Exhibit
BillJones
Posts: 34,556 ✭✭✭✭✭
I had planned to display an exhibit of the late date (1880 - 1889) "short set" of gold dollars at the Summer FUN show. Unfortunately I got sick and messed the convention. Rather than letting it all go to waste, I've decided to pust the coin part of the exhibit here. There are the write-up for each date presented five dates per post.
1880 Gold Dollar
Mintage - 1,600 Business Strikes + 36 Proof Coins
Estimated Number of Survivors - 1,000, 975 in MS-60 or better, 650 in MS-65 or better
The 1880 gold dollar has intrigued collectors and hoarders for over a century because of its low mintage of 1,600 pieces. Ironically the coin is more common than it might appear because of extensive hoarding. The coin is “common” in MS-65 or better with an estimated 650 survivors, but it is always in demand whenever it is offered. This interest often results in strong auction prices.
1881 Gold Dollar
Mintage - 7,620 Business Strikes + 87 Proof Coins
Estimated Number of Survivors - 1,500, 1,400 in MS-60 or better, 500 in MS-65 or better
The 1881 gold dollar is noted for the high quality of its survivors. This is probably the easiest gold dollar date to locate in grades higher than MS-65. A great many of these high grade survivors have Proof-like surfaces. This made distinguishing the Proofs from the Mint State coins difficult in the days before third party grading. On the day that I purchased this piece, I had two other MS-67 graded examples available to me at the same major show.
1882 and 1883 Gold Dollars
1882 Mintage 5,000 + 125 Proof Coins
Estimated Number of Survivors 750, 700 MS-60 or better, 250 MS-65 or better
1883 Mintage 10,800 + 207 Proof Coins. Proof Coin Survival 70, 69 PR-60 or better, 25 PR-65 or better
Estimated Number of Survivors 1,750, 1,600 MS-60 or better, 600 MS-65 or better
I have combined the commentary for these two dates to illustrate the differences between prooflike and Proof gold dollars from the 1880s. Dealers and collectors from past generations often had considerable difficulty differentiating between the two finishes. As you see from this side by side comparison, the differences are subtle and easy to miss, especially if either coin were to be examined without the other.
Generally the Proof coins were a little brighter with more mirrored surfaces, as opposed to the slightly frosted fields of the business strike coins. The edges on the Proof are squared off and have more of a finished look, which makes the coin appear neater and tidier around its periphery. The rule of thumb in the old days was, “When in doubt, sell it as a Mint State piece.” Today certification and research on the characteristics of Proof coins have eliminated the guesswork.
1882 David Akers noted in his gold dollar auction survey book which he published in 1975, that the 1882 gold dollar is scarcer than both the 1880 and 1881 pieces. Yet most survivors grade MS-65 or better, and many of them have prooflike surfaces. Akers noted that the Proof and Mint State coins can be distinguished by the “orange peal” surfaces that appear on the coins that were made for circulation.
1883 I had long wanted to have an “old Proof coin” in my collection when I purchased this piece. This coin was a “splurge” on my part. The mintages for all Proof gold coins dated before 1934 is usually very low, often less than 100 pieces. The late date gold dollars are an exception. After 1883 Proof mintage exceeded 1,000 coins per year with many of those pieces going to collectors, hoarders and jewelers. Eighteen eighty-thee marked the last year that the gold dollar Proof mintage was less than 1,000 pieces.
1884 Gold Dollar
Mintage - 5,230 Business Strikes + 1,006 Proof Coins
Estimated Number of Survivors - 500, 450 in MS-60 or better, 100 in MS-65 or better
The 1884 gold dollar is one of the scarcer dates in the late date “short set.” The estimated number of survivors is only 500 pieces, which is half the amount of some other dates from this era. It should be noted that this coin is the lowest grade piece in this collection at MS-63. After getting “blown out” at few auctions for this date, I was happy to find this piece at a show at a fraction of the cost of a higher grade example. Despite a few microscopic marks, the coin fits in well with the other pieces.
Comments
Thanks Bill... beautiful coins and the accompanying information is great. Look forward to the next installation. Cheers, RickO
1885 Gold Dollar
Mintage - 11,156 Business Strikes + 1,105 Proof Coins
Estimated Number of Survivors - 1,250, 1,150 in MS-60 or better, 200 in MS-65 or better
The 1885 gold dollar falls in the middle with respect to rarity in this set. I have not seen as many examples of this piece as I have of the 1881 gold dollars and certainly far less than the 1888 and 1889 which are easily the most common dates. Although this coin is in an MS-66 holder I only regard it as an MS-65 example. It landed in my collection because the dealer charged me an MS-65 price for the coin.
1886 Gold Dollar
Mintage - 5,000 Business Strikes + 1,016 Proof Coins
Estimated Number of Survivors - 800, 750 in MS-60 or better, 125 in MS-65 or better
According to Q. David Bowers the Philadelphia Mint produced 5 thousand 1886 gold dollars to prevent this date from becoming a Proof only issue. This is also the explanation for some of the other small business strike mintages that were issued during the 1880s. Many prooflike examples are known of the 1886 gold dollar although this example has frosty or satin surfaces. This is a moderately scarce date in the short set.
1887 Gold Dollar
Mintage - 7,500 Business Strikes + 1,043 Proof Coins
Estimated Number of Survivors - 1,500, 1,450 in MS-60 or better, 350 in MS-65 or better
The 1887 gold dollar is one of the more common dates in the short set. The mintage of seventy five hundred pieces is above average for the period. There were a fair number of survivors despite that fact that many pieces were used for jewelry and some pieces were turned into the government after Franklin Roosevelt’s Gold Surrender Order of 1933. As it is for many of the gold dollars from the 1880s, prooflike pieces are not unusual.
1888 Gold Dollar
Mintage - 15,501 Business Strikes + 1,079 Proof Coins
Estimated Number of Survivors - 2,000, 1,900 in MS-60 or better, 700 in MS-65 or better
In 1888 the gold dollar mintage rose to over 15 thousand pieces. Gold dollar consumers may have perceived that the series was coming to an end, which prompted them to order additional pieces. Some prooflike examples are known, but many of these pieces have frosty surfaces which is reflective of the higher mintage. This coin is the second most common date in the late date gold dollar short set.
1889 Gold Dollar
Mintage - 28,950 Business Strikes + 1,779 Proof Coins
Estimated Number of Survivors - 6,000, 5,800 in MS-60 or better, 1,500 in MS-65 or better
The 1889 gold dollar is by far the most common coin in this “short set” and one of the most common dates in the gold dollar series. Because of their end of the series status, large numbers of these coins were saved, and many high grade examples are available today. Some prooflike examples of this date are seen, but most pieces have frosty surfaces because the higher mintage resulted in the dulling of the dies. The MS-64 example here might rate an additional grading point by today’s standards.
Those are beautiful coins and a great presentation. I've always liked gold dollars. The type one's remind me of 'baby twenties'......I've probably had more of those in my life than type three's. I could probably count the number of type two's I've owned on two hands......
Sorry to hear you had to miss the show.
There are historical notes that go along with this, but they are "just reading," and I thought that would get tedious. I might post at least some of those later.
Bill,
Nice write up and presentation. I love the look of these $1 gold pieces, especially the reverse.
Thanks for sharing.
Donato
Donato's Complete US Type Set ---- Donato's Dansco 7070 Modified Type Set ---- Donato's Basic U.S. Coin Design Set
Successful transactions: Shrub68 (Jim), MWallace (Mike)
Beautiful gold dollars and excellent write up
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CoinsAreFun Toned Silver Eagle Proof Album
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Gallery Mint Museum, Ron Landis& Joe Rust, The beginnings of the Golden Dollar
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More CoinsAreFun Pictorials NGC
Thanks for posting your set Bill. Very nice coins and great commentary!
Very nice set indeed!
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Cool narratives and great collection!
Superb!
I've had but one gold dollar in my collecting. Not exciting like yours as it was an 1874 and counterfeit per PCGS.
Great pics and info, Bill, thanks
bob
Unfortunately the counterfeit problem scared a lot of collectors away from gold dollars in the days before third party grading became popular. These coins are so small, that some collectors simply cannot view them close enough to see the problems that indicate a counterfeit.
Thanks Bill. Excellent as always.
Great display, Bill, and a good explanation of extant pieces. I bet if you posted the history lesson, others would read it. I certainly would.
Tom
The fact that 95%+ of all the survivors are in MS condition is remarkable. Can't think of any other series you would find that.
This is for this era from 1880 to 1889. Once you look at the dates before 1879, that starts to drop off more and more as you go back in time. The coins of this era did not circulate much at all. They were collected, hoarded or used for jewelry. My guess is most of the pieces that have been destroyed were turned into the government during the Gold Surrender Order or melted for scrap because they had been used for jewelry and were holed, soldered or otherwise damaged.
A Brief History of the Gold Dollar
The gold dollar was authorized in 1849 along with the twenty dollar gold piece or double eagle. It was the result of some political negotiations between gold producers in California and the southern states. Gold production was booming in California and the gold producers there were looking to get more of their product into circulation with a large coin. In the south, gold production had been declining for most of the decade. The southern politicians hoped that the tiny gold dollar would stretch their dwindling production over a larger number of coins, which would keep the mints in Charlotte, North Carolina and Dahlonega, Georgia from closing.
The gold dollar was popular from its introduction in 1849 until 1861. The coin offered a reliable alternative to the currency issued by the state charted banks. The value of those notes was only as strong as the financial health and local proximity of the bank that issued them. Notes issued by failed banks were worthless. Notes from distant banks were accepted at a significant discount below their face value, if they were accepted at all. Even notes issued by strong local banks were often discounted.
Everything changed with the outbreak of the Civil War. Panicked citizens hoarded almost all of the gold and silver coinage. Many of those coins were exported while those that remained in the U.S. traded at a premium for the Union issued Civil War currency. After the war most of the silver coins returned to circulation, but gold coins continued to trade at a premium. Gold coins and U.S. Government currency would not become interchangeable until December 1878.
Perhaps because of the parity between the gold and paper currencies, the gold dollar never regained its former popularity. After a mintage of almost 200 thousand coins in 1874, gold dollar mintage fell to only 420 coins in 1875 and never fully recovered. From 1876 to 1889, annual gold dollar mintages exceeded 10 thousand coins only four times. The main customers for gold dollars were coin collectors and speculators, who saved them because of their low mintages, and jewelers who used them for their artistic creations.
The low mintages resulted in series of gold dollars that were well struck with vibrant, bright surfaces. The dies were never pushed to their limits, as they had been for some previous years, and the initial die polishing often lasted for the length of the annual production runs. The results were a string of numismatic "gems" which are presented here.
The Type I Gold Dollar, 1849 - 1854
The Type I gold dollar had a diameter of only 13 millimeters which makes it the smallest, but not the lightest, coin ever issued by the United States Government. Despite its small size the coin was popular because its intrinsic value was evident given its gold content. During its five and a half year run, the U.S. Mint System issued over 12 and a half million of these tiny coins. Its small size lead to complains, and in 1854 designer, James Longacre, devised a larger and thinner replacement, the Type II gold dollar.
The Type II Gold Dollar, 1854 - 1856
Despite an increase in diameter from 13 to 15 millimeters, the Type II gold dollar contained the same amount of gold as its smaller predecessor. Although the coin answered some of the concerns about the size of the gold dollar, the design was a failure. The relief of the head of Ms. Liberty that appeared on the obverse was too high, which resulted in many poorly struck coins. Frequently the “LL” in “DOLLAR” and the date were weakly stuck. After less than two years of production, the design was replaced with the Type III gold dollar. The U.S. Mint System issued just over 1.6 million Type II Gold Dollars.
The Type III Gold Dollar, 1856 - 1889
James Longacre adapted his design for the Three Dollar Gold Piece for the Type III gold dollar. The design change solved the production problems that had plagued the Type II gold dollars, but the Civil War rendered the gold dollar obsolete. After some significant mintages in its early years, Type III gold dollar production fell to low levels because of limited demand. In 1873-4, the Philadelphia Mint melted many Type I gold dollars and converted the metal into Type III gold dollars. After that effort went for naught, small annual mintages became the norm. Overall the U.S. Mint System issued just over 5.3 million Type III gold dollars.
@USMarine6 said: "The fact that 95%+ of all the survivors are in MS condition is remarkable. Can't think of any other series you would find that."
"Semper Fi" I just removed my disagreement from your post as you probably just read that opinion.
I disagree with the percentage cited in your statement because It all depends on the definition of Mint State.
From what I've seen, the actual percentage is much lower. Perhaps I'm looking in the wrong places, don't know how to grade, or have a stricter standard that is not realistic in the "commercial" marketplace.
That said, Bill's coins are beautiful and they are either the exception that" proves the rule" or the norm that proves I'm an ignorant idiot!
The Mint State survival numbers are from "Coin Facts" data, and the survey is limited to coins from the 1880 to 1889 timeframe. I have seen very few circulated gold dollars from that era. You might see some that were messed up from numismatic abuse (cleaned up to make it "look better.") or use as jewelry, but impairment from circulation is unusual.
Thanks for the show.
Thanks for the knowledge and taking time to post the info. Threads like these is what keeps me here.
+1
Thanks for sharing and beautiful coins Bill.
WOW, great collection. Thanks for all the historical and technical info in this thread, that's what makes visiting this forum so much fun. Looks like my solitary Type III AU58 1888 dollar is one of the "rarer" ones that didn't survive in mint state. Might it have actually circulated or might it just be cabinet wear?
Bill, reading lots of your posts it looks like you have purchased lots of your coins at auction. Since you have had experience as a dealer have you ever estimated what percentage of the coins in your collection came to you from your regular customers or via "over the counter" purchases? I think that would be interesting to know
it's crackers to slip a rozzer the dropsy in snide
Thanks for the posts!
very nice dollars!
I have been a collector for far longer than I have been a dealer. As dealer, I didn't get to buy that many collections, and most of what they contained was material that I sold as part of the business. Many of the coins that I bought and sold came from other dealers.
When you are a dealer, you have to be careful about saving too many coins for yourself. Otherwise you wouldn't have anything to sell or anything decent to sell. I did keep a piece now and then, but a lot of the material I kept was offset by pieces I took from my collection. Being a dealer is great way to dispose of the coins you upgrade rather easily. I found that any piece I took out of my collection sold very quickly. That's the one aspect I miss as a result of my retirement. There is no running around the bourse trying to sell something. Instead the buyers come to you! That is a big advantage.
As for your 1888 gold dollar, I doubt that it was in circulation at all, or if it was it was, not for long. Coins get a rub by sliding around in a coin cabinet as the term "cabinet friction" suggests. Or the piece might have been carelessly carried in a pocket or purse, or jingled around in bank bag for a short period of time. It does not take much to mark or flatten the surfaces of a gold coin; they are quite soft.
As for the gold dollars I displayed here, here's how I bought them.
1880 - Auciton
1881 - Bourse dealer
1882 - Auction
1883 - Bourse dealer
1885 - Bourse Dealer
1886 - Bourse Dealer - Heritage booth at a show
1887 - Bourse Dealer
1888 - Bourse Dealer
1889 - Bourse Dealer