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The Southern Gold Coins of 1861 (an article)
RYK
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The Southern Gold Coins of 1861
By RYK
For the citizens of the United States, and as well for the collector of Southern Gold, 1861 was a pivotal year in our history. Of course, this was the year in which the decades of tension between the northern states and the southern states finally devolved into what is now known as the Civil War. For the southern gold coin collector, this year has particularly great significance as the three operating southern branch mints (Charlotte, Dahlonega, and New Orleans) all ceased production in 1861, but not before each issued a denomination (or two, in the case of Dahlonega), under the auspices of their new governing bodies (either State or Confederacy). There are a total of four southern branch mint gold coins from 1861, and we will discuss them all here.
1861-D gold dollar
The 1861-D gold dollar is the only dollar denomination southern gold coin of 1861, and the only issue whose entire mintage is believed to have been struck by the Confederacy. No 1861-D dollars were struck by the Mint while under United States control, but approximately 1000-1500 pieces are estimated to have been struck while the Mint was under Confederate control, after being seized by rebel forces in April, 1861. The 1861-D gold dollar has ever been a popular issue among numismatists. If one researches auction catalogs from the first half of the twentieth century, these were even then considered to be notable pieces, found in better collections, and sold for premium prices over coins that are considered to be more significant rarities today.
Regrettably, for the Dahlonega collector, 1861-D dollars have appeared infrequently at auction and retail offerings over the past several years, with the majority of those available have had significant “problems”. Interestingly, when acceptable pieces do come to market they tend to be higher in grade (AU or better). The two finest known pieces are currently impounded in the Alabama Collection, both coins having illustrious pedigrees from the finest cabinets of the last century.
1861-C half eagle
The 1861-C is the most common of the southern gold issues of 1861, and it is the coin that when found is probably the least likely to have been struck by the Confederacy. 5992 pieces were struck by the US Mint, with another 887 issued in May, 1861, one month after Confederate forces took over operation of the Charlotte branch mint. In 1997, Winter estimated that there were 95-105 survivors, but I suspect that when his Gold Coins of the Charlotte Mint is reissued, this estimate will be revised upward, to perhaps as high as 125 or more pieces. These are seen with some regularity in larger US coins auctions and not infrequently in dealer inventories. They are also, for the grade, the least expensive of the southern gold coins of 1861, and have always been less expensive and more available than the sister issue from the Dahlonega Mint.
1861-D half eagle
The 1861-D half eagle is the second of two issues of 1861 that was produced in Dahlonega in the final year of operation of the Dahlonega Mint. 1597 coins were struck while the Mint was under U.S. control and another one to two thousand struck after the Confederacy told charge in April, 1861. It is a popular and challenging issue for collectors of Dahlonega gold, and many consider it to be the key date of the Dahlonega half eagle date set, with around 65-75 pieces known. The 1861-D half eagle has appeared only occasionally at auction over the past few years, and the nicer pieces have sold for prices well over published price guide values. Despite the small number of coins, those that do survive are proportionally better preserved than many other dates in the Dahlonega half eagle series.
1861-O double eagle
The 1861-O double eagle is the only larger denomination 1861 southern gold coin and the only one struck at the New Orleans Mint. 5000 were struck by the Union, 9750 by the State of Louisiana, and 2991 by the Confederacy for a total mintage of 17,741 pieces. Most examples that are found have the strike characteristic of a weak lower half of the date, while a minority show a strong date, leading some to speculate that either the weak lower digits or strong are more likely to be struck by non-Union coiners. There is no proof or consensus of this point among collectors. There is also a fascinating theory, offered by Tom Hoke (The Numismatist, September, 1994), that as many as 5000 pieces were stolen and hidden by Mint Superintendent and Confederate sympathizer (and later Confederate Army Captain) Johnson Kelly Duncan. Such a hoard is rumored, but has never been discovered, and based on the evidence available, it is unlikely to exist.
The 1861-O $20 is a coin that is in great demand from both collectors of New Orleans gold and the $20 Liberty gold series, such that the estimated 150 or so surviving pieces are highly sought. The coins do appear fairly regularly at auction, more often than the 1861-D $5’s, and have recently sold for prices beyond what is published.
Summary
1861 was an extremely interesting year historically and remains of numismatic importance for the southern gold collector. If a collector would like a single southern gold coin from this year, the 1861-C half eagle is the easiest and least expensive choice. Assembling the complete four-coin set of southern gold coins of 1861 is surprisingly challenging and has become rather expensive, as well. As a collector, I would recommend this as an interesting side project for one who is interested in southern gold, rather than the main focus, as acquiring acceptable coins in nearly any price point will require much time and patience, and acquisitions will likely be spaced over a long period of time.
By RYK
For the citizens of the United States, and as well for the collector of Southern Gold, 1861 was a pivotal year in our history. Of course, this was the year in which the decades of tension between the northern states and the southern states finally devolved into what is now known as the Civil War. For the southern gold coin collector, this year has particularly great significance as the three operating southern branch mints (Charlotte, Dahlonega, and New Orleans) all ceased production in 1861, but not before each issued a denomination (or two, in the case of Dahlonega), under the auspices of their new governing bodies (either State or Confederacy). There are a total of four southern branch mint gold coins from 1861, and we will discuss them all here.
1861-D gold dollar
The 1861-D gold dollar is the only dollar denomination southern gold coin of 1861, and the only issue whose entire mintage is believed to have been struck by the Confederacy. No 1861-D dollars were struck by the Mint while under United States control, but approximately 1000-1500 pieces are estimated to have been struck while the Mint was under Confederate control, after being seized by rebel forces in April, 1861. The 1861-D gold dollar has ever been a popular issue among numismatists. If one researches auction catalogs from the first half of the twentieth century, these were even then considered to be notable pieces, found in better collections, and sold for premium prices over coins that are considered to be more significant rarities today.
Regrettably, for the Dahlonega collector, 1861-D dollars have appeared infrequently at auction and retail offerings over the past several years, with the majority of those available have had significant “problems”. Interestingly, when acceptable pieces do come to market they tend to be higher in grade (AU or better). The two finest known pieces are currently impounded in the Alabama Collection, both coins having illustrious pedigrees from the finest cabinets of the last century.
1861-C half eagle
The 1861-C is the most common of the southern gold issues of 1861, and it is the coin that when found is probably the least likely to have been struck by the Confederacy. 5992 pieces were struck by the US Mint, with another 887 issued in May, 1861, one month after Confederate forces took over operation of the Charlotte branch mint. In 1997, Winter estimated that there were 95-105 survivors, but I suspect that when his Gold Coins of the Charlotte Mint is reissued, this estimate will be revised upward, to perhaps as high as 125 or more pieces. These are seen with some regularity in larger US coins auctions and not infrequently in dealer inventories. They are also, for the grade, the least expensive of the southern gold coins of 1861, and have always been less expensive and more available than the sister issue from the Dahlonega Mint.
1861-D half eagle
The 1861-D half eagle is the second of two issues of 1861 that was produced in Dahlonega in the final year of operation of the Dahlonega Mint. 1597 coins were struck while the Mint was under U.S. control and another one to two thousand struck after the Confederacy told charge in April, 1861. It is a popular and challenging issue for collectors of Dahlonega gold, and many consider it to be the key date of the Dahlonega half eagle date set, with around 65-75 pieces known. The 1861-D half eagle has appeared only occasionally at auction over the past few years, and the nicer pieces have sold for prices well over published price guide values. Despite the small number of coins, those that do survive are proportionally better preserved than many other dates in the Dahlonega half eagle series.
1861-O double eagle
The 1861-O double eagle is the only larger denomination 1861 southern gold coin and the only one struck at the New Orleans Mint. 5000 were struck by the Union, 9750 by the State of Louisiana, and 2991 by the Confederacy for a total mintage of 17,741 pieces. Most examples that are found have the strike characteristic of a weak lower half of the date, while a minority show a strong date, leading some to speculate that either the weak lower digits or strong are more likely to be struck by non-Union coiners. There is no proof or consensus of this point among collectors. There is also a fascinating theory, offered by Tom Hoke (The Numismatist, September, 1994), that as many as 5000 pieces were stolen and hidden by Mint Superintendent and Confederate sympathizer (and later Confederate Army Captain) Johnson Kelly Duncan. Such a hoard is rumored, but has never been discovered, and based on the evidence available, it is unlikely to exist.
The 1861-O $20 is a coin that is in great demand from both collectors of New Orleans gold and the $20 Liberty gold series, such that the estimated 150 or so surviving pieces are highly sought. The coins do appear fairly regularly at auction, more often than the 1861-D $5’s, and have recently sold for prices beyond what is published.
Summary
1861 was an extremely interesting year historically and remains of numismatic importance for the southern gold collector. If a collector would like a single southern gold coin from this year, the 1861-C half eagle is the easiest and least expensive choice. Assembling the complete four-coin set of southern gold coins of 1861 is surprisingly challenging and has become rather expensive, as well. As a collector, I would recommend this as an interesting side project for one who is interested in southern gold, rather than the main focus, as acquiring acceptable coins in nearly any price point will require much time and patience, and acquisitions will likely be spaced over a long period of time.
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Comments
Take it easy,
Jared
Caught between the Scylla and Charibdes,
Hypnotized by you if I should linger,
Staring at the ring around your finger" - Sting
Ray Thiel (1964-2007) - the man who showed me more wonderful games & gaming sessions than I ever dreamed possible... you ran out of hit points too young, my friend.
Fred, Las Vegas, NV
<< <i>Interesting read - thanks for sharing.q]
Interesting indeed, thanks!
<< <i>do you intend to publish this elsewhere? >>
Perhaps it is worth publishing in the Southern Gold Society newsletter.
Where do you find these coins?
Primarily at auction and through specialty dealers. With the possible exception of the 1861-C $5, these coins are in great demand and almost never sitting on the bourse, listed in online inventories, etc.
How does one distinguish between coins struck by the USA and by the CSA for each denomination?
People have theories, but with the exception of the 1861-D gold dollar, no one knows for sure.
You're not thinking of bagging that xray stuff and joining up with Kraljevich Americana are you?
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
<< <i>That's a good read Robert - thanks for posting. >>
<< <i>I enjoyed that very much! Thanks! >>
<< <i>Nicely done and thank you for putting that very interesting article together. >>
Couldn't have said it better. Thanks, very informative!
<< <i>nice read. >>
It would not have been as interesting without your photos. Thanks, Mark.
Mark, great job on the photos.
listed in this thread. Nothing is better then reading about coins
when history is salted into the mix.
RWB
Young Numismatist ............................ and growing!
Thanks Robert.
Nice article RYK. Thanks for taking the time to consolidate the information.
That's a cool idea.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
An authorized PCGS dealer, and a contributor to the Red Book.
<< <i>What about the 2 1/2 Dollar gold coin? I have one and I am curious about it also.
There were no southern branch mint gold quarter eagles from 1861.
Again, a very nice couching of info on these coins... I just had to put the plug in on behalf of my Charlotte homeboys...
cheers,
C'dude
I meant to say that the 1861-C $5 was the most available of the quartet, and it is.
Nearly five years have gone by since I have seen a "collector grade" 1861-O $20 on a dealer website. In May of 2003, I bought my coin from Park Avenue Numismatics. Yesterday, Doug Winter posted an NGC XF-45 for sale on his website (not my coin). Once or twice, I Kleinman has offered one in a Coin World ad, and a few times each year, these have been offered at auction. The 1861-O $20's that exist appear to be in stickier hands than the 1861-C $5's.
Tough coin
I've had more 61-O Double Eagles in high grades in the last 5 years or so. There WILL be one available at an upcoming auction. It originated from me.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870