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Description

1858 Gold Dollar, MS68
One of Two Finest

1858 G$1 MS68 PCGS. CAC. The gold dollars of 1858, from a mintage approaching 118,000 pieces, were apparently paid out shortly after the time of issue, after which they were seen in circulation for the next several years. David Bowers writes in A Guide Book of Gold Dollars, 2008: "Relatively few Mint State coins were saved by intent or chance. In fact, among old-time collections, choice and gem Proof 1858 dollars have appeared more often than have equivalent-quality circulation strikes--and Proofs are rarities. Circulated examples are seen with frequency and can be easily acquired." And Jeff Garrett and Ron Guth say in their Encyclopedia of U.S. Gold Coins: "The 1858 gold dollar is more rare than either the 1856 or 1857 Philadelphia Mint issues, and as such, it is underrated at current price levels. Although this date is many times rarer than its later-date counterparts, it sells for only a small premium."
PCGS and NGC have graded about 250 1858 gold dollars in Mint State, a number of which are likely resubmitted or crossover coins. Fewer than 20 of these are Gem or finer examples. The MS68 specimen offered here is tied with one other PCGS coin for the finest certified. This latter piece is from the James and Margaret Carter Collection (Stack's, 1/1986), lot 42, and later from the New York Connoisseur's Collection, American Numismatic Rarities, 3/2006), lot 1399.
The present 1858 example is endowed with vibrant satiny luster residing on peach-gold surfaces that are immaculately preserved. An exacting strike imparts crisp definition to the design features, including the first 8 in the date, an element that is lightly impressed on many other surviving examples. Light clash marks are barely visible on both sides, not unusual for gold dollars of the era. Close inspection with a loupe reveals a couple of nearly imperceptible marks on Liberty's cheek and below the E in AMERICA and one near the reverse rim at 8:30. We mention these solely for pedigree purposes as they take nothing away from the coin's overall outstanding eye appeal.
Ex: The Sweet Collection; The Classics Sale (American Numismatic Rarities, 3/2004), lot 1283; ANA Sale (Heritage Auctions, 7/2008), lot 1878.
From The Jim O'Neal Gold Type Collection.(Registry values: N1) (NGC ID# 25CH, PCGS# 7548)

View all of [The Jim O'Neal Gold Type Collection ]

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Auction Dates
January, 2012
3rd-8th
Internet/Mail/Phone Bidders: 11
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