1858 G$1 MS68 PCGS. CAC....

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Description

1858 Gold Dollar, Bold MS68
Tied for the Finest Known

1858 G$1 MS68 PCGS. CAC. A bold strike and flawless surfaces characterize this Superb Gem gold dollar. Both sides have bold border details in seeming high relief. The headdress is fully detailed, and the ribbon bow and knot are complete. Both sides exhibit frosty light yellow-gold luster that gradually gives way to pale mint-green inside the reverse border. Examination with a magnifier fails to reveal any surface disturbances on this near-perfect gold dollar.

Variety and Die State: Breen-6054. Normal Dies. Both sides exhibit light clash marks in the usual places: around the central obverse device and inside the wreath.

Walter Breen recorded a variety in his Complete Encyclopedia that was identified as an 1858/7 overdate. Today, that variety is discounted and was probably the result of a poor-quality photograph showing clash marks through the second 8 of the date.

Population (6/15): This MS68 coin is numerically tied with one other at PCGS and one at NGC, the latter having the Star designation.

Commentary: Although the United States was recovering from the Financial Panic of 1857, the coin hobby was thriving in 1858. The American Numismatic Society was organized in 1858. At the Philadelphia Mint, proof coins were available for widespread acquisition for the first time ever. No longer did a collector have to be an "insider" to acquire beautiful proof coins of all denominations from copper, to silver and gold. This was also the year of gold discoveries in Colorado, leading to another gold rush the following year.

The majority of the 117,995 circulation strike gold dollars coined in Philadelphia were issued for circulation, where they remained for several years. Mint State coins survived as a matter of chance. The few collectors who could afford to collect gold coins by date were primarily interested in proof coins for a small premium. In A Guide Book of Gold Dollars, Dave Bowers writes:

"This is a gold dollar that should be plentiful in Mint State, but is not. At this grade level any 1858 dollar is scarce, and choice and gem pieces are extremely rare. Any certified on the long side of MS-67 must be 'wonder coins.' "

Four decades ago, David Akers wrote in his gold dollar reference:

"Not particularly scarce as a date, but truly choice pieces are more difficult to obtain than one might image. A look at the auction data indicates only 19 Uncs. were offered out of 88 appearances, and this figure of 19 Uncs. is only a fraction of that offered for many other more highly regarded dates."

Douglas Winter Commentary: In my experience, all 1858 gold coinage from the Philadelphia Mint is scarce and undervalued in higher grades. The 1858 gold dollar can be found without much effort in grades up to MS64, but Gems are rare with fewer than a dozen known in MS65 and above. Unlike the 1856 Slanted 5 and 1857, this date does not appear to have been saved. Superb pieces are very rare.

It is likely that this coin, obtained by Dr. Duckor via private treaty from John Albanese, is tied for finest known honors with the Jim O' Neal coin that Heritage sold for a strong $74,750 as lot 4704 in their January 2012 FUN auction.

What makes this coin so special, in my opinion, is its nearly perfect surfaces and frosty luster.

Provenance: Purchased from John Albanese.
From The Duckor Family Collection of Gold Dollars.(Registry values: N1)

Coin Index Numbers: (NGC ID# 25CH, PCGS# 7548, Greysheet# 8020)

Weight: 1.67 grams

Metal: 90% Gold, 10% Copper

View all of [The Duckor Family Collection of Gold Dollars ]

View Certification Details from PCGS