1861-D G$1 AU58 PCGS. Winter 12-Q....

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1861-D Gold Dollar, AU58
Unusually High Quality Example, Ex: Bass
Storied Dahlonega Issue

1861-D G$1 AU58 PCGS. Winter 12-Q. White gold peripheries mellow into warm, yellow-gold centers, blanketed with ample luster. Eye appeal is excellent, especially considering this issue is known for its subpar manufacture. However, all details on this specimen are struck up except for the highest hair curls and leaf details, and planchet quality is superb. Even the U in UNITED is fully outlined, which is commonly found partially or completely obliterated.

The 1861-D gold dollar is the second rarest gold dollar issue, trailing only the extremely rare 1849-C Open Wreath, of which only five are known. Survivorship estimates vary slightly, with Doug Winter estimating 65 to 75 examples in all grades and Bowers postulating the slightly lower 45 to 60 figure. The number of quality survivors, however, reduces these totals significantly. NGC, who separates out details-graded coins in their population reports, has provided that inopportune designation to a full 84% of certification instances (although these no doubt include resubmissions), showing just how rare this issue is not only overall, but also in choice preservation.

The low survival rate translates to a low mintage, but the exact figure is unknown. The reason why provides significant intrigue into this issue. On December 10, 1860, the Philadelphia Mint sent two reverse dies to Dahlonega for gold dollar coinage. The package was received on January 7, 1861, but before coinage could begin, Georgia seceded from the Union on January 19. The Confederacy seized the Dahlonega Mint shortly afterward and subsequently produced the entire mintage of 1861-D gold dollars. However, they did not record the number they struck, requiring numismatists to rely on estimates. The highest estimate was 2,750 to 3,250 coins by Clair Birdsall in a book on the Dahlonega Mint, followed by 1,200 to 1,500 coins by David Akers, 1,000 to 1,500 coins by Q. David Bowers, and 1,250 coins by the Red Book.

All of the 1861-D gold dollars were made from a single die marriage, described by Doug Winter as Winter 12-Q. The die marriage combines Obverse 12, which was previously used to strike all of the 1860-D gold dollars, with one of the new 1861 reverses. Coins from the second reverse die are not known, suggesting it may have broken quickly in production, potentially due to inexperienced Confederate minters, or it was never used. Either way, it is possible that a second die marriage of this important issue could exist.

This coin's superlative history is matched by an excellent collecting history, with its rarity recognized early. In Augustus Heaton's seminal 1893 work A Treatise on the Coinage of the United States Branch Mints, which popularized mintmark collecting of American coins, he stated, "but two pieces are known." In January 1896, it was reported that gold coin mega-collector John H. Clapp had purchased an Uncirculated example for a whopping $100. In the 1911 Woodin Sale, it was described as "The rarest of gold dollars," which was bolded for emphasis; one of only six bolded superlatives among the descriptions of the entire 1,600 lot auction. The World's Greatest Collection, sold by Abe Kosoff in 1945 and 1946, provided an estimate of $325 for this issue, higher than any other circulation strike gold dollar, but still positioned as a bargain. Today, while key-date, conditional rarities like the 1861-D have lost some ground to top-pop pieces destined for registry sets, this storied issue still comprises two of the top ten highest prices realized for circulation strike gold dollars from both Heritage Auctions and Stack's Bowers.
Ex: Harry W. Bass, Jr. Collection , Part IV (Bowers and Merena, 11/2000), lot 63.(Registry values: N7079)
From The Courtan Gold Collection.

Coin Index Numbers: (NGC ID# 25CV, PCGS# 7559, Greysheet# 8086)

Weight: 1.67 grams

Metal: 90% Gold, 10% Copper

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View Certification Details from PCGS