The Type 1 gold dollar holds a notable place in U.S. numismatic history as the smallest coin ever produced by the United States Mint. It was struck from 1849 to 1854, during a period of significant economic transformation sparked by the California Gold Rush. The Type 1 gold dollar featured a Liberty Head design created by James B. Longacre, the fourth Chief Engraver of the U.S. Mint.
The Type 1 Gold Dollar
- Size and Weight: Diameter of 12.7 mm, the smallest in U.S. coinage history, and a weight of 1.672 grams.
- Composition: 90% gold and 10% copper.
The small size of the Type 1 gold dollar limited its practicality in everyday transactions, as it was easy to lose. With a diameter of only 12.7 mm, the Type 1 gold dollar was only about two-thirds the size of a dime. Its issuance was largely driven by the influx of gold from the California Gold Rush and the economic need for smaller denomination coins.
Historical Context of the Type 1 Gold Dollar
The Type 1 gold dollar was struck at a pivotal moment in U.S. history. The discovery of gold in California in 1848 flooded the nation with a new gold supply, making it feasible for the U.S. Mint to produce a greater number of gold coins. Congress authorized the gold dollar in 1849 to address the scarcity of reliable small-denomination currency and to capitalize on the increased supply of gold.
The Type 1 gold dollar was uniquely tied to its era. As opposed to larger gold coins like the $20 Liberty Double Eagle, which served high-value transactions, the gold dollar was designed for everyday use. However, its diminutive size created challenges in circulation and handling, leading to changes in later gold dollar designs.
Design and Specifications
The Liberty Head design of the Type 1 gold dollar showcased James B. Longacre’s artistic skill. Liberty’s portrait, facing left, features a coronet inscribed with her name. Her hair is styled in a bun, and she is surrounded by 13 stars representing the original U.S. states. The reverse is simple but elegant with a wreath encircling the date and denomination.
Comparing the Type 1 Gold Dollar to Other Coins
The coin’s small dimensions—12.7 mm in diameter and weight of 1.672 grams—set it apart from all other U.S. coins. Comparing the Type 1 gold dollar with other pre-1933 gold coins and the next smallest U.S. coin:
- $0.10 Seated Liberty dime: Diameter of 17.9 mm, weight of 2.5 grams.
- $2.50 Quarter Eagle: Diameter of 18 mm, weight of 4.18 grams.
- $5 Half Eagle: Diameter of 22 mm, weight of 8.36 grams.
- $20 Double Eagle: Diameter of 34 mm, weight of 33.436 grams.
Despite its artistic appeal, the coin’s size created striking challenges, resulting in uneven detail and wear over time.
Minting and Distribution
Type 1 gold dollars were minted at five branches of the U.S. Mint:
- Philadelphia (no mint mark)
- Charlotte (C)
- Dahlonega (D)
- San Francisco (S)
The Charlotte and Dahlonega Mint branches primarily served regional commerce in the South, while the San Francisco Mint, opening in 1854, supported West Coast needs. Coins minted at Charlotte and Dahlonega are particularly rare and highly sought after today.
Collectability and Value
The Type 1 gold dollar is a favorite among collectors due to its historical significance, noteworthy size, and intricate design. Examples from the Charlotte and Dahlonega Mints carry a premium, as do uncirculated or mint state coins. Auction records show that high-grade Type 1 gold dollars can sell for thousands of dollars, with rare mint-marked coins fetching even more. One 1853-D Type 1 gold dollar in MS-66 condition sold for more than $116,000.
Difference Between Type 1 and Type 2/3 Gold Dollars
The Type 1 gold dollar significantly differs from its successors:
Design Differences
- Type 1 1849-1854): Depicted the Liberty Head design.
- Type II (1854–1856): Featured the Indian Princess Head, but its thin, large-diameter planchet led to poor striking quality.
- Type III (1856–1889): Retained the Indian Princess Head but improved the design for better strikes.
Size and Thickness
Type II and Type III coins had a larger diameter (14.3 mm) but were thinner than Type 1, which caused issues with design durability.
Minting Period
- Type I: 1849–1854.
- Type II: 1854–1856.
- Type III: 1856–1889.
These changes reflect the U.S. Mint’s attempts to address the practical limitations of small gold coins, including striking issues and wear.