Q.David Bowers
Gold Dollars (1849-1889)
In 1836 the Philadelphia Mint struck patterns for two denominations which would not see regular cir-culation until many years later, the two-cent piece (which was first minted for circulation in 1864) and the gold dollar. Pattern gold dollars of that year display on the obverse a Liberty cap surrounded by resplendent rays. Later, the same design was to be used on a medal struck in the same year to observe the first use of steam power at the Mint for coinage. The reverse of the pattern dollars displayed a palm branch arranged in a circle or loop. Examples were struck in gold as well as other metals. Despite the success of the patterns, gold dollars were not adopted at the time.
In January 1849 James B. Longacre engraved on gold discs several patterns for a dollar. To increase the diameter of the coin but retain the same metallic content a hole was put in the center, in the manner of Chinese coins. On March 3rd of the same year the gold dollar denomination was authorized by Congress. The weight was established at 25.8 grains.
The adopted design differed from the engraved pattern issues and consisted of a compact head of Liberty wearing a coronet and with her hair tied in a bun. From 1849 through 1854 specimens of this design were made at the Philadelphia, Charlotte, Dahlonega, and New Orleans mints, and, beginning in 1854, the San Francisco Mint. The small diameter of 13 millimeters caused many problems in handling. Pieces were easily misplaced, and the designs and inscriptions could not be observed comfortably. As a result, in 1854 the design was modified. The diameter was increased to 15 millimeters, and the head of Liberty was redesigned to be an Indian princess.
Problems with the new design arose immediately.
The head of Liberty was in high relief on the obverse. Because of this there was not enough metal flow during striking to fully bring up the details of the obverse while at the same time filling the inscription on the reverse. Accordingly, examples were weakly struck, usually at the two central figures of the four-digit date. In 1856 Longacre redesigned the portrait of Liberty to a larger size and with a plumed headdress (similar to that used on the $3 gold piece first issued in 1854) to alleviate the problem. Dollars of the third design were minted until 1889, at which time the denomination was discontinued.
From 1849 until the Civil War gold dollars were made in large quantities. Despite their inconvenient size, they found ready use in circulation. After the Civil War, with the exception of a few scattered years, coinage diminished sharply. The nadir was reached in 1875, when just 400 business strikes plus 20 Proofs were struck. During the early 1880s gold dollars became a popular item of speculation, and coin dealers, collectors, jewelers, and others hoarded them, causing current issues to sell for a slight premium. Because of this, mint-state examples of the 1879-1889 years exist today in large quantities relative to their modest mintages.
There are numerous rare issues among the 1849-1889 gold dollars. All pieces from the Charlotte and Dahlonega mints are elusive, and several, including 1849-C with an open wreath on the reverse, 1854-D, 1855-C, 1855-D, 1856-D, 1857-D, 1858-D, 1859-D, 1860-D, and 1870-S are very rare. One of the most famous of all rarities is the 1861-D issue. These pieces were apparently struck after the Dahlonega Mint was captured by the Confederate States of America forces. No coinage records were kept. Most Charlotte and Dahlonega (in particular) pieces are very weakly struck. The same situation occurred with most quarter eagles and half eagles from the same two mints.
Quarter Eagles (1796-1929)
The first $21/2 gold pieces, or quarter eagles, bear the date 1796. The initial pieces struck display Robert Scot's capped bust to right design on the obverse, without stars. The reverse is of the heraldic eagle type. It is believed that 963 pieces were made of this style. The obverse design was modified to include stars to the left and right, and an additional 432 1796 quarter eagles were struck with the new design. Coinage continued; with intermissions, until 1808, when John Reich's capped bust to left design was used. In that year 2,710 pieces were made. After that time coinage was suspended. In 1821 quarter eagle production resumed. The design was modified slightly to what is known today as the capped head (instead of bust) to left type. The diameter was reduced from about 20 millimeters to about 18.5. Quarter eagles were struck intermittently through 1834.
Effective August 1, 1834, the weight of gold coins was reduced, a step intended to eliminate the melting and exportation of coins which had resulted in the destruction of nearly the entire quarter eagle and half eagle mintage of the 1820s and early 1830s. To signify the standard change, the diameter was reduced slightly to 18.2 millimeters and the motto E Pluribus Unum, which had been on the reverse of the quarter eagle since 1796, was dropped. The adopted portrait was Kneass' classic head type. Specimens of this design were struck through 1839.
In 1840 the coronet or braided hair type, designed by Christian Gobrecht, made its appearance. This style was produced continuously without change until 1907, a span of years unequalled by any other United States coinage design.
A number of rare quarter eagles occur throughout the 1796-1907 period. Due to limited mintages plus exportation and melting, all quarter eagles of the 1796-1834 type are extremely rare. The 1796 issue without stars on the obverse and the 1808 capped bust left have received a special degree of attention as these types were struck only in one year. The 1804 quarter eagle with 14 stars on the reverse was struck from the same reverse die used to coin a dime variety.
Charlotte and Dahlonega quarter eagles minted during the 1838-1860 years are all elusive. 1841, called the Little Princess by some cataloguers, was struck only in Proof condition and is exceedingly rare. 1854-S, a variety of which just 246 were struck, is likewise a major rarity. The mintage of 1875 quarter eagles stands at just 400 business strikes for circulation plus 20 Proofs, the same mintage as the gold dollar of the year.
From 1908 to 1929 the Indian quarter eagles were struck. Dr. William Sturgis Bigelow, a friend of Theodore Roosevelt, proposed a coinage of intaglio or recessed design. The idea received a favorable reception, for Roosevelt believed that American coinage was very unattractive in comparison to pieces of antiquity. Bigelow engaged Bela Lyon Pratt, a well-known Boston sculptor, to prepare models in the early part of 1908.
Toward the end of the year quarter eagles and half eagles of the Pratt design reached circulation. The Numismatist commented:
The new half and quarter eagles are out. To most people these came unheralded and with very little warning. The public press has very little to say about them although they depart much more from the accepted standards than SaintGaudens' pieces did.
The chief departure from the world's accepted standard of how money should be made is the treatment of the background or field. Heretofore, the field of the coin has been the most depressed part, while the design has stood out in more or less greater relief. On these new coins the background has become the foreground and is now on the same plane with the highest part of the relief. The design is formed by countersinking into the field. This design is in relief as in other coins but is differentiated from the background by an incuse line, the shape of which follows the outline of the relief. The idea of depressing the design below the face of the coin originated with Dr. William S. Bigelow of Boston, who commissioned Mr. Bela L. Pratt, a noted Boston sculptor, to make the designs. These designs were submitted to Washington and were accepted several months ago.