That's right. The total business strike mintage for the 1880 gold dollar was 1,600 pieces plus 36 Proofs. This has long made this issued a "trophy coin" for collectors who are totally excited with low mintages, but the coin is not prohibitively expensive. Why? First, there are not huge number of gold dollar collectors. Some collectors dislike them because they are small. Second, the survival rate was very high for a 19th century coin. According to "Coin Facts" the estimated number of survivors is 1,000 pieces with 975 of those in MS-60 or better. The estimates further claim that there are 600 pieces left in MS-65 or better. Most of these high grade pieces have Proof-Like characteristics. Why was the survivals rate so high? Speculators in the 19th century were aware of these numbers and saved a large number of these coins. The gold dollars from the decade of the 1880s had a similar following although the mint did make an effort to get the mintages higher to prevent more "rarities." This coin is graded MS-65, and it is in a PCGS Old Green Label (OGL) holder.
The mint's intention was to make coins for the economy, not to satisfy speculators. The trouble is the glory days for the gold dollar had passed. Believe it or not, the gold dollar was popular from 1849 until the Civil War. It was probably the most U.S. popular dollar coin ever. The reason was the value of the piece spoke for itself. It was made of gold, unlike the paper bank notes, which were sometimes of dubious value. When you took a gold dollar, you knew you had a dollar.
Do you know how folks generally carried their money in those days? When I held my first gold dollar, my first thought was how easy it would be to lose being so tiny and considering the value a dollar held.
They carried their coins around in their pockets or purses. Women and probably a lot of men used those little bags that snapped at the top to holder their money. There was the joke about miser who would open up his little purse and have a moth fly out of it. The mint was very concerned about the size of the gold dollar. The Type I gold dollars only had a diameter of 13mm. One proposed solution was to issue gold dollars with a hole in the center, but the mint didn’t have the equipment to mass-produce those pieces. Another idea to lower the alloy from 90% gold to something less. That idea was shelved because the coins looked to brassy which was an open invitation to counterfeiters. A "ring dollar" photo courtesy Heritage Auctions The ultimate change was to increase the diameter from 13 to 15mm in mid 1854. It may have helped, but along came the Civil War in 1861 which ended the circulation of gold coins. After the war you could not trade your Federal Government notes for gold on a one for one basis. They would not be brought into line until the late 1870s. By then the large gold, especially the $20 gold pieces were the most popular gold coins, and the dollar fell by the wayside.
There was one dealer who was hyping the fact that a coin had ONLY 36 pieces graded at that grade level. It was SOOOOOOOO rare! He did not like it when I mentioned that the 36 number was just for one TPG, and that both TPGs had graded 700 finer.
All my years playing around with coins. I had absolutely no idea the mint considered a ring gold dollar.
Until about the mid-1980s, I guess, wallets all had change compartments. (Modern version here: Also, in fact, the dollar coin was not popular. The average was for a worker was 50 cents a day, so a dollar was like $250 in our money today. The half dollar carried commerce, which is why the US Mint focussed on that coin. (The other mainstay was the $5 half eagle.) "In general, Uncirculated gold dollars are rare for all dates prior to 1879, except that because of the enormous mintages, more Uncirculated pieces were saved by chance for such issues as Philadelphia Mint coins of the early 1850s. After 1878 a popular speculation arose whereby jewelers, numismatists, and members of the public enjoyed hoarding gold dollars (and to a lesser extent $3 pieces). Although gold dollars minted from 1879 through 1889 have generally low mintages, in proportion far more Uncirculated pieces survive than do issues of earlier dates." -- https://www.pcgs.com/coinfacts/category/gold-coins/gold-dollar-1849-1889/51 I am still looking for an E-Sylum article about a 19th century newspaper story stating that gold dollars have little use in commerce and are mostly demanded by jewelers for ladies' charm bracelets.
Pollock lists 14 varieties of pattern "annular" (ring) dollars for 1852. He also lists annular cents for 1850 and 1851. And there are patterns for annular gold half dollars for 1852.
Nicely written. It’s one of my favorite series. I thought the diameter of type 2/3 dollars was 14.3mm, but that’s a minor detail. I’ve always wondered why scarcer date gold dollars are not much more expensive. If a Lincoln cent had such a low mintage, well, you get the idea...
The gold dollar was popular prior to the Civil War. It is interesting that the paragraph you used, written by David Bowers, came after this one which he also wrote in the same article: "In the early years, from 1849 through the Civil War, the gold dollar was a workhorse denomination. Those of the Type I design, 13 mm in diameter, were used often in everyday change, and most examples seen today show wear." The gold dollar fell into disuse after the Civil War because there was no practical applitcation for it because of the monetary disconnect between the gold coinage and paper money. From the late 1870s until the series ended in 1889, the gold dollar was mostly hoarded by speculators or used by jewelers.
This thread really inspired me to add a low mintage gold dollar to my collection. That’s why I spontaneously purchased this beauty: It may not be as lustrous as John’s 1880 G$1, but it’s a decent coin in choice MS condition with a mintage of only 5000. I hope you like it...
During the civil war, at least for a time, officers were paid in gold using gold dollars. Down the road from where I work, at Berkeley plantation, metal detectorists sometimes find unc examples, lost by McClellan's officers while stationed there during the Peninsular Campaign.
Once the paper note achieved par with gold a silver in the mid 1870's you had the same situation that we have today. You have dollar coins which are "inconvenient", either way too small and light or way too large and heavy, and you finally have a paper note that is both trustworthy and much easier to carry and handle. So given the choice people chose the paper note.
I actually think it's an instance of Gresham's Law. It's not that people don't want the coins - they do, and that's the problem. They spend the paper and hoard the metal.
Nice coin - reminds me of the one I saw on Northeast. I have gift certificate I need to spend and was shopping thru the categories. Great discussion and information. All of my $1 gold is mostly U - in the 1851 to 1861 range with 1 XF. In my opinion they become affordable in circulated ranges, but like you mention uncirculated prices really jump.
