The 1864 gold dollar is one of the low mintage Civil War coins. The total mintage was delivered on two different days during the year, with the first 2,400 pieces delivered on February 24. Late in the year, on December 6, another 3,500 pieces were produced for circulation. The total mintage thus comes to the limited number of 5,900 circulation strikes. This is a smaller number than the previous year, but more pieces were apparently saved, and now this issue is slightly more available than the 1863 gold dollar.

Yet, this remains a very scarce issue with approximately 85 pieces extant in all grades. The majority of the surviving pieces are in higher circulated grades (EF to AU). However, Mint State examples are occasionally available as well, and a few near perfect examples have been graded by the grading companies.

The small number of remaining Mint State pieces can mostly be traced back to several hoards that were set apart shortly after their mintage. In the midst of the Civil War, not many people could afford to buy freshly minted gold dollars, and thus the majority were exported and later melted. Others were melted soon after their mintage, and the gold was used for the striking of other issues. Thanks to the few people who were able to buy freshly minted gold dollars in 1864, we now have the opportunity to locate high grade examples in modern collections.

The finest pieces graded by both PCGS and NGC are two MS-69 pieces, which are also among the finest known for the full series. Although a few MS-68 pieces are available for the other Civil War dates, these are the only Civil War gold dollars that have been graded that high by either of the two major grading companies. These are both in demand for type set collectors (with the Civil War date adding to its charm), and gold dollar collectors seeking examples for complete sets. As a result, the finest pieces are tightly locked up in collections, and the highest graded examples that come to the market are a less than a dozen MS-68 pieces.

Even in these highest grades, this issue suffers from several factors that are common with gold dollars from this era. The first are die striations, which will mostly be visible on the obverse. These are radial lines which show on the fields, and which are created when the dies had recently been polished. As these issues were often struck from dies previously used for proof coinage, many coins will have semi-prooflike fields. These certainly do not detract from the value of the coin, and are often an indication of an early die state coin.

The other frequently seen diagnostic on high grade coins are die clashes, which occurs when the dies clash to each other with no planchet in-between. As a result, features of one die will show on the opposite side. These are often easily visible, but are a characteristic of a genuine coin and do not detract from the coin’s value either. According to Breen, this issue comes in various degrees of original Mint color. Most will show orange to red-yellow surfaces which are usually highly regarded by collectors of gold.

This issue is known in varying degrees of striking sharpness. Fully struck pieces are rarities, and in the distinct minority. Only the highest graded coins will exhibit a full strike, and all the others will show at least some weakness in Liberty’s hair on the obverse, the wreath and date on the reverse. In lower Mint State grades, this issue occasionally comes available, somewhat more than the previously mentioned 1863 gold dollar.

The proof issue is much scarcer, with about 50% of the number of 1863 proof gold dollars available. A total of 50 proofs were made for collectors, delivered at an unknown date. These are of varying quality, but are often nicely produced by the United States Mint, even in the Civil War era. Cameo pieces showing enough frost are extremely rare, and are in the distinct minority.

The estimates of 1864 proof gold dollars that remain in all grades range from 12 to 15 pieces. Of these, at least 2 are impounded in museums, and a few others are impaired. As a result, only a very limited number of proofs are available to collectors. In fact, this is an issue that at most only once a year appears at major auction or at shows, if that much at all.