This specific alloy was previously suggested, but considerable experimenting started in 1878. Named goloid, or goloid metric dollars, they were meant to get a better standard within American coinage. The first patterns in the alloy, which was meant to be specifically mentioned on the coins, were struck in 1878. However, the project soon failed as it became apparent that the gold was not visible in the coins, and that counterfeits could easily be made by leaving the gold out and replacing it by a cheaper metal. As such, the experiment came to an end later that year, although more varieties were struck in 1879 and 1880, including this particular variety.

The fact that these piece exist can be traced back to a limited number of collectors at the time. Many pattern pieces were created by Mint officials, who created and sold the pieces for their own profit. Because of this, we now have a diverse variety of patterns that are called fantasy pieces. These numismatic delicacies are popular with collectors in these days, although they were never really considered for regular coinage.

A totally different design is featured on both sides of this magnificent coin. The obverse features a portrait that was previously used on the so-called “half unions”, or $50 gold pieces. Those are extremely rare, making this a much more affordable opportunity to obtain that type of portrait. The reverse is very different as one, lacking the eagle usually displayed on the Silver dollars. The motto on the reverse is different as well, which is the Latin phrasing DEO EST GLORIA, meaning “God is glorious”.

This is a wonderful coin of this very scarce pattern, slightly darker toned. Subdued luster is visible on both sides under the toning. Both sides are sharply struck, displaying the sharpness usually found on proof pieces of this area. A great coin for the specialist, or any collector interested in owning a very historic pattern.