United States Proof One Dollar Gold
Coins: Beginning in 1854, proof one dollar gold
coins were struck almost continuously through 1889. Utilizing
designs by Chief Engraver of the Mint James B. Longacre,
three distinct types were produced. These are the Liberty
Head (Type 1), the Indian Princess Head, Small Head (Type
2) and the Indian Princess Head, Large Head (Type 3). The
original Type 1 pieces were a tiny 13mm in diameter and
had to be modified to better facilitate the minting process
as well as to differentiate them from small silver coins
also in circulation. In 1854, Type 2 pieces were issued
and enlarged to 15mm. On the Type 2, the obverse design
was changed to that of an Indian Princess but the height
of relief on the coin proved problematic and the design
was again modified in 1856 with the Type 3.
Of the 39 issues comprising this series,
the vast majority of dates vary from challenging to extremely
difficult to virtually impossible to locate. In stark contrast,
the final issues from the late 1880’s are some of
the most readily available and affordable U.S. proof gold
coins.
With the above in mind, this fascinating
series seems to be underpriced and overlooked in today’s
marketplace relative to their larger denomination brethren
of similar rarity. Miniscule mintages, low survival rates,
a Civil War subset, and a lengthy run all combine to make
this series extremely fascinating and may prove in the future
to be quite the opportunity for those serious collectors/investors
who choose to pursue it.
1849 $1 Liberty Head
(Type 1) No L, Open Wreath. Survival estimates for this
issue are subjective but consensus places the number at
a half dozen or less. One piece resides in the National
Numismatic Collection at the Smithsonian Institution and
the rest are in private hands and rarely ever seen at
auction. The lone certified piece is one graded PF-64
CAM by NGC.
1850 $1 Liberty Head
(Type 1). It is believed that a complete proof set was
struck in 1850. The only confirmed piece known has been
graded PR-60 by PCGS. It last traded in 1995 at the Long
Beach Auction and was sold for $7,480.
1854 $1 Liberty Head
(Type 1). Only one piece is confirmed and it resides in
the Harry W. Bass, Jr. Foundation Collection. Another
piece was reportedly sent in 1854 to Bremen, Germany but
has never surfaced and cannot be confirmed.
1854 $1 Indian Princess
Head, Small Head (Type 2). As of this writing only four
of these are known. Two are held in museum collections
and the other two reside in private collections.
1855 $1 Indian Princess
Head, Small Head (Type 2). While still an extreme rarity
like the other early $1 gold proofs, this issue has shown
up in recent years at auction and is always a very popular
coin. It is estimated between 8 and 10 are known. Included
in the population are many famous pedigrees including
the Pittman, Clapp-Eliasberg-Trompeter, ANS Collection,
Starr, Bareford, and the Norman Stack Type Set examples.
The Pittman example traded hands in January 2008 at the
Heritage FUN Auction for in excess of $373,000.
1856 $1 Indian Princess
Head, Large Head (Type 3) Slant 5. There are two varieties
known for the 1856 $1 gold issue, the Slant 5 and Upright
5, and as of this writing all known proofs of this year
are of the Slant 5 variety. As with other early $1 gold
proofs, no exact mintage data is available but survival
estimates place the population of this coin at less than
10 known. Thus, this is yet another extremely rare and
desirable coin from the $1 gold series.
1857 $1 Indian Princess
Head, Large Head (Type 3). As with other early $1 gold
coins, no exact mintage data is available for proofs from
this year. Survival estimates are from 8 to 10 pieces
known in all grades. Due to the extreme rarity of this
and other early Type 3 proofs, any offering of these issues
must be strongly considered by the serious collector/investor.
1858 $1 Indian Princess
Head, Large Head (Type 3). Though not seen at auction
more frequently than the 1856 or 1857 issues, the 1858
is considered to be more readily available based on survival
estimates ranging from 18-20 pieces known. Obviously,
far from plentiful, this still is an extremely rare coin
by any qualification. Unbelievably, at one time the famed
Harry W. Bass, Jr. Collection contained four examples.
1859 $1 Indian Princess
Head, Large Head (Type 3). Unlike its predecessors, the
1859 has a known mintage of 80 pieces. It is believed
that a good number of these have been melted and prevailing
opinion is that some 20 or less remain today. Several
of these reside in permanent collections such as the National
Numismatic Collection at the Smithsonian Institution.
Therefore, this is yet another early $1 gold proof that
is rarely offered and highly treasured by the private
collector/investor.
1860 $1 Indian Princess
Head, Large Head (Type 3). While the number of proof gold
dollars minted nearly doubled from the previous year,
this coin is very scarce. Survival estimates for this
issue number from 35-40 pieces making it a very rare and
desirable coin and its appearance in the market and at
auction is no more frequent than earlier issues despite
what the population would suggest.
1861 $1 Indian Princess
Head, Large Head (Type 3). Despite the eruption of the
American Civil War, the mint again produced proof $1 gold
coins elevating this issue forever to a place of honor
amongst numismatists. Civil War coinage, especially gold
coinage, is always popular and in demand with collectors/investors.
The vast majority of the pieces minted presumably found
the melting pot as the surviving population estimates
are only in the 35-40 range. That data makes this issue
not terribly different from the 1862 issue which had a
mintage of only 35. It is quite remarkable with the tenor
of the times in the United States that any of these pieces
survived at all.
1862 $1 Indian Princess
Head, Large Head (Type 3). The second Civil War proof
gold dollar was produced in considerably smaller numbers
than its 1861 counterpart but surviving population estimates
are not dramatically different with some 20-25 of these
remaining. Civil War coinage, particularly gold coinage,
is always popular and in demand and thus makes this already
scarce issue even more desirable and seemingly undervalued.
The 1862 issue marked the first year of use for the Proof
only obverse die which was employed from 1862 to 1873
and then once again in 1875 and 1876. The die is easily
recognizable by the polished-out feathers found in the
front of the headdress.
1863 $1 Indian Princess
Head, Large Head (Type 3). With the outcome of the Civil
War still very much in doubt, the third Civil War proof
gold dollar was minted in greater numbers than had been
produced in 1862. Like earlier issues, survival estimates
are between 25-30 pieces remaining in existence. Civil
War coinage, particularly gold coinage, is always popular
and in demand and this rare and desirable issue is no
exception.
1864 $1 Indian Princess
Head, Large Head (Type 3). As the Civil War raged on,
the fourth Civil War proof gold dollar was minted in exactly
the same numbers as the prior year. Survival estimates
place the remaining population of this issue at less than
20 pieces in all grades making it yet another very difficult
and rare piece to obtain for the collector/investor. It
should be noted that the famed Eliasberg Collection lacked
this date. Remarkably, two examples now reside in the
Smithsonian Institution as part of the National Numismatic
Collection. Civil War coinage, particularly gold coinage,
is always popular and in demand and this rare and desirable
issue is no exception.
1865 $1 Indian Princess
Head, Large Head (Type 3). Mercifully the Civil War concluded
in 1865 and the Union was preserved. The fifth and final
Civil War proof gold dollar has the lowest mintage of
any in the sub-series with a mere 25 produced. Of that
original mintage, less than 20 are believed to exist despite
grading service populations that exceed this number. Re-submissions
would explain the disparity in the figures. Also, many
business strikes exhibit proof-like qualities making identification
difficult. Civil War coinage, particularly gold coinage,
is always popular and in demand and this rare and desirable
issue is no exception.
1866 $1 Indian Princess
Head, Large Head (Type 3). The first post-Civil War $1
proof gold dollar issue has a mintage of 30 with estimates
of surviving pieces in the 20-25 range despite total populations
from the grading services in excess of those numbers.
This is an anomaly due to resubmissions as well as the
existence of fully proof-like business strikes just as
occurred in 1865. Lint marks and cameo surfaces are the
norm for this date.
1867 $1 Indian Princess
Head, Large Head (Type 3). Of the original mintage it
is estimated that less than half still remain in existence
today. Of that number, very few have traded in the past
10-15 years at auction as this is another proof gold dollar
rarely seen offered. The majority of the pieces still
found are in less than gem grade but are found with deeply
mirrored surfaces.
1868 $1 Indian Princess
Head, Large Head (Type 3). As with many other $1 proof
gold issues from this era there are highly mirrored business
strikes which make assessing the proofs challenging and
skews some of the population figures supplied by the major
grading services. The general consensus seems to be that
less than 20 of these remain and genuine proofs will exhibit
a medal alignment with the reverse appearing rotated 180
degrees. This point has been noted by experts Jeff Garrett
and Ron Guth as well as David Akers in their respective
texts.
1869 $1 Indian Princess
Head, Large Head (Type 3). Another extremely rare and
seldom offered proof gold dollar, the 1869 has a surviving
population estimated to be a mere 15-18 pieces in all
grades. Many of the surviving pieces exhibit raised die
scratches on the reverse. When seen, this issue is commonly
in less than gem proof condition with just a lone example
achieving that grade at PCGS.
1870 $1 Indian Princess
Head, Large Head (Type 3). With 20 or so believed to still
exist today, the 1870 issue holds its own with the other
very rare coins in this series. Rarely ever seen offered,
this is yet another proof gold dollar that seems significantly
undervalued relative to its scarcity. Some examples of
this date will exhibit deeply mirrored surfaces revealing
raised lines from heavy die polishing.
1871 $1 Indian Princess
Head, Large Head (Type 3). Approximately half of the original
mintage is estimated to survive to this day. This number
may be too generous as this issue very rarely finds its
way into auctions and is seldom seen traded. When seen
it is found in less than gem condition save a lone example
graded PF-68 by NGC.
1872 $1 Indian Princess
Head, Large Head (Type 3). The 1872 dollar is very much
like the other issues of the late 1860s and early 1870s
in that proofs and business strikes are often confused
and any population reports from the grading services must
be examined with a somewhat skeptical eye. Survival estimates
are in the 20-25 range for this issue but it is seen at
auction a bit more than some of its fellow low population
Type 3 pieces. Having said that, by any measurement this
is another extremely scarce coin.
1873 $1 Indian Princess
Head, Large Head (Type 3) Close 3. With a surviving population
of just 10-15 pieces, this issue is rarely offered for
sale. Several of the survivors are in permanent collections
making the task of acquiring an example even more arduous.
Several mirrored proof like business strikes are known
so great care must be taken in properly identifying a
proof. True proofs of this year will commonly display
tiny lint marks and planchet defects on both the obverse
and reverse. It also should be noted that all proofs from
1873 are of the Close 3 variety.
1874 $1 Indian Princess
Head, Large Head (Type 3). Continuing with the theme of
this series, this Type 3 proof is exceedingly rare with
a surviving population of just 10-12 pieces. Only a handful
of these have traded at auction in the past 15 years so
opportunities to acquire an example are few and far between.
Of the survivors, 2 are held in the National Numismatic
Collection at the Smithsonian Institution further reducing
chances for the private collector/investor to own one.
1875 $1 Indian Princess
Head, Large Head (Type 3). With a mintage of only 400
business strikes, this coin is a challenge for the collector
in any condition and this date is one of the most popular
from the series. In the proof issues, only 15-17 are believed
to survive. As with other gold dollars from this period,
business strikes often exhibit proof like qualities. However,
identification is possible by noting a small protrusion
found below the chin on the obverse of all business strikes.
1876 $1 Indian Princess
Head, Large Head (Type3). This issue, while still very
rare, is seen at auction a bit more than its predecessors.
The surviving population is estimated to be between 25-30
pieces making this date somewhat more available than others
from this era. True proofs from this year will be found
deeply mirrored and will exhibit deep orange coloring.
1877 $1 Indian Princess
Head, Large Head (Type3). In 1877 the United States Mint
reverted back to form and reduced production of gold proof
dollars by more than half from the previous year. Just
13-14 of this original number are believed to remain today
adding this issue to the long list of quite rare gold
dollar proofs. One of these pieces, in PF-63 condition,
resides in the National Numismatic Collection at the Smithsonian
Institution.
1878 $1 Indian Princess
Head, Large Head (Type 3). Not unlike the other early
to mid Type 3 dates, this is another issue with a surviving
population of 12-15 coins that is rarely if ever seen
offered. Light to heavy die lines are commonly found on
the known examples resulting from excessive die polishing.
1879 $1 Indian Princess
Head, Large Head (Type 3). Of the original mintage, 18-21
are believed remain in existence. This is another very
rare proof gold dollar that is difficult to identify as
many business strikes from this year are deeply mirrored.
True proofs will be discernible by heavy die polishing
on both the obverse and reverse.
1880 $1 Indian Princess
Head, Large Head (Type 3). This is an interesting issue
as both business strikes and proofs were struck from the
same dies. Therefore, gold dollars minted in 1880 are
classified into three categories. The first two, business
strikes and proofs, are quite obvious. The third classification
encompasses all of the examples caught in between which
cannot be conclusively determined. Survival estimates
for this coin are between 23-26 examples.
1881 $1 Indian Princess
Head, Large Head (Type 3). Some 45-50 examples of this
issue are estimated to remain from the original mintage.
This issue is another of the proof gold dollar series
that is difficult to distinguish from business strikes.
Noted gold expert David Akers, reports that proofs can
be identified by a small unfinished area in the die between
the lower left part of the D in Dollar and the wreath.
1882 $1 Indian Princess
Head, Large Head (Type 3). This is the first issue from
the proof gold dollar series that can be found with any
degree of frequency. Survival estimates are more generous
than its earlier siblings with some 80 pieces believed
to exist and several examples may turn up in a given year
at auction. It should be noted that irregular rims can
occasionally be found on this issue.
1883 $1 Indian Princess
Head, Large Head (Type 3). The demand for proof coinage
continued to grow in 1883 and the mintage of proof gold
dollars was increased again. Even with the larger mintage,
however, survival estimates and frequency of sightings
within the hobby are essentially the same as the 1882
issue. It should be noted, many of these examples exhibit
a repunched 3 on the date.
1884 $1 Indian Princess
Head, Large Head (Type 3). In 1884, mintage of proof gold
dollars increased dramatically. Accordingly, the number
of surviving pieces jumped as well with estimates in the
135-145 range. Still a scarce coin, this issue can be
found with some relative frequency in major auctions.
A repunched 18 can be seen on the date.
1885 $1 Indian Princess
Head, Large Head (Type 3). This issue is frequently seen
at auction and has a surviving population believed to
be numbered between 225-250 pieces. There are business
strikes from this year with proof-like qualities so the
astute collector/investor will want to require an example
with deeply mirrored surfaces and orange-peel coloring.
This issue can be located in various proof grades.
1886 $1 Indian Princess
Head, Large Head (Type 3). As with all other late date
proof gold dollars in the series, this issue has a mintage
in excess of 1,000 pieces. However, survival estimates
are less than the 1885 issue and are in the 140-150 range
making this year a bit more difficult to locate. In a
given year, several examples will commonly come into the
marketplace.
1887
$1 Indian Princess Head, Large Head (Type 3). It is
estimated that 210-215 examples of this issue remain
in existence today making this another proof gold dollar
that appears on the market with some degree of frequency.
Examples can be located across most grades as well.
Accordingly, it is one of the more affordable issues
from the series. 1887
NGC PF68 CAM,
1887
NGC PF68 CAM
1888 $1 Indian Princess
Head, Large Head (Type 3). Far from being common, within
the context of this series the 1888 is one of the most
readily available issues with surviving numbers estimated
to be between 255-265 examples. As with many other gold
dollar issues, business strikes from this year are often
confused with proof coinage.
1889 $1 Indian Princess
Head, Large Head (Type 3). The 1889 issue represents the
largest and final mintage for a proof gold dollar which
would suggest it is the most common date seen. However,
the survival estimate for this year is significantly less
than the 1888 issue at just 145-150 coins. This indicates
that many of these may have either entered circulation
or found the melting pot as interest in this series waned
and economic times dictated. Therefore, it is more in
line with the proofs from the middle 1880’s in terms
of scarcity. Proof dollars from this year are frequently
seen with partially polished-out feathers and cameo devices.
