The Harry W. Bass, Jr. Collection - Part II

Wonderful Gem 1857 Gold Dollar

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115     1857 MS-67 (PCGS). A superb example with bright and frosty yellow gold lustre and virtually flawless surfaces. This wonderful example has the crisp, brilliant appearance normally associated with Mint State coins of the 1880s. Gem examples of this coinage issue are seldom encountered.

PCGS Population: 3; 1 finer (MS-68).

Light clash marks on obverse and reverse.

Purchased from Malcolm Varner, April 21, 1972.

116     1857 MS-62. Sharply struck with attractive light yellow gold lustre.

From Stack’s sale of the Alto Collection, December 1970, Lot 24.

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117     1857-C EF-45. Light greenish gold with considerable remaining lustre. Light planchet porosity is noted, apparently as struck. This example survives from an original mintage of 13,280 coins. A scarce coin in any grade. Douglas Winter suggests that only 100 to 110 coins survive, with only 10 to 13 examples better than EF-45.

1857-C is important as the first Charlotte issue of the Type III design, none having been coined in 1856. By this time the demand for the gold dollar denomination must have been small, perhaps due to the proliferation of pieces made in the same state by Bechtler. Whatever the indication, those depositing gold bullion called for higher denominations during this era, most often the half eagle. As it developed, no gold dollars were struck in 1858 either.

Among 1857-C gold dollars there are three die varieties, each of which has a significantly larger mintmark than seen on the next earliest issue, the 1855-C.

From Abe Kosoff’s ANA Sale, August 1968, Lot 1447.

118     1857-C Net VF-20; sharpness of EF-40, however, bent with minor rim marks. Light greenish gold surfaces.

From Abe Kosoff’s sale of the Shuford Collection, May 1968, Lot 1688.

Wonderful 1857-D Gold Dollar

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119     1857-D AU-58 (PCGS). A lovely example of this very scarce Dahlonega gold dollar, typical weakness being demonstrated on both sides, however, this is much sharper than often seen. Both obverse and reverse have full denticles with only those at the top reverse being weak. Nearly full lustre is retained with slight reflectivity. This example is among the very finest known with possibly only six or seven finer examples surviving.

When offering this coin in 1985, Paramount provided very similar comments: "Extremely well struck for the issue; in fact, this is at least as sharp as any 1857-D we’ve seen. The planchet and lustre are also outstanding and the coin shows just a hint of friction in the fields and on the highest points of the design. Overall, this specimen is one of the best, if not the very best, 1857-D gold dollars that we have ever seen or handled."

The mintage of the 1857-D was but 3,533 coins, sufficiently low to automatically create a rarity. Add to that the neglect by numismatists and others of Dahlonega Mint coins and factor in the high grade of the present piece, and all elements combine to create another Dahlonega Mint classic.

Light reverse clash marks with a thin die crack above the wreath.

From Paramount’s Auction ’85 sale, July 1985, Lot 1371.

Second Desirable 1857-D Gold Dollar

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120     1857-D AU-58 (PCGS). Another exceptional example of this prized issue. Slightly weaker than the lot above, however, retaining nearly full light greenish gold lustre. Very choice, nearly flawless, surfaces for the grade. The opportunity to bid on two exceptional examples of this rare issue very seldom occurs.

Light reverse clash marks with a thin die crack above the wreath.

Purchased from Rowe and Brownlee, February 24, 1967.

Finest Certified 1857-S Gold Dollar

Choice Mint State

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121     1857-S MS-63 (PCGS). This rarity displays exceptional deep yellow gold prooflike lustre with very few microscopic abrasions. This is almost certainly the finest known example among the few survivors from a mintage of just 10,000 coins. Sharply struck with superb aesthetic appeal. Only the fifth 1857-S gold dollar certified Mint State by PCGS, and considerably underrated in today’s market.

PCGS Population: 2; none finer.

Light obverse and reverse clash marks.

One of our methods used by the present cataloguer (Mark Borckardt) to determine if a particular date is fairly priced, underrated, or overrated is to determine how much money would be required to purchase the entire population of a given issue compared to others of the same design type. We quickly examined the Type III gold dollars from 1856 to 1862 based on PCGS population and Coin World Trends and discovered that this issue is fourth on the list of the most underrated. The following listing indicates these four (with total Trends value for the entire Mint State population) along with the single overrated issue: 1856 Upright 5 ($16,300); 1860 ($32,415); 1857-C ($36,750); and 1857-S ($38,500). Compare this to 1862 ($801,300)!

From Mid-American’s sale of August 1991, Lot 616.

122     1857-S AU-50. This scarce issue is seldom encountered in AU grade. Light yellow gold with sharp design details. An attractive example.

Purchased from Stanley Kesselman, February 17, 1971.

123     1857-S EF-40. Light greenish gold with minor surface depressions on the obverse.

From Superior’s sale of the Davenport Collection, February 1977, Lot 617.

Lovely Proof 1858 Gold Dollar

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124     1858 Proof-64 (PCGS). A wonderful cameo Proof in brilliant greenish yellow gold. Sharply struck. Light hairlines and surface abrasions are noted but are only a minor inconvenience. A very pleasing example of this Proof rarity, one of only 10 to 12 examples known. Walter Breen, in his Proof Encyclopedia, was only able to trace nine examples with the present coin not on the list. A few marks keep this from the Proof-65 category. This lovely piece, pleasing in appearance and extreme in rarity, is among the finest of only 10 or 12 pieces known.

In 1858, Proof gold coins could be ordered singly from the Mint. There are no records as to how many were sold, but perhaps the figure is fewer than 20. Often a span of years will pass between our offering an example in one of our sales.

From Stack’s ANA Sale, August 1976, Lot 2733. This specimen was acquired by the Museum of Fine Arts many decades ago.

125     1858/7 Breen-6055. MS-62. "Overdate." Sharply struck with a few very minor surface marks, including a thin vertical scrape below the bust.

Walter Breen described this variety as an 1858/7 overdate. If this is the coin he recorded from a "Texas private collection," it is not an overdate. The small defects around the digit 8 are from clashed dies.

Breen, in the assigning of the overdate descriptor to dies, Walter Breen often seemed to add a generous amount of wishful thinking and imagination. In general, we tend to be more conservative. This saves having to de-list varieties at a later date. Today, in 1999, the record, if examined carefully, shows quite a few overdates that have fallen from grace, including the 1869/8 Indian cent and the 1889/8 half dollar, to mention just two. Of course, when a variety is indeed an overdate, then it is quite important. However, in the gold series there do not seem to be quite as many overdates as are listed in the Breen Encyclopedia.

From Lester Merkin’s sale of February 1972, Lot 331.

Mint State 1858-D Gold Dollar

Condition Census

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126     1858-D MS-62 (PCGS). Frosty light yellow gold with a trace of deeper yellow toning. A relatively sharp strike with light abrasions. Microscopic striae provide for slightly reflective characteristics. Weakness is noted on the hair beneath the headband, the second and third feathers, and the digit 5 in the date. Despite the relatively high population, this example was specifically listed third in Douglas Winter’s Condition Census of 1858-D gold dollars.

PCGS Population: 5; 6 finer (MS-65 finest).

Light clash marks.

The Philadelphia Mint shipped three pairs of 1858-D dies to Dahlonega in December 1857, these being received on January 6. Mintage amounted to 3,477, but distribution had to have been different than with 1857-D, for today the 1858-D, while scarce in its own right, is significantly more available than its 1857-D counterpart.

As such the presently offered Bass Collection 1858-D would be a good consideration not only for the specialist but, in a more expanded sense, for an interesting addition to a type set of U.S. coins by design–to illustrate the Type III motif.

From Mid-American’s sale of August 1991, Lot 618.

Scarce Mint State 1858-S Gold Dollar

Finest Certified

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127     1858-S MS-63 (PCGS). Satiny orange-gold lustre with a few very minor hairlines and other imperfections. Sharply struck and quite attractive. David Akers noted that strictly Uncirculated examples of this issue are "all but nonexistent." Just 10,000 coins were minted; Breen noted these are extremely rare in Mint State. The present coin is probably one of the finest known, even finer than the Eliasberg Collection AU-55 example.

There are many treasures in the Bass Collection, many Condition Census and finest known pieces. However, among these, the present 1858-S must rank high in terms of true rarity that is not widely appreciated. This may be a once in a lifetime opportunity.

PCGS Population: 3; none finer.

Reiterating earlier comments, population numbers may indicate duplicate submissions of the same piece.

From Paramount’s Auction ’86 sale, July 1986, Lot 1853.

Lovely Cameo Proof 1859 Gold Dollar

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128     1859 Proof-65 (PCGS). Bright yellow gold cameo Proof with deep mirrored fields and frosty devices. A delightful presentation. A few minor hairlines and other defects are present, however, these are quite minor. Extremely sharp impression with all details bold. Probably fewer than 20 Proofs of this date survive. A fantastic gem, a highlight among 19th-century Proof gold coinage.

PCGS Population: 2; none finer.

From Abe Kosoff’s sale of the Julian Marks Collection, October 1971, Lot 1599.

129     1859 MS-62. Sharply struck with frosty deep yellow gold lustre. A few minor marks are noted, otherwise an attractive example.

Purchased from Rarcoa, July 24, 1972.

130     1859-C EF-45. Bright greenish gold surfaces with considerable remaining lustre. Lightly brushed at one time. Slight surface roughness is noted, as struck. Low mintage of 5,235 coins. Douglas Winter described this issue as a "sleeper" among Charlotte Mint gold dollars. The 1859-C is the swan song of the Charlotte Mint issuance of this denomination.

Planchets were produced at the Charlotte Mint by casting gold into ingots, then running the ingots through a rolling mill, reducing the spacing between the rollers several times until the acquired thinness was obtained. It would be interesting to study a number of Charlotte Mint gold dollars to see if any of the planchet defects are repetitive; that is, if they are found in the same pattern on more than one coin. If so, this would indicate rust or problems on the steel rollers. Otherwise, the problems were probably mainly due to annealing and lamination.

Purchased from Rowe and Brownlee, February 24, 1967.

Wonderful 1859-D Gold Dollar

Most Beautiful Known?

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131     1859-D MS-62 (PCGS). Brilliant orange-gold with nearly full reflective lustre on the obverse; frosty reverse. Very sharply struck with superb surfaces for the grade. Light die polishing lines are visible on the reverse. This is possibly one of the sharpest 1859-D gold dollars in existence. Although this is the most common Type III gold dollar from the Georgia mint, very seldom are survivors located with as much aesthetic appeal. A coin can have a high grading number but rank in the cellar in aesthetic appeal. The present coin has both and may be the "nicest" or "most beautiful" 1859-D gold dollar in existence.

PCGS Population: 7; 3 finer (MS-63 finest).

Very light clash marks.

Sometime after January 6, 1859, the Dahlonega Mint received a shipment containing two die pairs for use this year. Subsequently, 4,952 pieces were struck. Every known 1859-D gold dollar is weakly struck, a hallmark, of course, for the entire Dahlonega Mint run, but especially notable for this date. By way of reinforcement, we note that David Akers states: "A collector must be willing to accept one that is poorly struck since that is the only way the 1859-D comes." Probably 150 to 250 examples survive, making this fairly plentiful in terms of Dahlonega Mint gold dollars of the Type III style, but on an absolute basis, especially in comparison to other United States coins of the era, it is still a rarity.

Purchased from Joe Flynn, Sr. Coin Co., July 31, 1973.

A Second Lovely 1859-D Gold Dollar

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132     1859-D AU-55 (PCGS). Light greenish gold with sharp design details and very pleasing surfaces. A small rim nick is noted at 8:00 on the reverse.

Light clash marks.

Purchased from Rarcoa, February 1972, Lot 713.

A Third 1859-D Gold Dollar

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133     1859-D AU-55 (PCGS). A third desirable example of this issue. Light greenish yellow gold. Not as sharply struck as the others in the present sale, however, still a very attractive example of this low-mintage issue. Just 4,952 coins were struck. A few light hairlines are noted, although the surfaces are very pleasing.

Minor die polish lines are visible on the reverse.

From Stack’s sale of the DiBello Collection, May 1970, Lot 554.

Important Mint State 1859-S Gold Dollar

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134     1859-S MS-61 (PCGS). Lustrous brilliant yellow gold with very pleasing, choice surfaces. Only 15,000 were struck with very few survivors as nice as this example. In 1985, Paramount described this as the best example they had seen. We tend to agree with this assessment. We do not recall having previously handled a strictly Mint State example of this issue. Considerably scarcer than generally believed.

PCGS Population: 3; 7 finer (MS-63 finest).

From Paramount’s Auction ’85 sale, July 1985, Lot 1379.

Lovely 1859-S Gold Dollar

135     1859-S AU-58 (PCGS). Another important example of this issue with considerable remaining lustre and sharp design details. Had we not just offered the previous higher quality example, we would be tempted to offer this as one of the finest we recall handling.

Purchased from Rowe and Brownlee, February 24, 1967.

Gem Proof 1860 Gold Dollar Rarity

Finest Certified

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136     1860 Proof-66 (PCGS). A delightful cameo Proof in light greenish gold. Sharply struck with deep mirrored fields and highly lustrous devices. A few minor planchet imperfections and minuscule abrasions are noted. An important opportunity for the connoisseur. 154 Proofs were minted, however, only a small portion of these survive today, perhaps fewer than 30 coins.

PCGS Population: 1; none finer.

From Abe Kosoff’s sale of the Marks Collection, October 1971, Lot 1600.

Choice Mint State 1860 Gold Dollar

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137     1860 MS-64. A highly lustrous brilliant yellow gold example of this low-mintage issue, one of 36,514 coins struck. We noted earlier under our commentary concerning the 1857-S gold dollar that the 1860 in Mint State is severely undervaluated and under appreciated. Be sure to bid accordingly. Boldly defined design details with very minor hairlines, otherwise, pristine surfaces. Superb aesthetic appeal; a candidate for the collector of high quality gold dollars or type coins.

From Abe Kosoff’s sale of the Shuford Collection, May 1968, Lot 1649.

Rare Mint State 1860-D Gold Dollar

Probably Second Finest Known

Dahlonega Mint Classic

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138     1860-D MS-61 (PCGS). Slightly reflective lustre showing rich yellow gold surfaces and only a few very minor abrasions, most notably a light scratch from eye to earlobe. Average strike with some weakness in the usual spots including the hair below headband, top of feathers, and date. The obverse and reverse borders are weak and show some roughness as struck. This coin is listed at the top of Douglas Winter’s Condition Census for the date, however, he notes he had not actually seen the coin. With a finer example graded by PCGS, this is probably second finest known for the issue, although the other piece should be examined side by side with the present one to determine which has the finer combination of high grade plus aesthetic appeal.

Whenever gold dollars are discussed by date and mintmark, the 1860-D is a subject of conversation. Indeed, this is one of the great classics among Dahlonega issues.

PCGS Population: 7; 1 finer (MS-63).

The 1860-D has been very famous for a long time. Only one die variety is known, this from two pairs of dies shipped. Interestingly, the same obverse die was used the next year, to strike 1861-D gold dollars. All authentic 1860-D gold dollars are weakly struck in areas, including the U in UNITED. Planchets are of very poor quality. Thus, when seen, the 1860-D is the archetype of a Dahlonega Mint issue–just what one would expect in terms of rusticity.

The number known from the small original production of 1,566 can only be estimated, but is higher than the figure indicates, probably somewhere in the range of 50 to 100 pieces. For one reason or another, an aura has surrounded the 1860-D for a long time. Most probably this has to do with auction catalogue descriptions and other notations in print (it might be an interesting exercise for someone to review historical auction catalogues and see how the 1860-D compares with the rarer and almost ignored 1857-D)

Notwithstanding the preceding, the piece is indeed a classic, and probably will always remain that way.

From Stack’s sale of December 1972, Lot 507.

Important Mint State 1860-S Gold Dollar

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139     1860-S MS-63 (PCGS). Light pinkish yellow gold lustre with minor surface marks, none serious. Very sharp obverse details, not as sharp reverse definition. Although only 13,000 were minted, this issue is not as rare as earlier San Francisco Mint gold dollars. Still scarce, however.

PCGS Population: 5; none finer.

Purchased from Stanley Kesselman, February 1, 1972.

Another Mint State 1860-S Gold Dollar

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140     1860-S MS-60. Bright yellow gold lustre with minimal surface marks, although a small patch of brush marks in the left obverse field must be mentioned. Considerable aesthetic appeal makes up for this impairment.

Purchased from Robert Hughes, August 24, 1978.

141     1860-S AU-55. Sharply struck with deep yellow gold lustre. Minor brush marks are noted. An attractive example of this western issue.

From Abe Kosoff’s sale of the Shuford Collection, May 1968, Lot 1712.

142     1860-S AU-53. A final example with considerable light yellow gold lustre and pleasing surfaces. The opportunity to bid on four different 1860-S gold dollars at one time is very important. This is your last chance to fill this hole in your cabinet.

Purchased from the Goliad Corporation, May 3, 1973. Formerly from the Murrell Collection.

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143     1861 MS-64. A lovely example with bright and frosty yellow gold lustre. Very minor planchet roughness is noted, as struck. Generally very sharp design definition although IC on the obverse and 86 on the reverse are weak. The surfaces are virtually flawless, a pristine example for the date or type collector.

Light obverse and reverse clash marks.

From Stack’s sale of October 1971, Lot 701.

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144     1861 MS-64. Another lovely Mint State example with frosty light yellow lustre. A few minor abrasions are in the right obverse field as well as on the reverse. Very sharply struck. The reverse is rotated 180°.

Moderate obverse and reverse clash marks with a bulge at TE in STATES.

Purchased from Joe Flynn Rare Coins, March 6, 1978.

145     1861 MS-63. A delightful example with frosty bright yellow gold lustre and few minor abrasions. Sharply struck.

Heavy obverse and reverse clash marks.

Purchased from Rowe and Brownlee, February 24, 1967.

146     1861 MS-62. Satiny medium gold lustre with minute surface roughness.

Heavy obverse and reverse clash marks.

Purchased from Mike Brownlee, April 17, 1967.

147     1861 MS-62. Lustrous orange-gold with minor abrasions. An attractive choice for the date or type collector.

Heavy obverse and reverse clash marks.

From Abe Kosoff’s sale of the Shuford Collection, May 1968, Lot 1650.

148     1861 MS-62. Lustrous light yellow gold with minor surface marks.

Heaviest clash marks of any 1861 gold dollar in the current sale. Prominent bulge at lower obverse.

Purchased from Rarcoa, July 24, 1972.

Amazing Mint State 1861-D Gold Dollar

Unknown Mintage

Struck under Confederate Authority

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149     1861-D MS-62 (PCGS). Truly an issue of the Confederacy and should be collected as such. This example is bright greenish gold with full frosty lustre. Strike typical of all known examples, UN and ICA on obverse are weak. In fact, the U in UNITED is almost entirely invisible. The reverse periphery is quite weak opposite these letters. A few very minor surface imperfections are noted, however, the overall quality is much higher than most. A small number of Mint State coins are known with this example being among the top four in the Condition Census. All 1861-D gold dollars, with an estimated mintage of 1,000 to 1,500 coins, were struck after Confederate authorities seized the facility in April 1861. They were inexperienced in minting processes and produced low-quality coinage. And still this coin has considerable aesthetic appeal. Another great treasure from the Bass Collection.

PCGS Population: 1; 3 finer (MS-63 finest).

Light reverse clash marks.

Of all gold coins in the American series, we can not think of a single issue that has more history and romance than the 1861-D gold dollar. Its story, recounted in the introduction to the present Dahlonega Mint gold coin offering, is marvelous to contemplate. In reiteration and slight expansion, two pairs of dies were sent to Dahlonega on December 10, 1860, without realizing that Georgia would be seceding from the Union within the month. The package arrived on January 7, and following instructions from the governor of Georgia, troops seized the mint. What happened after that time is not known, as no records are known to have survived. Apparently a small quantity of gold bullion was on hand, or perhaps some deposits were made. In any event, dies for the 1861-D were put into a coining press, and some pieces were run off. As there had been no 1861-D coinage prior to the occupation of the mint by Georgia forces, de facto all 1861-D gold dollars are really 1861-D Confederates States of America gold dollars. The pieces are believed to have been struck in April (Doug Winter suggests May), the same month that Confederate troops took over from their brethren, the troops of Georgia. How many pieces were struck? No one knows. Guesses have ranged from a few dozen to a few hundred to over 1,000. David Akers gives his estimate as 1,200 to 1,500 pieces. The present catalogue is comfortable with a comment such as "in the 1,000 range." Perhaps 30 to 60 specimens are known of the 1861-D gold dollar, possibly from a mintage even below 1,000, as the numismatic significance of the 1861-D was known at a fairly early date, and such pieces may have been saved at a time when other gold dollars were not.

The presently offered coin, significantly finer than the beautiful AU-55 we offered last year in the Columbia Collection, will be a centerpiece in the cabinet of its fortunate next owner.

Purchased from Rowe and Brownlee, February 24, 1967.

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150     1862 MS-64. Frosty light yellow gold abounds. A wonderful example with extraordinary design details and superb surfaces for the grade. Only a few very faint hairlines keep this out of the gem classification.

After December 28, 1861, the Treasury Department stopped paying out gold coins at par. Later, such pieces could be obtained, but only by paying a substantial premium for them in terms of Legal Tender or other federal "greenback" notes. Today, in 1999, a fair number of Mint State 1862 gold dollars survive. While the circumstances of issue are not known, it may be the case that in the 1862 year, when widespread hoarding of coins became endemic in the Eastern and Midwestern sections of the country, there was a rush to buy gold dollars from the Treasury Department, paying the aforementioned premium. No doubt there was some psychological comfort in having coins of gold in an era in which paper money showed signs of becoming king. As circumstances developed, it was not until December 17, 1878 that, de facto, greenbacks, silver dollars, and gold dollars were on a par with each other, this being about two weeks in advance of the date for same as mandated for Congress, January 1, 1879.

At that latter time, in late 1878, long-stored gold coins came forth from Treasury vaults. We are not certain that included large quantities of gold dollars, but probably at least some were released. From that time onward, although such pieces were supposed to trade at par, and higher denomination gold coins did, contemporary records reveal that there was a slight premium typically paid to bank cashiers and others when gold dollars were purchased. As such, they became a mini-speculation. As subsequent quantities of gold dollars were struck, 1879 through 1889, they seem to have been released through banks, but again the banks, whose personnel were wise to market considerations, often demanded and got a small premium.

Purchased from Rowe and Brownlee, February 24, 1967.

151     1862 MS-63. Another delightful example of this Civil War issue, this having brilliant frosty yellow gold lustre.

Purchased from Michael G. Brownlee, April 17, 1967.

152     1862 MS-62. Frosty light yellow gold lustre with minor hairlines. Considerable aesthetic appeal.

From New Netherlands Coin Company’s 61st Sale, June 1970, Lot 440.

Lovely Mint State 1863 Gold Dollar

From Proof Dies

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153     1863 MS-63 (PCGS). Prooflike. Highly attractive satiny yellow gold lustre, deeply reflective on the reverse. A few minor surface marks are visible, along with lint marks as struck. Considerable striae are noted as well. Sharply struck from dies described by Walter Breen as used for Proofs and for business strikes. This example has die polish below the ear, a characteristic that Breen noted for Proofs. Although we consider this a business strike, we suggest that each prospective bidder come to his or her own conclusion. This issue marks the beginning of a series of scarce Civil War and post-Civil War issues. Just 6,200 business strikes and 50 Proofs were minted.

Gold dollars of the years from 1863 through and including 1878, excepting 1873 and 1874, range from scarce to rare. In particular the dates of the mid 1860s were considered to be rarities years ago, and numismatists desired them with great fervor. Pieces that came to market typically showed wear and graded EF or AU. Only occasionally was a Mint State piece found. Today in 1999, the concept of foundational rarity is overlooked by buyers, who instead concentrate on high grading numbers. For many buyers, particularly newcomers to the hobby, a common date gold dollar with some extraordinary number attached to it would be more desirable to own than a truly rare gold dollar–such as a Charlotte or Dahlonega piece or, for that matter, an 1863–in AU grade or low Mint State. We suspect that in the long term foundational rarity will again come to the forefront, and the purchaser of an item such as this 1863 gold dollar will particularly and comfortably enjoy its ownership.

Purchased from Rarcoa, July 24, 1972.

Another Mint State 1863 Gold Dollar

Business Strike Dies

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154     1863 MS-62 (PCGS). This wonderful Mint State example displays satiny light yellow gold lustre. Numerous minor abrasions as expected for the grade. Sharply struck. From dies described by Breen as used for business strikes with the date positioned farther left than on the previous lot. An important offering for the specialist.

Purchased from Rowe and Brownlee, February 24, 1967.

Rare Mint State 1864 Gold Dollar

Late Die State

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155     1864 MS-63. Brilliant, frosty yellow gold lustre with sharp design details and minor surface marks. A scarce Civil War business strike, seldom offered on the market. Late die state which Breen stated is quite rare.

Obverse cracked from the border between AT to the first feather.

In 1864 just 5,950 business strike gold dollars were made. As noted earlier, these were not paid out at par at the time, and thus there was no demand for them for use in circulation. Rather, the pieces were probably struck and stored or, in some instances, were made available as souvenirs by those who cared to pay a premium. Later, after 1889, most were melted.

From Stack’s sale of March 1973, Lot 768.

156     1864 MS-62. Sharply struck with prooflike light greenish gold fields and lustrous devices. Light hairlines and minor surface marks are noted, along with light striae.

Light rust marks are noted on the Indian’s cheek.

Purchased from Stanley Kesselman, December 20, 1972.

157     1864 AU-58 (PCGS). Light orange-gold with a trace of green. Moderately abraded surfaces. A scarce issue, another specimen remaining from just 5,950 business strikes minted.

Light clash marks.

Purchased from Rowe and Brownlee, February 24, 1967.

Prooflike Mint State 1865 Gold Dollar

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158     1865 MS-65 (PCGS). A highly attractive example of this rare date with full prooflike obverse and reverse fields. The devices are frosty with considerable cameo contrast. A few minor hairlines are noted, including a small area just below the ends of the branches. Possibly struck as a Proof, however, Proofs and business strikes are from the same pair of dies and distinguishing one from the other can be quite difficult. Offered by Stack’s in 1973 as "Brilliant Proof," and we have no particular quarrel with this–we invite prospective bidders to form their own opinion and take their choice.

John Dannreuther is intently and intensely studying the gold dollar series and plans to write a book on the subject. No doubt when published, information will be available that is not widely known now. In particular, minute die varieties will be discussed, and new conclusions will be drawn that are in many instances different from conventional wisdom.

From Stack’s sale of the Scanlon Collection, October 1973, Lot 1970.

Lustrous Mint State 1865 Gold Dollar

Important Pedigree

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159     1865 MS-65 (PCGS). A lovely Mint State 1865 gold dollar with satiny bright yellow gold lustre. Unquestionably a business strike and a delightful example at that. This Civil War issue certainly has very few, if any, peers. A small depression at the first L in DOLLAR may be a result of clashed dies rather than later impairment. This point on the reverse approximately lines up with the earlobe on the obverse.

Moderate obverse and reverse clash marks.

From Stack’s sale of the Bareford Collection, December 1978, Lot 48. Formerly from B. Max Mehl’s sales of the William A. Knapp Collection, March 1945, Lot 886, and the Will W. Neil Collection, June 17, 1947, Lot 2314.

Another Mint State 1865 Gold Dollar

160     1865 MS-62 (PCGS). Light yellow gold with reflective lustre and moderate abrasions, none serious, however. Sharply struck. The present offering of high quality 1865 gold dollars provides the date collector or specialist with ample opportunity to acquire a nice example.

Perfect dies.

The offering of Mint State 1865 gold dollars in the present sale is no doubt unprecedented. We haven’t checked each and every auction listing throughout history, but from memory we can recall nothing similar. The production this year was just 3,700 business strikes, most of which have disappeared. Today, only a few hundred pieces exist.

From Paramount’s sale of the Davies and Niewoehner Collections, February 1975, Lot 464.

161     1865 AU-58. Sharply struck with reflective light yellow gold surfaces. Minor hairlines and other imperfections are noted, including a small planchet flake on the obverse below ER. Possibly struck as a Proof.

From Stack’s sale of the Forrest Collection, September 1972, Lot 51.

162     1865 AU-55. Considerable greenish yellow satin lustre with minor surface marks as expected. Light pinkish toning adds to the overall aesthetic appeal.

From Abe Kosoff’s sale of the Shuford Collection, May 1968, Lot 1655.

Rare Proof 1866 Gold Dollar

Just 30 Examples Minted

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163     1866 Proof-63 (PCGS). A glittering Proof of light yellow gold with considerable cameo contrast. Minor hairlines and other small abrasions are expected for the grade. A few nearly horizontal die lines are visible at the top of the obverse. Just 30 Proofs were minted with perhaps half that number surviving today. Walter Breen noted in his Encyclopedia that Proofs have the top of the wreath joined while business strikes have the wreath separated. In the present sale, however, both the currently offered Proof and the business strike in the next lot have the wreath joined at top.

Whether or not the tips of the wreath are joined or separated has nothing to do with a change in the design or even a slight variation. Rather, the master die had the wreath tips joined. If impressed to less than its deepest extent into the working die, certain low-relief features on the master die would not be transferred to the working die, and the wreath might appear open on such a working die. Alternatively, a working die that was deeply impressed by the master die and which had the tips joined, could have the tips later separated if it was relapped, that process causing the grinding away of lower relief features. It is seen in the latter instance that a given die could exist in two different states–with tips joined and with tips separate, if the die was relapped after some use. These same general comments can be extended to the $3 gold series as well, that denomination having a similar reverse design.

Purchased from Stanley Kesselman, October 5, 1967.

Gem Mint State 1866 Gold Dollar

Incredible Beauty, Incredible Rarity

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164     1866 MS-67 (PCGS). A lovely gem example with fully prooflike orange-gold fields, lustrous devices, and considerable cameo contrast. This is a very scarce issue, one of just 7,100 business strikes produced, if this is a business strike. According to Walter Breen, this gem is from the Proof reverse die with top of wreath joined. We feel that it is a business strike issue although others may feel differently. In either scenario, the importance of this offering cannot be overstated.

PCGS Population: 5; none finer.

Purchased from Julian Leidman, September 23, 1972.

Lovely Mint State 1867 Gold Dollar

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165     1867 MS-64 (PCGS). Prooflike light orange-gold with moderate cameo contrast, a delightful business strike. Minor abrasions and hairlines are noted along with diagonal striae. This is a very scarce issue, one of just 5,200 business strikes minted.

From Superior’s sale of the Gilhousen Collection, February 1973, Lot 58.

Another Mint State 1867 Gold Dollar

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166     1867 MS-63. Brilliant reflective deep yellow gold with lustrous devices. Very similar to the previous lot with light hairlines and abrasions, along with diagonal striae. An important offering providing specialists with a choice. The opportunity to bid on multiple examples of the many rare dates in the gold dollar series occurs very infrequently. The present sale, for example, has four different 1867 gold dollars, a situation almost unheard of.

Obverse and reverse clash marks.

From Paramount’s Auction ’79 sale, July 1979, Lot 205.

167     1867 MS-60. A third Mint State 1867 gold dollar, this example with reflective prooflike surfaces. Numerous hairlines are mixed with striae, these features almost indistinguishable.

Moderate clash marks.

Purchased from Joe Flynn, Sr. Coin Co., December 13, 1972.

168     1867 AU-55. Sharply struck in light greenish yellow gold, lightly cleaned at one time.

Moderate obverse and reverse clash marks.

Purchased from Rowe and Brownlee, February 24, 1967.

Choice Proof 1868 Gold Dollar

Just 25 Proofs Minted

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169     1868 Proof-63 (PCGS). A wonderful light yellow gold Proof with sharp design details and moderate cameo contrast. A few light hairlines are noted. Medallic die alignment, the reverse is rotated 180°. This is one of just 25 Proofs minted, with less than 20 surviving today. An important opportunity for the specialist.

Top portion of the wreath shows considerable polished die surface.

Purchased from Strauss Coin Co., December 13, 1971.

Gem Mint State 1868 Gold Dollar

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170     1868 MS-65 (PCGS). A superb example of this scarce low-mintage issue, surviving from an original production of just 10,500 business strikes. Satiny bright yellow gold lustre with cameo contrast between fields and devices. A delightful example with considerable aesthetic appeal. A splash of coppery orange toning is noted on the reverse.

From Paramount’s Auction ’85 sale, July 1985, Lot 1388.

Lovely Mint State 1868 Gold Dollar

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171     1868 MS-64 (PCGS). Sharply struck with lustrous bright yellow gold surfaces, frosty in nature. A few minor hairlines and other imperfections are noted, however, none of these are serious. A wonderful example of this scarce issue.

From Abe Kosoff’s sale of the Shuford Collection, May 1968, Lot 1658.

Another Choice Mint State 1868 Gold Dollar

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172     1868 MS-63. A pleasing example with subdued reflective yellow gold fields and frosty devices. Quite attractive despite moderate abrasions.

Purchased from Rarcoa, July 24, 1972.

Desirable Proof 1869 Gold Dollar

25 Proofs Minted

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173     1869 Proof-64 (PCGS). An attractive cameo Proof with orange-gold surfaces. Minor surface marks and hairlines are noted, and mentioned for accuracy. Just 25 Proofs were struck on February 19, 1869, with 5,900 business strikes minted four days earlier.

PCGS Population: 6; none finer.

Purchased from Rarcoa, July 24, 1972.

Gem Mint State 1869 Gold Dollar

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174     1869 MS-67 (PCGS). A wonderful brilliant and frosty yellow gold dollar. Sharply struck with considerable aesthetic appeal. Quality-wise certainly one of the highlights of the present offering of gold dollars from the Bass Collection.

PCGS Population: 8; none finer.

Purchased from Rowe and Brownlee, May 7, 1969.

Lovely Mint State 1870 Gold Dollar

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175     1870 MS-67 (PCGS). A very scarce issue, one of just 6,300 business strikes minted. Highly lustrous bright yellow gold with virtually flawless surfaces. A few light die lines are visible on the reverse. Very slightly recut 0 in date.

From Stack’s sale of October 1971, Lot 710.

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176     1870 MS-63 PL. Reflective prooflike surfaces with numerous hairlines and other scattered marks. Very sharply struck and quite attractive despite the surface impairments.

From Stack’s sale of December 1972, Lot 519.

177     1870 MS-62. A third Mint State 1870 gold dollar, this sale features one multiple after another. This example is sharply struck with frosty medium yellow surfaces and very few minor impairments. An attractive type coin.

Purchased from Rowe and Brownlee, February 24, 1967.

Important Mint State 1870-S Gold Dollar

Lowest San Francisco Mintage

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178     1870-S MS-62 (PCGS). Satiny lustre with very light yellow gold surfaces. Minor abrasions and hairlines are noted. This is an aesthetically pleasing example. A rarity among coins of this denomination with the lowest mintage of any gold dollar emitted from the San Francisco Mint. Just 3,000 were struck with perhaps 40 to 50 survivors remaining today, according to Walter Breen. Of course, he suggested that some additional examples exist in the form of jewelry coins. This example is certainly among the very finest of all survivors.

Walter Breen reports that two earlier dies for the 1870 coinage were sent to San Francisco in December 1869 from the Philadelphia Mint (where all dies, including those for branch mints, were made), but inadvertently lacked the S mintmark. Subsequently, two more reverse dies, these with the appropriate S mintmark, were shipped from Philadelphia and received in San Francisco on May 28.

In addition to its other attributes, the 1870-S is remarkable and interesting as the only mintmark variety in the gold dollar series after 1861.

From our sale of the Marks Collection, November 1972, Lot 979.

Rare Business Strike 1871 Gold Dollar

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179     1871 MS-64. Nearly fully prooflike with light cameo contrast. Minor hairlines and surface marks are noted.

Although sharply struck and resembling a Proof at first glance, this rare gold dollar (mintage: 3,900) has die characteristics normally associated with business strikes. These include die file lines at DOL on the reverse. A diagonal die line through O of DOLLAR is noted on the next lot as well.

From Rarcoa’s sale of February 1972, Lot 720.

Another Choice Mint State 1871 Gold Dollar

From the Miles Collection

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180     1871 MS-64. Brilliant, frosty yellow gold lustre with sharp design details and considerable eye appeal. Certainly among the finest of survivors of this low-mintage date. In 1968, Stack’s described this as "a lovely First Strike."

From Stack’s sale of the Miles Collection, October 1968, Lot 60.

Rare Mint State 1872 Gold Dollar

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181     1872 MS-63 (PCGS). Light yellow gold with prooflike fields and cameo devices. A business strike, in our opinion, despite the appearance of a Proof at first glance. This is one of just 3,500 minted.

From Superior’s sale of the Gilhousen Collection, February 1973, Lot 65.

182     1872 MS-60. Light yellow gold with considerable reflective lustre. An attractive example of this scarce issue.

Purchased from Rowe and Brownlee, February 24, 1967.

Mint State 1873 Gold Dollar

Closed 3 in Date

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183     1873 Closed 3. MS-60. An attractive Mint State example of this rarity. Light greenish gold with minor hairlines, probably once cleaned. The gold dollars of this variety have the digit 3 completely closed, with the upper and lower loops joined. This is a very rare variety with just 1,800 business strikes (Walter Breen’s estimate) minted before the new Open 3 date logotype was placed in use.

From Superior’s sale of the Ruby Collection, February 1974, Lot 1687.

184     1873 Closed 3. AU-58 (PCGS). Light cameo contrast with reflective prooflike fields. Sharply struck and quite attractive. Minor hairlines and other abrasions keep this out of the higher numeric grades. A long vertical die line is noted on the Indian’s neck.

From Stack’s sale of December 1972, Lot 523.

185     1873 Closed 3. AU-58 (PCGS). A very attractive example with fully frosty, bright yellow gold lustre. A few very minor scratches and hairlines are noted. An unprecedented third 1873 Closed 3 gold dollar. When was the last time that happened?

From Stack’s sale of the Alto Collection, December 1970, Lot 45.

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186     1873 Open 3. MS-64. This and the next few lots provide a brief intermission between two long series of scarce and rare gold dollar issues beginning again in 1875. Of course, with a mintage of just 123,300 coins, the 1873 Open 3 gold dollar is not exactly a common date. Brilliant light yellow satin lustre with few very minor hairlines. A lovely coin for the date or type collector; one for the connoisseur.

From Stack’s ANA Sale, August 1971, Lot 1931.

187     1873 Open 3. MS-63. Brilliant yellow gold with reflective, prooflike surfaces. A few minor surface marks and planchet imperfections keep this out of the gem classification.

From Lester Merkin’s sale of October 1969, Lot 387.

188     Trio of 1873 Open 3 gold dollars: All are graded MS-62 with pleasing yellow gold lustre. (Total: 3 pieces)

Purchased from Rowe and Brownlee, February 24, 1967

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189     1874 MS-64. With a mintage of 198,800 coins, this is the highest mintage of any issue from 1863 to the end of the denomination in 1889. Rich deep lustrous yellow gold lustre with considerable aesthetic appeal.

Light obverse and reverse clash marks.

In 1873-1874 the Treasury Department contemplated paying out silver and gold coins once again, and some silver coins were paid out beginning in the former year. It could have been that fairly large quantities of gold dollars were minted in 1873 and 1874 to provide for this procedure. However, while silver dollars were paid out in small numbers at the time (not in substantial quantities until April 20, 1876), gold coins remained sequestered until 1878.

From Abe Kosoff’s sale of the Shuford Collection, May 1968, Lot 1664.

190     1874 MS-63. Another desirable Mint State example with light yellow gold lustre.

Purchased from Rowe and Brownlee, February 24, 1967.

191     1874 MS-63. Light yellow gold with slight reflective prooflike lustre providing moderate cameo contrast. Most delightful.

From Lester Merkin’s sale of September 1967, Lot 287. Obtained as a proof, this is an exceptionally deceptive early strike, doubtless very rare.

192     1874 MS-63. A lovely gold dollar with brilliant, frosty light yellow gold lustre. A few very minor imperfections are noted in the surface, however, this example has considerable aesthetic appeal.

Purchased from Malcolm Varner, June 13, 1973.

193     Pair of Mint State 1874 gold dollars: I MS-62 PL. Brilliant. Only LI shows in LIBERTY I MS-62. Brilliant and lustrous. Full LIBERTY on headband. (Total: 2 pieces)

Extraordinary 1875 Gold Dollar

Prooflike Mint State

Rarest Philadelphia Mint Gold Dollar

An American Classic

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194     1875 MS-65 (PCGS). A fully prooflike gem in orange-gold with considerable cameo contrast. Very few minor surface imperfections are only visible with magnification, and most of these are tiny planchet flakes as minted. Very sharply struck and extremely attractive. This is an old friend which we sold to Harry Bass over 26 years ago. This is an important year for gold coinage, the various coining facilities concentrating on the large double eagles. The amazing offering of a duplicate specimen in the following lot provides the opportunity for an expanded discussion of this landmark date.

PCGS Population: 6; 1 finer (MS-66).

Purchased from Bowers and Ruddy Galleries, February 28, 1973.

Prooflike 1875 Gold Dollar

Just 400 Minted

A Key to the Series

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195     1875 MS-65 (PCGS). Production of gold dollars in 1875 was limited to just 400 business strikes and an additional 20 Proofs. This light greenish gold jewel has fully mirrored fields and lustrous devices. An attractive cameo. Although, in the past, most business strikes have been sold as rare Proofs, these business strikes are more plentiful. Of course, with a mintage of just 400 coins, even business strikes are important rarities. Walter Breen suggested that business strikes outnumber Proofs by a margin of two to one. If this is correct, there are only 30 to 40 business strikes in existence and 15 to 20 Proofs. These estimates seem about right. The table below illustrates the business strike gold production for the year. In addition, 20 Proofs were struck at Philadelphia for each denomination.

A small spine, or thorn, down from the Indian’s chin positively identifies this as a business strike, this per long-published conventional wisdom.

Denomination      $1      $3      $2.50      $5     $1     $2

Philadelphia      400      0      400      200      100      295,740

Carson City        0          0      0      11,828      7,715      111,151

San Francisco       0      0     11,600      9,000      0      1,230,000

From Paramount’s Auction ’85 sale, July 1985, Lot 1397.

Choice Proof 1876 Gold Dollar

Only 45 Proofs Minted

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196     1876 Proof-64 (PCGS). A delightful cameo Proof with deep reflective fields. Lustrous devices display bright yellow gold. All design details are sharp and the surfaces show very minor imperfections as struck. This is a very rare issue in Proof quality with 30 to 35 survivors. Business strikes are also quite rare. However, the entire issue resides in the shadow of the 1875 coins and therefore is rather underrated.

A short die line through the right base of the first A in AMERICA almost reaches M and is diagnostic of Proofs, according to Walter Breen.

Purchased from Strauss Coin Co., December 13, 1971.

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197     1876 MS-64. A lovely prooflike business strike with considerable cameo contrast. From a different obverse die than the Proof without the die line through the base of A toward M. Sharply struck with considerable aesthetic appeal. The surfaces are very nearly flawless. Just 3,200 were struck, of which probably no more than several hundred survive in various grades.

From Superior’s sale of the Gilhousen Collection, February 1973, Lot 70.

198     1876 MS-63 PL. We have categorized this as a business strike even though it is from the obverse die Breen attributed to Proofs. Full prooflike surface with lustrous, cameo devices. A very attractive example regardless of how it was struck. We suggest prospective bidders examine this choice gold dollar and make their own determination. In time, the forthcoming book on gold dollars by John Dannreuther will no doubt illumine the situation.

Purchased from Rowe and Brownlee, February 24, 1967.

199     1876 MS-63. An exquisite jewel with satiny bright yellow gold lustre and only a trace of reflective surfaces. Unquestionably a business strike.

From Harmer-Rooke’s sale of December 1969, Lot 377.

200     1876 MS-62. An attractive bright yellow gold example with frosty lustre and a touch of very pale orange toning.