The Harry W. Bass, Jr. Collection — Part III

Session One

Thursday Evening, May 25, 6:00 PM Sharp

Gold Dollars: Lots 1-79

Quarter Eagles: Lots 80-270

Three-Dollar Gold: Lots 271-287

Half Eagles: Lots 288-557

Gold Dollars

Welcome to the very nice selection of gold dollars in the Bass Collection Part III. In the pages to follow are many choice, rare, interesting, and desirable pieces that will delight the beginning enthusiast as well as fill in certain long-empty spaces in the cabinet of the advanced specialist. Quality is the byword, and also the buy word, for when Harry W. Bass, Jr., gathered these he did so with care. As the cover of this catalogue depicts, Harry was a very careful observer, and even today we can remember him visiting the lot viewing at the Louis Eliasberg sale of gold coins in 1982, bringing his binocular microscope with him, and spending hour after hour carefully studying the surfaces and varieties of different pieces, and making notes. Scarce high-grade mintmark issues, seldom seen Philadelphia Mint Proofs and Mint State coins, and others are described. While it is certainly a pleasure to catalogue the finest Proof 1875 gold dollar ever to pass under the gaze of the grading experts at PCGS, and recognize that this is the most famous of all gold dollar dates, it is also a pleasure to note the interesting die peculiarities of some of the more plentiful pieces. "Through the looking glass" can offer a wide variety of pleasures, and we lingered long while writing many of the descriptions, the basic text being by Mark Borckardt of our staff, with comments by the editor (QDB).

Authorized in March 1849, gold dollars made their first appearance in circulation early in May of the same year. The design was not quite finessed, it was in today’s parlance a beta version, and during the year some changes were made. These included increasing the thickness of the wreath details and the size of the berries, and making each side of the wreath longer. Today, the varieties of 1849 have been described several ways, primarily by Walter Breen. As these words are being written, John Dannreuther and Jeff Garrett are well under way on a definitive book on minute die varieties, and some of their conclusions will be different from anything seen in book form to this point. In a phrase, gold dollars of 1849 are a numismatic playground.

From that point, production of the gold dollar, the obverse being a miniature representation of the Coronet Head used on the contemporary double eagle, continued through 1854, such pieces today being called the Type I design. Production was at several mints: Philadelphia, Charlotte, Dahlonega, and New Orleans. As a general rule, the issues of Charlotte or Dahlonega are collected with great fervor today, while those of New Orleans, sometimes quite rare, are generally ignored.

The diameter of the gold dollar was considered to be too small for convenient use by the public, and it was enlarged, creating the Type II motif. The portrait was changed on the obverse, creating what is now called the Indian Princess design, or, as the Chapman brothers used to say a century ago, the Indian Queen. Princess or Queen, take your pick, the design was attractive in its day and is still appealing today—the same motif used on the $3 denomination introduced in the same year.

As attractive as the Indian Princess or Type II gold dollar might have been, the thin metal planchet combined with the high-relief motif of Miss Liberty combined to create all sorts of problems during striking. Most obviously, the deepest recesses of the obverse die were opposite in the press from the central digits of the date, 88. The result was that either the features of Miss Liberty were not fully struck up, or some or all of the two central digits were weak, or combinations thereof. Finally, in 1856, the matter was given up, and the Type III motif was created, the Indian Princess now being restyled to a larger size, somewhat differently prepared, and of lower relief. The reverse design remained the same as before (for many years your editor believed that the reverse design was changed in subtle ways, but John Dannreuther pointed out that it was not changed—and, upon inspection, sure enough it had not been!). Thus isolated, the Type II gold dollars produced in part of 1854, and all of 1855, plus some stray 1856-S versions in San Francisco, are the hardest to find. As noted, lightness of strike is typical. High-grade pieces are also elusive. In the entire history of numismatics, no one has ever assembled a complete set of sharply struck, choice Mint State examples of this short lived series—so don’t even think about trying! However, be secure in the knowledge that the pieces that Harry Bass collected are among the nicer examples of their kind.

The Type III gold dollar made its debut in 1856 and was continued uninterrupted through 1889. Some pieces were produced at the branch mints through 1860, and again in 1870 at San Francisco, but by and large the spread is devoted to Philadelphia pieces.

When first introduced in 1849, gold dollars were immediately popular. The reasons for this are somewhat subtle but are easy enough to understand if considered one step at a time:

Gold was discovered in the American River in California in January 1849, igniting the spark that created the fabulous Gold Rush. The first significant shipment of gold metal from the new find was brought to the Philadelphia Mint in December 1848, and it was soon realized that unprecedented quantities would be forthcoming, and, partly as a result of this, two new gold denominations were proposed, the dollar and the double eagle. Previously, the lowest denomination had been the quarter eagle and the highest denomination $10.

As gold continued to pour into the channels of commerce and into the mints, it became "common" in comparison to silver, and previously minted silver coins began selling at a premium. By 1850, a silver dollar was worth more than a gold dollar, a trend that continued through early 1853. In 1851 and 1852, virtually all silver coins disappeared from circulation, as they could be sold at a premium to specie and bullion brokers. Thus, we come full circle to gold dollars: in the absence of silver coins in circulation, the gold dollar was in effect forced to become popular! This accounts for the large mintages during that period. Also, to help alleviate matters, the silver three-cent piece or trime was introduced in 1851, of lesser silver content alloy (just 75% instead of 90%) than the silver coins that had been taken from circulation. The trimes, not being profitable to melt down, circulated widely and also achieved success.

In February 1853, Congress put an end to the "silver problem" by reducing the authorized weight of silver coins from the half dime to the half dollar. This legislation was soon implemented, and lightweight silver issues with arrows at the date to distinguish the difference, were placed into circulation. For the first time since 1849, silver pieces were again abundant. Trimes became redundant, and mintage quantities dropped. Ditto for gold dollars. Although large quantities were made in 1854, after then gold dollar mintages fell precipitantly.

Made in reduced numbers, gold dollars were produced through the eve of the Civil War. Beginning in late December, 1861, by which time the Civil War had been underway for over a half year, the public became wary of the outcome. No longer was it viewed that union forces had an easy win. Indeed, Union troops had suffered some devastating losses. Faced with some insecurity, the public began hoarding coins, and gold pieces were the first to disappear, eventually followed by silver, and by the second week of July 1862, by the "lowly" copper-nickel Flying Eagle and Indian cents. As it turned out, gold coins of all kinds did not circulate in the East or Midwest for many years thereafter. Instead, commerce was conducted by privately issued tokens, encased postage stamps, paper scrip, fractional currency notes, and paper money, the last in particular including the "greenback" or Legal Tender notes. It was not until December 18, 1878, that gold coins, silver coins, and paper money were all at par—all trading at the same value and interchangeable. In the meantime, some very curious things occurred, including a sharp rise in the value of gold in 1864 and 1865 to one point at which it took over $250 in Legal Tender notes to buy $100 worth of gold!

It is seen that after 1861, gold dollars were unnecessary, as they did not circulate. Thus, mintages became even smaller, and only token amounts were produced through the Civil War and the decade after, hitting an all-time low of just 400 circulation strikes in 1875 (plus perhaps 40 Proofs plus a few dozen Proofs made for collectors). Today, the centerpiece circulation strike gold dollar of this stretch is the 1875. An example is not offered in the present sale, but we mention it to complete the historical-numismatic picture.

After 1878, gold dollars were again available at face value. However, by that time newly minted Morgan dollars (first struck in March 1878), and silver coins of all kinds glutted the channels of commerce. Thus, gold dollars were not needed to make change. There was a great interest in gold dollars for jewelry purposes, and speculators found them interesting as well. Accordingly, from 1879, continuing to 1889, while mintages were low, substantial percentages of the pieces were retained as souvenirs, or made into jewelry, or held for investment. Thus, there are no fantastic rarities in this span. Interestingly, the 1877 and 1878 were not saved at all, and thus are very rare.

Along the way, gold dollars became numismatic favorites. In the 1860s and 1870s, when Liberty Head gold coins were scarcely collected at all (except for a handful of numismatists who ordered Proofs each year), gold dollars were eagerly sought. Thus, virtually from Day One in American coin auctions, gold dollars were included. The present writer (QDB), together with a half dozen research associates, has been delving into historical newspaper accounts, auction catalogues, and other material, leading to the eventual publication of a multi-volume reference on American gold coins. Along the way, dozens of pages of interesting newspaper stories, historical accounts, and other information about gold dollars has come to light. All of this has been very exciting to discover or, in some instances, to rediscover, and it is hoped that upon publication readers will find it equally so.

Great thanks is due to the Harry W. Bass, Jr. Research Foundation for the book project in the works, as it has been the Bass Collection that provided the catalyst for all of this activity. Thank you. And, to readers of the present catalogue who are about to see our offering of gold dollars, enjoy the opportunity.

Choice Mint State 1849 Gold Dollar

Open Wreath, Small Head, No L

First Gold Dollar Issued


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1     1849 Open Wreath, Small Head, No L. MS-64 (PCGS). Lovely satiny yellow gold lustre with a few very minor surface marks here and there. Sharp central design details with weakness along the obverse and reverse borders. Numerous minute die polish lines are visible at extreme left obverse.

The following stars are repunched (counting beginning to the left of the bust tip): 9 (dramatically), 12 (slightly), and 13 (dramatically).

Although the reported mintage was just 1,000 coins, which figure we reported last October in the Harry W. Bass, Jr. Collection, Part II, we now believe the actual mintage may have been several thousand coins. We estimate at least 1,000 coins exist today.

Die state as lots 1 and 2 of Bass, Part II.

Purchased from Rowe and Brownlee, February 24, 1967.

Lovely 1849 Open Wreath Gold Dollar

Large Head, With L

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2     1849 Open Wreath, Large Head, With L. MS-64 (PCGS). Soft frosty yellow gold with hints of orange toning, especially on the reverse. Very light reflectivity is noted, providing a slight cameo appearance. An extremely attractive gold dollar. Slight central weakness is noted, especially at the date on the reverse. According to Walter Breen, this variety was struck from May 9 to June 7, 1849 (as it may well have been, but this does not mean that it was not struck later as well).

A raised die line connects the star at 9:00 and border above. Minute raised die lines are visible inside the border at 9:00.

Reverse relapped and now with some berries appearing as large isolated dots, the berry after R (DOLLAR) being an exception; before relapping, this die must have had a very bold wreath—quite unlike the delicate tiny berries seen on the preceding lot (the die for which was not relapped, and thus the berries were small and delicate to begin with).

Purchased from Stanley Kesselman, August 9, 1971.

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3     1849 Open Wreath, Large Head, With L. MS-63. Sharply struck light yellow gold with a hint of green. A few minor abrasions are present.

A die crack from the border through I in UNITED crosses the wreath and joins DOLL. General style as preceding; extensively relapped, with large berries disconnected in some instances from their stems.

From Stack’s sale of the Scanlon Collection, October 1973, Lot 1912

Prooflike 1849 Gold Dollar

Closed Wreath

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4     1849 Closed Wreath. MS-64 PL. This is a most attractive gold dollar with heavy die polish lines providing a prooflike appearance. Sharply struck in light yellow gold with splashes of orange toning on the reverse. A few very minor abrasions are visible in the obverse fields, but are hard to differentiate from the normal die striae. The Close or Closed Wreath type comprised the majority of 1849 gold dollar coinage.

Is the wreath Closed or just Close? Quick examination will reveal that the wreath is not at all closed, however, the branches are much closer to the digit 1 than on the Open Wreath variety. Although still catalogued as Closed Wreath, we submit that Close Wreath is a much better description. In fact, auction catalogues until the early 20th century, described this as Close Wreath.

The Close Wreath die was made by adapting the Open Wreath, by adding two berries and three leaves at the top of the former highest leaf groups; all other topographical features remain the same.

Purchased from the Goliad Corporation, December 16, 1971.

Mint State 1849-D Gold Dollar

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5     1849-D MS-61 (PCGS). Mintmark shows signs of doubling, however, this appears to be a result of strike or machine doubling, rather than a repunched mintmark. Light greenish yellow gold with a halo of reflective surface around the obverse device, this being framed by frosty lustre through the stars. Quite sharply struck with slight weakness only at the obverse border from 3:00 to 7:00. Mintage for the year amounted to 21,588 coins with the first struck on July 15, 1849. This is the least rare Dahlonega gold dollar in Mint State. Doug Winter noted this issue is usually seen in Extremely Fine or lower About Uncirculated grades. The issue is moderately scarce in higher About Uncirculated grades and rare in Mint State.

A few stars are connected by die cracks.

The obverse presents an entirely different appearance than the Philadelphia Mint version; with the relief appearing higher, with the portrait especially bold, and with a very high rim. The reverse is of the Open Wreath style with delicate berries. Mintmark D slightly to left of bow knot. Under magnification, both obverse and reverse dies show evidence of rust.

Purchased from Julian Leidman, February 18, 1972.

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6     1849-O MS-62. Satiny deep yellow lustre with a few minor marks. The obverse and reverse edges are rounded. Vertical hairlines are noted on Miss Liberty’s neck and head, along with a few other very minor impairments. Although 215,000 were struck, we estimate that fewer than 100 survive in Mint State. A popular issue due to its status as the first New Orleans Mint gold dollar.

Some light die rust is noted, otherwise perfect dies.

Obverse with heavy, bold rim framing the portrait more dramatically than on Philadelphia Mint coins. Fields gently basined. Reverse with heavy berries, not relapped, and with stems present (the Open Wreath reverse of this year seems come in two different styles—delicate berries and heavy berries, but the cataloguer is not aware of which styles were used in combination with which obverse dies, nor is a complete listing of use at the four mints, Philadelphia, Charlotte, Dahlonega, and New Orleans at hand).

Purchased from Mattoff, December 19, 1972.

Choice Mint State 1851 Gold $1

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7     1851 MS-64. Satiny bright yellow gold lustre with very few surface marks. Some central weakness is noted, otherwise a sharp coin. An impressive coin destined for an impressive type set.

In recent decades there has been an increased interest in coin pedigrees. It is a mark of distinction and pride when a piece can be specifically traced to prior ownership by a well-known numismatist such as Virgil Brand, Louis Eliasberg, T. Harrison Garrett, J.F. Bell, William J. Jenks, Amon Carter, Jr., Harry W. Bass, Jr., or another luminary. Recently, numismatic writer Al Doyle interviewed the editor (QDB) on this subject, noting that he had observed the increasing interest.

Of course, many coins lose their pedigrees as they move from one owner to another, or as cataloguers elect not to preserve the pedigrees or do not know the pedigrees to begin with. However, in instances in which they are correctly preserved, an additional aura or quintessential aspect is given to the coin. In the present instance, the owner of this 1851 gold dollar—or, of course, the other coins in the sale—can always look with pride upon a piece that was purchased years ago and treasured by the most enthusiastic student of gold die varieties among any collector who ever lived—Harry W. Bass, Jr.

Purchased from Julian Leidman, February 17, 1972.

Delightful 1851-C Gold Dollar

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8     1851-C MS-64 (PCGS). This wonderful coin has sharp design details and frosty, rich yellow gold lustre. A few minute surface imperfections are noted. The reverse has a planchet lamination at upper left, crossing the wreath below first S in STATES. 41,267 gold dollars were struck in Charlotte this year. The most common Charlotte Mint gold dollar, still rare in Mint State. Probably 30 to 50 Mint State coins survive, although printed estimates range from 10 to 72. A very attractive piece which would add considerable interest to a type set—the inclusion of a Charlotte Mint coin rather than the much more plentiful Philadelphia version.

Heavy obverse die polish is noted.

From Stack’s sale of the Garrett Collection, March 1976, Lot 332.

9     1851-C AU-50. An attractive example, pleasing light yellow gold, lightly cleaned at one time. Overall the coin is of higher quality than usually encountered for an 1851-C at this grade level—as even a cursory in-person examination will reveal.

From Stack’s sale of September 1968, Lot 296

Lovely AU 1851-D Gold Dollar

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10     1851-D AU-55. Reverse rotated 90°. Light greenish yellow gold with pleasing orange patina. Very sharp obverse and reverse design details. An attractive gold dollar. Just 9,882 were minted, one-third in February and two-thirds in June. A scarce coin in choice About Uncirculated grades, according to Doug Winter, who notes that this coin is a rarity in Mint State.

Small obverse rim breaks at 10:00 and 1:00. Obverse with very high edge and pronounced wire rim, dramatically so—lending additional interest to the specimen. Reverse with four-digit logotype very deeply punched into the die, making the numerals appear larger and closer together than normal. Protruding from the bottom of the first 1 is a tiny line or artifact, possibly placed on the die to help position the logotype (a thought advanced to the editor by Bill Fivaz, as such small marks—not repunchings of the first digit—occur across many denominations). The dies have clashed, and upon close examination a full outline of the head of Miss Liberty can be seen incuse on the reverse. All in all this is a truly interesting coin, a marvelous piece from a technical viewpoint, one that the advanced specialist in Dahlonega pieces will enjoy and appreciate owning.

From Stack’s sale of United States Coins, Metropolitan N.Y. Numismatic Convention Sale, March 1973

11     1851-O MS-62. Frosty bright yellow gold with peripheral orange toning. Few very minor surface marks are noted. Perhaps 150 to 250 Mint State examples survive from a mintage of 290,000. Only occasionally are finer examples offered on the market.

Reverse with very large O mintmark. Position slightly below the center of the wreath knot.

From Abe Kosoff’s of the Shuford Collection, May 1968, Lot 1704.

12     Trio of Mint State Type I gold dollars: I 1852 MS-62 I 1853 MS-61 I 1854 MS-62. Repunched 85 in date. Each is brilliant and lustrous. (Total: 3 pieces)

The 1854 is quite curious from a technical viewpoint. On the reverse the four-digit logotype is partly repunched, as noted, and is far to the right, with the crosslet of the 4 impinging on a berry. The die has clashed at least twice, possibly three times, and under magnification complete outlines of the head of Miss Liberty can be seen on the reverse. One of those enjoyable gold dollars that affords a great deal of interest when examined under magnification.

13     Trio of Type I gold dollars: I 1852 MS-62, Lustrous with a minor rim nick on obverse. The obverse die seemingly relapped, but subtly, creating delicate stars; reverse with the four-digit logotype punched more deeply into the die toward the end of the date I 1853 MS-62. Lustrous with a touch of toning I 1854 MS-60. Lightly toned with darker toning at 1 of date and repunched 85. This is from the same die as the 1854 in the preceding lot, except that it is very slightly relapped, so that there is now a very small separation between the digit and the berry; clash marks from the head of Miss Liberty are visible but not as obvious as on the earlier offered 1854. (Total: 3 pieces)

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14     1852-O MS-63 (PCGS). A sharply struck example, bright yellow gold with minor surface marks. The obverse border is weak from 5:00 to 9:00 and the opposite reverse border is also weak. Although a relatively high mintage of 140,000 coins suggests that this is a common issue, only 15 to 25 Mint State examples exist. Of those, very few are better than MS-62. Only one other equivalent MS-63 example appeared for auction sale in the 1990s, that being in Part II of the Harry W. Bass, Jr. Collection, sold by us last October. A splendid coin worthy of close bidder attention. Doug Winter noted that this issue is the second rarest gold dollar struck at New Orleans.

Minor die chips are noted near star at 2:00.

Purchased from Mattoff, February 19, 1972.

Choice Mint State 1853 Gold Dollar

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15     1853 MS-64. A very pleasing, sharply struck example with brilliant yellow gold lustre. A few very minor surface marks are noted. An ideal coin for the date or type collector.

Light reverse clash marks outlining the head of Miss Liberty transferred from the obverse. Date logotype low and to the left.

Purchased from Stanley Kesselman, August 10, 1971.

Pleasing 1853-D Gold Dollar

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16     1853-D AU-55. Light yellow gold with satiny, slightly reflective lustre. Weakness is noted on the highest central points of the obverse. A few minor surface marks are present, including a small edge mark at 3:00 and a thin hairline scratch diagonally across the obverse. Numerous very fine obverse die polish lines or die scratches are visible. Just 6,583 coins were struck with a survival rate of approximately 3%. In 1853, almost 80% of all gold minted in Dahlonega came from California.

Under magnification the reverse is quite curious. Probably from treatment in the machine shop at the Dahlonega Mint—where something less than delicate finessing was employed—the die has gained a number of raised lines, possibly removed rust or clash marks, a berry is solidly connected to the base of T (UNITED), and there are other idiosyncrasies. Both obverse and reverse have been relapped. Die orientation normal on this particular pair, but the same die pair also exists misaligned to medal-wise orientation.

From Stack’s sale of the Meyers Collection, December 1972, Lot 481.

17     1853-O MS-62. Frosty yellow gold lustre with sharp design details. Very faint clash marks outlining Miss Liberty are noted in the reverse. Perhaps finer than the assigned grade. Of all gold dollars struck in New Orleans, this issue is the most plentiful.

Very faint clash marks are noted on the reverse, along with diagonal die file marks just inside the border at IT.

Obverse struck from a rusted die, the field giving the portrait of Miss Liberty an interesting appearance (scarcely noticeable except under magnification), which when studied, reveals detail as to what happened. Mintmark nearly round in external outline.

Purchased from the Goliad Corporation, March 1972.

18     1854 Type I. MS-63 (PCGS). Repunched 85. A lovely example with fully brilliant yellow gold lustre and very few surface marks of any type. This is the final year of the Liberty Head gold dollar and a transitional year, with the Indian Head type minted beginning later in the year. Both designs boast roughly equal mintages. A truly beautiful specimen—one which is certainly as good as some we have seen designated as MS-64. Grading is an art, not a science, and if we were personally seeking a very nice 1854 gold dollar, we would not hesitate bidding an MS-64 price for this beauty!

The obverse has both radial cracks from the border into the interior portion of the design, and peripheral cracks extending through and connecting various stars. The reverse has very faint clash marks displaying the outline of Miss Liberty, is lightly relapped from the die discussed earlier, with the date touching the berry (when the die was first made), now relapped. Late state with light die cracks.

Purchased from RARCOA, July 24, 1972.

19     1854 Type I. MS-63. An attractive gold dollar with brilliant, frosty yellow gold lustre. A few scattered marks are noted on either side.

Different dies from preceding. Obverse with delicate cracks particularly noticeable at star 2; star 3 touches border. Extremely high rim, curiously so, with the field recessed far below it. Reverse with date logotype significantly clear of berry at right. Prominent clash marks display the outline of Miss Liberty transferred from the obverse.

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

Choice Mint State 1854 Gold Dollar

Small Indian Head

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20     1854 Type II. MS-63 (PCGS). A delightful cameo with reflective obverse fields and lustrous devices. The reverse is similar although with not as much cameo contrast. Satiny lustre with a few very minor surface marks, although with heavy clash marks which may be incorrectly seen as imperfections. Extremely sharp strike with full central hair details on the obverse, and very strong date details. The digit 8 shows some very slight weakness, scarcely worthy of mention (and 90% of cataloguers would not do so).

This new design was created by James Barton Longacre in conjunction with an increased diameter, intended to make the coin easier to handle. The presently offered example will prove to be the delight of its new owner, whether acquired to fill a hole in a type set, to add to a set of date and mintmark issues, or to illustrate clash marks in a specialized cabinet. No doubt Harry Bass, Jr., a consummate student of die varieties, purchased this piece because of the clash marks. In this instance, the clash marks do not interfere at all with the design detail of the coin or in any other way, except to add character to otherwise plain areas of the field. As such, the clash marks can be viewed as a bonus to anyone interested in mint procedures.

For the record, the four-digit date logotype used on Type I gold dollars was also used to prepare dies for Type II gold dollars.

Many gold dollars of this type have clash marks, however, those on the present coin are as extensive as any we recall handling. The heaviest clash marks are visible at the center of obverse and reverse, with lighter clash marks along the obverse borders.

Purchased from Julian Leidman, November 30, 1971.

21     1854 Type II. AU-58. Frosty light yellow gold lustre with very pleasing surfaces for the grade. A few minor surface marks are noted.

This is one of the most interesting 1854 Type II gold dollars we have ever seen, and we can readily imagine that Harry W. Bass, Jr. purchased it for precisely the same features that we are about to describe:

The obverse is from a heavily rusted die, showing hundreds of raised lumps (pits in the die) around the border inscriptions. The open field areas do not show these, indicating that the die was lightly reground or relapped. At ATES (STATES) there is one of the most prominent die bulges we have ever seen on a dollar of this type, itself dramatic and curious. As if this were not enough, the portrait of Miss Liberty is a raised ridge, possibly due to rust (which process we cannot particularly describe, giving that it is an outline and is separated from the portrait), possibly the result of metal movement when the field of the die was relapped (observations from interested students of the series will be welcomed and will enlighten us). Further, there are clash marks showing part of the reverse wreath. If Louis Agassiz were alive and interested in numismatics, he might assign the description of this die as an essay project to one of his students!

Nor is that all. The reverse, while not as curious as the obverse, has its own set of distinctions. The die seems to have been very lightly relapped. At the center are clash marks showing the outline of Miss Liberty transferred from the obverse. The logotype was placed high on the die, and slightly misaligned, with the first digit (1) much closer to the O (DOLLAR) than the final digit (4) is to the right foot of A above it.

Here, indeed, is a "story coin" worth, in our opinion, a nice premium!

From RARCOA’s NASCA sale, February 1972, Lot 706.

Lovely 1855 Gold Dollar

Small Indian Head Design

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22     1855 MS-62 (PCGS). Frosty light yellow gold with delightful surfaces for the grade. A few very minor blemishes are noted. Sharply struck throughout, except for very slight weakness at the central reverse. This very scarce type was only issued for two years in Philadelphia, and in 1856 at San Francisco, and is in demand from both date and type collectors. The 1855 Philadelphia issue is about equal in rarity to the 1854. We estimate about 2% of the original mintage survives in Mint State, approximately 1,500 coins.

This is another interesting "story" coin, not quite the match for the 1854 Type II in the preceding lot, but still able to stand on its own. The obverse is very well struck, with excellent detail on just about every area except the highest hair. The field, normally blank and thus devoid of interest, displays some of the most prominent clash marks we have ever seen. One can make out many of the details of the reverse wreath. On the reverse of the coin, just the opposite has taken place, with a prominent clash mark transferred from the portrait of Miss Liberty on the obverse. The striking is very excellent, save for some trivial weakness at the top of the 8. Again, no doubt Harry W. Bass, Jr. considered this to be a very special coin, one with a great deal of personality.

From Stack’s sale of the Shapero Collection, October 1971, Lot 679.

Mint State 1855 Gold Dollar

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23     1855 MS-61. Lustrous light yellow gold with minor surface marks. Typical strike with strong details except for central obverse and reverse with digit 8 weak.

Very light clash marks, especially on the reverse, whereupon careful examination the outline of the portrait of Miss Liberty can be ascertained.

Purchased from Walter Burks, January 18, 1973.

Important 1855-C Gold Dollar

The Only Charlotte Type II Dollar

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24     1855-C EF-45. Pale greenish yellow gold with traces of orange patina. Moderately abraded and hairlined surfaces, not at all unusual for Charlotte and Dahlonega gold dollars. Strike very typical of this design, with the digit 8 weak. This example also shows weakness on the second feather plume. From a very small mintage of 9,803 coins, with fewer than 200 surviving today. Despite our description—we would probably bend over backward in trying to give a visual picture of the coin—this piece is above average for an 1855-C gold dollar! It is to be remembered that in today’s world of numismatics, for many buyers—particularly newcomers and investors—one "number" tells all. In reality, certification services and others that use numbers do impart a degree of information about the coin, but a number alone can say nothing about the striking quality, planchet, die preparation, or any of the many other features that contribute to the interest, desirability, and value of a coin.

Clash marks are visible at central reverse.

Purchased from Abe Kosoff, August 1973.

Another Scarce 1855-C Gold Dollar

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25     1855-C EF-40. Light yellow gold with minor abrasions and hairlines, having been cleaned in the past. Minor planchet roughness is noted. An above average strike for the issue, as best we can determine past the wear. In fact, at this grade level this is one of the nicest 1855-C gold dollars we have ever seen! This might sound strange to the uninitiated, but it is probably precisely this quality that attracted Harry Bass to it when he purchased it over 30 years ago. In his time, Harry was well known to leading dealers all across the United States, who often gave him first chance at anything rare or interesting in the gold series. One can readily imagine that for every coin he added to his cabinet, he considered and did not buy several or more others.

This is the only year in which the small Indian Head design was struck in Charlotte. In fact, there is only one branch mint issue of this type for each coinage facility. Charlotte, Dahlonega, and New Orleans each only produced this type in 1855 while San Francisco only in 1856.

Light clash marks are visible.

Purchased from Michael G. Brownlee, April 18, 1967.

26     1855-O AU-50. Lustrous light yellow gold with reflective mirrored surface visible around devices and letters. A very attractive example with minor imperfections, but above average for the issue. A high quality coin overall, and one that should attract enthusiastic bidding.

The 1855-O is the most available branch mint gold dollar of this design, from a mintage of 55,000 coins, but it is certainly rare in comparison to its Philadelphia Mint counterpart. As a general rule, the 1855-O gold dollar is much better struck than the naïve or primitive issues from Charlotte and Dahlonega.

The 1855-O marks the final gold dollars struck at the New Orleans Mint. It is worth noting that today, as in recent decades, there is a tremendous amount of numismatic interest focused upon Charlotte and Dahlonega branch mint coins, while by comparison there are relatively few specialists in New Orleans issues. Thus, coin for coin, scarcity for scarcity, rarity for rarity, the New Orleans pieces are lower priced.

From Stack’s sale of the Stewart Collection, May 1972, Lot 1536.

27     1856-S Type II. Normal Mintmark. AU-50. Light yellow gold with rich deep gold and iridescent toning. An attractive example of the only San Francisco Type II gold dollar. Two varieties are mentioned in the literature—the normal or perfect mintmark variety as offered here, and the one with the doubled S.

From Abe Kosoff’s sale of the Shuford Collection, May 1968, Lot 1709.

Lovely Cameo Proof 1856 Gold Dollar

Type III, Slanted 5

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28     1856 Type III. Slanted 5. Proof-64 (PCGS). Deep reflective yellow gold with lustrous devices. A delightful cameo Proof with very minor hairlines visible under magnification (which, of course, is why it has been called Proof-64 rather than, say, Proof-65 or Proof-66). A small patch of frost is visible at the border, past the final letter in AMERICA. Planchet dullness is visible at bottom of obverse. The reverse has minor planchet striae left and right of the large digit 1 along with a minor lint mark below the smaller digit 1 in the date, continuing through the left ribbon bow. At least eight, and perhaps 10, Proofs exist. We suppose that the preceding couple of sentences may be superfluous, as 80% of buyers would be happy with a comment such as "Proof-64 (PCGS)—wonderful, splendid, marvelous, rare, etc." However, each of these coins does have a personality, and we consider it quite interesting to study the detail and relate our observations. Of course, this Proof-64 will stand proudly on its own without any other Proof-64 in existence in numismatics—it is really a very nice one!

This new obverse design, a modification of the earlier Indian Head obverse with smaller portrait, was prepared by James B. Longacre, with the hope of finding a motif that would strike up sharply. As a result, most Type III gold dollars are quite sharply struck, with the exception of Charlotte and Dahlonega coins which were struck from dies spaced slightly too far apart.

PCGS Population: 3; 2 finer (both Proof-65).

Faint clash marks are visible within the wreath.

It is quite possible, perhaps probable, that this coin traces its pedigree to New Netherlands’ 45th sale of April 1955. Although not plated, Lot 763 was described: "Proof. Almost entirely brilliant; trifling touch of surface dullness (as made) on the bottom obverse margin after A of AMERICA. An authentic and desirable Proof of this date, and as such very rare and valuable."

Furthermore, regarding this very same auction lot, possibly or probably this coin: The buyer of this lot was Dave Bowers, a junior at Forty Fort (Pennsylvania) High School, who was enjoying being a mail-order rare coin dealer and by that time had become a friend of John J. Ford, Jr., guiding light of the New Netherlands firm. During this era, after each sale Ford would lead a troupe of his friends, perhaps a dozen in all, to Mama Leone’s Restaurant in the Theatre District, one of the few places that was open late at night and still serving dinner.

Upon asking Dave where the 1856 Type III gold dollar went that he had purchased at New Netherlands, he paused a moment and then reflected that it may have gone to a Mr. A.K., a private collector in Wisconsin, who he recalls sent a letter stating that his daughter was about to be married, and thus he had to close his correspondence quickly with Dave, as he had other things to tend to. Of course, this was about 45 years ago, so exact details have faded somewhat.

Purchased from Bowers and Ruddy, December 27, 1971.

Amazing Gem Proof 1857 Gold Dollar

Finest PCGS Certified

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29     1857 Proof-66 (PCGS). This phenomenal brilliant yellow gold Proof has deep mirrored fields framing cameo devices. Extremely sharp design details are characteristic of both obverse and reverse. A few minor hairlines are noted, along with several raised die polish lines. Scattered planchet imperfections were present when this gem was struck. One of the finest from a population of less than 10 Proofs. Slightly rarer than 1856 Proof gold dollars. Various estimates range from as few as five to as many as 12 Proofs in existence.

A coin combining rarity and quality such as this is apt to come on the market only once a generation, if that. Thus, the price paid is often secondary to the opportunity to purchase such a piece. It is relevant to state that when Harry W. Bass, Jr., was forming his collection from the 1960s through the late 1990s, if he saw something he liked, he bought it. Along the way he set many all time record prices, but events would prove that yesterday’s record became a bargain at a later time. Thus, today in the year 2000, the Bass coins, all gathered with care, and by selective, aggressive purchasing, have in the aggregate yielded a tremendous profit over the price paid. Precisely the same thing could be said about the other great gold cabinets that have come to market—the Norweb Collection, the Eliasberg Collection, and more. How delightful it is that a fine cabinet of gold coins can provide many intellectual pleasures and collecting challenges while, at the same time, offer the distinct possibility of being one of the finest financial investments imaginable!

PCGS Population: 1; none finer.

Possibly from New Netherlands’ 45th sale, as was the 1856 offered above. Both coins in the New Netherlands sale were purchased by Dave Bowers, and both were sold by Bowers and Ruddy some 16 years later, possibly after the firm had reacquired them from the man who bought them from Dave shortly after the New Netherlands sale. Perhaps this is a coincidence, or perhaps not. Who knows?

Before leaving this subject entirely, we mention that Proof coins were not generally sold to collectors until the year 1858. Thus, mintages for the lower years tend to be very small. Even in 1858, only a handful of Proofs were distributed, singly (not in sets).

Purchased from Bowers and Ruddy, December 27, 1971.

Glittering Proof 1858 Gold Dollar

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30     1858 Proof-64 (PCGS). Reflective deep greenish gold Proof fields with lustrous bright yellow devices. The cameo contrast between fields and devices is exceptional. Very faint diagonal polish lines are visible on the obverse. A curved lint mark from the bottom of T in UNITED almost reaches Liberty’s nose. The reverse has a small patch of short vertical hairlines above LAR, visible only at certain angles to light.

Proof gold dollars of 1858 and 1859 are, per conventional wisdom, of about equal rarity, although our studies—still in progress—shows that perhaps a few more 1858 pieces are around. However, the total number known on an absolute basis is very small, and again the word opportunity beckons.

In 1858 Proof coins were first generally sold to the public, as noted under the preceding lot. The number of Proof gold dollars distributed was nowhere recorded, but if we were to give an estimate, we would suggest that no more than 20 were produced. This in comparison to an estimated 215 examples of the very famous 1858 Proof silver dollar.

From RARCOA’s Central States Numismatic Society sale, April 1975, Lot 27.

Delightful Proof 1859 Gold Dollar

Repunched Date

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31     1859 Proof-64 (PCGS). Repunched 18 in date apparently as always. Very slight strike doubling is noted, especially on nose, lips, bust tip, and some obverse letters. Similar to the 1858 Proof, with deeply reflective greenish yellow gold fields and lustrous rich yellow devices. Reports indicate that 80 Proofs were struck, however, most were likely melted with a net mintage of less than 25. Today, perhaps only 12 to 15 Proofs are known.

PCGS Population: 8; 2 finer (both Proof-65).

Very heavy obverse and reverse clash marks including letters of LIBERTY through the date, and Liberty’s earlobe above second L in DOLLAR. During the course of producing most series of United States coins, sometimes during the clashing of dies, they would be relapped or repolished, to remove or partly remove the clash marks, imparting a mirrorlike surface and creating what we like to call an inadvertent or unintentional Proof. Many examples could be cited. However, in the present instance this is the regular die used to coin Proofs, to the best of our knowledge. We would be very interested in corresponding with anyone possessing an 1859 Proof dollar that has different characteristics (for example, no clash marks) from that described here.

The four digits are small and differently styled from anything seen to this point. 1 is short and with a particularly thick upright, not at all delicate; 18 heavy with very small pieces, top interior being about the same as the bottom interior. The 5 very curiously shaped, with top flag being as wide as or slightly wider than the curve below it, heavy, and sharply pointed. Ball large and close to upright, touching it on most if not all impressions. 9 thick to the left and right, somewhat small at the bottom, with small ball close to or touching the curve above. Interior space of 9 leans or is oriented slightly to the right. This distinctive set of numeral punches, bearing no relation to anything used earlier in the series, is popularly attributed to Anthony C. Paquet.

This reverse die is one of two used to strike Proofs this year. The other die is illustrated at Lot 128 of our Bass II auction (which is the same as the American Numismatic Society’s Proof). As a quick visual check, on the present coin the lower portion of the 1 (1859) is much closer to the nearest part of the ribbon than it is to the O (DOLLAR) above, whereas on the piece in the Bass II collection, the digit is about the same distance from both. To the best of our knowledge, this difference has not been published before.

Purchased from Strauss Coin Co., December 13, 1971

32     Quartette of gold dollars grading MS-62: I 1859. Date logotype punched more deeply into the die at the top of the figures on the bottom, making the figures heavier at the tops, and resulting in a tapered appearance to the first digit I 1861. Obverse die with delicate clash marks visible under magnification, particularly above the portrait I 1874 I 1884. Each displays lustrous surfaces, the final two issues are prooflike. (Total: 4 pieces)

A very nice group, perhaps the catalyst to forming a gold dollar set by dates. The 1859 in Mint State is somewhat scarce, the 1884 has the advantage of having a low mintage. Each of the pieces is quite attractive.

Lovely Cameo Proof 1860 Gold Dollar

Gem Classic Rarity

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33     1860 Proof-65 (PCGS). Sharply struck cameo Proof with rich yellow gold devices. Microscopic imperfections include tiny lint marks and planchet flakes as struck, along with very faint hairlines. The central date digits, 86, are slightly weaker or shallower than 1 and 0. Although 154 Proofs were struck, sales were certainly not as brisk as some had hoped, with a net mintage (coins actually finding buyers at the Mint) of possibly 40 to 50 coins. Of these, all struck on April 15, perhaps just 25 to 30 (or less) survive, few of which can hold a candle to the present piece in terms of numerical designation (only part of the story) and, equally important, eye appeal.

PCGS Population: 7; 1 finer (Proof-66).

Two short raised die lines extend left from Liberty’s ear lobe. D and first S are slightly doubled. Die lines extend right from A and second T in STATES, from the right diagonal of A just above crossbar, and from right foot of T.

From Stack’s ANA sale, August 1971, Lot 1922.

Amazing Gem Proof 1861 Gold $1

Highly Desirable Classic Rarity

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34     1861 Proof-65 (PCGS). This wonderful cameo Proof has very deep reflective mirrored fields. The devices are lustrous and frosty and all design details are sharp. Fields have a wavy or watery appearance, characteristic of gem Proof gold coins. The mintage figure of 349 coins seems completely out of line, with just 15 to 20 survivors known today. The actual number distributed was probably about 30 coins.

Very little survives in the way of records relating to Proof coinage of this era. The numbers that have reached print are nearly completely due to the unstinting efforts of R.W. Julian, who many years ago spent much time in the National Archives going through mint records, later sharing them with Walter Breen (who used them in his monographs, his 1988 Encyclopedia, and elsewhere), Clair Birdsall, and others. Although R.W. Julian’s efforts have not been widely heralded, they are indeed worthy of great recognition and the gratitude of all numismatic students. Having worked with Bob Julian for a long time in many different areas, we know how careful his research is—devoid of theories, adhering to the facts, and rarely in need of emendation. Currently, he is a consulting editor to our gold coin encyclopedia project.

The reason for producing Proof coins is not stated in Mint records, and if in 1861 a quantity such as 349 pieces was indeed produced, this might have been for a special occasion—what occasion? The inauguration of President Abraham Lincoln comes to mind—what a nice souvenir an 1861 Proof dollar (the smallest gold denomination), would have made. There is some precedent for using the smallest denomination gold coin as a commemorative or special issue, as evidenced by the 1848 CAL. quarter eagle—selected as the denomination used to coin souvenirs from California gold bullion. No doubt if a gold dollar had existed in 1848 (the denomination did not begin until 1849), a gold dollar would have been chosen instead.

The concept of an extra number of Proof coins or special strikes being made for presidential inauguration is not new, and may have originated with Michael Hodder in an essay in Stack’s catalogue for the James A. Stack Collection, in which he noted that certain early (pre-1858) Proofs tended to exist in larger numbers for inaugural years.

In our current study of gold coins leading to the eventual publication of the multi-volume encyclopedia, we have noticed the same thing. Prooflike and/or Proof quarter eagles were made in larger numbers in 1829 (an inaugural year) than any other year of the era.

Every once in a while a surprise delights the collecting fraternity, and how interesting it would be if some tie-in could be made to the 1861 Proof dollars and the Lincoln inauguration. This would at once explain the overly large mintage and, if they were distributed to the general public or to officials or to congressmen, they would have been handled carelessly, and this would explain their rarity today. The theory is in place, now all we need to do is find some printed evidence!

From Abe Kosoff’s sale of the Marks Collection, November 1971, Lot 1601.

35     1861 MS-64. A wonderful circulation strike example with vertical die striae on obverse and reverse, providing a reflective mirrored appearance. Sharply struck with only a few very minor imperfections. A favorite choice among type collectors, as many choice or gem Mint State examples survive.

Die striae are the strong rule, not the occasional exception, on circulation strike dies of all silver and gold denominations of this year. Such striae are particularly evident on early strikes, such as this, as they sometimes later wear off, being replaced by granularity. In instances (not applicable to this piece) in which a die is relapped, a new set of striae, perhaps with a different orientation, will be seen.

Purchased from the Goliad Corporation, September 21, 1972.

36     1861 MS-63. Highly lustrous bright yellow gold with a few very minor surface marks, including a few hairlines on the obverse. Minor planchet roughness is noted in the lower left obverse field.

Light obverse and heavy reverse clash marks including ERTY of LIBERTY, this appearing raised and backward, a transfer from the obverse die in which on the band of the headdress of the Indian princess it appeared incuse and in the correct arrangement. This type of clash mark occurs on several different dates of gold dollars and is especially interesting. The appreciation of this coin—and just about any other gold dollar—can be enhanced by spending some time studying it under high-powered magnification. If you want to go a further step, the "Money Store" at the American Numismatic Association, Colorado Springs, offers binocular microscopes for sale—making it possible to see interesting features larger than life and in three dimensions.

Purchased from Stanley Kesselman, April 15, 1971.

Glittering Gem Proof 1862 Gold $1

An American Numismatic Classic

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37     1862 Proof-65 (PCGS). A wonderful gem with deeply reflective mirrored fields and highly lustrous, frosty devices. A few very minor hairlines and other minute imperfections are noted in the fields. Some scratches on the PCGS holder are also reflected in the mirrored fields. 35 Proofs were struck on February 16, 1862, although some may have remained unsold. Possibly 15 to 20 of these survive today, with gem examples of extreme rarity. The obverse die was used for Proofs of several following years, including 1863 to 1873, 1875, and 1876. This same die was later used for circulation strikes in 1879 and 1888, then for Proofs in 1889.

The obverse die has a small area of polished Proof surface at the vertical element of the first (leftmost) headdress plume, this being diagnostic of all Proofs for 1862 to 1873. Thus, a gold dollar cannot be called Proof unless this feature is noted. A tiny horizontal projection is noted at about the center outside right of the digit 2.

Purchased from Doug Weaver, June 9, 1973.

38     1862 MS-63. Satiny light orange-gold with smooth surfaces and only a few very minor abrasions. Highly lustrous and attractive. A small area of planchet roughness exists at upper right obverse.

Digit 2 has same characteristics as Proof.

Purchased from Abner Kriesberg, March 30, 1973.