Lot 1042
1852 Pattern Gold Dollar. Bronze, plain edge. Judd-148b. Rarity 8. PCGS graded Proof 63 CAC Approved. Extremely rare. Lustrous with natural color. Pop 2; none finer. Only 2 coins graded at PCGS for this Judd number (PCGS # 11618) .
During this period the silver coins were disappearing from circulation due to the fact that they contained more bullion than their face value. Hence there was a demand for gold coins of the dollar and half-dollar denomination. Mr. Walter Breen found in the Archives a letter from the Director of the Mint, George N. Eckert, to Senator R. M. T. Hunter dated January 27, 1852, which shows that the half-dollar and larger ring-gold dollar were the first pieces made. He says,
"In reply to your letter of the 17th, I herewith enclose planchets of perforated or annulated dollars and half dollars in gold, with such rude design as was possible without the construction of new dies. The planchets are rather larger, & the perforation consequently wider, than I think desirable for the piece, but we were limited by the time and means at our disposal, and have struck them with Dime and half dime dies.
"Respecting the practicability of such a coinage, I find some difference of opinion among those familiar with the mechanical processes of the Mint. None doubt that it can be executed; the only doubt is as to the comparative rapidity with which it can be done. If Congress should approve such perforated coins, it appears to me that any law authorizing the issue should not be absolutely obligatory, but defer the matter to the ultimate decision of the President, which could be safely given after practical trials, and a report from the Mint.
"I think any attempt to increase the size of the gold dollar by alloying it is quite impracticable. A very small addition of silver would make, to all appearances, a silver coin, so that counterfeiting would be readily accomplished. Copper would create a copper color, and be so much worse than silver.
"In short, if the present gold dollar is unacceptable, the perforated coin appears the only feasible substitute. Better than all, however, is such an alteration in our laws as would restore silver to the circulation, & render such small gold pieces altogether unnecessary.''.
Estimated Value $8,000 - 10,000.
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| Realized $7,475 |
