Lot 1329
1849. Open Wreath. PCGS graded MS-65+. Well struck and mostly untoned with flashy bright gold fields and satiny devices. This is the first year of issue of the Gold dollar, which circulated along with silver dollars in this era. Gold and silver were fixed at a ratio of 1 to 16 and this attempt at bi-metallic circulating coins ended as they all do, with tinkering to try to prevent market forces from favoring one metal over the other. The problem came to a head in 1849, when both these Gold dollars and the Double Eagle were authorized (the larger double eagle began production in 1850). The California Gold Rush poured significant amounts of gold onto the world market, the price of course came down with all the additional supply available. Thus, in a relative sense, the forced balance of the 1 to 16 ratio with silver slipped closer to 1 to 15. Silver coins disappeared from circulation as they became valued more highly, above their face value in fact. In time minor adjustments were made to adjust the ratio to keep coins circulating. These Gold dollars represent one of the tiniest coins our country produced, and they wre struck until 1889 employing three distinct types. This glowing first year of issue will certainly appease any specialist who desires eye appeal and quality (PCGS # 7502) .
Estimated Value $4,500 - 5,000.
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