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Lot 2097
1855-D $1 Gold Indian. NGC graded MS-64. Coin is encased in NGC holder 1891934-005. Well struck with clash marks as made. Complete full date and sharp mint-mark. Lustrous honey color gold. A landmark rarity. Probably the finest known. Perhaps surprisingly for an issue with such a limited original mintage, the 1855-D was struck using two die marriages. The present Winter 7-I example is perhaps the finest-known example of both varieties, and it is an incredibly stunning representative. The '55-D typically bring to minds varying degrees of striking incompleteness in the center of the reverse that affects several of the letters in DOLLAR as well as the digits in the date. On this piece, however, we see a sharply executed reverse strike that qualifies this piece as a Full Date example as defined by Doug Winter. In the 2003 book Gold Coins of the Dahlonega Mint: 1838-1861, the author states,
"Among specialists, full date 1855-D gold dollars trade for a strong premium; in some cases as much as thirty to fifty percent above the price level for a coin with a typical weak date."
The obverse impression is overall bold, while both sides possess agreeable color that blends orange-gold and green-gold shades. The satiny surface texture and a noteworthy lack of grade-limiting abrasions, combine to create this beautiful near-Gem, a coin that comes highly recommended for both the Southern gold specialist and the advanced numismatic portfolio.
As the only Type 2 gold dollar from the Dahlonega Mint, the 1855-D is an understandably popular coin among collectors. It is also a very rare issue, the original mintage being a mere 1,811 pieces. The total number of survivors probably numbers no more than 70 to 80 distinct coins. A rare date starting at the Choice Extremely Fine grade level, Condition Census begins in About Uncirculated 55. The 1855-D is the overall rarest Dahlonega Mint gold dollar after only the 1861-D, and it is prime condition rarity in the D-mint portion of this series.
Supposedly because it was smaller and thicker than should have been, Mint Director Colonel James Ross Snowden ordered the gold dollar redesigned in 1854 to accommodate an increase in diameter to 15 millimeters. Chief Engraver Longacre dutifully carried out this request. His work was uncharacteristically careless on this occasion. His Type 2 dies were difficult to strike properly, and the coins wore down in circulation. These deficiencies affected all issues of this type, from all mints, and they resulted in its replacement by the Type 3 design soon after.
Due to its brevity, there are only six unique issues in the Type 2 gold dollar series: 1854, 1855, 1855-C, 1855-D, 1855-O, and 1856-S. The '55-D is by far the rarest, followed by the '55-C, '56-S and '55-O. Even the "common" 1854 and 1855 dates are relatively scarce in an absolute sense, and are quite rare in Mint State from a market availability standpoint.
The origins of the gold dollar as a denomination lie in John Marshall's discovery of gold at Sutter's Mill in 1848. Although a coin of this face value had been proposed on several occasions in the past, with Patterns made and the Bechtlers actually striking examples in North Carolina beginning in the 1830s, Congress did not authorize the United States Mint to produce gold dollars until March 3, 1849. The reason Congress relented that year was because the immense quantities of gold being mined in California forced silver coins out of circulation. Few people in the United States of the late 1840s or early 1850s placed much trust in paper currency, especially out West, the gold dollar was seen a much-needed replacement for the now-absent silver coinage in commercial channels.
This denomination remained in production from 1849-1889, during which time it appeared in three distinct types. The abolition of the Gold Dollar was included as part of the Mint Act of September 25, 1890, and it probably resulted from the (by then) long-established unpopularity of the denomination as a circulating medium of exchange. Many issues in this series are scarce, if not rare, chief among which are the 1849-C Open Wreath, 1855-D, 1856-D and 1861-D. Pop 3; none finer at NGC. (PCGS # 7534) .
Estimated Value $120,000 - 130,000.
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