Lot 4531
1860-D $1 Gold Indian. NGC graded MS-61. A marvelous example of this notoriously poorly struck issue. Except for the first two letters of UNITED and the corresponding area on the reverse, the strike is full. The obverse exhibits proof-like luster while the reverse is more frosty with a few scattered marks hardly worthy of mention.
The approach of the Civil War rendered gold scarce (South Carolina seceded from the Union in December 1860). Associated New York City banks voted in the Clearing House, Dec. 28, 1861, to suspend specie payments for the duration; from then until about 1879 gold was hoarded as worth more than face value in greenbacks. In the rebellious South, all gold coins disappeared swiftly into hoards after South Carolina made its move. Many gold dollars were exported with other specie to pay for European armaments and war materiel. It should come as no surprise that mintage of gold dollars suffered a dramatic fall-off before coinage ceased entirely in April 1861 when the war officially began. Only 1,566 struck. Pop 4; 4 finer, 2 in 62, 2 in 64 (PCGS # 7556) .
Estimated Value $15,000 - 16,000.
|
| |
| Realized $16,675 |
