Is a gold dollar real gold? Absolutely!
From 1849 to 1889, the United States minted gold dollar coins that contain a significant amount of pure gold. But modern "golden dollars" have no actual gold content – they are less valuable base metal coins that mimic the old gold dollar‘s color. Let‘s unravel the intriguing history and design of America‘s smallest gold denomination.
A shiny gold coin born in the California Gold Rush
The California Gold Rush beginning in 1848 saw a massive influx of the precious metal into the United States. As gold mining surged, Congress authorized a new $1 gold coin in 1849 to meet growing demand for gold currency. The gold dollar thus became America‘s smallest denomination gold coin when first minted in 1849.
Weighing only 1.672 grams, the gold dollar contained 1.505 grams of pure gold – over 90% of its total weight! Its composition was 90% gold alloyed with 10% copper for durability. This 22 karat gold alloy gave the coins a bright, golden shine that dazzled many Americans in the 1800s.
Glittering specs: size, weight, and purity
Here are the key specifications of the gold dollar coins according to the U.S. Mint:
Diameter: 13 mm
Thickness: 1.9 mm
Weight: 1.672 g
Fineness: .900 gold, .100 copper
Net gold content: 1.505 g
By comparison, today‘s clad base metal dollars are much larger at 26.5 mm diameter. But they lack the heft, purity, and intrinsic value of those early gold dollar coins.
Changing designs over the years
The original gold dollar design by James Longacre showed a portrait of Lady Liberty wearing a coronet on the obverse face. The reverse featured an open laurel wreath encircling the denomination “1 DOLLAR” and the year of issue.
In 1854, the gold dollar‘s weight was slightly reduced to 1.558 grams, which lowered the net gold content to 1.378 grams.
New obverse designs came in 1854 featuring an Indian princess and then Liberty head motifs. The reverse saw variations like a wreath of corn, cotton, wheat and tobacco. One creative 1855 variety even shows a large gold dollar as the central reverse image!
Rarity and value for collectors
While over 20 million gold dollars were minted, many earlier dates are scarce today, especially in choice uncirculated condition. Here are some of the rarest and most valuable issues:
| Year/Mint | Mintage | Value (VG-F) | Value (MS-63) |
|---|---|---|---|
| 1849-C | 9,000 | $350 | $4,750 |
| 1849-D | 18,000 | $375 | $5,200 |
| 1851-D | 9,882 | $500 | $18,500 |
| 1853-D | 4,000 | $1,800 | $47,500 |
| 1855-D | 1,811 | $2,250 | $50,000 |
As you can see, the gold dollar series includes some highly desirable rarities that trade for 5 figures in mint condition!
Should the gold dollar make a comeback?
The last gold dollars were struck in 1889 as gold coins began to disappear from circulation. But with the price of gold hovering around $1,900 per ounce today, perhaps it‘s time to bring back the gold dollar!
A coin with $50+ of precious metal value would be an intriguing alternative to today‘s base metal dollars. Let me know if you‘d like to see gold dollars jingling in your pocket again! I think they would be quite popular.
At any rate, the original gold dollars remain a fascinating – and valuable – piece of American coinage history. Examine any you find carefully, as they may be worth far more than a buck!