Coin Specifications

Category: Gold Dollars (1849-1889)
Mint: Philadelphia
Mintage: 783,953
Obverse Designer: James B. Longacre
Reverse Designer: James B. Longacre
Composition: Gold
Fineness: 0.9000
Weight: 1.6700g
AGW: 0.0484oz
Melt Value: $72.29 (10/14/2019)
Diameter: 15mm
Edge: Reeded
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1854 TYPE 2 G$1 MS obverse 1854 TYPE 2 G$1 MS reverse
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Description & Analysis

The Small Head Type Two gold dollar is a notoriously scarce type. It was struck for only three years, with the final year of production limited to a tiny San Francisco emission. San Francisco was late in the game due to the geographic distance between the two coasts. Each of the other three branch mints then in operation, Charlotte, Dahlonega, and New Orleans, struck a small number of Type Two pieces in 1855.

Due to the cost and scarcity of the branch mint issues, most type collectors choose either the 1854 or 1855 Philadelphia dates. Their mintages are similar, separated by only 25,674 pieces, and they trade at equivalent levels. The 1854 mintage of 783,943 pieces compares favorably with the more than 4 million pieces struck in 1853. Undoubtedly, the reason for the much smaller production is related to the heavy mintage of silver half dimes through half dollars in 1853.

Silver coins had nearly vanished from circulation by 1853, since their bullion value exceeded face. The traditional silver to gold ratio was affected by the large quantities of gold recovered from California mining camps. Gold coins continued to circulate, while silver coins were hoarded by speculators. As the lowest denomination gold coin, the gold dollar was needed in commerce to fill the gap caused by silver's absence.

Like the silver three cent piece, the gold dollar was essential to commerce when there was little alternative. But in 1853, the weight of the Seated Liberty denominations was reduced, with the exception of the silver dollar. Once again their face value exceeded their value as bullion, and the half dime, dime, quarter, and half dollar returned to circulation. Mintages of the half dime, dime, and quarter broke records in 1853. Production of the half dollar was at a ten-year high.

The flood of silver coinage reduced the need for the gold dollar, which was unpopular in any event because its small diameter made it easy to lose. To combat this problem, the Type Two's diameter is 15 mm, slightly greater than the 13 mm Type One.

In the 19th century, it was Mint policy to limit designs, preferably one per alloy. The half cent and cent, the half dime and dime, the quarter and half dollar, and the quarter eagle through eagle had similar designs. But the three dollar gold piece, introduced in 1854, was similar in value to the quarter eagle, and needed distinctive motifs. The increased diameter Type Two gold dollar needed new designs, and it was natural to re-use the wreath and layout of the approved three dollar.

Mint officials likely regretted their decision to create a new bust of Liberty for the Type Two obverse. Longacre's Small Head was in high relief, causing metal to flow into the portrait and away from the corresponding area of the reverse. Thus, DOLLAR and the date are nearly always weak on Type Two gold dollars. This problem was alleviated in 1856, when the Small Head was scrapped in favor of the Large Head conveniently taken from the three dollar design.

The two-year, relatively small Type Two mintage at Philadelphia led to the rarity of this gold type. In 1854 and 1855, there were few collectors, even on the East coast. As a store of value, gold dollars were set aside, but rarely was its condition of any concern. It is remarkable, then, that a few high grade Mint State examples have survived.

Description and Analysis courtesy of Heritage Auctions and may not be republished without written permission.


GRADE SUMMARY

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Price Guide

Last Updated: 9/27/2019

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1854 TYPE 2 G$1 MS
  GVGFVFXF505355586061626364656667686970
Base $ 200 230 360 360 430 540 625 660 790 1430 1550 2125 5650 13500 33000 65000 125000 225000 - -
$ - - - 675 1100 - 1650 2500 6800 16000 36000 - - -

NGC Price and Value Guides Disclaimer

Census

 
NGC GRADE SUMMARY

Total Graded: 5984
Low Grade: F
Average Grade: 58
High Grade: 68

The chart showing F series, VF series, 40 series, 45 series, 50 series, 53 series, 55 series, 58 series, 60 series, 61 series, 62 series, 63 series, 64 series, 65 series, 66 series, 67 series, 68 series.
NGC CENSUS DETAIL Last Updated: 10/8/2019 1854 TYPE 2 G$1 MS
 PrAgGVGFVF4045505355586061626364656667686970Total
Base---118651712183571114242381728472138166224-2--5980
-----------------2----2
---------13-26-73-----22
-----------------------
Total---118651712183571115242681730478138173256-2--6004
 ---0 %0 %1 %3 %4 %6 %19 %40 %1 %12 %8 %2 %3 %0 %0 %-0 %-- 
1854 TYPE 2 G$1 MS Prooflike
 PrAgGVGFVF4045505355586061626364656667686970Total
Base----------4-----------4
-----------------------
-----------------------
-----------------------
Total----------4-----------4
 ----------100 %----------- 

Auction Prices Realized

A random selection of coins is shown below.

Images
Date
Service
Grade
Auction House
Sale / Lot
Price
9/23/2007 PCGS AU 55   Goldberg September 23-26, 2007 Pre-Long Beach Coin and Currency Auction, 42/Lot# 3163 $690.00
6/2/2010 PCGS AU 58   Heritage Auctions 2010 June Long Beach, CA Signature US Coin Auction #1140, 1140/Lot# 8703 $868.25
11/30/2010 NGC AU 58   Teletrade Auction 2969, 2969/Lot# 1229 $806.00
1/15/2012 NGC Details AU Details  GreatCollections GreatCollections Coin Auctions 01/15/2012, 3/Lot# 31999 $330.00
5/27/2012 NGC AU 55   Bonhams Coins and Medals, 19995/Lot# 1202 $444.00
11/29/2012 NGC AU 55   Heritage Auctions 2012 November 29 - December 2 US Coin Signature Auction - Houston Session(5), 1177/Lot# 10552 $475.88
10/20/2013 PCGS AU 55   David Lawrence Rare Coins Internet Auction # 774, 783/Lot# 676 $675.00
4/28/2014 PCGS AU 50   Stack's Bowers iAuction 3479, 6028/Lot# 20612 $423.00
9/11/2016 PCGS AU 55   Heritage Auctions Internet Coin Auction Session(1), 131638/Lot# 25421 $470.00


NGC Registry

NGC Registry Score 1854 G$1 MS TYPE 2
 PrAgGVGFVF4045505355586061626364656667686970
Base5976206849259251036111711931303134514942072216125404032583682471051513112158261695818149
605641764925962106311421230131713951687210222873037463366409003113811401716203173550
0000001142123013171395168721022287303746336640900311381140171620300
0000001168126613311444187921312414353552357443975912246149211658100
Registry Image Gallery
Grade: MS 64
Points: 5836
Owner: Dmat
 
Grade: MS 61
Points: 2161
Owner: Kevin Sullivan
 
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