| Bechtler’s actions were perfectly
legal at the time, but his success attracted the attention of the US
government. It was suggested by members of the government that the
US Mint take part in this new, profitable venture and begin minting
gold dollars of their own. In 1836, Congress authorized the US Mint
to do just that, but Mint Director Robert Patterson opposed the
idea, and nothing came of the matter for the time being. In 1849
however, things changed. A new gold rush in California had sparked
demand yet again for more gold coinage. Director Patterson still
objected, but was unable to dissuade Congress. The Act of March 3,
1849 authorized production not only of gold dollars, but another new
coin, the double eagle. Production of both denominations would soon
begin. Liberty Head type (1849-1854)
Designed by James B. Longacre, the first type of gold dollar is
known as the “Liberty Head” type or the “Type I” gold dollar. The
obverse of the coins depicts Liberty's head circled by thirteen
stars. She faces to the left and wears a coronet inscribed with the
word "LIBERTY". The reverse depicts a simple wreath encircling the
date and value of the coin, and the inscription “UNITED STATES OF
AMERICA”. Weighing 1.672 grams, the coin had a composition of .900
gold and .100 copper. It therefore contained .04837 ounces of pure
gold. Starting in 1849, a quantity of the Liberty Head gold dollar
was minted each year at Philadelphia and Dahlonega. The coin was
also minted at Charlotte, New Orleans, and San Francisco. The
quantity minted in total each year ranges from 511,301 in 1850 to
4,384,149 in 1853.[3] However, a problem soon arose with this type.
The Liberty Head gold dollar had a diameter of only 13 mm. At less
than three-quarters the size of the present-day dime, it was the
smallest coin in U.S. history. Because it was so small, it could be
easily lost despite its high value. As a result of this issue, many
people were highly critical of the new coin. In response to their
objections, the US Mint began experimenting with new designs. It was
important that the weight of the coin remain the same because of
gold values, so they soon began experimenting with putting a hole in
the middle of a larger coin. These plans were scrapped when James
Snowden became Mint Director in 1853. His idea was that the coin
simply be made wider but thinner, and that James Longacre redesign
its faces.
Indian Head type
Small Head (1854-1856)
In 1854 the US Mint issued the redesigned gold dollar with an
increased diameter of 15 mm. As planned, neither its weight nor its
composition was changed. James Longacre designed a new obverse for
the coin based on his work with the three-dollar piece. The head
depicted on the obverse has commonly been described as an "Indian
princess," and gave this type its name. However, historians have
suggested that the design is actually based on a Roman marble
figure, to which a headdress was added by Longacre. More
specifically, it has been suggested that he based the design on
“Crouching Venus” a statue on display in the Philadelphia Museum of
Art. In addition to the obverse, the reverse of the gold dollar was
also modified somewhat, and the inscription “UNITED STATES OF
AMERICA” was moved to the obverse. The overall wreath design
remained unchanged however. In the few years of this type's
production, only six date mint mark combinations were created: 1854,
1855, 1855C, 1855D, 1855O, and 1856S. The quantities minted in total
each year were 783,943 in 1854, 824,883 in 1855, and 24,600 in 1856.
Although the diameter of the gold dollar had been considerably
improved, the new Indian Head type was not free from problems. The
height of the relief was such that very few of the coins produced
were fully struck, and as a result the design was not sturdy enough
for circulation. The Mint would have to redesign the gold dollar
once again.
Large Head (1856-1889)
 
Large Indian Head (1856-1889)
In 1856, a newly durable gold dollar
was released by the Mint. Dubbed “the Large Head type,” Longacre's
new design was very similar to that of the Small Head type, but the
size of the Indian head on the obverse increased, while at the same
time it became more flat. The headdress changed location as well,
and the details of the face were slightly altered. The new type was
minted continuously at Philadelphia, but in certain years quantities
were also produced at Charlotte, Dahlonega, and San Francisco. In
addition, proofs were minted at Philadelphia from 1859 on. The
quantity of proofs minted each year ranges from an estimated 15 in
1856 to 1,779 in 1889. In total, the quantity of coins minted each
year ranges from 420 in 1875 to 1,764,396 in 1856. Although regular
production of the gold dollar was discontinued in 1889,
commemorative issues were struck from 1903 to 1905, 1915 to 1917 and
1922. Gold dollars continued to circulate in some areas until the
country abandoned the gold standard in the early 1930s. |
