Rare $1 Pre-33 Gold Coins from JM Bullion

There are many factors that contribute to the rarity and value of historic coins. When it comes to the $1 Pre-33 Gold Coin from the United States Mint, the short lifespan of the production of the coins and the low mintages produced most years set the foundation for a series that does not have as many surviving specimens in the 21st century as other Pre-33 Gold Coins from the United States.

Background on the $1 Pre-33 Gold Coin

Throughout the 1830s and 1840s, several proposals for a $1 gold coin were sent to Congress, but these initial attempts at passage failed each time. In the end, Congress was moved to act following a dramatic increase in the nation’s gold supply following the California Gold Rush. The first $1 US gold coin was introduced in 1849. The series would go through several variations, including:

• Type I (1849-1854): Designed in 1849 by James B. Longacre, the 4th Chief Engraver of the US Mint, the initial design for the $1 Gold Coin featured the Coronet Head Liberty design in left-profile relief on the obverse with an open wreath on the reverse that included the nation of issue, face value, and year of issue. The original reverse was designed by Peter Filatreu Cross.
• Type II (1854-1856): Two changes occurred with the Type II release in 1854. First and foremost, Longacre redesigned the obverse portrait of Liberty to feature a new image of Lady Liberty in left-profile relief wearing a feathered headdress. This design became known as the Indian Princess-Small Head, due to the smaller portrait of Liberty. At the same time, Longacre redesigned the reverse to include a larger, closed wreath with the denomination and year of issue inside the wreath. The nation of issue engraving was moved from the reverse to the obverse.
• Type III (1856-1889): The final design slightly modified the obverse, with Longacre developing what became known as the Indian Princess-Large Head. This modified portrait of Liberty increased the size of the portrait within the coin’s design field. The reverse design remained unchanged in the Type III series.

Production History

The $1 Pre-33 Gold Coin from the US Mint experienced high production volume in the 1850s, with several dates during this period surpassing one million coins. However, the Civil War in the early 1860s put a big dent in both gold coin production and circulation in the United States, with hoarding by the American people the chief source of lost specimens and rarity among surviving coins today. Even after the Civil War, the circulation of gold coins in the US (including $1 gold coins) largely occurred on the West Coast. On the East Coast, gold coins would end up being used largely for export, in international commerce, and as bank reserves.

What Contributes to the Rarity of $1 Pre-33 Gold?

As mentioned above, the shorter production life of $1 US Gold Coins and the lower mintage figures in its later years contribute heavily to the rarity of $1 gold coins. However, hoarding and economic instability during the Civil War, combined with the destruction and melting of Pre-33 US Gold Coins, resulted in fewer specimens surviving into the 21st century.

Other factors that contribute to the rarity of a $1 US Gold Coin include specific mint marks and historic significance. As an example, early $1 Pre-33 Gold Coins struck by the Charlotte (C mint mark) and Dahlonega (D mint mark) branches are considered rarities because the production run was limited and these coins were among the earlier strikes in the program’s history.

Buy Rare $1 Pre-33 Gold Coins at JM Bullion

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