Introduction to the Type 2 Gold Dollar
The U.S. Gold Dollar series, introduced in 1849, quickly became a popular denomination in American commerce. Following the initial "Liberty Head" or "Type 1" design, a need arose to address some practical issues, leading to the creation of the Type 2 Gold Dollar. This distinctive coin, featuring the "Indian Princess, Small Head" design, was minted for a very brief period from 1854 to 1856, making it a fascinating, albeit challenging, series for collectors.
Design and Characteristics
The Type 2 Gold Dollar features a striking design by Chief Engraver James B. Longacre. The obverse showcases a left-facing bust of Liberty adorned with a feathered Indian headdress, inscribed with "LIBERTY". This particular rendition is characterized by its smaller head compared to the subsequent Type 3 design. Thirteen stars encircle the bust, representing the original colonies.
The reverse maintains a similar layout to the Type 1, featuring a wreath of corn, cotton, tobacco, and wheat, symbolizing American agriculture. Within the wreath, the denomination "1 DOLLAR" and the date of mintage are inscribed. The legend "UNITED STATES OF AMERICA" encircles the wreath.
A key physical difference from the Type 1 Gold Dollar is its larger diameter (15 mm vs. 13 mm) and thinner planchet. This change was intended to make the coins easier to handle and less prone to being mistaken for smaller silver coins. However, the thinner planchet also made them more susceptible to bending and wear, contributing to their low survival rate in higher grades.
Historical Context and Mintage
The Type 2 Gold Dollar was an attempt to improve upon the Type 1, but it proved to be an imperfect solution. Its short production run of just three years (1854-1856) highlights the issues encountered during its use. The thinness of the planchet often resulted in weak strikes, particularly on the central design elements, and made the coins prone to damage. These practical challenges quickly led to its replacement by the Type 3 Gold Dollar in 1856, which featured a larger head on the Indian Princess and a thicker planchet, addressing some of the Type 2's shortcomings.
Mintages for the Type 2 series were generally lower than its predecessor, especially at the branch mints. Production occurred at:
- Philadelphia (P): The primary mint, producing the majority of coins.
- Charlotte (C): Known for very low mintages and significant rarity.
- Dahlonega (D): Also produced very limited quantities, highly sought after.
- New Orleans (O): Produced for only one year (1855).
- San Francisco (S): Produced for two years (1855-1856), with relatively low mintages.
Key Dates and Varieties
While all Type 2 Gold Dollars are scarce, especially in uncirculated grades, some stand out due to their extreme rarity and demand:
1855-C (Charlotte)
With a minuscule mintage of just 9,803 pieces, the 1855-C is a major rarity and a cornerstone of any advanced gold dollar collection. Finding one in any condition is a significant numismatic achievement.
1855-D (Dahlonega)
Another Southern branch mint rarity, the 1855-D had an even lower mintage of 1,811 pieces. This date is exceedingly rare and commands premium prices, even in lower circulated grades. Weak strikes are common, making well-defined examples exceptionally valuable.
1856-S (San Francisco)
While not as rare as its Southern counterparts, the 1856-S is a low-mintage issue (24,600 pieces) from the burgeoning Western mint. It represents one of the final issues of the Type 2 design.
Collectors should also be aware that weak strikes are prevalent across the entire series, often leading to a challenging search for well-defined examples. The thin planchet often resulted in incomplete details, particularly on the headdress and the wreath.
Collecting the Type 2 Gold Dollar
Collecting the Type 2 Gold Dollar series can be a rewarding, albeit challenging, endeavor. Due to their low mintages, short production run, and susceptibility to wear, these coins are genuinely scarce. Here are some tips for collectors:
- Focus on Eye Appeal: For many key dates, finding a perfectly struck, high-grade example might be prohibitively expensive or impossible. Prioritize coins with good eye appeal, minimal distracting marks, and decent strike for their issue.
- Beware of Counterfeits: As with all rare gold coins, counterfeits exist. Always purchase from reputable dealers and consider third-party certified coins (PCGS, NGC) for authenticity and accurate grading.
- Condition Rarity: Even common dates become significant rarities in higher uncirculated grades (MS-63 and above). A small increase in grade can mean a substantial jump in value.
- Budgeting: Be prepared for significant investment, especially for the branch mint issues. A complete set is a monumental undertaking. Many collectors opt to acquire one good example representing the type.
Conclusion
The Type 2 Gold Dollar, with its distinct Indian Princess Small Head design, represents a brief but crucial chapter in U.S. coinage history. Its short-lived existence and inherent production challenges make it a series brimming with character and rarity. Whether you aim to collect a single example or aspire to complete the entire series, the Type 2 Gold Dollar offers a captivating glimpse into mid-19th century American numismatics and a truly rewarding collecting experience.