COINS OF THE CALIFORNIA GOLD RUSH
The Liberty Gold Dollar
Type 1
Designer: James B. Longacre
Face Value : $1.00
Minted: 1849-1854
Precious Metal Content: .04387 oz. Pure Gold
Diameter: 13 mm
Measuring only 13 millimeters in diameter, the $1 Liberty has the distinction of being the smallest of all U.S. gold coins. It bears the crowned image of Miss Liberty surrounded by 13 stars (signifying the original 13 states) on the obverse and a wreath encircles the denomination on the reverse.
The Gold Dollar was the first gold denomination minted by the United States Mint that was authorized by the original Mint Act of April 2, 1792. No one saw the need for a gold coin in such a small denomination. The discovery of gold in California in 1848 seems to have changed that. The supply of gold increased substantially as more and more gold found its way east. One of the results was a renewed interest in gold coinage, particularly in the halls of Congress. On January 25, 1849, Congressman James McKay of North Carolina (then a major gold-producing state) introduced legislation that included the authorization of a new Gold Dollar. The proposal was not without opposition and at least one member of Congress referred to the proposed gold coin as a "toy." Nevertheless, the bill was signed into law on March 3, 1849.
The dies for the new denomination were completed on May 7. The design was created by the Philadelphia Mint's Chief Engraver, James B. Longacre. This initial design remained unchanged only through 1854, making the Type I Gold Dollar one of the shortest-lived issues in all of American coinage. As a result, 150 years later, this coin is a scarce item sought after by collectors and investors alike.
The Famous 1848 "Cal" Quarter Eagle
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