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This listing is for the photographed 1862 Indian Princess Head One Dollar Gold Coin. BU detail, with some marks on the rim (visible in the photos) that are an indicator that the coin was once used in some type of jewelry. Jewelry pieces are common for this type of gold coin. Price is reflective of the condition the coin.
Weight: 1.672 grams (.04837 oz. pure gold)
Year: 1862
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The gold dollar or gold one-dollar piece is a gold coin that was struck as a regular issue by the United States Bureau of the Mint from 1849 to 1889. The coin had three types over its lifetime, all designed by Mint Chief Engraver James B. Longacre. The Type 1 issue has the smallest diameter (0.5 inch =12.7mm) of any United States coin minted to date.
A gold dollar coin had been proposed several times in the 1830s and 1840s, but was not initially adopted. Congress was finally galvanized into action by the increased supply of bullion caused by the California gold rush, and in 1849 authorized a gold dollar. In its early years, silver coins were being hoarded or exported, and the gold dollar found a ready place in commerce. Silver again circulated after Congress in 1853 required that new coins of that metal be made lighter, and the gold dollar became a rarity in commerce even before federal coins vanished from circulation because of the economic disruption caused by the American Civil War.
Gold did not again circulate in most of the nation until 1879; once it did, the gold dollar did not regain its place. In its final years, it was struck in small numbers, causing speculation by hoarders. It was also in demand to be mounted in jewelry. The regular issue gold dollar was last struck in 1889; the following year, Congress ended the series.
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1862 Indian Princess Head One Dollar Gold Coin (Type 3) - BU Detail, Former Jewelry Piece - 1 Dollar Gold 1862 Indian Princess