One of only two known gem-quality MS69 gold dollars sold this month for $72,000 at the Long Beach US Coins Signature Auction.

Civil War Gold
By 1864 the US was mired in the Civil War and gold supplies were needed to finance its conduct. This led to extremely low mintages of gold coins, which were replaced by paper currency. But lack of confidence in the paper money caused the few gold dollars that weren’t sent abroad in payment to be hoarded. Since virtually none made it into circulation, the few surviving 1864 gold dollars include several in Uncirculated condition.

Scant Survivors
Of about 6,000 gold dollars minted in 1864 an estimated 125 survive. 75 are graded Mint State at MS60 or above, but only 15 rate a top grade of 65 or better. Circulated coins sell for under $1,000 with uncirculated examples bringing as much as $1,500. Prices begin to climb as grades rise to Mint State, with MS65 coins selling in the $8,000-plus range. But the two known nearly flawless MS69 coins have sold for over $70,000.

Two Tie for Top Rating
The record sale is for the other 1864 gold dollar in MS69 condition that brought over $77,000 at auction in 2005. Previously in the Akers Collection, the Long Beach coin is remarkable for its sharpness and brilliant, proof-like finish with only minor flows including faint evidence of a die clash common to this series of coins. While it sold for $5,000 less than the record, it may have been a bargain considering that the Professional Coin Grading Service (PCGS) estimates its value at $85,000 if it should come back to market.

Collecting Gold Dollars
Gold dollars were minted in three distinct types over a 40-year period from 1849-1889. They were very popular despite their tiny size, about the same as today’s dime, but many were melted down for their gold content over the years. Of about 19.5 million gold dollars made nearly all were struck at Philadelphia, but others were coined at New Orleans, San Francisco, Charlotte, NC, and Dahlonega, GA.

While not terribly rare, gold dollars can be expensive, especially in top grades. As a result, most collectors limit themselves to samples of each of the three types or selections from each of the five different mints. Decent quality circulated coins of each variety can usually be found for a few hundred dollars, but rarer mintages can run into the thousands. And if you’re looking for uncirculated quality coins, be ready to open your pocketbook.

You can learn more about gold dollars, their history, and their values on the PCGS Coin Facts website.