Thinking about adding some gold to your collection, but aren’t ready to spend thousands of dollars? Why not put together a type set of regular issue gold dollars, the smallest of our nation’s gold coins? A four piece type set makes for an interesting collection, and can be assembled in About Uncirculated condition for approximately $1,000

The Coinage Act of 1792 authorized the minting of gold $2.50, $5.00, and $10.00 coins — commonly referred to as quarter eagles, half eagles, and eagles, respectively — but did not provide for the striking of gold $1.00 coins, as the $1.00 denomination was reserved for silver coinage.

The first $1.00 gold pieces struck in the U.S. were private issues produced by Christopher Bechtler and his son Augustus in 1832. Bechtler, a German immigrant, came to America in 1829 and settled near Rutherfordton, NC. The Bechtlers began striking gold pieces in 1831, but produced only $2.50 and $5.00 pieces during their first year as coiners. The Bechtler pieces proved popular with local and regional miners, and their issues circulated freely.

The U.S. Mint made its first serious attempt at exploring the viability of a gold dollar when it produced its first patterns for the coin in 1836; the dies were produced by Christian Gobrecht. The obverse of the pattern featured a liberty cap with sunburst that is very similar to the cap and rays design used on the silver coinage of Mexico (1823 - 1905).

Though the idea of a gold dollar began to gain some favor in the mid 1830s, it did not receive enough support to become a reality. For example, the Act of January 18, 1837 contained authorization for a gold dollar in one of its early drafts, but the language was removed before the final version was passed, and the $1.00 gold piece was put on hold.

Official gold dollar coinage garnered little attention over much of the next decade, but was brought back into the spotlight by the discovery of large gold deposits in and around Sutter’s Mill in California during January of 1848. One year later, in January of 1849, James McKay of North Carolina introduced legislation for the coining of both gold dollars and $20.00 gold pieces. In March, the bill became law. Production of the first gold dollars was begun by the Mint later that same year, with the first coins being struck on May 8th.

The first type of gold dollar was struck from 1849 through 1854, and includes two major varieties. The coins were struck in 0.900 fine gold and contain 0.04837 ounces of pure gold. Type I pieces measure just 13 mm in diameter, which is roughly just three-quarters of the size of the dime! Pieces were struck at Philadelphia, Charlotte, Dahlonega, New Orleans, and San Francisco, with the Philadelphia and New Orleans issues being the most common. The common dates for both varieties can be purchased for under $200 in grades up to About Uncirculated (AU-50) .

The Type I obverse features a bust of Liberty facing left encircled by thirteen stars. The reverse features a wreath that surrounds the denomination and date, and is, in turn, encircled by the legend united states of america. It is the reverse’s wreath that produces the two varieties for this type. While all Type I gold dollars feature a wreath that is open at the top, the first coins struck feature a wreath that is more open than subsequent issues. Thus, collectors often pursue both "open" and "closed" wreath varieties for their sets.

The second gold dollar type was first struck in August of 1854, and was produced until just 1856. Coins were struck at Philadelphia, Charlotte, Dahlonega, New Orleans, and San Francisco. The diameter of the coins was increased to 15 mm in an attempt to address some of the public’s complaints about the extremely small size of the coins. Though larger, the weight of the pieces did not change, thus resulting in coins that are thinner than their Type I predecessors.

The obverse of the Type II gold dollar features an Indian princess wearing a feathered headdress. The united states of america legend is now found on the obverse of the coin, and the reverse features a redesigned wreath that once again encircles the denomination and date. Both the obverse and reverse designs were modeled after the gold $3.00 coins that were also issued in 1854. The short production run of the Type II pieces has caused even the more common pieces, those produced in Philadelphia in 1854 and 1855, to be a bit more expensive than either their Type I or Type III cousins. Nice AU pieces approach $500.

The relatively high obverse relief of the Type II design created a variety of striking problems for the Mint, and lead to a design modification in 1856. The head of the Indian princess was made slightly larger, and was changed to match the design used on the $3.00 gold coins; the reverse design did not change. This new design represented the third design for a series that was just eight years old!

The Type III dollars were struck for the longest time, from 1856 through 1889, and were produced at the mints in Philadelphia, Charlotte, Dahlonega, and San Francisco. Common Philadelphia Mint pieces can be purchased for under $200 in AU-50, but branch mint pieces in the same grade will likely run $1,000 or more.

The era of gold dollar coins officially came to an end on September 26, 1890 when Congress passed legislation discontinuing the denomination.