$1 Gold Type 2

$1 Gold Type 2

The U.S. Mint issued the short-lived Type 2 gold dollar for a three-year period between 1854 and 1856. Few examples remain today, making those that do highly sought-after by collectors. Due to durability issues, and the fact that many were melted down to produce the Type 3 dollars, it is estimated that less than 1% of the total minted exist today. As with any rare coin or collectible, working with an established supplier is the best way to get a product you can trust. The Numismatic Guaranty Corporation (NGC) or the Professional Coin Grading Service (PCGS) — two leading grading bodies — has certified almost all our numismatic products. Explore our current inventory below.

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About Type 2 Gold Dollars

The U.S. Mint produced gold dollars from 1849 to 1889. At three-quarters the size of a standard dime, the coin's first version, the Type 1, was the smallest the Mint ever released. However, it was still highly valuable, representing a day's income for the average American at the time. This led to widespread complaints that it was too easy and too important to misplace. As a result, Chief Engraver James Barton Longacre returned to the drawing board to conceive the Type 2.

Initially, Longacre had experimented with a center hole to increase the coin's size. However, at the urging of Mint Director James Ross Snowden, the final coin featured a thinner profile and larger diameter, while retaining the same weight as the Type 1. At the same time, a new design was adopted, forgoing the Liberty Head design of the Type 1 for a depiction of a so-called 'Indian Princess' — modeled on a Classic sculpture of Venus — on the obverse.

Reception and Aftermath

The Type 2 gold dollar suffered problems almost immediately. The obverse relief was too high for such a thin coin, which led to striking issues. Details, including those on the figure's hair, the inscription "DOLLAR," and the designer's initial, tended to be weak. Once in circulation, coins wore out quickly, and many of the few examples still in existence today are all-but illegible.

The result was the quick replacement of the Type 2 gold dollar. Its successor, the Type 3, featured a similar design but solved many of the durability issues that had plagued the earlier coin. The U.S. Mint recalled and melted large numbers of Type 2s for use in the new coin, though they did remain in circulation in some parts of the country.

Collecting Type 2 Dollars

Given the issues with Type 2 gold dollars, finding quality examples that have remained in good condition over the years can be a challenge. That's where Mint State Gold comes in. As one of the country's leading rare coin and precious metal experts, we regularly have examples for sale in our online store. If we don't have what you're looking for in stock, we can attempt to source it from one of our partners.

Shipping is free on all purchases. We also stand behind all numismatic sales — such as these Type 2 gold coins — with a 14-day 100% satisfaction guarantee, or you'll get your money back. Visit individual product pages for details, or contact our office for more information.

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