The offered coin is one of the most important gold dollars to cross the auction block in our lifetime. It has everything going for it -- great rarity, historical importance and superb eye appeal. Authorized by the Act of March 3, 1849 (the same act that created the double eagle), the gold dollar was a result of the discovery of gold in California the previous year. In the wake of that discovery, the federal government soon found that it needed to covert the immense quantities of gold being mined in California into useable form. The double eagle was beneficial for larger transactions and, eventually, for the export trade. The gold dollar was seen as a convenient alternative to the silver dollar to help fill the void in circulation that resulted from the withdrawal of silver coins due to the rising price of silver relative to gold. The gold dollar was produced yearly from 1849 through 1889 in three different design types, with record circulation strike mintages achieved in 1851, 1852, 1853, 1856 and 1862 at the Philadelphia Mint. By 1865 the situation had changed dramatically from the early years of the California Gold Rush. During much of the Civil War neither gold nor silver coins circulated in most of the United States (the only exception was in California, where such pieces continued in daily use). Widespread hoarding of gold coins began in the eastern part of the United States after banks suspended the payment of gold coins in December 1861. The situation worsened through 1862 due to uncertainty in the North regarding the eventual outcome of the war. The Philadelphia Mint struck 1,361,355 gold dollars in 1862, but thereafter mintages fell off sharply and remained extremely limited until 1873. In the specific case of the 1865, the Mint struck only 3,725 gold dollars for circulation.Writing in the 2008 edition of the excellent reference Encyclopedia of U.S. Gold Coins: 1795-1933 , Jeff Garrett and Ron Guth describe this issue thus:"The 1865 gold dollar is the last of the Civil War issues and touts one of the lowest mintages of the type. This date is very rare in all grades, ranking just below the 1863 in availability. The 1865 issue is similar to the 1864 in that several superb examples remain of the tiny mintage....It would be interesting to find out if the surviving gems of this date were saved along with the known gem 1864 gold dollars."This is clearly one of the superb 1865 gold dollars extant referred to by Garrett and Guth, and it is breathtakingly beautiful. Both sides exhibit vibrant satin to semi-prooflike luster that mingles nicely with light orange patina and wisps of delicate rose-gold iridescence. The surfaces are utterly magnificent, at the threshold of numismatic perfection. The strike is sharp as well This important rarity is destined for inclusion in the finest gold dollar cabinet. ， Est. $20,000-$25,000
