1855 Gold Dollar. Type II. JD-1, the only known dies. Rarity-7. Proof-64 Deep Cameo (PCGS). CAC. A landmark Proof early gold rarity, and one of the most significant gold dollars that we have ever had the privilege of bringing to auction. The Proof qualities are pronounced and undeniable, both sides combining frosty motifs with deeply mirrored fields in an elegant, deeply cameoed finish. Fully struck in general with gorgeous color in a warm orange-gold. A touch of granularity in the center of the reverse is concentrated on the digit 8 in the date; this is original planchet texture, the central reverse of Type II gold dollars the first area to show incompleteness of strike. Well preserved overall and solidly in the Choice category, a minor disturbance on Libertys cheek is at once the only individually mentionable blemish and also a useful identifier for tracing this coin through future market appearances.<p>When the Act of February 21, 1853 was passed, its intended purpose was to return subsidiary silver coinage into circulation by reducing the weight of those denominations enough that their face value exceeded their intrinsic value. Huge quantities of the lighter coins were produced, so much so that by 1855, the law had basically achieved its goal. The gold dollar was created to help fill the void formed by the disappearance of silver from commerce, and as more and more silver coins circulated, the need for the gold dollar began to drop. Circulation strike production figures fell accordingly; in 1855 only 758,269 gold dollars were coined at the Philadelphia Mint while the three Southern branch mints turned out well under 70,000 pieces combined. Once silver quarters and half dollars were frequent sights again, the tiny gold dollar was no longer a desired coin.<p>The high relief of the Type II gold dollar caused problems when the pressure required to strike up the design also put undue stress on the thinner planchet. This caused the centers of the coin to be very poorly struck; in fact nearly every known example of the 1855 gold dollar is found with weakness at the digits 85 in the date and letters LL in DOLLAR. Even on specimens struck from fresh dies the 8 in the date is often very flat at the upper left portion of the top loop. This issue is particularly well known for being generally poorly struck and clashed dies are the rule rather than the exception. The designs technical difficulties proved to be its undoing and in 1856, a revised version with a larger bust designed in lower relief was introduced.<p>The short-lived nature of the design in production tells only part of the story of the extreme rarity of the Type II gold dollar in Proof format. These coins were struck at a time when the Mint had not yet begun marketing yearly Proof coinage to collectors on a wider basis, which practice commenced in 1858/1859. In any event, gold coins of all denominations represented substantial value in the 1850s, meaning that very few collectors had the financial means to acquire and preserve Proofs as collectibles. Demand from what few collectors were active in the Northeast in 1855 and also had the interest and means to acquire these special coins resulted in an estimated mintage of just 10 Proof 1855 gold dollars. On the other hand, once produced and distributed into numismatic hands, these coins had a good chance of surviving, for modern estimates allow for seven to nine extant.<p>The provenances of Proof 1855 gold dollar is an area of ongoing debate and study, there being considerable confusion as to prior ownership and auction appearances of the individual specimens. The present example has been off the market since the mid 1970s and was certified by PCGS for the first time prior to its inclusion in this sale. It is mentioned in the 2018 reference <em>United States Proof Coins</em> by John W. Dannreuther, in which the author conjectures that is might be the Belden E. Roach specimen auctioned by B. Max Mehl in 1944. This is unconfirmed, but beyond contestation are this coins rarity, beauty and numismatic desirability. Whether in a Proof gold type set or more specialized collection of gold dollars or early Proof coinage, this dazzling specimen will surely shine as a leading highlight and be treasured by its new owner for years to come. PCGS# 97602. NGC ID: 25DW. PCGS Population: 1; 4 finer in this category (Proof-66 Deep Cameo finest).<p>CAC Population: 1; 1. From the Mocatta Collection.
