1862 Gold Dollar (Civil War Issue): America's Smallest Gold Coin at Its Most Dramatic Moment

The 1862 Gold Dollar is among the smallest coins ever produced by the United States Mint: 13mm in diameter, about the size of a modern button. It was struck in 90% gold during the second year of the Civil War, a conflict that caused every gold coin in American circulation to disappear almost overnight.

The paradox of the 1862 Gold Dollar is that despite a reasonable mintage, these coins are extremely rare in circulated condition. They were struck, deposited in banks, immediately hoarded, and never passed hand to hand in commerce the way the Philadelphia Mint intended. Most surviving examples look like they came out of a coin cabinet a few years after they were made, because they effectively did.

The Gold Dollar: A Brief History

The United States Gold Dollar was authorized by the Act of March 3, 1849, in response to the California Gold Rush, which made gold cheap and plentiful relative to silver. The first Gold Dollar (Type 1) featured a small Liberty head and was plagued by complaints from the public, who found the coin too small to handle easily.

The Type 2 (1854-1856) attempted to address this with an enlarged head design that reduced the field, but the new design was difficult to strike well and produced coins with weak, mushy details.

The Type 3 (1856-1889) is what the 1862 coin is. Designer James Longacre revised the Indian Princess design, making the head slightly smaller but surrounded by a larger, more prominent headdress. The feathers of the headdress are the distinguishing visual element of the Type 3, and this design ran for the rest of the denomination's life.

The 1862 Specifically

Mintage: The Philadelphia Mint struck 1,361,355 Gold Dollars in 1862. The San Francisco Mint (1862-S) struck an additional 1,150 pieces, making the S-mint version a major rarity.

Circulation hoarding: In late 1861, as the outcome of the Civil War became uncertain, citizens began hoarding silver and gold coins. By December 1861, virtually all specie (metal coinage) had disappeared from circulation. The federal government suspended specie payments in December 1861. From that point forward, gold coins were saved rather than spent.

This means that essentially the entire 1862 Gold Dollar mintage went directly from the mint to bank vaults, was hoarded by individuals, or was exported. Almost none circulated.

Design Details

• Obverse: Indian Princess head facing left, wearing a feathered headdress with "LIBERTY" on the band. Thirteen stars surround, with the date below.

• Reverse: Agricultural wreath (corn, cotton, tobacco, wheat) surrounding the denomination "1 DOLLAR," with "UNITED STATES OF AMERICA" around the periphery.

• Composition: 90% gold, 10% copper

• Weight: 1.672 grams

• Diameter: 13mm

• Edge: Reeded

• Designer: James B. Longacre

What High Grades Mean for This Coin

Because so few 1862 Gold Dollars actually circulated, the grade distribution is unusual. Rather than the typical bell curve with most examples in lower grades and a few survivors at the top, the 1862 has relatively few examples in the VF-EF range (which would indicate actual circulation) and a large number in the lower Mint State grades.

However, Mint State 1862 Gold Dollars are still problematic. Strike quality, bag marks from storage and transport, and the specific handling of small gold coins in this era mean that MS63 examples are common but MS65 examples are genuinely scarce.

Condition Grades and Values

| Grade | Description | Market Range | |---|---| | MS-67 | Superb Gem, population of perhaps 1-3 | $15,000 - $40,000 | | MS-65 | Gem Mint State, very scarce | $2,500 - $5,000 | | MS-64 | Choice Mint State | $900 - $1,600 | | MS-63 | Select Mint State | $450 - $750 | | MS-62 | Mint State, minor blemishes | $300 - $500 | | MS-61/60 | Mint State, contact marks visible | $220 - $350 | | AU-58 | About Uncirculated, slight friction | $180 - $280 | | EF-40/45 | Extremely Fine (actual circulation wear) | $180 - $280 | | VF-30 | Very Fine | $160 - $220 | | F-12 | Fine | $140 - $190 | | Good | Good | $130 - $170 |

Authentication Considerations

Gold Dollars are one of the most faked American coin series. The small size and high gold content make them targets for counterfeiters, and the vintage dates make accurate-looking replicas commercially viable.

Weight test: An authentic 1862 Gold Dollar weighs 1.672 grams. A digital scale accurate to 0.001 grams will catch most counterfeits.

Dimensions: 13mm diameter, verified with calipers.

Specific gravity: Authentic 90% gold/10% copper alloy has a specific gravity of approximately 17.2. This test catches base-metal fakes.

TPG certification: PCGS and NGC certification is strongly recommended for any Gold Dollar purchase, particularly at MS-63 and above. The population data and certification verify authenticity.

Strike quality: Genuine 1862 Gold Dollars show the specific characteristics of Philadelphia Mint striking. The feathers of the headdress, the dentils at the rim, and the lettering should show the crisp definition of original striking rather than the softer details of a cast fake.

Historical Context

Holding an 1862 Gold Dollar means holding something minted in the same year as Antietam, the bloodiest single day in American history. In a very real sense, these coins are Civil War artifacts, products of a government that was simultaneously fighting for its existence and maintaining the institutional normalcy of coinage.

The gold that might have bought supplies in a Union town in 1862 instead sat in a strongbox until after Appomattox, when it was finally retrieved and spent. The coin in your hand almost certainly has that kind of history.

Browse all Coins →

Related Items