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| Golden Dollar (United States) | |
| Value: | 1.00 US dollars |
| Mass: | 8.100 g |
| Diameter: | 26.5 mm |
| Thickness: | 2.00 mm |
| Edge: | plain |
| Composition: | 88.5% Cu, 6% Zn, 3.5% Mn, 2% Ni |
| Obverse | |
| Design: | Sacagawea |
| Designer: | 2000 |
| Reverse | |
| Design: | Eagle in flight |
| Designer: | 2000 |
Dollar coins have been minted in the United States in both gold and silver versions. Silver dollars were minted in the United States beginning in 1794.
The term silver dollar refers to any white metal coin issued by the United States with a face value of one dollar. Gold dollars have also been produced by the United States. The current Sacagawea dollar is usually referred to as Golden. Dollar coins have never been very popular with the citizens of the United States despite several attempts at improving them.
The United States Mint produced silver dollar coins from 1794 to 1803, then stopped regular production of silver dollars until 1840. Original silver dollars from this period are highly prized by coin collectors and are exceptionally valuable ? especially the 1804 silver dollar, which is one of the rarest and most famous coins in the world. The United States Mint ceased production of silver dollars in 1803, and the 1804 silver dollar was not actually minted until 1834, when the U.S. Department of State decided that a few coins with the unusual date 1804 might make excellent gifts to certain rulers in Asia in exchange for trade advantages. Only fifteen silver dollars with the date of 1804 are known to exist. In 1999 an 1804 silver dollar was sold at auction for over $4 million.
For a period of forty years between 1849 and 1889, the United States also minted gold coins of a one-dollar denomination -- the smallest denomination of gold currency produced in the country. But the design of the gold dollars presented unique problems of their own. The first $1 gold coin of 1849 was only 13 millimeters in diameter?- only 75% of the size of the present-day Roosevelt dime; this was the smallest coin in U.S. history. Because the coin was so small, it was frequently lost and discarded, and many people refused to own such a coin. In 1854, the Mint increased the coin's diameter to 15 millimeters without increasing the weight, resulting in a coin that was noticeably larger, but considerably thinner -- which resulted in virtually all the coins wearing down quickly in circulation, with their dates and designs fading rapidly into barely legible forms. Finally, in 1856 a new design was applied that resulted in a more durable coin.
The bust design on the coin's head side has commonly been described as an "Indian Princess," and the gold dollar coin is known as the "Indian Head" dollar coin. However, historians have suggested that the design is actually based on a Roman marble figure, with the headdress being added by the actual designer of the coin, James Barton Longacre.
The durability of the gold dollar did not increase its popularity, however, and mintages of the coin were low for most of the period of its production; the gold dollar was finally discontinued in 1889.
Morgan silver dollars were minted between 1878 and 1921 with a notable break between 1905 and 1920. 1921 versions of the Morgan dollar are the most common in circulation, although in rare cases ultra-high, pristine uncirculated grades of the Morgan dollar are traded by coins collectors. Morgan dollars are second only to Lincoln Cents in collector popularity. The large size, design and inexpensive nature of most dates of the Morgan dollar makes them highly popular. The coin is named after George T. Morgan, its designer. Some people collect Morgan dollars by "VAM" designation. The top 100 VAM varieties are highly collectable.
The mint mark is found on the reverse below the wreath, above the 'O' in 'Dollar'.
The king of the Morgan dollars is the proof only 1895 with no mint mark. These sell for $10,000 or more. Most CC mint marked coins are worth a premium. Other rare dates include 1893 O, 1894, 1895 O, 1895 S, and 1903 O coming in over $100 in circulated (very fine) condition. Many coins exceed $100 in uncirculated condition, but the majority do not. A common date in uncirculated can normally be found for around $12, and often as little as $5 circulated and $8 uncirculated.
All Morgan dollars in ultra high pristine uncirculated condition command high prices. Finest known pieces often fetch hundreds of thousands of dollars. When a particular 1878 Silver dollar sells for $100,000 that doesn't mean that the average uncirculated dollar is worth that, it means that this "Finest Known" piece is going for that. This is a cause of concern for many people who think that they have a coin worth many thousands of dollars and dealers keep offering them only a few bucks. These are not unscrupulous dealers, it's just that these coins are very common.
High-grade Morgan dollars could be considered "investor" coins. That is because the price is very volatile, and the prices set for slabbed (certified) pieces are set on well established exchanges. Sight seen trading often exceeds these sight unseen prices, but the fact that the sight unseen prices are posted is seen as a boon to investors.
There are quite a few rare dates in the Morgan dollar history. The rarest is the 1895 without mint mark which was released as a proof only. These sell for over $10,000. Most of the early CC dates are worth a premium. Other premium dates include 1892 S, 1894, 1903 O, 1903 S, 1904 S, 1893 S, 1893, 1894 S, and 1902 S. There are other dates that are a little better than common, but most people won't pay much of a premium for these.
Introduced in December of 1921, the Peace dollar was promulgated to commemorate the signing of formal peace treaties between the United States on the one hand, and Germany and Austria on the other, thus officially ending America's World War I hostilities with these two countries. In 1922 the Mint made silver dollar production its top priority, causing other denominations to be produced sparingly if at all that year. Production ceased temporarily after 1928; original plans apparently called for only a one-year suspension, but this was extended by the Great Depression. Mintage resumed in 1934, but for only two years, as it turned out.
In 1964, a small run of Peace Dollars was produced, all at the Denver branch of the Mint; however, plans for completing this coinage were then abandoned and all those that had been minted were melted, with no known specimens being preserved or released either for circulation or collection purposes.
From 1971 to 1978, the U.S. government issued large dollar coins with the obverse depicting Dwight D. Eisenhower and the reverse the Apollo 11 moon landing. The coins contained no silver or gold, a change from previous dollar coins; rather they were composed of nickel and copper. This made the coins extremely resistant to wear and, like quarters and nickels, they still retain a good deal of shine even when subject to mass usage.
The coins were never very popular, primarily due to their large size which made them difficult to carry over large distances.
For the short duration of 1979 to 1981, the U.S. Government minted the Anthony Dollars, depicting Susan B. Anthony, the first real woman portrayed on a U.S. coin. They, like Eisenhower dollars, were made from copper and nickel.
Because the Anthony dollar is only slightly larger than modern quarters and slightly smaller than modern half-dollars, the coins were easily confused with other denominations and extremely unpopular. They were quickly discontinued.
The U.S. government hoped that the new issue of the Sacagawea dollar coin would be popular in order to replace the paper one dollar bill, but paper currency remains more common. Coins are more durable than bills and for highly used denominations such as $1 the wear and tear on the notes make coins more economical to produce.
The United States Mint took great care to create the coin with the same size, weight, and electromagnetic properties as the earlier Susan B. Anthony dollar, but with a golden color. Unfortunately, the selected alloy also has a tendency to blacken with tarnish, ruining the desired effect (unlike Canadian dollar coins which retain a yellowish appearance even with wear).
The continued printing of $1 bills, along with a tendency to hoard the new dollar coins, is credited with the failure of the latest dollar coin. The U.S. Mint suspended production of Sacagawea Dollars after the 2001 minting, citing sufficient inventory. The coin continues to be minted in small circulation and proof quantities each year for sales to numismatists as of 2004.
As of 2004, the Sacagawea dollar is rarely seen in circulation in the United States. However, it has achieved popularity in Ecuador.
See also United States Mint and United States coinage.
| United States currency and coinage |
| Topics: Federal Reserve note | United States Notes | United States coinage | United States dollar |
| Currency: $1 | $2 | $5 | $10 | $20 | $50 | $100 | Larger denominations |
| Coinage: Penny | Nickel | Dime | Quarter | Half-dollar | Dollar |
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