“The undisputed king of the gold dollars” is how author Jeff Garrett refers to this next coin in our blog series following along with the 100 Greatest United States Coins. A top 35 pick, it remains one of the rarest gold coins out there. How did it come to be? Let us continue our journey following along with Whitman Publishing’s fourth edition.
#35 – 1849-C “Open Wreath” Liberty Head Gold Dollar
An act of Congress in 1835 would allow for the establishment of a mint in Charlotte, North Carolina, after gold was discovered in the hills. It was around three years later that the first coins were produced at the Charlotte Mint. They were only issuing quarter eagles and half eagles until 1849 when Congress once again passed an act requiring a $1 gold coin to be produced. The dies were made in Philadelphia and shipped to Charlotte: one with a closed wreath on the reverse and one with an open wreath. Most of the coins that were struck were with the Closed Wreath die, but Garrett suggests that a short trial run on the Open Wreath coins was also used to create this rarity.
Although collectors are aware of the 1849-C Open Wreath Gold dollar now, it remained a mystery for decades. It was first discovered in 1933 when a collector from Baltimore had one for sale. Around a decade later, it ended up in the hands of a collector in Dallas. Soon after, a second example was found near the same location.
A total of just four examples has surfaced over the years.
In 1960, the historic market value of the coin in Extremely Fine condition was estimated at $7,500. By this fourth edition (2015), it was estimated at $450,000.
