In the wild days of the California gold rush (1848-1855) the supply of gold surged in the US. This influx reinvigorated Congress’s interest in producing a gold coin dollar. Originally, the idea to issue a one-dollar gold coin came from Alexander Hamilton, the Secretary of the Treasury.

For a long time, government officials, and the US public, advocated for such a coin. Their argument was that issuing a one-dollar gold coin would be convenient in lieu of higher denomination pieces already in circulation. The government made formal moves to make this happen with legislation calling for the minting process to begin. However, the provisions for the coin were removed from the Mint Act of 1837 leaving the initiative languishing. The $10 eagle gold coin was already in circulation and cited by some as a sufficient, existing alternative. However, the denomination didn’t suit everyone’s needs.

Despite this, concerns persisted. Some officials worried that a one-dollar gold coin would incite counterfeiting. Others warned that such a coin might cause confusion in the event that people mistook it for a similar sized half dime.

Eventually, the few dissenting voices faded, and the bill became law in March of 1849. Soon after, Chief Engraver James B. Longacre began his design. Originally the coin featured the head of Liberty surrounded by lettering reading “United States of America.” The same lettering appeared on the obverse with a “1” in the center surrounded by a wreath of olive branches. The composition was 90% gold, and 10% copper.

The original design became known as the “Type 1.” Later, the Type 2 was minted from 1854 to 1856. The reason for the redesign was pragmatic; the high relief design created problems at some of the mints. Longacre altered the head of Liberty and designed her as a Native American Princess wearing a headdress. Longacre also pushed the lettering on the obverse closer to the rim. Together these changes made the imagery sharper and improved the efficiency of the minting process solving the problems of the Type 2. This version of the coin was minted from 1859 to 1889.

However, as the Civil War drew near the volume of the coins minted began to fall. Originally the US minted approximately two million pieces per year. That number fell to about 50,000 per year by 1860. By 1861, when the Civil War began, the US only minted an estimated 1,000 gold dollar coins at Georgia’s Dahlonega mint. These pieces have a “D” marking to signify their origin.

These pieces are especially rare for several reasons. First, the dies used came from Philadelphia. Therefore, they had already experienced significant wear and were only used for a limited period before they cracked and were discarded. Second, those dies arrived in Georgia just days before the state decided to succeed from the Union. As a result, the state’s thinning resources meant that mining operations were likely limited. Third, by the second half of 1861 all dies and coins held at the mint in Dahlonega became property of the treasury of the Confederate States of America. Eventually, many of the 1861-D coins were melted.

Today, the pieces are coveted by collectors seeking to own a coin stamped during one of the most pivotal times in our history. In time the coin was abolished but its value endures.

Well … almost. Here, see what we mean:

Matricide.

Fratricide.

Filicide.

The slaughter of an entire Roman province of 80,000.

Who would do such things? Sounds like a villain out of Game of Thrones, right? Unfortunately, these acts are all too real. They were committed by King Mithridates IV, ruler of the Kingdom of Pontus.

Mithridates was loved by his people as their savior from Rome’s oppression. Rome, on the other hand, hated him as their most formidable enemy since Hannibal. For 26 glorious years, Mithridates evaded capture, immunized himself against poison by regularly consuming small doses, and won battle after battle against Rome.

His end came when his son led a rebellion against him and Pompey the Great defeated him in battle. But when Mithridates tried to commit suicide by drinking poison, his immunity worked … so he was killed by his foes instead.

You might not want to meet Mithridates in real life, but how does a coin from his rule sound? The coin’s reverse shows Athena sitting on a throne, while the obverse features a portrait of the deified Alexander, whose cloak Mithridates used to wear.

This gold stater dates from before the time of Christ: a true piece of antiquity to add to your collection now.

The siren song of gold called from California to every corner of the country. Across the nation, men (and a much smaller number of women) sold their possessions, borrowed money, and spent their savings to get themselves to the Promised Land. The journey, however, was perilous. Prospective gold miners, called ’49ers for the year (1849) that the Gold Rush started, traveled overland across mountain ranges, sailed to Panama, and sailed around Cape Horn – all to reach California.

Just as dangerous in some ways was the trip from California to the East Coast. One ship that regularly made that journey was the S.S. Central America, a 280-foot, wooden-hulled steamer. Launched in 1853, the steamer operated continuously on the Atlantic leg of the San Francisco–New York Panama route.

In September 1857, the S.S. Central America, laden with passengers and 2 tons of gold and coins from San Francisco, sank in a hurricane off the coast of the Carolinas. 425 people perished, and the loss of the wealth contributed to the Panic of 1857, a depression felt around the world.

The Maritime Bounty is Discovered

For 131 years, the precious cargo lay nestled at the bottom of the sea, presumed lost forever. In 1988, a team using a remotely operated vehicle discovered the ship 160 miles off the coast at a depth of 7,200 feet. Gold estimated to be worth $100–150 million was recovered. Recovery lasted 4 years and covered about 5% of the shipwreck site.

The excitement didn’t stop there: The founder of the discovery company became embroiled in legal battles related to the shipwreck, and he and his assistant went on the lam in 2012. The fugitives were found by U.S. Marshals and extradited to Ohio in 2015.     

In 2014, a deep-ocean exploration firm began archaeological recovery of the ship. They discovered gold coins, nuggets, ingots, and dust. The coins included foreign gold and territorials as well as $20 Double Eagles, $10, $5, $2.50, and $1 gold coins. The coins date 1823–1857, with one scientist calling the hoard a “time capsule” of all coins in use in 1857.

Some standout coins from the S.S. Central America include $20 Liberty Double Eagle gold coins. The Liberty Double Eagle was authorized by Congress in response to the California Gold Rush, and was then minted for over 50 years. The obverse features a classic Greek Lady Liberty in profile wearing a crown bearing the word LIBERTY. The reverse shows a heraldic eagle holding a shield, an olive branch and arrows clutched in his talons.

In the first year, 1850, that the Liberty Double Eagle was minted, 1.1 million coins were produced. After that, far fewer were minted, and the Civil War also dramatically impacted their production. These coins are less frequently found than the Saint-Gaudens Double Eagles that replaced them in 1907.

Coins recovered from shipwrecks are renowned for several qualities. Firstly, they are rare. Of the thousands of ships that have sunk, few are recovered, and far fewer still have viable coins aboard. Secondly, shipwreck coins are rare historical artifacts, a glimpse into America’s past. And finally, many shipwreck coins have retained their details, luster, and full strikes, making them prized by collectors.

If you have a chance to get your hands on an S.S. Central America Liberty Double Eagle, consider it the opportunity of a lifetime. Life Magazine called the shipwreck’s bounty “…the greatest treasure ever found”.

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Over 270 million Morgan silver dollars met their fate in the melting pot under the provisions of the Pittman Act of 1918.  

The U.S. government ordered this dramatic move to save Great Britain from a banking collapse and may have also helped the Allies win the war.

How did this great silver meltdown come to pass?

Back then, international trade was conducted in gold.

Allies were buying steel, food and supplies to maintain their massive armies and paying in gold bullion. Gold became scarce. Hoarding was popular as the price was rising and exceeded face value of the coins. Great Britain resorted to silver certificates to pay for goods from India, its colony at the time, which was a major contributor to the war effort.

However, Great Britain had a silver problem. Germany began spreading rumors that Britain did not have enough silver to back the paper certificates it was using to buy war supplies, which many think was actually true!

Fortunately, for the war effort, America had a lot of silver dollars. At that time in the United States, of course, silver dollars could be redeemed by any citizen at any time for a silver certificate.

Senator Key Pittman of Nevada proposed legislation – the Pittman Act – and the United States came to the rescue. Passed on April 22, 1918, the Pittman Act authorized the melting of up to 350 million silver dollars – which could be sold to Britain for one dollar per ounce of bullion.

Millions of Morgan silver dollars were melted down in 1918 and shipped to England to avert crisis.

Britain honored its silver certificates and the U.S. silver sale helped prevent a banking collapse, riots in India over non-payment and helped keep the Allies flush with the money they needed to win the war.

Morgan silver dollars were first minted in 1878. The Morgan silver dollar was last minted in 1921 when it was replaced with the silver Peace dollar.

Collecting Morgans

Over 270 million Morgans are gone forever, lost to the melting pot. The dramatic history and significance of those remaining are what keeps collector interest high.

No good records were kept about which mintages were melted down, which has resulted in some surprises over the years.

Some of notable interest are Carson City Morgan silver dollars minted from 1880 through 1885. Why did so many survive? The answer is simple. When Carson City stopped producing coins, the Morgans were shipped back East and ended up in the back of the U.S. Treasury vault. During the great silver meltdown, coins were simply taken from the front and middle of the vault until no more were needed. The Carson City coins escaped melting pot since they were in the back of the vault!

Just getting started? Collectors often covet both the first and last year Morgan dollars – 1878 and 1921 – as they represent the beginning and end of this highly desirable coin series.

Do you have any Morgan silver dollars? Leave a comment below.

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When President Theodore Roosevelt set his mind on something, nothing would hold him back.

And one thing he wanted was to improve America’s image in the world. As part of that mission, he decided to send a fleet of battleships around the world to show how powerful our navy was.

However, there was one problem: “I think the state of our coinage is artistically of atrocious hideousness,” President Roosevelt wrote to the Secretary of the Treasury. In fact, he believed that no coins in the previous 2,000 years had surpassed the beauty and relief of the coins of Alexander the Great’s era.

President Roosevelt wanted beautiful coins to represent America on the fleet’s international tour, so he recruited renowned sculptor Augustus Saint-Gaudens to create a new Double Eagle design—one with high relief like ancient Greek coins.

The Double Eagle quickly ran into some roadblocks. Mint officials were concerned that raising the coin’s figures to the height of the ancient Greek coins would make them unstackable—a necessity for modern banking houses. In striking, the high relief was also a problem: multiple blows from a hydraulic press were required to fully form the coin, greatly adding to the coin’s production time.

The motifs were thus flattened for general production, making the high-relief coins rarer and far superior in the eyes of collectors ever since. Compared to one of the flattened coins, a high-relief Double Eagle is like holding a miniature sculpture in your hand.

Two types of edges were used in creating the high-relief Double Eagle: wire edge and flat edge. The flat-edge variety was created by adjusting the pressure of the mint presses at the end of production, which caused them to be two to three times rarer than the wire-edge variety.

Whichever variety you choose, you’ll be getting a coin struck in beautiful “HD”—all high reliefs were struck at least three to five times.