1856 $1 Gold Ty III Slanted 5 NGC MS65

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1856 $1 Gold Ty III Slanted 5 NGC MS651856 $1 Gold Ty III Slanted 5 NGC MS651856 $1 Gold Ty III Slanted 5 NGC MS651856 $1 Gold Ty III Slanted 5 NGC MS65
In 1849, the US Mint initiated the production of a novel gold dollar, but encountered a significant issue: its size was notably diminutive, measuring a mere half-inch, equivalent to 13 millimeters in diameter. This diminutive stature led to a recurring problem of frequent loss, which held substantial significance back then, as losing a dollar in 1849 was a considerable setback, equating to an entire day's wages for many. Responding to this predicament in 1854, the US Mint introduced a fresh iteration of the gold dollar known as the Small Head Indian Princess Head gold dollar, also referred to as the Type II gold dollar. Regrettably, the Mint's solution to the 13-millimeter coin's predicament was only slightly larger, a 15-millimeter coin, a minuscule two-millimeter increase. Moreover, Chief Engraver James B. Longacre erred by elevating the coin's relief too significantly on the obverse side, resulting in poorly struck coins. Consequently, the majority of the Small Head Indian Princess gold dollars swiftly deteriorated during their circulation due to wear. However, the Mint's third attempt, taking place in 1856, yielded success with the Type III gold dollar, also recognized as the Large Head Indian Princess gold dollar. Curiously, the appellation "large head" is misleading, as this dollar was not actually larger than its "small head" counterpart. Nevertheless, the Mint managed to overcome its production issues, ensuring that these dollars were well-executed in terms of striking. Despite the Mint's achievements in production, the Type III dollar remained unpopular among the general public. By the 1880s, its production was primarily relegated to novelty status. Nonetheless, collectors held a strong affinity for it, both then and now, driven by its availability and the opportunity to assemble a three-coin set, encompassing one coin of each type. Notably, the distinctive design featuring Lady Liberty adorned with a headdress added to its allure.

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