US Gold Coins: Basics of Numismatics

Two of the most successful gold coin shows in the US are the Louisiana Numismatic Association’s coin show and Michaan’s Gold Coin Auction in California. The former was held at the Doubletree Hotel in Kenner and hosted by the Crescent City Coin Club. This two-day event showcased coins from ancient Greece and Rome, coins from the Dark Ages to the Renaissance, gold bullion, Byzantine coins and foreign coins. This annual event has been taking place since 1982. Another US gold coin auction that attracted a number of numismatics was Michaan’s Auction, held on August 8, 2011. The highlight of the show was eight $20 US gold coins from the twentieth century. These US gold coins are said to be in excellent and uncirculated condition. The display had a US Saint-Gaudens gold coin dated 1924 and a US $1 gold coin dated 1851, among other rare coins.

Beginner’s Guide to US Gold Coins (1795-1933)

Between 1795 and 1933, there were many US gold coins that came into circulation. They were minted in different US Mints. The US Mints of that era are:

1. Philadelphia, Pennsylvania: This was the largest minting facility, which is still active.
2. Dahlonega, Georgia: Since the Mints at Denver and Dahlonega were not operational at the same time, the ‘D’ mint mark on the coins does not present any ambiguity.
3. New Orleans, Louisiana: It was a branch mint of the US Mint and was operational between 1838 and 1861 and 1879 and 1909.
4. Charlotte, North Carolina: This, too, was a branch mint that became operational during the Carolina Gold Rush.
5. San Francisco, California: It came into operation in 1854. It uses an ‘S’ mint mark for gold coins minted here. Since 1975, it mints only proof coinage.
6. Carson City, Nevada: It was built as a branch of the US Mint during the peak of the silver boom. It issued 50 silver coin issues and 57 gold coin issues between 1870 and 1893.
7. Denver, Colorado: It came into operation in 1863. It struck its first coins in 1906. This mint is still in operation and produces coins for circulation.

The different types of US gold coins minted during that era include:

• The Half Eagle
It was in circulation during the 1795-1929 period. This first US gold coin is almost entirely made of gold. It was the only coin of this denomination that was minted at all the above eight mints.

• The Eagle
It was a base unit that was issued by the US mint only for gold coinage. Its circulation stopped in 1933. It was the largest denomination in the four main decimal-base gold coin units.

• The Quarter Eagle
It was a $2.50 denomination gold coin. It is a scarce and rare US gold coin as it was minted in very small quantities during 1796-1929. There were five different designs of the same denomination that were minted.

1. 1796-1807 : Turban Head gold coin
2. 1808-1834 : Capped Bust gold coin
3. 1834-1839 : Classic Head gold coin
4. 1840-1907 : Liberty Head gold coin
5. 1908-1929: Indian Head gold coin

• The Dollar Piece ($3)
This US gold coin had an obverse design of an Indian princess crowned with feathers and, on the back, it has a wreath of tobacco, wheat, corn and cotton. It was never popular in circulation but it is a favorite with numismatics.

• The Dollar Piece ($4)
It is also called “Stella” due to the five pointed star on the back of the gold coin. It was not minted for circulation. It has two types – flowing hair and coiled hair – and was introduced for two years each.

• The Double Eagle
This $20 US gold coin is a numismatic favorite. It is a big chunk of gold, each coin weighing almost one ounce of pure gold. It was the largest gold coin in circulation during 1849-1933. At an auction in 2002, the Double Eagle 1933 Mint was valued at $7,590,020, shattering previous auction records.