The 1889 Gold Dollar is a historic U.S. coin with an enduring appeal for collectors. This coin was one of the final gold dollars minted, marking the end of an era. With its unique design and historical significance, the 1889 Gold Dollar has become highly valued among numismatists. This guide will cover the coin’s history, its design features, notable specimens, and reasons for its popularity among collectors.
History of the 1889 Gold Dollar
The 1889 Gold Dollar was minted during the last year of production for the U.S. gold dollar series. Produced at the Philadelphia Mint, only 28,950 of these coins were made. This figure places the 1889 coin in the upper range for the Type 3 design, which was introduced in 1856. By 1889, the gold dollar had become rare in circulation, as larger denominations were more practical for daily transactions. The discontinuation of the gold dollar was recommended due to its limited use in everyday exchanges and the rising trend of collectors hoarding coins.
In February 1889, the U.S. Assay Commission advised Congress to discontinue low-denomination gold coins, including the gold dollar, because of their declining role in the economy. The recommendation ultimately led to the end of the gold dollar’s production, making the 1889 issue particularly valuable to collectors.
Market Value and Notable Specimens of the 1889 Gold Dollar
Over time, the value of the 1889 Gold Dollar has increased, especially for coins in Mint State (MS) condition. Several notable 1889 Gold Dollar coins have fetched significant prices at auction, particularly those with high-grade ratings from professional grading services like PCGS and NGC. Here’s a look at some notable specimens:
| Grade | Auction Date | Auction House | Price Realized | Notes |
|---|---|---|---|---|
| PCGS MS68+ | Nov 2024 | Heritage Auctions | $10,500 | Top-grade with CAC approval |
| PCGS MS68 | Jan 2019 | Heritage Auctions | $6,600 | Copper spots near “UNITED” |
| NGC MS68 | Feb 2023 | Heritage Auctions | $7,200 | Small carbon spot on the neck |
| PCGS MS68 | Dec 2021 | Heritage Auctions | $6,025 | Carbon spots on both sides |
Coins with higher grades and fewer imperfections generally command higher prices, with some MS68+ coins reaching over $10,000 at auctions. Many high-quality examples also feature unique details, like copper spots or die cracks, adding to their appeal for numismatists.
Design of the 1889 Gold Dollar
The 1889 Gold Dollar is a Type 3 Indian Head design created by James Barton Longacre. The design showcases Lady Liberty in a headdress resembling an anglicized Native American style. This distinct choice is symbolic rather than historically accurate, representing American heritage rather than specific Indigenous cultures. Here’s a breakdown of the coin’s design:
Obverse Design
The obverse side features a bust of Lady Liberty, with her head adorned in a headdress labeled with “LIBERTY.” Lady Liberty’s facial features are in low relief, giving a gentle look that collectors appreciate. Around the bust is the inscription “UNITED STATES OF AMERICA.”
Reverse Design
The reverse of the coin features the year “1889” and the denomination “1 DOLLAR,” encircled by a wreath. This wreath includes plants like cotton, corn, and wheat, which were intended to represent American agriculture. Longacre, who designed other well-known U.S. coins, used a similar wreath in his other works.
Edge and Composition
The edge of the 1889 Gold Dollar is reeded, helping prevent counterfeiting. Its composition includes 90% gold and 10% copper, giving it a warm, rich color. With a weight of 1.7 grams and a diameter of 14.3 mm, this coin is small but striking.
Why Collectors Value the 1889 Gold Dollar
The 1889 Gold Dollar is treasured for several reasons:
- Historical Significance: Being one of the last gold dollars ever minted adds to its appeal.
- Design: The Type 3 Indian Head design is both iconic and symbolic of 19th-century America.
- Low Mintage: With fewer than 30,000 coins produced, the 1889 Gold Dollar is a limited piece.
- High-Grade Specimens: Many 1889 Gold Dollars are preserved in high grades, making them especially valuable to collectors seeking quality coins.
Conclusion
The 1889 Gold Dollar stands as a valuable piece of American coin history. With its symbolic design, limited mintage, and appeal among collectors, it continues to draw interest. For those lucky enough to find a high-grade specimen, the coin’s value can be substantial. Collectors treasure the 1889 Gold Dollar not only for its aesthetic appeal but also for the rich history it represents, making it a timeless addition to any collection.
FAQ’s
Why is the 1889 Gold Dollar valuable?
The 1889 Gold Dollar is valuable due to its limited mintage, historical significance as one of the last gold dollar coins, and its enduring appeal among collectors. High-grade examples are especially sought after.
What makes a high-grade 1889 Gold Dollar different?
High-grade 1889 Gold Dollars are valued for their preservation quality and few imperfections. Features like die cracks, copper spots, and carbon spots add unique character but can also affect value, especially in Mint State (MS) conditions.
Who designed the 1889 Gold Dollar, and what does the design represent?
The 1889 Gold Dollar was designed by James Barton Longacre. The coin features Lady Liberty in a symbolic Native American headdress, representing American heritage, with a wreath of agricultural crops symbolizing U.S. farming.