1862, United States. Gold “Indian Head” Dollar Coin.
Mint Year: 1862 Denomination: Dollar Reference: KM-86, Friedberg 94. Mint Place: Philadelphia (wihtout mint mark) Material: Gold (.900) Diameter: 15mm Weight: 1.66gm
Obverse: Indian head left. Legend: UNITED STATES OF AMERICA
Reverse: Value (1 DOLLAR) and date (1862) within wreath.
In 1856, a newly durable gold dollar was released by the Mint. Dubbed “the Large Head type,” Longacre’s new design was very similar to that of the Small Head type, but the size of the Indian head on the obverse increased, while at the same time it became more flat. The headdress changed location as well, and the details of the face were slightly altered. The new type was minted continuously at Philadelphia, but in certain years quantities were also produced at Charlotte, Dahlonega, and San Francisco. In addition, proofs were minted at Philadelphia from 1859 on. The quantity of proofs minted each year ranges from an estimated 15 in 1856 to 1,779 in 1889. In total, the quantity of coins minted each year ranges from 420 in 1875 to 1,764,396 in 1856. Although regular production of the gold dollar was discontinued in 1889, commemorative issues were struck from 1903 to 1905, 1915 to 1917 and 1922. Gold dollars continued to circulate in some areas until ownership of gold was was made illegal in the country in the early 1930s.