|
The one dollar gold coin was first proposed by Treasury Secretary Alexander Hamilton, but was not included in the provisions of the Mint Act of 1792.
Taking note of the successful Bechtler family mint in the gold mining region of North Carolina, the U.S. gold dollar was again considered by Congress in 1836, as part of a major overhaul of the nation’s coining laws. However, Mint Director Robert M. Patterson appeared before Congress in December of that year, and convinced lawmakers to remove the gold dollar coin from further discussion, over concerns about its smallish size and ease of counterfeiting.
The one dollar gold coin was brought up in 1844, but once again, Patterson squashed the idea, citing his previous objections. The Director also pointed out the increased cost to the Mint and the unpopularity of small gold coins in other countries where they had been introduced. The discovery of California gold in 1848 shifted the dynamics of the gold dollar debate. With a new massive gold reserve on hand, the question was no longer if there should be a one dollar gold coin, but in what form it ought to take. Some favored the coin with a hole in the middle, to increase the diameter of the coin while retaining the same weight. Mint Engraver James B. Longacre created some pattern coins utilizing this concept, even before final legislative action.
On March 3, 1849, the one dollar gold coin was authorized by Congress. The law specified a solid coin of only 13 mm in diameter, sending Longacre back to the drawing board with the task of designing the smallest US coin ever minted for general circulation.
There are many types and denominations of US Gold Coins. |