Gold Dollar (1849-1889)
 

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Gold has served as money or established the monetary value of currencies longer than any other material. The use of gold coins was widespread in Europe by the fourth century B.C.

The earliest coins circulated in the United States were foreign coins, mostly silver and gold, brought from Europe. Thee Coinage Act in 1792 established an independent monetary system with the dollar as the basic United States monetary unit containing 24-3/4 grains of fine gold, based on the world price of $19.39 a troy ounce (480 grains). Congress changed the gold specification in 1834 and again in 1837, when it set the dollar price of gold at $20.67 an ounce.

In 1934 U.S. citizens were prohibited from holding monetary gold in the United States; this was extended in 1961 to gold held abroad as well. The dollar price was set at $35 per ounce in 1934. Use of gold in international trade was further restricted as the price rose. The government revalued it at $38 per ounce in 1972, then $42.22 in 1973. It has fluctuated widely over the past few years. All restrictions on holding gold were removed on December 31, 1974.

Coinage of the gold dollar was authorized by the Act of March 3, 1849. The weight was 25.8 grains, .900 fineness. The first type, struck until 1854, is known as the Liberty Head or small sized type (Type 1).

In 1854, the dollar coins were made larger in diameter and thinner. The design was changed to a feather headdress on a female, generally referred to as the Indian Princess Head or large-sized type (Type 2). In 1856, the type was changed slightly by enlarging the size of the head (Type 3).