1852 Proof Dollar Pattern - J-136

Coin Details

Auction Record

$60,000 PR66 08-22-2021 Heritage Auctions

Description

Judd-136 (Pollock-162, R.7) holds the distinction of being the first annular (ring-format) gold dollar pattern. Struck in gold with a central perforation and a reeded edge, it represents a creative attempt to address one of the era's most pressing monetary problems. The design is strikingly minimalist: the obverse uses a reverse die from the regular-issue dime, while the opposite side features only a denticled border with no inscriptions or motifs, effectively making this a partially uniface coin. The ring format was intended to produce a gold dollar with a diameter large enough to be practical for everyday handling. The impetus for these experiments was the California Gold Rush. The flood of gold into Eastern markets after 1848 drove up the relative price of silver, causing silver coins to be hoarded and melted for their bullion value. A larger gold coin at the dollar level was proposed to fill the gap left by vanishing silver in daily commerce. Ultimately, the problem was resolved not by annular gold coins but by reducing the silver content of subsidiary coinage in 1853 and enlarging the gold dollar's diameter with the Type II design in 1854. Dr. Judd recorded only four known specimens, with one residing in the Mint Cabinet collection.