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The $1 Gold Liberty 1849-O XF Open Wreath is a remarkable example of one of the earliest issues in the smallest gold denomination ever produced by the United States Mint. Introduced in 1849 during the height of the California Gold Rush, the gold dollar was created in response to the rapid influx of gold into the U.S. monetary system. The New Orleans Mint played a pivotal role in striking coins to support commerce throughout the expanding southern and western regions. The 1849-O gold dollar is particularly significant as it marks the first year of issue and is among a select group of early-date gold coins struck outside of Philadelphia. With the desirable Open Wreath variety and preserved in Extra Fine condition, this coin captures both historical significance and collectible appeal.
The creation of the gold dollar was authorized by the Act of March 3, 1849, largely due to the abundant gold being mined in California. Prior to this, small denominations in gold were not minted, as silver coinage had been sufficient for everyday transactions. The Coinage Act allowed for the minting of the $1 gold piece and the $20 double eagle, expanding the range of U.S. coinage to meet the economic demands of the time. The first gold dollars were struck in Philadelphia, Charlotte, Dahlonega, and New Orleans. The New Orleans Mint, designated by the “O” mintmark, was essential in serving the needs of the southern and Gulf Coast economies, making its contributions in 1849 an integral part of U.S. numismatic history.
The obverse of the 1849-O Gold Liberty dollar features a classical depiction of Liberty facing left, her hair bound in a bun and wearing a coronet inscribed with the word “LIBERTY.” This design was created by Chief Engraver James Barton Longacre and served as the template for all Type 1 gold dollars struck from 1849 to 1854. Thirteen stars encircle Liberty’s portrait, representing the original colonies, with the date “1849” placed beneath her bust. In Extra Fine condition, this coin retains strong definition in Liberty’s hair, coronet, and facial features, although some minor flattening is expected on the highest points of the design due to light circulation. The fields remain clean with a natural, even golden patina consistent with age and careful handling.
The reverse design includes a laurel wreath surrounding the denomination “1 DOLLAR” and the date again below. At the bottom of the wreath is the mintmark “O,” indicating the coin’s origin at the New Orleans Mint. This particular issue is the Open Wreath variety, easily distinguished by the separation between the tips of the wreath at the top of the reverse. This variant was issued first in the production run before a revised die was introduced with the Closed Wreath, where the tips are nearly touching or completely closed. In Extra Fine condition, the details of the wreath leaves, denomination, and mintmark remain distinct, although the bow and some of the inner leaf details may exhibit light smoothing from wear.
The 1849-O Open Wreath gold dollar has a reported mintage of only 215,000 coins, and a small percentage of these were struck with the Open Wreath reverse before the transition to the Closed Wreath variety. It is estimated that fewer than 10% of the total mintage belong to the Open Wreath type, making it a scarce and highly sought-after variety. The combination of first-year status, branch mint origin, and the less common Open Wreath design make this coin a standout within the Type 1 Liberty Head gold dollar series. Surviving examples in Extra Fine or better are limited, as many coins entered commerce and suffered significant wear or damage over time.
The coin is composed of 90% gold and 10% copper, with a total weight of 1.672 grams and a diameter of just 13 millimeters, making it one of the smallest coins in U.S. history by size and weight. Despite its diminutive appearance, the gold dollar carried significant purchasing power in the mid-19th century and was often used for trade, particularly in the South and West where coinage shortages were common. The small size of the coin posed challenges for daily handling and was a contributing factor to its eventual discontinuation in 1889. The 1849-O remains one of the most historic and physically delicate coins to emerge from this era of American expansion and prosperity.
In terms of condition, Extra Fine (XF) examples of the 1849-O Open Wreath gold dollar exhibit light but even wear on the high points of both obverse and reverse designs. Liberty’s facial features, hair curls, and coronet details are clearly outlined, though not as sharp as Mint State coins. The stars around the obverse may show slight rounding, and the fields maintain smoothness with minimal abrasions. On the reverse, the wreath leaves are well defined, with the separation at the top clearly indicating the Open Wreath variety. The "O" mintmark is bold and unmistakable. The coin’s surface may display gentle golden toning and residual luster in protected areas, adding to its vintage charm and overall eye appeal.
Collectors value the 1849-O Open Wreath gold dollar for its blend of rarity, historical importance, and aesthetic presence. Its issuance during the Gold Rush era connects it directly to one of the most dynamic economic periods in U.S. history. The fact that it was struck in New Orleans, a city rich with cultural and financial importance, further enhances its desirability. For type collectors, the Open Wreath variety provides an essential and challenging target, while for regional specialists and early gold collectors, it represents a premier acquisition. Extra Fine examples balance quality and affordability, offering strong design details without the premium commanded by higher-grade Mint State pieces.
Among early U.S. gold coinage, the 1849-O $1 Gold Liberty Open Wreath occupies a unique and distinguished place. As the first issue of its denomination from the New Orleans Mint and one of the scarcer varieties within its type, it offers exceptional historical resonance. Its compact form belies its importance, encapsulating the ambition and economic momentum of the United States in the mid-19th century. In Extra Fine condition, it preserves the integrity of Longacre’s design and retains excellent detail and originality, making it an ideal coin for collectors seeking a meaningful, early American gold piece with rich character and enduring value.